SONAM

SONAM's story is linked to that of a man, Diouldé Niane who is, along with the late Ivorian Ahmadou Kourouma, one of the first African graduates of the Institut des Actuaires de Lyon (ISFA) (Lyon's Actuary Institute).

Upon its creation in 1972, SONAM is the only Senegalese insurance company having no foreign shareholding in its capital as provided for in its statutes.

Within the difficult context of the 1980s and 1990s, Diouldé Niane managed in a short lapse of time to boost the company to the first rank of the market ahead of UAP, AGF and Préservatrice Foncière.

SONAM owes this success to the quality of its leaders as well as to the mutualistic spirit which goes well with the African values of solidarity and mutual help.

Since any success rests on human resources, SONAM has managed to lure a great number of young executives who found in it favourable grounds to prosper and blossom.

In today's globalized world, SONAM is in search for a second wind. It remains, nonetheless, the market's Reference.

SONAM in 2005

Capital
2 billion CFA (3.611 million USD)1
Turnover
5 750 millions CFA (10.380 millions USD)2
Net result
498 million CFA (899 230 USD)2
Shareholder's equity
7 839 million CFA (14 million USD)2
Number of employees
662
1 SONAM SA 2 SONAM SA & SONAM Mutuelle

Management

Chairman
Mr Diouldé Niane
General Manager
Mr Mamadou Diop
Sales & Marine Departments Manager
Mrs Marthe Ba
Technical & Marketing Manager
Mr Abdoul Aziz Ndaw
Accounts Manager
Mr Ibrahima Georges
Head of Accident Department
Mr El Caba Toure
Head of Motor & GTPL Departments
Mr Mor Ngom

Main shareholders

Sonam Mutuelle
Sonamvie
MAAS

Turnover by class of business: 2001-2005

in USD
Written premiums2001%2002%2003%2004%2005%
Accident & Health
2 988 743384 029 43540.23 087 95029.63 168 62024.52 505 37524.1
Motor
1 295 23016.51 404 59713.91 799 74717.32 204 746171 883 67518.2
Fire & Property
1 074 00013.71 492 65114.81 926 40018.52 368 71318.32 044 99319.7
General TPL
333 4864.3665 2226.7575 5075.5782 0086729 7837
Marine
1 333 08116.91 394 78213.81 725 25116.51 499 48211.61 080 63510.4
Other Risks
622 0677.9794 5877.9811 8957.8998 8857.8950 3659.2
Acceptances
207 6752.7263 8612.7472 4234.51 924 67414.81 185 47611.4
Total
7 854 282 100 10 045 135 100 10 399 173 100 12 947 128 100 10 380 302 100

Premiums' split by class of business in 2005

Loss ratio: 2001-2005

Main financial highlights: 2001-2005

in USD
 20012002200320042005
Gross written premiums
7 854 27410 045 13310 399 17412 947 12510 380 303
Net written premiums
5 104 2846 534 4586 288 8787 225 0045 132 830
Gross earned premiums
7 950 61210 116 94110 523 06312 403 54210 084 340
Incurred losses
3 507 5704 434 1855 316 9751 666 8763 458 220
Loss ratio
44.12%43.83%50.53%13.44%34.29%
Overhead expenses
2 656 6853 052 6763 810 9544 624 1164 223 181
Investment income
706 699886 6171 073 7051 148 748973 006
Technical result
4 346 7035 610 9495 082 19911 280 2496 922 082
Net result after tax
256 9711 221 213782 9651 768 779900 332
Exchange rate
XOF/USD as at 31/12
2001
2002
2003
2004
2005
0.001351
0.0016
0.001916
0.002079
0.001805

Contact



Head office
6, avenue Léopold Sédar Senghor, BP 210 Dakar
Phone
(+221) 823 10 03
Fax
(+221) 821 70 25
Email
sonam [at] sentoo [dot] sn

Thanks: We thank SONAM for their kind assistance in the conception of this survey.

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