Sanlam Maroc has started 2026 on a strong note, with business picking up and its life insurance arm bouncing back.
The company made 2.277 billion dirhams in revenue in the first three months of the year. That is up 9.5% compared with the same period in 2025.
Most of the money still comes from non-life insurance, such as car and property cover. This part of the business brought in 2bn dirhams, up 4% over a year.
But the standout shift is in life insurance. Revenue there jumped to 268 million dirhams, up from 148 million dirhams a year earlier.
Sanlam’s investment assets linked to its insurance activity reached 18.251 billion dirhams. That is a modest increase of 1.6% since the end of 2025. At the same time, its technical reserves rose by 5.7%.
All of this points to a solid start to the year, helped by steady growth and a clear recovery in life insurance.
The company is also preparing for a major change. In March 2026, it finalised a merger deal with Allianz Maroc. The operation is valued at 2.605 billion dirhams in equity and is expected to take effect in early July, pending final approvals.
Once completed, Allianz Maroc will be absorbed into Sanlam to create a bigger and more efficient insurer. The combined group is expected to hold a 13.4% share of the market and operate through more than 740 contact points across Morocco.
The deal is to lift profits sharply. Forecasts published in May say net income could reach 856 million dirhams in 2026 and 971 million dirhams in 2027. That is close to double current levels.
Sanlam Maroc entered the year from a position of strength. In 2025, it reported a net profit of 451 million dirhams, up 7.9%. Its equity stood at 5.449 billion dirhams. The company also plans to pay a dividend of 98 dirhams per share, up from 81 dirhams the year before.
It has also been expanding its business. In May 2026, Sanlam signed a partnership with TotalEnergies in Morocco to develop mobility-related insurance products. This is expected to support growth in its non-life segment, especially motor insurance.
The wider market is also doing well. Morocco’s insurance sector generated more than 21.3 billion dirhams in premiums in the first quarter of 2026. That is a rise of 17.2% compared with last year.
The sector is now seen as one of the main drivers of profits on the Casablanca stock exchange, alongside banks and mining companies.
