Morocco's Saham Assurance reports 17% fall in 2016 net profit

Insurance company reported a 17.2% fall in 2016 net profit to $28.2mln


RABAT, March 17 (Reuters) - Morocco's Saham Assurance on Friday reported a 17.2 percent fall in 2016 net profit to 282 million dirhams ($28.2 million), the insurance company said in a statement.

Net profit was hurt by an exceptional tax charge of 130 million dirhams stemming from a 2012-2015 tax audit, it said.

Revenue rose 16.4 percent to 4.39 billion dirhams including a 113 percent jump in life insurance revenue to 774 million dirhams.

Non-life insurance revenue rose 6.1 percent to 3.6 billion dirhams, it said.

Saham Assurance is part of Groupe Saham, founded in 1995 by Moroccan tycoon and current trade and industry minister Moulay Hafid Elalamy.

(Reporting by Samia Errazzouki; editing by Aidan Lewis and Jason Neely) (( ; +216-29850352;))

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