Moroccan insurance provider Sanlam, formerly known as Saham, has said that “Morocco is a key market” for its pan-African operations.
In June, Saham officially changed its name to Sanlam after its largest South African stakeholder boosted its share in the firm to 84.5%, up from 61.7% in 2018.
In a move that could be interpreted as an attempt to reassure its customer base in Morocco following structural changes, Sanlam took to Linkedin on Tuesday to argue that its presence remains “unrivaled” in the North African country.
“Morocco serves as the primary hub for our pan-African general insurance operations and our Moroccan subsidiary remains one of the flagship companies of our pan-African business portfolio with an unrivaled presence across the Kingdom,” the post reads.
ALSO READ: Morocco is US’ Third Largest Exporter of Table Olive and olive oil in 2022
Sanlam further stressed its “long-standing commitment to Morocco,” recalling its confidence in the country’s economy and its mission to “empower current and future generations to be financially confident, secure and prosperous.”
Sanlam Maroc is currently the fourth-largest insurance provider in Morocco, after Wafa Assurance, Royal Maroc Assurance (RMA), and Mutuelle Taamine Chaabi.
The company reported MAD 3.7 billion ($347.5 million) in turnover at the end of the first half of 2022, marking an 8.3% year-on-year increase.
Given that Morocco was Africa’s second-largest insurance market in 2020, according to Oxford Business Group, Sanlam’s operations in Morocco are key in sustaining the company’s liquidity and growth plans. Sanlam currently has 68 subsidiaries in Africa and the Middle East, but it plans to further expand in South Africa.
On October 11, the insurance firm shared its offer to acquire Afrocentric Investment Corporation in an effort to increase its share in the ACT Healthcare Assets (AHA). Afrocentric controls 71.3% of the strategic alliance of South African financial institutions.
SOURCE: Morocco news
