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EXPERTISE& AMBITION

ANNUAL REPORT 2015

REINSURER SINCE 1960

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HIS MAJESTY MOHAMMED VIKING OF MOROCCOMAY GOD GLORIFY HIM

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1960

1978 1983

1989

1997

2003

2008

2012

2015

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A NEW VISION

MESSAGE FROM THE PRESIDENT P04

MESSAGE FROM THE DEPUTY MANAGING DIRECTOR P06

GOVERNING BODIES P08

SCR IN 2015

FACT SHEET P10

VALUES AND ETHICAL STANDARDS P11

THE POWER OF THE HUMAN CAPITAL P12

SOCIAL COMMITMENT P13

HIGHLIGHTS P14

INTEGRATED POSITION

INSURANCE AND REINSURANCE MARKET P17

INTERNATIONAL REPUTATION AND OUTREACH P18

NATIONAL REPUTATION AND OUTREACH P18

FINANCIAL PERFORMANCE

KEY FIGURES P22

TECHNICAL MANAGEMENT P23

GENERAL AND FINANCIAL MANAGEMENT P24

AUDITORS’ REPORT P25

GENERAL ASSEMBLY MEETING’S RESOLUTIONS P26

BALANCE SHEET P28

PROFIT AND LOSS ACCOUNTS P30

CONTENTS

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02

03

04

ANNUAL REPORT 2015

REINSURER SINCE 1960

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MESSAGE FROM THE PRESIDENT - Mr. ABDELLATIF ZAGHNOUN

Société Centrale de Réassurance (hereafter SCR) has continued to develop and change within the framework of implementing its 2013-2017 Strategic Plan, thus securing significant results and achieving the objectives set by the Board of Directors.

Given the development of the Moroccan insurance market, with the arrival of new reinsu-rance players at Casablanca Finance City and the changes in the regulatory framework, SCR’s Management sought to anticipate and adapt to a significantly competitive environment by supporting Moroccan ceding companies, implementing customer orientation as the hallmark of its development in the domestic market.

Formalizing customer commitments and improving service quality while building on proven technical expertise enabled SCR to reaffirm its status as the prime national reinsurer, both in terms of Treaty and Facultative reinsurance coverage of the top risks in Morocco.At the international level, SCR continues its proactive development in Africa and in the Middle East by enlisting new customers and building a portfolio of international and regional ceding companies within the markets in which it operates. Abidjan Representative Office is the im-plementation vehicule of that policy and will remain the platform for the promotion of SCR’s expansion in Africa.

The financial performance for fiscal year 2015 is in line with the objectives, with a net income of MAD 193.15 million.

The review process with the rating agencies, which has become an inevitable annual practice, led to maintaining Standard & Poor’s rating at BBB- and AM BEST’s rating at B ++ / Good.

I wish to extend my sincere thanks to all our Moroccan and foreign partners and customers for the confidence placed in our company. I also wish to take this opportunity to congratulate SCR’s Management and staff for the results achieved. I assure them, once again, of our trust and support to rise to current and future challenges.

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A NEW VISION

• MESSAGE FROM THE PRESIDENT

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MESSAGE FROM THE DEPUTY MANAGING DIRECTOR - MR.YOUSSEF FASSI FIHRI

I am particularly pleased to introduce our annual report for the year 2015, which is a pivotal year and a key juncture in the implementation of the 2013-2017 STRONG transformation plan.

The commercial activities of SCR’s Abidjan Representative Office in the region have been in full swing, making SCR deeply-rooted in the continent to which it belongs.The year 2015 saw the successful start of the new business-oriented IT system, which is the cornerstone of the SCR transformation plan.

In 2015, SCR confirmed its position as the main National Reinsurer and as the leading partner in Africa.

SCR’s growing influence in the African continent took concrete substance with the organi-zation, in Tangiers, of the 20th African Reinsurance Forum, in partnership with the African Insurance Organization. This event brought together more than 700 leaders who debated current issues facing African insurers and reinsurers.

I would like to take this opportunity to extend my sincere thanks to all our partners for the trust they have placed in our company for more than 56 years.

I wish to extend warmfelt gratitude to all SCR’s personnel for their unwavering commitment to make SCR an important player in the domestic market, and bring it to the position of first conventional reinsurer in Africa.

