Saham Assurance has posted a little more than 380 million dirhams of premiums in life insurance by 2016 thanks to its partnership with Crédit du Maroc. The management has worked on the conceptualization and the launch of 13 new products dedicated, during the first full year of the partnership.
Moulay Mhamed Elalamy, new strong man of the insurer, rather comfortable with the journalists for his first official release to the head of the company, does not hide his ambitions : “We want to do the maximum possible on this segment,” he said during the presentation of the results of the company.
The insurer has reached in 2016, for the first time in its history, a turnover in excess of 4 billion dirhams (4,39 billion DH to be exact). In the meantime the official figures of the profession, there is a strong chance that he finds his status as a third sector actor, tamping the pawn to Axa Insurance.
The turnover of the life activity amounted to 774 million dirhams, up 113.4% from 2015. This performance concerns all categories and in particular the development of the bancassurance which reported a little more than 380 million dirhams in premiums. According to Moulay Mhamed Elalamy, the strategy is determined by mutual agreement between the company and Credit to Morocco in the framework of committees “frequent and agile”. As to the ambitions of the insurer, the new ceo of the company is clear : “we want to make the most of it. There was clearly no target”.
A desire to breakthrough, which already gives its fruits with a technical result that shows a profit of 543 million dirhams, an increase of 28.8%, although this activity generates the least amount of commissions that the non-life, where Saham claim the status of leader in several segments such as the automotive industry. But the margins have been preserved thanks to a tight control of costs reflected by the ratio of general expenses/earned premiums decreased by 2.3 percentage points to 12.5%.
As for the future, the new DG doesn’t seem to want to change course for the moment : he wants to consolidate the gains achieved in the non-life, while increasing the contribution of the bancassurance in the total turnover. All this accompanied by a greater control of operating expenses, knowing that “the claims on the branches of mass is well-controlled”. ■