Life insurance is not profitable for CNIA SAADA

CNIA SAADA has generated a life premiums’ volume of 417 million MAD (48.6 million USD) in 2011, below the previous result, 512 million MAD (61.3 million USD) in 2010. The company attributes this decline to a deliberate choice not to develop this activity deemed non-profitable for the time being. The management has added that the framework as defined by the insurance code does not allow to make profits in life insurance. Unlike its major competitors, CNIA SAADA is not backed by a bank for its life operations. The non-life turnover has grown by 4.2% at 2.583 billion MAD (301.4 million USD). Total premiums, life and non-life, attained 3 billion MAD (350 million USD), up by 2% compared to 2010.