Saham Assurance Maroc will be Sanlam Maroc this year

“The 2021 results underpin us in a strategy built around two axes: profitable growth and quality of service,” emphasizes Yahia Chraïbi, CEO of the company. Ph. HichamSeddik

Following the green light of the extraordinary general meeting at the end of 2021, the company name will be changed from Saham Assurance Maroc to Sanlam Maroc this year. Rebranding work needs to involve the development of major communication campaigns. Morocco’s subsidiaries are considered locomotives for groups on the continent except South Africa. This positioning was confirmed in 2021 and overall sales increased 9.7% to 5.62 billion dirhams.

The name change from Saham Assurance Maroc to Sanlam Maroc will take place this year. The business was approved at an extraordinary general meeting held on December 28, 2021 to adopt the new company name of the company, which holds a 61.7% stake in the Sunram Group in South Africa from 2018. It’s a continuation. The Moroccan subsidiary’s rebranding operations will begin in 2022 and will involve the entire network of nearly 500 general agents, according to sources at Saham Assurance Maroc. Like the rebranding of other Saham Assurance subsidiaries, the name change in Morocco needs to be characterized by the development of major communication campaigns. Morocco’s subsidiaries are considered locomotives for groups on the continent except South Africa. This position was confirmed in 2021 with total sales of 5.62 billion dirhams, an increase of 9.7% compared to the end of 2020. The final result was 359.8 million dirhams, up 79.3%.

“2021 was an important year for Saham Assurance Maroc, during which time the company was able to strengthen its leadership, especially in Saham’s core business, Non-Life activities, 83% of the activities,” congratulates Yahia Chraïbi. .. Saham Assurance’s Managing Director spoke on March 15 during a presentation of his annual financial results in Casablanca. In addition, at the level of the Non-Life branch, the company outperformed the market growth, with sales increasing 9.2% to 4.70 billion DH. In other words, it is 2 points more than the market growth (7.2%). “This performance is driven by automotive and health. We have maintained a leading position in these two segments for over a decade,” explains Yahia Chraïbi. Automobiles account for 54% of non-life insurance premiums issued by Saham Assurance in 2021. This segment increased by 8.2% compared to 7.8% in the auto insurance market, where subsidiary Sanlam has a 20% or more share. In terms of health, Saham Assurance recorded an increase of 9.3%, compared to 7.5% in the sector.

Health accounts for 24% of the Non-Life premium issued by Saham Assurance. “In terms of corporate risk activity, which accounts for 22% of written non-life insurance premiums, this is a segment we are not very well positioned. Thanks to the integration into the Sanlam Group, in terms of reinsurance tools and capacity. With the support of, we hope to evolve very strongly in this segment and become a major player in the Moroccan market, “explains Yahia Chraïbi. As for the life business, new dynamics have begun by the company’s management. Sales of this activity increased 12.2% compared to the end of 2020 to reach 919 million DH.

Retirement accounts for 68% of written life insurance premiums, compared to 32% of death insurance. “In the life business, the distribution between savings and the CEO has changed in favor of the CEO. Previously, savings accounted for 77% of pensions, compared to 23%. This is a strategic choice.” Said Deputy CEO Mohamed Afifi. According to him, in the part of savings, the margins are low, even near zero. On the other hand, in the case of funded insurance (death), it offers considerable margin potential. Thus, some proposals have been launched, especially taking advantage of the company’s position in the health sector. In addition to the offer, Saham Assurance also diversifies its distribution channels. From bancassurance to traditional networks, the company now relies on local sales force (marketers) to sell life insurance products. “Overall, the 2021 results underscore our strategy built around two axes: profitable growth by improving the profitability of all branches and quality of service and customer experience. “Masu,” said Yahia Chraïbi. At the Ordinary General Meeting of Shareholders, the Board of Directors proposes a dividend of 35 dirhams per share, an increase of 15 dirhams compared to 2020.