Casablanca – Sanlam Maroc, an insurance company based in Morocco, a subsidiary of the South African giant Sanlam, has announced its financial results for the fiscal year 2023, showing profitable growth despite challenges posed by the Covid-19 pandemic. The company’s performance reflects a strategic focus on innovation, adaptation, and efficiency in the face of evolving market conditions.

In 2023, Sanlam Maroc’s total revenue surpassed 6.15 billion dirhams (approximately $634 million); an increase of 3.3% compared to the previous year. This growth was primarily driven by a 6.4% surge in Non-Life insurance revenue, reaching 5.34 billion dirhams (approximately $550 million). However, the Life insurance branch experienced a decline of 13.5%, with revenue settling at 806 million dirhams (approximately $83 million).

The giant South African subsidiary has taken strategic initiatives aimed at enhancing profitability and market position. The company has prioritized segments such as Automobile, Health, and Corporate Risk Insurance, where it has made significant strides in recent years. Additionally, Sanlam Maroc has implemented measures to optimize operations, including a new compensation approach focused on prioritizing repair over part replacement in collaboration with repair workshop partners. This initiative aims to reduce costs and enhance efficiency in the claims process.

Furthermore, Sanlam Maroc has announced changes in its leadership and governance structure to reinforce its strategic direction. This includes the appointment of Delphine Traoré as the new permanent representative of Sanlam Pan Africa Maroc and the addition of Fadoua Moutaouakil as an independent director. Additionally, Youssef Berrada has been appointed as Deputy CEO responsible for Non-Life insurance activities, highlighting the company’s commitment to strengthening its management team.

Despite market challenges, Sanlam Maroc has maintained its financial strength, with net assets reaching 5.23 billion dirhams (approximately $539.69 million) by the end of 2023, representing a 5% increase. The company’s financial management has enabled it to propose a dividend of 77 dirhams per share for the fiscal year 2023 (approximately $7.98). This marks a significant increase from the dividend distributed in 2022.

Looking to the future, Sanlam Maroc stays focused on growing sustainably and profitably. The company plans to keep coming up with new ideas and adjusting to changes in the market while making sure shareholders and stakeholders are happy. By focusing on parts of the market that make money, improving customer service, and using digital tools, Sanlam Maroc wants to stay one of the best insurance companies in Morocco.