Morocco: Atlanta Sanad posts stagnating turnover for 2022
Wednesday, 01 March 2023 17:07
In its financial results for the fourth quarter of 2022, the Moroccan insurer posted a $521.3 million turnover for 2022, slightly above the 2021 turnover.
Last Tuesday, Moroccan insurance company Atlanta Sanad Assurances posted its Q4-2022 report. In the report, the company posted a MAD5.4 billion ($521.3 million) turnover for 2022, slightly above the MAD5.4 billion ($521 million) turnover in 2021.
The stagnant performance can be explained by the 9.7% decline in revenues from Atlanta Sanad Assurances' life business in 2022 to MAD 1.2 billion. Yet, in 2021, the life business grew by 24.3% to MAD1.3 billion.
Atlanta's non-life revenues reached MAD 4.1 billion (+3.3%) in 2022, compared to MAD 4 billion (+5.1%) in 2021, with the workplace insurance and miscellaneous risks branches declining due to the impacts of the coronavirus health crisis.
Let’s note that in the third quarter of 2022, Atlanta Sanad Assurances transferred its Ivorian subsidiary (Atlanta Côte d'Ivoire) to the holding company Holmarcom Africa Financial Services.
Chamberline Moko
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