1

SAHAM Finances-Overview October 2016

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Ten year evolution (2005-2015)

Clients

ACQUISITIONS:

• CNIA Assurance • Assurances Es- Saada • Groupe Colina • Lia Insurance • Mercantile • GAAS • Corar AG • Unitrust Insurance

USD 120 million

in Turnover

400 Employees

110 Sales points

1 Country

6th insurance company in Morocco

2005 2015

USD 1.04 billion in Turnover

3 000 Employees

700 sales points

26 Countries

1st insurance Group in Africa (excluding south africa)

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Solid Shareholders

SAHAM Group increased its stake in the capital of SAHAM Finances up to 70%. In parallel, Sanlam, leader in

financial services in Africa, through its subsidiaries Sanlam Emerging Market (SEM) and Santam acquired a

minority stake of 30%.

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Our vision

Contributing to building a mature and resilient insurance industry in the continent.

True African company with a unique footprint.

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Strategic values

Become the key player and one of the market leaders

Top 5 in each country where SAHAM Finances is located

Achieve profitable

growth by applying

underwriting

guidelines.

Offer a full range of

product?(assistance,

Check Auto, …)

Innovative and

integrated Corporate

product, (health,

marine, fire,…)

Provide the best

quality service at

international

standards level.

Redesign of

products and

implementation of

bancassurance

agreements.

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Key figures 2015

Sales

Countries

USD 1.04 billion turnover

3 000 staff

700 sales points

26 Countries

34 Companies

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Health Third party

Administration:

presence in 8 countries

Structure of the division

Insurance Asistance TPA

INSURANCE DIVISION

Insurance: pan African insurance

leader with preference in 26

countries.

Assistance : SAHAM Assistance,

is developing its activity on the

continent. First Motor assistance

company in Africa.

Reinsurance

Reinsurance : optimizing the

reinsurance needs of its

subsidiaries while deploying the

best underwriting practices.

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SAHAM Finances and Sanlam’s presence in emerging markets

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Positioning

N°1 N°1 N°1

Top 3

< Top 3

Côte d’Ivoire

Burkina Faso Togo Gabon

Morocco

Angola

Ghana

Senegal

Cameroon

Niger

Lebanon

Madagascar

Rwanda

Kenya

Benin

Côte d’Ivoire Lebanon

Guinea Ghana

Maroc Madagascar Kenya

Non Life Life

N°1

Top 3

< Top 3

Cameroun

Congo

Mali

Mali

Benin

Guinea

Rwanda

Nigeria

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Highlights

Leading motor insurer in Morocco and Côte d’Ivoire,

Over 1 million customers insured,

Complete product range.

More than 4 million people covered,

Diversified offering: • ground-up coverage

• compulsory insurance scheme

• optional health insurance

Strong experience in affinity business.

Ability to support almost all industries with strong partners

Multinational programs

HEALTHCARE

MOTOR

CORPORATE

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Innovative services for a differentiated and competitive strategy

CAE (Check Auto Express)

• Record number of compensation claims.

TPA

• Secure and optimized management flow.

ASSISTANCE

• 1st assistance network in Africa.

BPO

• Industrialization of mass-market insurance processes achieved through outsourcing.

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Mission

To compensate insured motor in less than 90 minutes.

PRINCIPLE • The damaged vehicle is appraised in SAHAM Assurance center « CAE ». • The amount of compensation is estimated using a database (cost of parts, cost of labor, repair time) An estimated amount is suggested to the insured motorist. • If accepted, the check is printed on site and handed over to the client.

LIMITATIONS

•Claims below 20,000 MAD.

Innovative services

CAE (CHECK AUTO EXPRESS-MAROC)

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- Over 5 million beneficiaries Prestigious references: Mohamed

VI Foundation , SAMU El jadida, Ministry of Interior (5 bodies)

- Over 1.1 million Policyholders

Distributed through insurance

companies

- 245,000 insured clients

Distributed through intermediaries

or banking networks

- 300,000 insured clients

- Distributed via banking

networks

Medical Assistance

Travel Assistance

Car insurance Assistance

Diaspora Assistance

4

ranges of

products

• Medical

• Motor

25,000 Claims/year

90,000 Claims/year

• An internal structure that aims to assist our clients in case of emergency. • 100 operators available 24 / 7.

• Abroad, SAHAM Assistance is supported by the Mondial Assistance Network with over 400,000 service providers worldwide.

SAHAM Assistance: Innovative guarantees

SAHAM ASSISTANCE IN 2015 300 Employees

Over 6 million Beneficiaries

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Insurance : A multi-channel distribution

BANCASSURANCE

• Selling expertise via the banking networks: > Africa: sale of our insurance products (Motor, Retirement, Death) through the African Ecobank network in 8 countries. > Lebanon: first partner of the leading private bank (Audi Bank). Motor, retirement, multirisk household-insurance policy offerings.

TIED AGENTS

• First network of general insurance brokers with 700 sales point across Africa. • Ability to open franchised agencies: Morocco: more than 50 agencies per year (training, planning, deployment ...). • Expertise in facilitating the agency network: Regional / local organization, weekly monitoring.

BROKERAGE

• 80% of sales in Africa stemming from Brokerage. • Privileged and historical relationships with the biggest firms: Ascoma, Gras Savoye, AON...

MOBILE SERVICES

• Sale of our life insurance products through mobile apps in partnership with telecom companies. • Successful experience in Côte d’Ivoire.

