“The 2021 results support us in our strategy, built around two axes: profitable growth and quality of service”, underlines Yahia Chraïbi, CEO of the company. Ph. Hicham Seddik
Following the green light from the Extraordinary General Assembly at the end of 2021, the change of name from Saham Assurance Maroc to Sanlam Maroc will take effect this year. The rebranding operation should be accompanied by the deployment of a major communication campaign. The Moroccan subsidiary is considered the locomotive of the group on the continent, excluding South Africa. This positioning was confirmed in 2021, with an overall turnover of 5.62 billion dirhams, up 9.7%.
The name change from Saham Assurance Maroc to Sanlam Maroc will take place this year. This operation follows the approval by the Extraordinary General Meeting held on December 28, 2021 of the decision to adopt the new name for the company, which has been part of the South African Sanlam group since 2018, with a stake of 61.7 %. According to a source at Saham Assurance Maroc, the rebranding operation of the Moroccan subsidiary should start in 2022 and will concern the entire network of nearly 500 general agents. At the rebranding stage of the other Saham Assurance subsidiaries, the change of name in Morocco should be marked by the deployment of a major communication campaign. The Moroccan subsidiary is considered the locomotive of the group on the continent, excluding South Africa. This positioning was confirmed in 2021, with an overall turnover of 5.62 billion dirhams, up 9.7% compared to the end of 2020. The net result jumped 79.3% to 359.8 million dirhams.
“2021 will have been an important year for Saham Assurance Maroc, during which the company was able to strengthen its leadership, particularly in the Non-Life business, Saham’s core business: 83% of the business”, congratulates Yahia Chraïbi. The managing director of Saham Assurance spoke on March 15, during the presentation in Casablanca of the annual results. Moreover, at the level of the Non-Life branch, the company is doing better than the growth of the market, with a 9.2% increase in turnover to 4.70 billion DH, i.e. 2 points more than market growth (7.2%). “This performance is driven by automotive and health, two segments where we have maintained our leading position for more than 10 years,” explains Yahia Chraïbi. Automobile weighs 54% in Non-Life premiums issued by Saham Assurance in 2021. This segment has deteriorated by 8.2%, against 7.8% for the auto insurance market, whose subsidiary Sanlam holds a share of more than 20%. For health, Saham Assurance recorded an increase of 9.3%, against 7.5% for the sector.
Health represents 24% of Non-Life premiums issued by Saham Assurance. “Concerning the Corporate Risk activity, which represents 22% of Non-Life premiums written, this is a segment in which we are the least well positioned. Thanks to the integration into the Sanlam group, its support in terms of tools and capacity in reinsurance, we have valued very strongly in this segment to become a major player on the Moroccan market,” explains Yahia Chraïbi. As for the Life business, a new dynamic has been initiated according to the company’s top management. The turnover of this activity amounted to 919 million DH, up 12.2% compared to the end of 2020.
Retirement accounts for 68% of premiums written for Life versus 32% for Death insurance. “In the Life business, the breakdown between Savings and Protection has changed in favor of Protection. Previously, savings accounted for 77% compared to 23% for provident insurance. It’s a strategic choice,” said Mohamed Afifi, Deputy CEO. According to him, on the Savings part, the margins are low, even almost zero. On the other hand, for provident insurance (death), it offers the potential for significant margins. Several offers were thus generated capitalizing, in particular, on the positioning of the company in the health sector. In addition to the offer, Saham Assurance also diversifies the distribution channels. From bancassurance to the traditional network, the company now relies on a local sales force (marketers) for the distribution of life insurance products. “Overall, the 2021 results confirm our strategy, built around two axes: profitable growth, by reducing profitability in all branches, and the quality of services and customer experience,” says Yahia Chraïbi. It should be noted that the Board of Directors proposes to the Ordinary General Meeting the distribution of a dividend of 35 dirhams per share, up 15 dirhams compared to 2020.