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A NEW VISION

• MESSAGE FROM THE DEPUTY MANAGING DIRECTOR

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A NEW VISION

BOARD OF DIRECTORS

COMMITTEES

01

GOVERNING BODIES

PRESIDENTMr. Abdellatif ZAGHNOUN

Mr. MICHEL HASCOET

AXA ASSURANCE MAROC

Mr. SAID LAFTIT

Mr. HAMID TAWFIKI

Mr.MOHAMMED AMINE BENHALIMA

Mr.MOHAMMED SAMIR TAZI Mr.MUSTAPHA

LAHBOUBI

CAISSE DE DEPOT ET DE GESTION

GOVERNMENT COMMISSIONER

Mr. HASSAN BOUBRIK

GENERAL DIRECTOR

Mr. YOUSSEF FASSI FIHRI

EXECUTIVE COMMITTEE

Mr. YOUSSEF Mr. IMAD SEBTI Mr. MOHAMED Mrs. LATIFA ME-

Mr. HAMID TAWFIKI

Mr. MUSTAPHA Mr. MICHEL HASCOET

Mr.SAID LAFTIT Mr. MUSTAPHA Mr. MOHAMED SAMIR TAZI

Mr. MOHAMED AIT AMAR

BOARD SECRETARY

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•

SCR IN 2015

• FACT SHEET

• VALUES AND ETHICAL STANDARDS

• THE POWER OF THE HUMAN CAPITAL

• SOCIAL COMMITMENT

• HIGHLIGHTS

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02THE SCR IN

2015

FACT SHEET

Société Centrale de Réassurance was established in 1960 following an agreement between the Mo-roccan State and Caisse de Dépôt et de Gestion (CDG), which was amended and renewed on 28 November 2000. The company’s chief mission was to protect the domestic market and keep insurance premiums within the Moroccan economy.Over the years, SCR’s role in the Moroccan economy evolved significantly:

MISSIONsIn Morocco

• Be closely involved with Moroccan ceding companies to promote the Moroccan insurance market and create added value for our respective institutions;

• Sustainably offer a range of services backed by strong commitments in terms of expertise in reinsurance and development of innovative products.

At THE international level• Support Moroccan ceding companies as they expand abroad, particularly in Africa;• Provide customized coverage to major Moroccan groups with expansion plans in Africa;• Ensure sustainable support for the African and Arab insurance and reinsurance market.

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VALUES AND ETHICAL STANDARDS

THE EXCELLENCE PATHWAY (piste)SCR applies a participatory management system to achieve greater cooperation, commitment and accountability.Value-added management has become a lever for the revitalization of the company, at both individual and collective levels.

THE UNIFYING AND MOBILIZING VALUES OF SCR OFFER A PATHWAY (PISTE) TOWARDS EXCELLENCE

PATHWAY (PISTE) TO EXCELLENCE

• PERFORMANCE Profitability, value creation for the community- Professionalism - Rigor - Requirements

• INNOVATIONCreativity- Anticipation - Competence

• SOLIDARITY: Cohesion -Trust - Dialogue - Determination - Sharing

• TRANSPARENCY:

Dialogue - Communication - Shared social values - Written and transmitted rules - Ethics - Fairness

• ENGAGEMENTDetermination - Credibility - Responsibility - Sense of belonging.

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02SCR IN 2015

THE POWER OF THE HUMAN CAPITALCompetence and ExpertiseHuman capital is at the heart of the SCR’s performance. It is the company’s foremost asset.SCR is currently implementing a policy to enhance its Management and its Commercial and Technical resources.Ensuring the long-term commitment of human resources remains the pillar of SCR’s human resource policy through two levers:

• TRAINING : including in technical professional fields, which have traditionally been the backbone of SCR’s action;

• CAREER MANAGEMENT : with linkages between different professions in reinsurance to develop mul-tidisciplinary skills. Since 2013, SCR has embarked on a strategic policy shift by implementing a new «business model» for the Company. New guidelines have impacted several levels, including :

• The Company’s strategy,• Organization,

• Processes,• The Management System.

In keeping with the company’s strategic vision based in particular on strengthening the expertise placed at the disposal of our partners, SCR conducts a human resource policy revolving around the following :

• Training• Development• Anticipation• Communication• Ethics

PERSONNEL as at on 31st December 2015The workforce stands at 122 employees.

