News Middle East16 Mar 2020

Morocco:Atlanta announces double-digit increase in net profit for 2019

16 Mar 2020

Atlanta Assurance, which is among the top five insurers in Morocco in terms of premium income, has posted strong results for the financial year ended 31 December 2019.

On a consolidated basis, the company reported a group turnover of MAD4.88bn ($511m), up by 9.1% compared to 2018. Consolidated net profit surged by 76.5% to MAD373m.

The continued deployment of the company's 2018-2020 strategic plan through strong claims control actions enabled it to report a technical result of MAD335m, up by 41.7%.

Atlanta achieved good growth in both the life and non-life branches of business, according to Atlanta top management at the 2019 annual results presentation held on 13 March.

Premium income of the life business stood at MAD523m, up by 8.7% in 2019 compared to 2018. Non-life premium income rose by 9.7% to MAD2.14bn. This increase mainly concerned the target segments, the group said.

Outlook

2020 will be an economically difficult year for Morocco. With the drought and the global coronavirus epidemic, all Moroccan businesses will face challenges, the insurer said.

"The impact of the coronavirus is inevitable," said Mohamed Hassan Bensalah, CEO of Atlanta. He anticipated a negative impact on Atlanta. “But its quantification remains difficult to assess,” he said.

 

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