Saham Assurance: 2020 results

Saham AssurancesSaham Assurance reported a turnover of 5.126 billion MAD (569.09 million USD) in 2020, a 5.5% drop compared to the 5.42 billion MAD (558.56 million USD) recorded in 2019.

Non-life premiums were slightly down by 0.4% reaching 4.307 billion MAD (478.17 million USD) by the end of 2020. Life insurance turnover fell by 25.5% at 819 million MAD (90.92 million USD). This decrease is due to the decline in the collection of savings schemes.

As at 31 December 2020, investments amounted at 14.793 billion MAD (1.6 billion USD), a 1.4% increase over one year. Net technical reserves grew by 0.8% compared to 31 December 2019. The Moroccan insurer's net profit dropped from 406 million MAD (41.84 million USD) as at 31 December 2019 to 201 million MAD (22.3 million USD) in 2020, representing a 50.5% decline. The result is impacted, in part, by the underperformance of financial markets.

Saham Assurance's board of directors has proposed the distribution of a 20 MAD (2.2 USD) dividend per share against 30 MAD (3.09 USD) in 2019.

Read also | Moroccan insurance market

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