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Distribution of turnover in 2015

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Net profit 2015

Amounts in MMAD* 2015 2014

Gross Written Premium** 9.716 8.141

Shareholders Equity 7.153 6.301

Return on Equity 12% 11%

Average Investment yield 5,2% 5,8%

Net Profit 795 658

Net Profit Group Share 483 439

Combined Ratio 94,5% 95%

* SAHAM Finances Consolidated figures according to IFRS ** 433 MMAD of external growth and 14% of organic growth

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Net profit 2015

Net Profit in MMAD* 2015 2014

Saham Assurance Maroc 338 341

SAHAM Angola Seguros 77 57

LIA Insurance 140 112

SAHAM Assurance Central and West Africa 143 108

Other companies 322 159

Net Profit of insurance and reinsurance business 1 020 778

Net result of holding companies (225) (119)

Consolidated Net Profit 795 658

Profit attributable to non controlling interest 312 219

Net Profit – Group Share 483 439

* SAHAM Finances Consolidated figures according to IFRS

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Future growth potential

New compulsory insurance, strengthening controls,

legal framework evolving in all countries

Effective partnerships with banks

Development of specific low income products

(micro insurance) Use of advanced technologies (mobile, web

based customer interactions) to increase the potential, to reduce

fraud and to improve risks mitigation

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Enterprise Risk Management Framework

Organization & Governance

The group’s internal control and risk management system is largely inspired by the COSO 2 framework.

As such, its main purpose is to provide a reasonable assurance to the top management and the board of directors regarding the achievement of our group’s objectives in

the following categories:

the effectiveness and efficiency of operations, including performance and profitability goals and safeguarding of the group’s assets;

the reliability of the data, especially the financial statements and reporting;

the compliance with laws and regulations.

It consists of three lines of defense :

“Three

lines of

defense”

Risk management and central support functions provide and maintain a

consistent risk & control framework and ensure critical risks are monitored :

1. develop & implement Enterprise Risk Management tools and methodology

2. assist subsidiaries and ensure they identify, measure and assess risks

3. establish key controls and ensure critical risks are under control

Subsidiaries’ business functions own risks:

1. They undertake controls as described in procedures and permanent control manuals

2. They manage risks every day optimizing risk/return

3. They mitigate risks where necessary

Internal audit provides independent oversight and assurance :

1. assesses the effectiveness of the risk framework

2. builds on risks identified by Risk Management for planning its activities

3. independently monitors effectiveness of controls

1

2

3

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Minor

Moderate

Major

Critical

4

5

1

6

7

10

3

14

12

9

8

11

2

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Risks related to the external growth strategy (M&A)

Inability to integrate the new acquisitions

Risks related to the internal growth strategy

Reputational risk

Underwriting risk – Casualty & Property insurance: risk selection, pricing and reinsurance

Inability to comply with regulatory, legal and fiscal requirements

Risks related to the claims’ monitoring– Casualty & Property insurance

Risks related to the claims’ monitoring – life & health insurance

IT system failure & inappropriate IT strategy

Operational risk: internal control activities

Departure of the key executives and inappropriate back up planning

Risks related to the evolution of the interest rate

Inappropriate Business Continuity Plan

16

Liquidity risk

17

Counterpart risk

Foreign exchange risk

18

Underwriting risk – life & health insurance: risk selection and pricing

Risks related to the reinsurance policy

Unreliability of the financial and accounting data

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20

13 Risks related to the human capital x

x

x

Deterioration

Stable

Improvement

x Evaluation Dec. 2014

For each risk, an action plan has been defined, and for each action, a deadline has been defined and a person in charge (within central support functions) has been allocated.

Stra

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O

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Bu

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nu

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Fin

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Enterprise Risk Management Framework SAHAM Finances’ risk mapping – December 2015 summary

Synergies SAHAM Finances/Sanlam

Reinsurance Economic

Capital Modelling

Bancassurance Strategic Alliances

22

www.sahamassurance.com

Saham Finances

Saham Assistance

Colina Part. Colina Holding Ltd

Saham Assurance Maroc

Saham Europe

Saham Assurance CI

Saham Assurance Togo

Saham Assurance Vie CI

Saham Assurance Mali

Saham Assurance Burkina

Saham Assurance Gabon

Saham Assurance Madagascar

Saham Assurance Cameroun

Saham Assurance Sénégal

Saham Assurance Congo

GA Angola Seguros

MCI Angola

MCI Cameroun

MCI Sogem

Saham Assurance Vie Cameroun

Saham Assurance Vie Ghana

Saham Assurance Vie Gabon

Saham Assurance Vie Mali

Saham Insurance Kenya

Saham RE Maurice

Tech Care Solutions

Corar AG Rwanda

Corar VIE Rwanda

Unitrust Nigéria

Saham Asset Mgt

Isaaf Santé Saham RE Lux

LIA

Saham Assurance Niger

Saham Assurance Vie Benin

Saham Assurance Benin

100%

99,67%

49,90%

100% 51,14%

100%

80,96%

50%

66,67%

100% 66,99%

100%

40%

66%

55%

100%

99,97%

100%

100%

65%

93,63%

50%

94,90%

100%

100%

85,43%

100%

55%

100%

75,50%

40%

71,48%

89,73%

45% 9,90%

40%

39,90%

40%

80%

Tertia

Saham IT 100%

Ryad Partners

SAHAM Hotels

Agdal Salé

100%

100%

60%

68,22%

Saham Corporate

Saham Assurance Togo

Saham Assurance Ghana

Saham Assurance Guinée

MCI Sogem

Saham Assurance CI

Saham Assurance Vie Gabon

Saham Assurance Niger

Tamaris Garden 100%

Total Care Lebanon

Taslif

60%

0,33%

100%

25%

88,99%

20%

20%

20%

27,40%

48%

2%

Jadis

BERDIM

Dayam 100%

60%

100%

Espace développement

100%

Elite

C-RE Holding*

30%

100%

Continental RE 53,6%

0,2%

49,8%

40%

0,03%

66%

*Ongoing negotiation for the entry into the share capital of minority shareholders