Salama Assurances, establishment of a life insurance company by the end of 2014

Abdelhakim Hadjou, general manager of Salama Assurances, announced at a press conference held in mid-August that a life insurance company will be set up by the end of the year in association with a local partner.

While the name of the partner has not yet been disclosed, it will certainly not be the national agricultural mutual insurance company (CNMA) with which talks failed.

By law, Salama which is owned by foreign capital cannot control more than 49% of a company operating under local law. This situation forces Salama to join an Algerian partner. The capital of the new company should be of one billion DZD (12.65 million USD).

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