Breakdown by business segment

42+8+3+17+30+L41,80%

17,21%

29,51%

29,51%3,28%

SUPPORT

CLAIMS AND REINSURANCE ACCOUNTING

UNDERWRITING AND COMMERCIAL

RISK MANAGEMENT

GOVERNANCE

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SOCIAL COMMITMENT

Just like in previous years, SCR, in its capacity as a socially engaged company, provided a financial contribution and expressed solidarity in the form of financial donations given directly or through foundations:

> CDG which pools all social, humanitarian, cultural and solidarity actions supported by CDG Group, particularly the following:

• Support for the National Solidarity Campaign;

• The voluntary carbon offsetting program conducted by Mohammed VI Foundation for Environmental Protection (CDG Foundation’s voluntary engagement on behalf of the CDG Group makes it possible for all CDG partners to be «in tune with nature»);

• Support for the actions carried out by the Lalla Salma Association against Cancer;

> AHLY, this institution, which was set up at the behest of CDG Foundation, aims to provide help to orphaned minors;

Support is also provided through social works for the implementation of cultural and social projects, particularly those meant to provide assistance to populations facing difficulties or which are located in remote areas.

RECRUITMENTTo face new challenges resulting from an environment marked by fierce competition, SCR has been committed to recruiting the best human resources available.In 2015, it recruited competent staff members having the required technical level of expertise for the development of the company in the areas of reinsurance, underwriting, actuarial services, engineering & risk management, organization and studies & strategy.

TRAINING AND COMPETENCE DEVELOPMENTThis main segment in the company’s action aims to promote the development of employee professional skills, in accordance with SCR’s strategic guidelines, to ensure sustainable technical com-petence within the company.

To this end, training actions are mostly focused on acquiring and upgrading skills in various areas, inclu-ding claims, reinsurance accounting and risk management.

Most of these themes are developed with the support of renowned insurance and reinsurance experts.

Multi-disciplinary training is just as important for the company, accounting for 30% of the training offered.

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02SCR IN 2015

HIGHLIGHTSIN 2015, SCR UNDERTOOK ACTIONS TO REVITALIZE ITS MARKETS

Internally• SCR held, from 1st to 5th June 2015, training days on insurance and reinsurance of agricultural risks, in partnership with the African Insurance Organization (AIO) and the World Bank.Training was meant for Executives representing the Supervisory Authorities, Insurance Associations and Insurance and Reinsurance Companies in French speaking African countries (Benin, Côte d’Ivoire Coast, Cameroon, Mali, Burkina Faso and Burundi).

• SCR organised, in Tangiers, from 4th to 6th October 2015, along with the African Insurance Organi-zation (AIO) the 20th African Reinsurance Forum, under the theme «Contemporary problems facing African insurers and reinsurers »;

• Implementation of the project falling under the IT master plan started in 2014 and aimed at impro-ving the technology platform as well as business application projects aimed at improving process-rela-ted operational modalities;

• Actual implementation of the central reinsurance upgrade project system by switching to the new version of the ‘RMS’ 3-tier system;

• The commissioning of the «Manar» system dedicated to automated investment management, which became operational in November 2015.

At the international level• SCR’s Abidjan Representative Office actually started its activities this year’s. Overall revenue genera-ted in the African market has progressed significantly following business underwriting in new markets.

Rating• Both rating agencies confirmed SCR’s current rating namely: BBB- by Standard & Poors and B ++ (good) by AM Best.

WRITTEN PREMIUM

SCR POSITION IN THE REGIONAL MARKET

REINSURERS

RANKING OF ARAB REINSURERS BY WRITTEN PREMIUM NET OF CESSIONS

CCR ALGERIA 122,6

248,6

19,60%

SAUDI RE SAUDI ARABIA 137,1

624,4

25,80%

KUWAIT RE KUWAIT 103,8

163,2

16,34%

ARAB RE LEBANON 59,3

144,2

13,02%

TUNIS RE TUNISIE 21,2

122,6

11,80%

105,9

10,03%

100,4

9,40%

7,30%

44,7

29,0

21,2

ARIG

TRUST INTERNATIONAL BAHRAIN 286,6

BAHRAIN 256,4

QATAR RE QATAR 178,2

RANKING OF AFRICAN REINSURERS BY WRITTEN PREMIUM NET OF CESSIONS

REINSURERS

MUNICH RE AFRICA SOUTH AFRICA

SCR

SCR

SCR

MOROCCO

MOROCCO 163,2

MOROCCO

CCR ALGERIA

HANNOVER RE AFRICA SOUTH AFRICA

ZEP-RE (PTA RE) KENYA

KENYA RE KENYA

CONTINENTAL RE NIGERIA

GHANA RE GHANA

TUNIS RE TUNISIE

AFRICA RE NIGERIA

COUNTRYNet of cession

(in USD ‘000)

