Macif is getting settled in Algeria

Macif has signed, at the end of last July, an agreement with some Algerian partners for the establishment of a new life insurance company in the country. Macif will detain 41% of the capital versus 34% to SAA, 15% to the Banque de Développement Local and 10% to the Banque de Développement Rural. Macif will be entrusted with the management of the company while SAA will chair the board of directors. The new company may start operating as of 2011.