Falling profits for Saham Assurance
Following a tax adjustment worth 130 million MAD (12.9 million USD), Saham Assurance’s profits were slashed by 17.2% at 282 million MAD (28 million USD) in 2016. This exceptional charge is accounted for by an adjustment of income tax, corporate tax, VAT and registration fees for the years 2012 to 2015.
The insurer has, nonetheless, ended the 2016 year with a turnover of 4.392 billion MAD (436.2 million USD), a 16.4% year-on-year increase. With a progression of 113.4% at 774 million MAD (76.9 million USD), the life class of business has more than doubled during the last year.
Non life insurance witnessed a 6.1% rise at 3.618 billion MAD (359.3 million USD), while combined ratio improved by 1.5 point at 94.6%.
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