Jean-Marie Stein, president of Moroccan Life, is back in this interview on the strategy pursued and the adjustments made for the restructuring. Whoever said there is a little less than a year, she would return to profit, has succeeded. The interim results came out green..
- Jean-Marie Stein: Two variables have been instrumental in the strategy agreed upon the resumption of the company in 2001. This financial support from shareholders, including Sogecap, and the success of the partnership model developed in bancassurance with Societe Generale Marocaine de Banques. The growth of Moroccan Life was hampered by the narrowness of his financial backing and archaic organization. For take-off, it was necessary to strengthen and reorganize the capital structure. For this, the shareholders have made two capital increases. The first in 2001 and the second earlier this year.
The organization has been redesigned so as to position the customer at the heart of all concerns. Old products have been discontinued and replaced by others that maintain profitability and balance served to the customer that the company long term. For the marketing of products, we have opted for networks of intermediaries and SGMB.
- No. Property and casualty insurance are almost another job. By cons, business life insurance goes perfectly with our banking industry and logical. Even in France, Sogecap is a company specializing in life insurance and offers a few products side hedging habitat. When the group Societe Generale has decided to settle in Morocco, it was planned from the beginning to position themselves in the life business. The management was counting on synergies that would be developed with SGMB, especially in bancassurance. We chose the Moroccan Life as it is the only company to place specialized in life insurance. In addition, property and casualty business cycle is a very profitable long, 10 to 15 years.