Results 2016 robust, with a net income increase of 23.2% to 161 million dirhams. The company is ready for the Takaful insurance.
On Tuesday last at the headquarters of the Atlanta Insurance, the management of the company had the banana. Starting with the president and executive Director, Mohamed Hassan Bensalah, all smiles when it came time to present to the press and to the analysts the results of fiscal 2016. There was of what. Because Atlanta has largely pulled its pin of the game, in a context where the insurance sector is undergoing profound regulatory mutations, with, among others, the redefinition of the relations between intermediaries and insurance companies, the implementation of the legislative framework governing Takaful insurance, the introduction of the principle of solvency based on the risks incurred by the companies, or the institution of the obligation of the insurance TRC and RC ten.
Thus, through an offer of products and services diversified and an aggressive commercial strategy, sanctioned by the deployment of 35 new staff and the opening of 10 new offices to direct, the company has seen its turnover (CA), in social, to grow in the double digits, standing at 1,94 Md DH ( 10,2%), distributed at the height of 87.6% for the non-life and 12.4% for life. These two branches have also been significant developments, the board is not life, progressing from 9.6% to 1.7 billion dirhams, while the CA life, that takes advantage of the synergies developed with CIH Bank in bancassurance recorded an increase of 14.5% to 240 million dirhams.
“The board life is mostly worn by the death which represents 72.2 per cent compared to 27.8% for the savings, which generates very low margins,” says the top management. In this, Atlanta is consolidating its position in the market and grappille 0.2 of a percentage point, bringing its overall market share (estimated) to 6% at the end of 2016, by not taking account of the new actor Taamine Chaabi. Especially, the company consolidates its non-life business which, over 3 years, gaining 1.1 percentage points.
At the same time, the fact of the progress of the CA and of the occurrence of certain claims, the burden of claims recorded an increase of 21% to $ 1.45 billion DH. “The year 2016 is known a marine disaster important of the order of 130 million dirhams,” confirms the top management. A claim that relates to the cable sea, linking Morocco to Spain, for which Atlanta is one of the insurers.
The technical result is apparent in the strong growth of 21.8% to 185 million dirhams, while the net financial income has benefited from the favourable conditions that have prevailed in the market shares in 2016, to record a gain of almost 16% to 212 million dirhams. “Today, the stock of unrealised capital gains amounted to 1.1 billion dirhams. In total, 80 MDH have been outsourced in 2016, which is a little more than one-third of the financial result”, remarked the top management, stating that “the securities Samir have been provided for 100%”.
In the end, the net result of Atlanta recorded a strong growth of 23.2% to 161 million dirhams, where the dividend of 2 DH per share which will be proposed at the AGM to be held on 11 may next. The financial foundation is also reinforced with the capital appreciation of 6.2% to 1.2 billion dirhams.
In the wake of the social security accounts, the Group’s results show a consolidated turnover of 3.7 billion DH, in a variation of 8%, with a CA non-life evolution of 6.1% to 3.15 billion DH and a CA life in strong growth of 20.5% to 539 million dirhams. In the end, the consolidated net result shows an increase of 10.4% to 154 million dirhams. These performances allow the Group Atlanta-Sanad to occupy a place otherwise most important in the insurance sector in Morocco. It should be noted that Sanad has been the subject of a tax adjustment in the amount of 60 million dirhams by 2016.
With regard to the outlook, optimistic. “The robust results recorded in 2016 are in line with the objectives of our strategic plan,” says Fatima Zahra Bensalah, Director and chief executive officer of Atlanta Insurance, which is already planning in the future. “A new strategic plan 2018-2020 is a work in progress and will be deployed next year to consolidate this dynamic as we know it”, she says. ■
Takaful, development in Africa… These other sites
Takaful insurance, Atlanta Insurance is preparing to. Or rather it is ready. The company will be in partnership with an operator in qatar. “The company has been established, we expect just the circular application. The teams are already prepared and they attend regular training in this direction,” says Fatima Zahra Bensalah.
In regards to the development in Africa, Atlanta is already present in Côte d’ivoire, where she obtained her accreditation as a non-life since October of 2016. “We will have to wait 2 to 3 years before we see Atlanta Côte d’ivoire to reach a certain cruising speed. But we intend to be a major player in the ivorian market in non-life insurance”, stresses Jalal Benchekroun, managing Director of the company.
The expansion into Africa will continue it for as much, especially in light of the new regulation in the Cima zone (inter-african Conference of insurance markets) which now requires companies with a minimum capital of 5 billion CFA francs (around 82 million dirhams) ? “When we created Atlanta Côte d’ivoire, this regulatory provision did not exist, certainly not, but we intend to continue our development in Africa according to the opportunities that will arise. We will proceed case-by-case on this african market is very fragmented,” says Mohamed Hassan Bensalah.