SCR
SCR's role in the Moroccan economy has evolved throughout the years. Driven by globalisation, SCR has grown bigger. Nowadays, it is not only entrusted with its initial task of a national reinsurer but it has also extended its operations abroad where it is required to stand straight on a highly-competitive international market.
To do so, SCR has undertaken a series of actions aimed at consolidating its financial base and enhancing its technical potential. The increase of its capital to 1 billion MAD (111.03 million USD) endows it with the required financial soundness and therefore paves the way for its development.
Endowed with a large amount of shareholders' equity and firmly standing in Morocco, SCR may henceforth play a more active role on the international arena. Africa and the Middle East remain its natural markets.
 |  |
| Mustapha Bakkoury | Ahmed Zinoun |
| President | Managing Director |
SCR in 2005
Rank | 1st reinsurer in the Maghreb and the Middle East, 2nd in Africa |
Capital | 1 billion MAD (111.03 million USD) |
Turnover | 2 237.28 million MAD (248.42 million USD) |
Net result | 125.33 million MAD (13.92 million USD) |
Shareholder's equity | 1 174.04 million MAD (130.36 million USD) |
ROE | 11.95% |
Number of employees | 149 |
Management
President & Chief Executive Officer of la Caisse de Dépôt et de Gestion | Mustapha Bakkoury |
Managing Director | Ahmed Zinoun |
Deputy Executive Manager | Mostafa Amri |
Deputy Executive Manager | Mohamed Larbi Nali |
Finance and Accounting Manager | Abdelhakim Majdoubi |
Main shareholders
Caisse de Dépôt et de Gestion (CDG) | 94% |
AXA assurances | 4.18% |
Others | 1.82% |
Turnover evolution: 2001-2005
in millions USD| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
Non life | 120.52 | 151.61 | 184.42 | 208.07 | 206.00 |
Life | 33.02 | 50.87 | 55.01 | 50.68 | 42.42 |
Total | 153.54 | 202.48 | 239.43 | 258.75 | 248.42 |
Gross premiums split by class of business: 2001-2005
in millions USD| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
| Non life | |||||
Motor, General TPL & Workmen compensation | 46.59 | 57.98 | 71.43 | 84.35 | 78.30 |
Marine | 29.67 | 36.77 | 39.30 | 42.42 | 40.24 |
Property | 44.26 | 56.86 | 73.69 | 81.31 | 87.46 |
Total non life | 120.52 | 151.61 | 184.42 | 208.08 | 206.00 |
| Life | |||||
Total life | 33.02 | 50.87 | 55.01 | 50.67 | 42.42 |
Grand total | 153.54 | 202.48 | 239.43 | 258.75 | 248.42 |
Gross premiums split by class of business in 2005
Split between Moroccan and international business: 2004- 2005
Results: 2003-2005
Main financial highlights: 2001-2005
in millions USD| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
Gross written premiums | 153.54 | 202.48 | 239.43 | 258.75 | 248.42 |
Written premiums net of retrocession | 115.91 | 161.38 | 185.25 | 198.12 | 194.00 |
Gross earned premiums | 127.95 | 162.03 | 215.65 | 232.68 | 225.33 |
Gross earned premiums net of retrocession | 97.34 | 116.23 | 167.01 | 175.27 | 175.68 |
Gross incurred losses* | 101.36 | 234.90 | 167.92 | 174.09 | 138.18 |
Incurred losses net of retrocession | 77.87 | 82.04 | 137.10 | 146.37 | 163.16 |
Loss ratio** | 79.99% | 70.59% | 82.10% | 83.51% | 92.87% |
Management expenses | 27.84 | 35.83 | 45.58 | 52.04 | 47.36 |
Technical result net of retrocession | -2.79 | 3.21 | -5.93 | -13.08 | -25.07 |
Investment Income | 524.92 | 664.41 | 696.64 | 762.30 | 757.51 |
Net result | 7.82 | 20.96 | 25.48 | 13.85 | 13.92 |
Exchange rate MAD/USD as at 31/12 | 2001 | 2002 | 2003 | 2004 | 2005 |
0.0862 | 0.1006 | 0.1157 | 0.1223 | 0.1110 |
Contact
| Head office | Tour Atlas, Place Zallaqa, PO Box 13 183 Casablanca - Morocco |
| Phone | (+212) 22 46 04 00 |
| Fax | (+212) 22 46 04 60 |
scr [at] scrmaroc [dot] com | |
| Website |
Thanks: We thank SCR for their kind assistance in the conception of this survey.
