Alliance Assurance Hit 3.4 bln DZD Turnover

The CEO of Alliance Assurance Hassen Khlifati said the company hit a turnover of 3.4 billion DZD, with a net profit of 1.98 billion DZD for the first time since 2006.

Mr Khelifati told a press conference held at the company’s headquarters in Algiers that Alliance Assurance aims at multiplying its turnover within the three upcoming years, through expanding its presence in the North African region. He pointed out that the company holds 2.4 percent of the local market share.

Meanwhile, the insurance official revealed that Alliance Assurance has launched talks with a foreign partner to set up a subsidiary specialized in life insurance services in Algeria. 

Elsewhere, Mr Khlifati said the Algerian insurance market is ranked 70th worldwide with about $1.05 billion, or 0.02 percent of the world market share. He added that the local insurance market has the potential to hit $7 billion within the five upcoming years.