COUNTRYNet de cession

(in USD ‘000)

Sources: Annual Reports 2014 & Global Reinsurance Highlights 2015(*) ROE before taxes

RANKING OF AFRICAN REINSURERS BASED ON R.O.E*

REINSURERS

ALGERIACCR

GHANA RE GHANA

ZEP-RE (PTA RE) KENYA

AFRICA RE NIGERIA

CONTINENTAL RE NIGERIA

KENYA RE KENYA

TUNIS RE TUNISIE

COUNTRY R.O.E 2014

WRITTEN PREMIUM

HIGHLIGHTSIN 2015, SCR UNDERTOOK ACTIONS TO REVITALIZE ITS MARKETS

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INTEGRATED

POSITION

• INSURANCE AND REINSURANCE MARKET

• INTERNATIONAL REPUTATION AND OUTREACH

• national REPUTATION AND OUTREACH 03

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•

International market The global market for Non-Life insurance experienced moderate growth in 2015, both in advanced and emerging countries, with a premium growth rate estimated at 2.5%, compared to 2.8% achieved in 2014. In advanced economies, premiums dropped from 2.0% in 2014 to 1.7% in 2015. There was a slight slowdown in markets in Western Europe, whereas Portuguese and Spanish markets are starting to recover.

In emerging markets, the increase in Non-Life premiums was as slow as in earlier years, with an esti-mated rate of 5.6% in 2015.

As regards technical underwriting results in Non-Life reinsurance, the first three quarters of 2015 showed strong results in the absence of major losses due to natural disasters, reinforced by temporary relief from claims under previous years. Considering the above conditions and according to preliminary data for the year 2015, the average combined ratio for the reinsurance industry will be around 90% for the fourth consecutive year.As for the global market for life insurance policies, it will increase by 3.3% in 2015.

In 2015, the cumulative cost of losses from natural disasters stood at 90 billion dollars, against a little over 110 billion dollars in 2014, according to a study published by the German reinsurer Munich Re.

The amount to be borne by insurers and reinsurers has also declined. It is estimated to stand at 27 billion dollars of paid insurance benefits, against a cumulated amount of 31 billion dollars in 2014, i.e. 30% of insured losses. As for human casualties, they have been deteriorating sharply from one year to another. In 2014, there were 7,000 deaths related to natural events, but that figure jumped to 23,000 in 2015.

National market In the first half of 2015, the Moroccan insurance market showed MAD 16,784.8 million of pre-miums, up 6.3% compared to the same period the previous year. This progression was mainly due to sustained growth in life insurance and capitalization, which went up from 11.7% in 2014 to 13.9% this year. Conversely, Non-Life insurance declined slightly, with a 3.2% increase in the first half of 2015 against 4.6% a year earlier.

As far as the regulatory framework is concerned, the year 2015 witnessed of number of changes designed both to give impetus to the Moroccan insurance sector, to bring it in line with international standards and to enable it to keep abreast of current social and economic change. A number of laws adopted by Parliament or submitted for consideration and promulgation are part of that general trend. Among these is the legislation that provides for additional requirements regarding funding modalities, including the ring-fencing of technical provisions by assets, and also the notification of the decision of the Minister of Economy and Finance dated 30 October 2015, on the admission limitation of net claims from retrocessionaires in the technical provisions.

INSURANCE AND REINSURANCE MARKET

19

RAPP

ORT

D’A

CTIV

ITÉ-

201

5

03INTEGRATED

POSITION

Global economic activity remained sluggish in 2015; it is believed to stand at 3.1%, which is 0.3 points less than in 2014, according to projections published by the IMF. The outlook for major countries and regions remains uneven. In emerging and developing countries, there was a slowdown of growth for the fifth consecutive year, while a modest recovery continued in the advanced countries.

