Table of Contents
Key Points
- Moulay Hafid Elalamy grew Saham Group into Morocco’s largest insurance provider, later selling its financial arm to Sanlam for $1.05 billion in 2018.
- Elalamy’s leadership extended beyond insurance, with Saham diversifying into banking, healthcare, and outsourcing across 26 countries before its rebranding in 2022.
- In 2024, Elalamy became Chairman of Teleperformance, marking a milestone as one of the first African leaders to head a publicly traded French company.
Moulay Hafid Elalamy’s rise from a young entrepreneur with big ambitions to the architect of Morocco’s largest insurance company is a story of vision, bold decisions, and calculated risks. His ability to seize opportunities and turn them into industry-defining enterprises has shaped not just Morocco’s insurance sector but also Africa’s broader financial and industrial landscape.
From humble beginnings to corporate leadership
Born in 1960 in Marrakech, Elalamy showed an early knack for business and problem-solving. He pursued a degree in Information Systems at the Université de Sherbrooke in Canada, gaining analytical skills that would later help him navigate complex financial landscapes.
His career began in Quebec, where he worked as a senior advisor at the Ministry of Finance, gaining insight into economic strategy and policymaking. He then moved into the private sector as Director of Information Systems at a major insurance firm, where he learned the intricacies of risk management and financial services.
But Elalamy wasn’t content with climbing the corporate ladder—he wanted to build something of his own. After returning to Morocco, he joined ONA Group (now Al Mada), one of the country’s largest investment firms. This experience gave him exposure to large-scale financial operations and set the stage for his most ambitious move yet: launching his own company.
Building Saham Group into a powerhouse
In 1995, Elalamy founded Saham Group, starting with a modest insurance firm that would grow into a diversified corporate giant. Under his leadership, Saham expanded beyond insurance into banking, healthcare, and customer service outsourcing. Its flagship subsidiary, CNIA Saada, became Morocco’s largest insurance provider, solidifying Elalamy’s reputation as a business leader with a keen eye for high-growth sectors.
Expansion quickly followed. By 2013, Saham had operations in 26 countries across Africa and the Middle East. That year, French investment firm Wendel injected $100 million for a 13% stake, a strong vote of confidence in Saham’s potential. Just a year later, the company’s revenue surged to nearly $1.1 billion, making it one of Africa’s leading financial institutions.
Elalamy’s ability to forge strategic partnerships fueled Saham’s growth. In 2015, he teamed up with Moroccan billionaire Othman Benjelloun’s FinanceCom to expand in Africa’s insurance market. At the same time, he branched into new industries, launching medical clinics and outsourcing services in partnership with German media giant Bertelsmann. These moves cemented Saham’s status as a multi-industry powerhouse and showcased Elalamy’s knack for diversification.
A billion-dollar deal: Selling to Sanlam
In 2018, Elalamy led a deal that reshaped Morocco’s financial landscape. He sold Saham Finances—the group’s insurance arm—to South African financial giant Sanlam for $1.05 billion. The transaction began with Sanlam acquiring a 46.6 percent stake before taking full control.
At the time of the sale, Saham Finances had a consolidated net asset value of $850 million and annual earnings of $77.4 million, making it a prime acquisition target. For Elalamy, the deal wasn’t just a financial success—it was the culmination of decades of strategic expansion that positioned Saham as a dominant player in Africa’s insurance industry.
A political stint and a return to business
Elalamy’s influence wasn’t limited to business. In 2013, he was appointed Morocco’s Minister of Industry, Trade, Green Economy, and Digital Economy, a role he held until 2021. During his tenure, he played a key role in strengthening Morocco’s manufacturing sector, attracting foreign investment, and positioning the country as a regional economic hub.
After stepping away from politics, he returned to the private sector with new ambitions. In 2022, Saham Group rebranded under the Sanlam name, reinforcing its position as a leading financial services firm in Morocco. That same year, Elalamy spearheaded a €745 million ($807.05 million) acquisition of Société Générale Marocaine de Banques and La Marocaine Vie, expanding the group’s footprint in banking and insurance.
A global business leader
Elalamy’s influence in the business world now reaches well beyond Morocco. In August 2024, he was named chairman of the board at Teleperformance, a French multinational specializing in customer experience management.
This appointment made him one of the first African business leaders to chair a publicly traded company in France—a milestone that underscores his growing international presence. His rise has been fueled by vision, ambition, and a sharp understanding of market trends.
In 2015, Forbes estimated his net worth at $620 million, reflecting his success across industries like insurance, banking, and technology. His impact on Morocco’s economy—and Africa’s financial sector—remains significant. As Sanlam strengthens its presence across the continent, Elalamy’s role as a key player in Africa’s business landscape only becomes more prominent.
