Sanlam Maroc, an insurance company that recently rebranded from its original name “Saham,” has indicated that it saw an 8.3% annual increase in turnover at the end of the first half of 2022. Sanlam Maroc’s operations yielded MAD 3.673 billion ($347.5 million) in turnover by the end of June 2022, the statement indicates, the group said in a statement released on Tuesday.
Formerly known as Sanlam, the company announced back in June that it was rebranding to represent the name of its majority stakeholder, the South African insurance giant Sanlam.
Prior to the rebranding, Sanlam’s stakes in Saham first reached 61.7% in 2018 under a $1.05 billion deal.
The company was planning a gradual takeover of the Moroccan insurance group, revealing plans of boosting its stakes in Saham to 84.5% by 2022.
Sanlam later announced scaling back on the deal citing “unmet conditions,” while market observers speculated the move was due to the effect of the COVID-19 economic fallout.
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Sanlam Maroc is currently the fourth-largest insurance provider in Morocco, following Wafa Assurance, Royal Maroc Assurance (RMA), and Mutuelle Taamine Chaabi.
Prior to the rebranding, Saham’s revenues at the end of 2021 reached MAD 1.268 billion ($133.6 million), increasing by 10.3% from the MAD 1.150 billion ($133.6 million) recorded in the previous year.
Saham alone controls 68 subsidiaries, with a market footprint in both Africa and the Middle East. After acquiring stakes in Saham in 2018, Sanlam now manages subsidies in 33 African countries.
SOURCE: Morocco news
