AGMA. Abdelhadi Elomari joins the board of directors

The Moroccan insurance and reinsurance brokerage and advisory company is preparing to bring Axa’s current director of business development in Africa onto its board of directors. AGMA’s Ordinary General Meeting (AGO), scheduled for Wednesday, May 29, will ratify the decision to appoint Abdelhadi Elomari as director of the company.

Moroccan insurance and reinsurance brokerage and consultancy firm Agma has convened an ordinary general meeting on Wednesday, May 29. The AGO’s draft resolutions provide for the appointment of Abdelhadi Elomari as Director to the Board of Directors, replacing Meryem Chami for the remainder of his mandate.

The latter, who headed AXA’s subsidiaries in Morocco and Cima (Cameroon, Ivory Coast, Gabon, Senegal) on the continent before being promoted to managing director of AXA Africa Holding last August, has effectively resigned from his position as director. Agma. “The Ordinary General Meeting takes note of the resignation of Meryem Chami from her mandate as Director, thanks her sincerely for her contribution to the management of AGMA SA, for the efforts made during her mandate and grants her full, complete and final discharge of his management as director”, we can read in the draft resolutions of the AGO.

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Abdelhadi Elomari benefits from a very rich professional experience in the field of insurance, having acquired versatility by fulfilling various positions of responsibility: underwriting, sales, reinsurance, portfolio quality, audit, control and governance. He spent most of his professional career at AXA.

Graduated from Mohammadia School of Engineers (EMI) with a State Engineering degree in Mechanical Engineering (Mechanical Design and Manufacturing), he joined Axa Assurance Maroc in 2013 as Corporate Market Director. He held this position for almost four and a half years before joining the Société Centrale de Réassurance (SCR) to lead the delegated management responsible for the Moroccan market division. After almost four and a half years he returned to AXA and never left. He led the company’s market as executive director for more than two years before being promoted to director of business development for AXA in Africa last November.

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AGMA ended the 2023 fiscal year with a 5.8% increase in sales. The latter amounted to Dh160.8 million, compared to Dh152 million a year earlier.

Operating income at the end of 2023 is DH88.6 million versus DH82 million at the end of 2022, representing a growth of 8%, driven by the increase in operating income. The net result was Dh64.4 million compared to Dh55.3 million. It rose by 16.5% due to the growth of corporate and financial income on the one hand, and the reduction in the corporate tax rate on the other.

The RNPG was established in 2023 at 63.3 million DH (compared to 56.8 million DH), an improvement of 11.4% compared to 2022. Therefore, the Board of Directors decided to propose a vote during the next General Meeting, which will take place on May 29, the payment of a dividend of 275 DH per share, or a total of 55 million DH, an increase of 7.8% compared to last year.

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In terms of prospects, in 2024, AGMA SA plans to “continue its commercial development efforts in all regions of the Kingdom and improve its operating margin, to consolidate its position as a reference advisory insurer and maintain a satisfactory growth rate in dividends distributed to its shareholders.