Alinma Tokyo Marine Saudi Arabia renews an insurance agreement with Abdul Latif Jameel Saudi Group

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Arabic corner

Alinma Tokyo Marine Saudi Arabia – working in the field of insurance – has announced the renewal of a one-year insurance agreement with the Saudi Abdul Latif Jameel Group worth 30 million riyals (8 million dollars), according to a statement from Alinma Tokyo Marine published today on the Saudi Stock Exchange website.

The agreement begins today, and the development company, Tokyo Marine, did not elaborate in the statement the insurance services it will provide.

Background on the two companies

Tokyo Marine Development Company: Founded in 2012 and listed on the Saudi Stock Exchange and owns Tokio marine and nichido fire insurance – based in Japan – 28.75% of which is also contributed by the Saudi Development Bank by 28.75%, according to the company file on the stock exchange website.

The company provides insurance services that are compatible with Islamic law, including auto insurance for individuals and companies. It also provides companies with insurance services, including health and property insurance from buildings or devices, according to its website.

Abdul Latif Jameel Group: It is a Saudi company established in 1945 working in various fields including real estate investment, electronic devices trading, and it is also a distributor of Toyota cars in Saudi Arabia, according to its website.

Additional details

According to today’s statement, the value of the insurance premiums for the agreement represented about 5% of the revenues of the development company, Tokyo Marine, last year.

Insurance premiums are funds that insurance companies obtain from individuals or companies in exchange for providing insurance services to them.

(Prepared by: Abdel Rahman Rashwan, journalist at Zawia Arabi website. Abdel-Rahman previously worked in several press institutions, including Economy Plus and Mubasher)
(Edited by Yasmine Saleh, for communication: [email protected])

© ZAWYA 2020

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