CAAR, Excellent 2008 results

The Compagnie Algérienne d'Assurance et de Réassurance (CAAR) has posted excellent results in 2008. The turnover has grown from 8 billion DZD (124 million USD) in 2007 to 11 billion DZD (162 million USD) in 2008.
This turnover has tripled during the 2005-2008 period. Net profit amounted to 833 million DZD (12 million USD) in 2008, a rise of 64% in comparison with 2007.

The market share climbed to 16.4% in 2008 while it was of only 10.5% in 2004. CAAR is hoping to control 18% of the market for the next couple of years.
Since June 30, 2009, the company has embarked on bank insurance. It signed three partnership conventions with the three main banks (CPA, BEA, BNA).