Thus, year-on-year growth slowed in the United States to 1.8% in the fourth quarter, down from 2.2% the previous quarter. In the UK, it fell 1.9% in the fourth quarter, from 2.1% the previous quarter. In the Eurozone, growth stabilized at 1.6% in the third quarter ; there was a slight increase of 1.6% to 1.7% in Germany, from 0.6% to 0.8% in Italy, and from 3.2% to 3.4% in Spain. In France, data for the fourth quarter indicate a GDP growth of 1.3%, instead of 1.1% earlier. In Japan, the recovery continued, with 1.7% growth in the third quarter, after 0.7%, thanks to the recovery in domestic demand.

Among the main emerging economies, growth slowed in the fourth quarter from 6.9% to 6.8% in China - the country’s lowest performance since 2009. Meanwhile, the growth rate in India has gone from 7.5% to 7.1% in the fourth quarter. Third quarter data indicate that the contraction in GDP has increased in Brazil to -4.5%, from -3.0%, and dropped slightly in Russia, from -3.8% to -3.7%.

The national economy has grown 4.6% in the third quarter of 2015, against 2.2% last year. This progres-sion is mainly due to the good performance of the agricultural sector, up 15.9%, whereas the growth rate in non-agricultural activities remains limited, i.e. 1.6%.

On the demand side, household final consumption increased in the third quarter of 2015 by 3.3%, instead of 3.6%. As for government agency consumption, it fell by 2.1%, against a 1.5% increase for the same period a year earlier. Meanwhile, investment rose by 3.8%, compared to a 6.7% decline in the same quarter of the previous year.

As regards the labor market, in 2015, 33,000 jobs were created, against 21,000 a year earlier. If we take into account a 0.6% decline in the activity rate (47.4%), the unemployment rate dropped by 0.2 percentage points to stand at 9.7%.

International reputation and outreach

National reputation and outreach

On the other hand, the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), in partnership with the Insurance and Social Welfare Supervisory Authority (ACAPS), have created a mediation body which has been operational since January 2016. This alternative means for dispute settlement is available to policyholders and insurance beneficiaries. It aims to improve the relationship with customers, to facilitate the settlement of a number of issues and to avoid that policyholders resort systematically to legal action. The designation and monitoring of the ombudsman’s activities shall be exercised by a committee consisting of two representatives from the ACAPS and two representatives from the FMSAR.

Finally, in 2015, new companies came to Casablanca Finance City (CFC), including the Jordanian insurer, International General Insurance «IGI», specializing in facultative reinsurance, and the brokers Chedid Re and Lockton .

With regard to international trade, in 2015 the foreign trade deficit eased 18.6% compared to 2014, standing at MAD 152.4 billion. This performance is mainly due to a 5.6% decline in imports (MAD 21.6 billion), and to a lesser extent a 6.6% increase of exports (MAD 13.3 billion).

Considering, in particular, the narrowing of the trade deficit and the good performance of foreign di-rect investment, net international revenues increased 23.5% at end of December year on year to stand at MAD 224.6 billion, ensuring 6 months and 22 days import coverage of goods and services.

Inflation for the full 2015 year stood at 1.6%, against 0.4% in 2014. This is due to a 4.3% increase in the volatile prices of food products, against a 5.6% decrease in 2014, and, secondly, to an acceleration from 1.7% to 2.9% in the increase rate of the prices of regulated products, excluding fuels and lubri-cants, given the reconsideration of the price of water, electricity, tobacco as well as road and passenger transport.

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FINANCIAL

PERFORMANCE

• KEY FIGURES

•Technical managemenT

•GENERAL AND FINANCIAL MANAGEMENT

• AUDITORS’ GENERAL REPORT

• RESOLUTIONS OF THE REGULAR ANNUAL GENERAL

ASSEMBLY MEETING

• BALANCE SHEET

• PROFIT AND LOSS ACCOUNTS

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2 52

4

KEY FIGURES1. OF WRITTEN PREMIUM (in MAD)

2. Financial structure (in MAD)

3. Results

10 8

33

Restricted investments Equity and assimilated funds

2011 2012 2013 2014 20151 750 1 8001 850 1 9001 9502 0002 0502 1002 1502 200

2 15

9

2 18

8

2 14

9

1 95

8

1 91

0

MILL

ION

S

2011 2012 2013 2014 2015

11 900

11 800

11 700

11 600

11 500

11 400

11 300

11 7

53

11 6

96

11 6

51

11 5

24

11 9

46

MILL

ION

S

R.O.E* (After-taxes)Net income (in MAD)

