Morning – Saham Assurance expects more than 14% decline in GRIP in H1-2019


Saham Assurance's consolidated net income (RNPG) for the first half of 2019 would have decreased by 14.25% to MAD 208 million (MDH) compared to MAD 243 million at June 30, 2018.

Retired from the exit of Taslif on December 31, 2018, the decline in consolidated profit would be 10.8% over the period, said the company in a statement on its business indicators in the 2nd quarter of 2019, published on the website of the Bourse from Casablanca.

The net result should mean a decrease of 20% during the same period, due to the inflection of the non-life technical result, which is mainly due to the continued deterioration of the automobile loss ratio and the acceleration of the regulations. BNEJ claims files for the AT and Automobile branches.

However, "the various measures taken in the first half of 2019 to correct the effects of these trends should allow to reach an annual net income at the end of December 2019 in line with that of the year 2018," said the company. As for the consolidated turnover at the end of June 2019, it amounted to more than 3.128 billion dirhams (MMDH), an increase of 7.6% compared to the end of June 2018, while for the second quarter, this figure business reached 1.217 billion dirhams, down 0.7% from the second quarter of 2018.

For the first six months of the year, SAHAM Assurance Maroc achieved total revenues of MAD 3.073 billion, up 11.3% compared to June 2018. The half-year sales of the Life business were is set at 621 million dirhams, up 52% ​​compared to June 2018, thanks to the good performance of all categories and notably the development of bancassurance with Crédit du Maroc.

Non-Life sales were 2.452 billion dirhams, up 4.3% compared to June 2018, while net sales rose by same period was 11.5%.

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