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Oct 2021

Algeria: Biggest agricultural insurer posts net profit of $13m in 2020

Source: Middle East Insurance Review | Sep 2021

The National Agricultural Mutual Fund (CNMA) has posted a net profit of DZD1.8bn ($13.3m) for 2020, 50% higher than for 2019.
 
The mutual insurance company had a turnover of DZD13bn in 2020 (DZD14bn in 2019), retaining its position as the leader in agricultural insurance with a 78% share of the market. In the overall non-life market, CNMA had a 12% share of total turnover last year, reported the Algerian Press Service citing a media release from CNMA.
 
The insurer had an investment income of DZD828m in 2020, an annual rise of 24%. CNMA strengthened its solvency margin to 249% at the end of 2020, an increase of 12 percentage points over 12 months previously.
 
These financial results were achieved despite the pandemic.
 
CNMA plans to strengthen its operations through an action plan for 2020-2024 which includes modernising its insurance techniques, launching index insurance products, adopting a digitalisation strategy and implementing new management systems. M 
 
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