2011 2012 2013 2014 2015

25%

20%

15%

10%

5%

0%2011 2012 2013 2014 2015

400

300

250

350

200150

50

100

0

392

407

317

193

310

20,5

%

15,8

3%

18,9

3%

14,5

1%

8,95

%

MILL

ION

S

FINAL BALANCE SHEET TOTAL

2011 2012 2013 2014 2015

14 800

14 600

14 400

14 200

14 000

13 800

13 9

80

14 9

67

14 8

68

14 2

31

14 3

81

MILL

ION

S

Gross technical provisions

2011 2012 2013 2014 2015

12 500

12 000

11 500

11 000

10 500

10 000

MILL

ION

S

FINANCIAL

PERFORMANCE

*Net income/ Equity

12 1

14

11 9

48

11 1

25

11 0

28

2011 2012 2013 2014 2015

3000

2 500

2 000

1500

1 000

500

0

3 06

7

2 81

7

2 14

6

2 70

4

2 52

4

COMPULSORY BUSINESS

MOROCCAN CONVENTIONAL BUSINESS

2 229

2 121

-4,9%

2014 85

472015

- 45,2%

389

356

-8,5%

INTERNATIONAL BUSINESS

-6,7%

2 704

2 524

TOTAL WRITTEN PREMIUMS

2014-2015 sales by type of operations (in million dirhams)

Technical management (31st December 2016)

Conventional and compulsory business For the year 2015, Société Centrale de Réassurance reached a total premium of MAD 2,523.74 million, against MAD 2,703.69 million in 2014, representing a 6.7% decrease (i.e . MAD 179.95 million).Written premiums by line of business are as follow:

20152015

14+2+84 14+3+832 % 3 %

COMPULSORY BUSINESS

CONVENTIONAL MOROCCAN BUSINESS

INTERNATIONAL BUSINESS

14% 14%

2015 2014

84% 83%

Compulsor y and Conventional Breakdown:

1. Moroccan business

1.1.Compulsory businessAs at 31.12.2015, the premium volume stood at MAD 46.89 million, against MAD 85.52 million the previous year - a decrease of MAD 38.63 million, or a 45% drop. This decrease is explained by the pipeline cancellation further to the reception of the pending accounts.

1.2.Moroccan conventional business

1.2.1.DOMESTIC business TREATYThe premium volume of Moroccan treaty business went up from MAD 1,337.46 million in fiscal year 2014 to MAD 1,372.18 million in 2015, up 2.6%, mainly from premiums generated by Motor Quota Share treaties concluded with the Moroccan ceding companies, amounting to MAD 1,045.07 million.

1.2.2.DOMESTIC business FacultativesThe amount of written premiums dropped from MAD 891.90 million in 2014 to MAD 748.92 million in 2015, i.e . a 16% decrease attributed mainly to the «Fire» and «Engineering» segments..

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2.International conventional businesS Premium volume for international business declined 8.5%, from MAD 388.82 million in 2014 to MAD 355.75 million in 2015. International business (excluding additional premiums from Asia) amounted to MAD 346 million, against MAD 239 million in 2014, up MAD 107 million, or a 45% increase.

FINANCIAL

PERFORMANCE

Treaty Reinsurance

Facultative Reinsurance

MOROCCAN CONVENTIONAL BUSINESS INTERNATIONAL CONVENTIONAL BUSINESS

35+65+L35%

65%11+89+L

11%

89%

2015 distribution

General and Financial Management as at 31ST December 2015

1.InvestmentsThe investment por tfolio value excluding interest held on behalf of other ceding compa-nies, amounted on 31 December 2015 to MAD 10,554.80 million, against MAD 10,617.91 million at the end of the previous year, a decrease of MAD 63.11 million.

2.Investment revenueInvestment income, excluding interest held on behalf of ceding companies, amounted to MAD 334.91 million in 31st December 2015, a decrease of MAD 40.61 million compared to revenues generated in the previous year.

3.OverheadOverhead costs, including those related to proper ty management and excluding depreciation and provisions, amounted in December 2015 to MAD 86.40 million, against MAD 87.21 million in 2014, a decrease of MAD 0.81 million, or 0.9 %.

