One of Morocco’s largest insurance companies Saham Assurance has posted MAD384.1 million ($42.4 million) in profits in the first six months of 2021.
Compared to last year’s figures, its mid-year profit grew by 469.4 percent from a MAD104-million ($11.48 million) loss in the first half of 2020 to MAD384.1 million ($42.4 million) in the first half of 2021.
Saham Assurance is a Moroccan insurance company and an operating subsidiary of Sanlam Group. The company has been listed on the main market of the Casablanca Stock Exchange since 2010.
Said Alj, the current president of the Morocco-based insurer, holds a beneficial stake in the company that amounts in total to 2.22 percent.
During the half-year period, the company’s turnover increased by 8.1 percent compared to June 2020, when it recorded a total turnover of MAD3.14 billion ($346.7 million).
The growth in revenue was due to the strong performance of its life and non-life insurance products. Figures contained in the half-year report revealed that Saham Assurance’s revenue from its life insurance activity stood at MAD507 million ($56.0 million), 14.7-percent higher than the previous year’s figures.
Meanwhile, the half-year turnover of its non-life activities amounted to MAD2.64 billion ($293.67 million), up by 6.9 percent compared to the end of June 2020.
The strong growth in turnover in the period coupled with effective cost-optimization strategies saw the group’s profit rise by 469 percent at the end of the half-year period.
Meanwhile, South Africa-based insurance group Sanlam revealed plans to strengthen its operations by acquiring an additional 22.8-percent stake worth R2 billion ($220.78 million) in Saham Assurance Maroc.
The transaction, which is expected to deepen Sanlam’s presence in North and West Africa, will set the South African insurer on course to grow its stake in the Moroccan insurance company from 61.7 to 84.5 percent.
As of Oct. 1, Saham shares traded at MAD1,350 ($149.10) per share. Its market capitalization is valued at MAD5.56 billion ($613.50 million).