COLINA group

Active in insurance, finance and the service sector, the Moroccan group Saham Finances, parent company of the Pan African insurer Colina, has recently proceeded to a reorganization of its structures, especially the insurance activity.

Saham has just raised 250 million USD from two financial institutions: the International Finance Corporation (IFC), a subsidiary of the World Bank and Abraaj Capital, an Emirati investment fund.

Saham Finances is operating through three poles:

• the off-shoring pole gathering the service activities, mainly designed for European customers,
• the healthcare pole active in the pharmaceutical industry,
• the insurance pole which has been restructured around four areas: North Africa, Western Africa, Central Africa and Austral Africa. Also part of the insurance pole are the asset management department, reinsurance and six other central departments. The area of North Africa includes mainly the Moroccan insurance business, concentrated around CNIA SAADA and Issaf Assistance companies.

Colina Participations

Saham Finances’ insurance portfolio, in the southern part of the Sahara, has been merged within Colina Participations, acting as a holding company.

Present in 13 countries, Colina Participations operates through fifteen subsidiaries. In 2010, it posted 78 447 802 000 FCFA (161 759 368 USD) of premiums, up by 14.2% compared to 2009.

The recent increase in financial capabilities of its parent company is likely to endow Colina with new resources and stimulate its expansion plans in Africa, especially East of the continent.

Structure of the insurance entity (Saham Finances)

Colina Participations’ shareholding in its subsidiaries

* 55% Colina vie Benin

Main technical highlights of Colina Participations: 2009-2010

	Figures 2009 in FCFA	Figures 2010 in FCFA	2009-2010 evolution	Figures 2009 in USD	Figures 2010 in USD
Gross written premiums	68 701 930 000	78 447 802 000	14.2%	153 136 602	161 759 368
Premiums ceded to reinsurance	17 502 010 000	22 558 350 000	28.9%	39 011 980	46 515 318
Written premiums net of reinsurance	51 199 920 000	55 889 452 000	9.2%	114 124 622	115 244 050
Net earned premiums	66 934 000 000	77 356 000 000	15.6%	149 195 886	159 508 072
Net incurred losses	39 123 990 000	42 290 328 000	8.1%	87 207 374	87 202 656
Net loss ratio	58.5%	54.7%	-6.5%	58.5%	54.7%
Management expenses	15 242 103 000	16 412 579 000	7.7%	33 974 648	33 842 738
Overhead expenses ratio	22.2%	20.9%	-5.7%	22.2%	20.9%
Technical result	4 340 661 000	4 957 027 000	14.2%	9 675 333	10 221 390
Net result	3 492 480 000	3 717 517 000	6.4%	7 784 738	7 665 520

Evolution of the earned premiums per subsidiary: 2009-2010

in USD

	2009 earned premiums	2010 earned premiums	2009-2010 evolution	2010 portfolio breakdown
Non life subsidiaries
Colina SA Côte d’Ivoire	51 133 260	50 281 870	-1.7%	31.5%
Colina Gabon	13 895 586	20 558 140	47.9%	12.9%
Colina Cameroon	12 930 429	13 357 636	3.3%	8.4%
Colina Mali	13 371 77	12 390 558	-7.3%	7.8%
Colina Burkina Faso	5 926 911	6 524 168	10.1%	4.1%
Colina Togo	4 667 526	5 952 994	27.5%	3.7%
Colina Senegal	1 934 772	4 579 702	136.7%	2.9%
Colina Madagascar	3 100 539	3 616 748	16.6%	2.3%
Colina Re	336 579	793 870	135.9%	0.5%
Colina Ghana	-	156 712	-	0.1%
MCI CI	1 433 247	-	-	-
Total non life	108 730 620	118 212 398	8.7%	74.1%
Life subsidiaries
Colina Life Côte d’Ivoire	31 651 800	32 901 272	3.9%	20.6%
Colina Life Benin	5 681 721	5 101 388	-10.2%	3.2%
Colina Life Cameroon	3 131 745	3 260 022	4.1%	2%
Colina Life Ghana	-	32 992	-	-
Total life	40 465 266	41 295 674	2.1%	25.9%
Total	149 195 886	159 508 072	6.9%	100%

Exchange rate FCFA/USD as at 31/12	2009	2010
	0.002229	0.002062