Amana Assurances estimates that its turnover for the financial year ended 31 December 2017 has increased by 23% to exceed DZD2.2 billion (US$19.3 million), despite difficult economic conditions.
Amana, which specialises in life and health insurance, is owned by the French group MACIF, local major insurance group SAA, and the Algerian banking groups BADR and BDL.
The preliminary results show that Amana's net sales doubled from 2012 to 2017, with thecompany's average annual growth rate being higher compared to those of its competitors, according to local media reports.
Amana CEO, Mr Olivier de la Gueronniere, said that while the overall turnover is currently stagnating as is the case with other insurers, this does not apply to the insurance of people which has seen fast growth.
As for the partnership among the four shareholders, Mr Guéronnière said that things are going well and that there is a certain complementarity which has contributed to the growth of Amana.
The insurer places new products and services, that are distributed through its network of partners. In addition, the launch of its new business system in 2017 and a new website in early 2018 are part of a general approach to digitising its services.
Amana was one of the pioneering companies that ushered in e-payments in Algeria in 2016.