Morocco: Non-life business boosts Saham's 2014 profits

Source: Middle East Insurance Review | Apr 2015

Morocco’s largest non-life insurer, Saham Assurance, has reported a 5.1% increase in written premiums to MAD3.68 billion (US$363.3 million) for 2014.

The growth was driven by the non-life business, which rose by 6.5% to MAD3.31 billion. Life business premiums fell by 5.7% to MAD371 million.

Saham Assurance has a leading position in the motor segment, which represents 57% of its written premiums. Claims declined due to fewer auto accidents; the loss ratio fell by 3 percentage points to 67.2%. Due to lower acquisition costs and overheads, the combined ratio improved slightly to 95.8%.

Saham Assurance’s net profit grew by 14.5% y-o-y to MAD321 million. Non-life technical results showed a profit of MAD409 million for 2014, a 13.2% increase over MAD361 million for the previous year. The life business’ technical results produced a profit of MAD44 million for 2014 against MAD15 million for 2013.

MAD1 = US$0.10

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.