The SAHAM Assurance Maroc Board of Directors met on Wednesday February 23, 2022, under the chairmanship of Said Alj, to examine the Company’s activity and approve the 2021 annual accounts. This Wednesday, March 16, the General Manager of the company, Yahia Chraïbi, presented at a press conference, the main results of the company for the past year.
It shows that at the end of December 2021, SAHAM Assurance Maroc achieved an overall turnover of 5,621 MDH, up 9.7% compared to the end of 2020.
The turnover of the Non-Life activity amounts to 4,703 MDH, up by 9.2% compared to the end of 2020, while the turnover of the Life activity is established at 919 MDH, up 12.2% compared to the end of 2020.
During the 4th quarter of 2021, Non-Life turnover reached 1,061 MDH, up 15.3% compared to the same period of the previous financial year.
Life turnover meanwhile is 207 million dirhams, down 9.6% compared to the 4th quarter of 2020.
With regard to investments allocated to insurance operations, they amount to 15,585 MDH, up +5.4% compared to the end of December 2020, while net technical provisions from assignees change by +3 % compared to the end of December 2020.
Net income up 79.3%
The Company generated a net profit of 360 MDH in 2021, against 201 MDH in 2020, an increase of 79.3%.
For their part, the Company’s equity amounted to 4,756 MDH at the end of December 2021, against 4,478 MDH in 2020, an increase of 6.2%.
The Company’s Board of Directors has decided to propose to the Ordinary General Meeting the distribution for the 2021 financial year of a dividend of 35 Dirhams per share compared to 20 Dirhams in 2020.
Presenting these results, Yahia Chraibi, said he was “delighted with these results which consolidate our leading position in the non-life insurance market in Morocco, particularly in the automobile and health segments in which we we have been in the lead for several years”.
This performance by a market marked by a recovery trend despite the context of the health crisis, he explained.
In this regard, he underlined the growth of the Gross Domestic Product (GDP), estimated by the High Commission for Planning (HCP) for 2021 at +7.2% against -6.3% in 2020, which was mainly driven by the exceptional agricultural campaign 2020/2021 as well as by the performance of the secondary sector.
The insurance sector also regained a good growth momentum with an increase in turnover at the end of December 2021 of +10.1% compared to 2020, coming from both the life branch (+13.7%) and the non-life (+7.2%), he added.