Sanlam Maroc and Crédit du Maroc have agreed to restructure their bancassurance partnership, signaling a significant strategic shift. The exclusive agreement, originally signed in March 2016 for a 10-year term, will now end prematurely on January 1, 2025.
This adjustment is designed to benefit both parties. A compensation protocol has been established to ensure that Sanlam Maroc’s financial results for 2025 remain unaffected by the transition.
For shared clients, the changeover will be seamless, with no disruption to ongoing services. Sanlam Maroc remains committed to providing top-tier insurance solutions, including savings and damage insurance products, ensuring uninterrupted quality.
Looking ahead, Sanlam Maroc is preparing to further solidify its leadership position in the Moroccan insurance sector. The company has already reported impressive financial results through September 2024, bolstering its standing in the industry. A strategic pivot in bancassurance is also on the horizon for 2025.
Sanlam Maroc’s total revenue for the first nine months of 2024 reached 4.92 billion dirhams, marking a 3.1% increase compared to the same period in 2023. This growth was largely driven by the strong performance of its Non-Life insurance business.
During the third quarter of 2024 alone, Sanlam Maroc achieved revenue of 1.39 billion dirhams, an 8.1% jump from the same quarter in 2023. This success was fueled by robust results across all operational branches.
The company’s insurance-related investments also climbed to 16.78 billion dirhams by the end of September 2024, reflecting a 3.2% increase from December 2023. Additionally, net technical provisions rose by 2.8%, underscoring the insurer’s financial resilience and ability to meet its commitments to policyholders.
As Sanlam Maroc prepares for a post-partnership era with Crédit du Maroc, its focus on innovation and market expansion remains strong. With growing revenues and a clear strategic direction, the company is poised to maintain its dominance in Morocco’s dynamic insurance landscape.
