Sanlam Morocco: change of identity and outlook for 2022

The Saham Assurance group organized a conference this Thursday, June 16 at the Mövenpick in Casablanca, in the presence of the group’s general manager, Yahia Chraibi. The opportunity to announce the change of name of the group, from Saham Assurance to Sanlam Morocco, following the acquisition of a majority stake by the South African actor in the capital of Saham Assurance in 2018.

The group will officially bear its new name this Thursday, June 16 in the evening. It will broadcast commercials to inform the public of this rebranding. The management, present during the event, ensured that the management remained Moroccan and that the care of customers would remain the same despite the change of flag.

The management discussed various topics concerning the Sanlam Morocco group and its performance in the current tense context. As a reminder, the insurer posted the best growth in turnover among listed insurers at the end of March, with an improvement of 8.1% compared to the end of March 2021 at 2 billion dirhams. In detail, Non-Life turnover increased by 10.3% to 1,794 MDH and Life turnover recorded a drop of 5.2% to 251 MDH.

“This revenue growth momentum is a continuation of the growth posted in the last quarter of 2021. It is the result of good contract renewals and good performance across all branches,” explains Yahia Chraibi, general manager of Sanlam Morocco. In particular, the group posted 15% growth on its business network, due to new synergies developed with its majority shareholder Sanlam, making it possible to better meet the demand of this market.

Yahia Chraibi also mentioned the impact of the complex economic climate on the group’s investment strategy. Despite the poor performance of the Moroccan stock market and a MASI down more than 8% in YTD, the group bows down. “The strategic adjustments concerning investments were made when Sanlam entered the capital. This is where we changed some of our exposures and sought to smooth out risk. This is a process that is still ongoing and which is leading us to focus a little more on bonds to try to limit volatility. Currently, bond rates are low and the equity market is doing poorly. We are therefore hunkering down and approaching this with resilience,” he confides.

The management also returned to the various aspects that will animate and transform the Moroccan insurance industry.

Opportunities brought by changes in the industry

The insurance sector will indeed experience some changes this year, in particular with the arrival of Compulsory Health Insurance (AMO), Takaful insurance offers and, more recently, the announcement by the Insurance Supervisory Authority and of social security (ACAPS) of the new instruction relating to electronic devices for the online sale of insurance products.

This possibility is offered to insurers who will be able to make the request to the regulator from July 1st. On the subject, Sanlam Morocco is in pilot phase and will make the request as soon as possible. Asked about this new means of selling insurance products, Yahia Chraibi reminds us of the following: “Saham Assurance had already positioned itself in this direction since 2008, but the legal framework was not yet there. »

For the insurer, this news is an opportunity to develop new types of products, which are not compulsory. “You should know that in Morocco, unfortunately, insurance sales are mainly made up of compulsory insurance. The idea is also to democratize insurance that is not. I am thinking of multi-risk home insurance, which offers a certain comfort to the customer and limits the risks. We have created an online store to highlight these products. This announcement from the regulator is clearly an opportunity to broaden the range of offers and products,” says Yahia Chraibi.

The group, like other players in the sector, will be able to benefit from the launch of participatory insurance Takaful This year. As a reminder, these insurance offers relate to three products: “death” insurance, “multi-risk home” building risks and savings. “We have already created an entity called Sanlam Takaful which deals with the Takaful activity. Today, all Takaful activity is linked to bancassurance. This is not generalized to all products; it will start with loan coverage,” said Mohamed Afifi, Deputy CEO.

Sanlam Maroc (formerly Saham Assurance, editor’s note) had a partnership with the Crédit du Maroc bank (CDM) to develop bancassurance. “With the announcement of CDM and the merger with the Holmarcom group, we preferred, for this activity, that they start with the acquiring group, which is normal. On our side, we are working on alternatives. When we have another banking partner, we will start like everyone else, ”he assures.

The activity represents an interesting opportunity for the insurer, by giving it access to a part of the population that does not adhere to conventional insurance. “A large part of the population does not take out insurance, out of conviction. The Takaful activity makes it possible to break this barrier and to access this category of people who do not take out insurance. It will thus allow us to improve the penetration rate. This activity will start as soon as we are contacted by a banking partner”, concludes Mohamed Afifi.

Leave a Comment