Rabat – The General Manager of Saham’s insurance company Yahia Chraibi announced that the company achieved a gross revenue of MAD 359.8 million ($36 million) in 2021, an increase of 79.3% compared to 2020.
Saham group held a press conference on Tuesday, March 15, to present the company’s results achieved in 2021.
During the conference, Chraibi shared that the number of transactions increased “by 9.7% reaching MAD 5.6 billion ($562 million)” and that the gross revenue “reached MAD 356.8 million ($36 million), an increase of 79.3% in comparison to last year.”
Chraibi expressed his satisfaction with these results stressing that they will “reinforce our position as a leading company in the non-life insurance market in Morocco, especially the category of motor and health insurance, in which we have been at the forefront for several years.”
Chraibi said that the achievements of Saham Assurance are linked to the recovering market in spite of the global health crisis.
He highlighted the increase of the gross domestic product, which according to the Moroccan High Commission of Planning (HCP), marked an increase of 7.2% in 2021, compared to a decline of 6.3% in 2020.
The insurance sector, in turn, regained a positive growth rate thanks to an increase of 10% in transactions at the end of December 2021 compared to 2020, supported by the life insurance category (+13.7%) and non-life insurance category (+7.2%), Chraibi added.
Chraibi attributed this positive performance to the strong growth of several other sectors, noting that the auto market recorded an increase of 31% compared to 2020, as well as an increase of 6.7% in the housing loans market, which amounted to MAD 230.5 billion ($23.5 billion).
After highlighting the positive performance of the stock market, which marked an increase of 18.3% at the end of December 2021, Chraibi announced the proposal of Saham’s board of directors to distribute a dividend of MAD 25 ($2.5) per share, an increase of MAD 15 ($1.5) compared to 2020.
Chraibi stressed that the company’s future strategy is headed towards two main directions: making Saham Assurance a leading example in service quality and customer experience and improving profitability in all branches.
Established in 2014, Saham Assurance is a leading company in the insurance sector due to its presence in more than 20 countries in Africa and the Middle East through 44 subsidiaries.
