Chanas assurances wants to reposition itself on the Cameroonian market thanks to a subsidiary in the life branch

(Business in Cameroon) – A general meeting of shareholders of the insurance company Chanas assurances, held on July 12, 2022 in Douala, resulted in the creation of Chanas assurances vie SA, a subsidiary dedicated to the life branch. With a share capital of 5.2 billion FCFA, the new company aims to “to become the privileged partner for individuals and companies (…) in a Cameroonian context conducive to the development of a diversified insurance offer“, underlines Chanas assurances in an official press release.

By thus extending its activities to the life branch, Chanas assurances should conquer new market shares in Cameroon, a country where this company was a veritable juggernaut until 2013. Indeed, it was that year that Chanas, which Was then the market leader, began a descent into hell, following an open conflict between the CEO, Jacqueline Cassalegno, and the National Hydrocarbons Company (SNH), main shareholder.

But the company will gradually recover after the departure of Ms. Cassalegno, thanks to the financial contribution of SNH. The secular arm of the State of Cameroon in the oil sector is injecting 2.3 billion FCFA into it in 2020. This was thanks to a capital increase operation aimed at bringing it to 6 billion FCFA, against 2.3 billion FCFA in the past.

According to data published by the Association of Insurance Companies of Cameroon (Asac), Chanas assurances is number 3 in the P&C market (Fire, Accidents and Miscellaneous Risks) in Cameroon in 2020, with 10.02% of market share. , for a turnover of 14.12 billion FCFA, against 12.18 billion in 2019. The company is outclassed by Axa (14.6% of market share) and Activa (11.89%).

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Read also:

05-08-2014 – Cameroonian insurer Chanas on the edge of the abyss

08-27-2014 – Resignation of Dominique Pheulpin, CEO of Chanas Assurances, leader of the Cameroonian market

07-08-2020 – In 2019, the Cameroonian insurer Chanas posted a net result of 683.4 million FCFA (+16.2%)

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