31239 - Saham Finances

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Summary of Proposed Investment

Project Number

31239

Company Name

SAHAM FINANCES

Date SPI Disclosed

Oct 4, 2011

Country

Morocco

Industry

Financial Markets

Projected Board Date

Nov 3, 2011

Status

Completed

Sector

Composite Insurance (Life and Non-life)

Department

Regional Industry - FIG Africa

Environmental Category

C - No Impact

Previous Events

Approved : Nov 17, 2011
Signed : Jan 20, 2012
Invested : Mar 7, 2012

Project Description

The proposed project involves an equity investment in Saham Finances (“Saham Finances” or the “Company”). Saham Finances is an insurance holding company with operations in Morocco (through its majority owned subsidiaries CNIA SAADA and Isaaf), and Sub-Saharan Africa (through its wholly-owned subsidiary Colina). CNIA SAADA is the third largest insurance company in Morocco in terms of premiums with a market share of 13.6% (as of 2010), offering life and non-life insurance products. Isaaf Mondial Assistance is an “assistance” company (vehicle, medical and travel assistance) with a 46% market share (as of 2010). Colina, acquired by the Company in 2010, is the third largest insurance group in the West and Central African region in terms of premiums, with a 13.2% market share (as of 2009), also offering life and non-life insurance products. The project is intended to support Saham Finances in its expansion strategy for Colina in Sub-Saharan Africa.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	75.0

Development Impact

Saham Finances currently operates in the two regions of the world which have the lowest insurance penetration globally. In sub-Saharan Africa, Colina is present in countries in West and Central Africa which significantly lag the rest of the region. This investment will allow Saham Finances to (a) consolidate its 2010 acquisition of Colina and leverage synergies with CNIA SAADA; (b) provide growth capital to Colina to further expand its insurance activities in Southern and Eastern Africa through targeted acquisitions, in countries that are markedly under-penetrated; and (c) meet the expected growing demand for insurance products in Morocco as a result of the "Contrat-Programme 2011-2015", a public-private partnership intended to boost penetration rates of non-life and life insurance.

IFC''s additionality in this project stems from IFC''s banking relationships in sub-Saharan Africa to further expand Colina''s distribution network. Moreover, IFC can provide Saham Finances valuable knowledge of African insurance markets for its future acquisitions, as well as expertise in evaluating future merger and acquisition opportunities. In addition, IFC as a development finance institution would provide strong comfort to co-investors in this placement given the current social instability in the MENA region; such a role would also be very relevant to the Company''s expansion strategy in new markets in sub-Saharan Africa.

This project involves IFC support for the business of general insurance and reinsurance, and has been classified as a Category C project according to IFC’s Environmental and Social Review Procedure.
Considering the nature of activities supported, the Company will be required to demonstrate commitment to apply the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions, and to develop a screening procedure to review potential corporate clients to ensure that they do not support activities on IFC''s Exclusion List. As a condition of commitment, the Company will be required to appoint responsible person(s) to oversee the implementation of the screening procedure and confirm annually on not extending services to activities on the exclusion list. The Company will also be required to inform IFC in the event of any change in nature or scope of its business or operations.

Contacts

For Inquiries About the Project, Contact

M. Moulay Hafid Elalamy
President and Chief Executive Officer
Saham Finances
216, Boulevard Zerktouni, 6ème étage
20 000 Casablanca
Morocco
Tel: +212 522 43 56 58
Fax: +212 522 49 26 63

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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