4.NET INCOME Given the corporate income tax amounting to MAD 23.39 million, the net profit repor ted in fiscal year 2015 stood at MAD 193.15 million, against MAD 317.41 million a year before - a decrease of MAD 124.26 million, or 39.15%.

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AUDITORS’ GENERAL REPORT FOR THE PERIOD JANUARY 1st TO DECEMBER 31st 2015

In compliance with the mission entrusted to us by your General Assembly Meeting, we have audited the enclosed financial statements of the Société Centrale de Réassurance, including the balance sheet, the accounts of expenditure and revenue, the management accounts, the cash flow statement and the statement of supplementar y information for the year ended 31st December 2015. These financial statements show an amount of capital equity and reserves of MAD 2,158,576,476.97, with a net profit of MAD 193,154,237.65

MANAGEMENT RESPONSIBILITYThe Management is responsible for the preparation and fair presentation of these finan-cial statements, in accordance with generally accepted accounting principles in Morocco. This responsibility includes the design, implementation and follow-up of internal control mechanisms regarding the preparation and presentation of financial statements in which there are no significant anomalies, and the determination of accounting estimates that are reasonable, considering the circumstances.

AUDITOR’S RESPONSIBILITYOur responsibility is to give an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards applied in Morocco.Those standards require that we comply with ethical norms, and that we plan and execute the audit so as to obtain reasonable assurance that the financial statements are free of material misstatement.An audit involves performing procedures to obtain reliable evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the auditor’s judgment, just like assessing the risk that the financial statements may contain material misstatements. In carr ying out risk assess-ment, the auditor considers the internal control in force in the company regarding the preparation and fair presentation of the financial statements in order to determine audit procedures that are appropriate in the circumstance, and not for the purpose of expres-sing an opinion on the effectiveness of that control. The audit also includes assessing the appropriateness of the accounting methods used and the reasonable character of the ma-nagement’s accounting estimates. The auditor also evaluates the overall presentation of the financial statements.We consider that the convincing elements collected are sufficient and appropriate to sup-por t our opinion.

OPINION ON THE FINANCIAL STATEMENTSWe hereby cer tify that the financial statements mentioned in the first paragraph above are fair and sincere and that they give, in all significant respects, an accurate image of the re-sults of the operations under the preceding year as well as the financial position and assets of the Société Centrale de Réassurance on 31 December 2015, in accordance with the accounting system applied in Morocco.

REVIEW AND SPECIFIC INFORMATION We also performed the specific checks prescribed by law and made sure that the informa-tion provided in the Board of Directors’ management repor t addressed to shareholders is consistent with the company’s financial statements.

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Resolutions of the general assembly Wednesday 29 June 2016

FIRST RESOLUTIONThe General Assembly, having heard the Board of Directors’ management report for the year 2015, approves the said report in full, without reservations.

SECOND RESOLUTIONThe General Assembly, having heard the reports of the statutory auditors on the operations for the fiscal year 2015, approves the financial statements closed on 31st December 2015 as they were presented to them, showing a net income of MAD 193,154,237.65.

THIRD RESOLUTION The General Assembly approves the allocation of the results proposed by the Board of Directors as follows::• Net profit MAD 193,154,237.65• Net income for appropriation: MAD 193,154,237.65• 5% compulsory reserve MAD - • 10% special guarantee reserve: MAD 19,315,423.77• Remainder MAD 173,838,813.89• 5% dividend: MAD 75,000,000.00• Remainder for appropriation: MAD 98,838,813.89• State’s share: MAD 49,419,406.94• Remainder after State’s share MAD 49,419,406.95• 2014 amount carried forward: MAD 342,810.05 • Total to be distributed MAD: 49,762,217.00• Super dividend MAD 34,300,000.00• Optional reserve MAD 14,700,000.00• 2015 balance carried forward MAD 762,217.00 DH

The General Assembly decides to distribute the 2015 dividends as from September 1st, 2016.

FOURTH RESOLUTIONThe General Assembly, having heard the special report of the statutory auditors, on the agreements relating to articles 56 of the public limited companies Act, approves the agreements mentioned therein.

FIFTH RESOLUTIONThe General Assembly gives Board members definitive and full discharge, without reservations, of any liability for their management during the year during which the above accounts have been approved.

SIXTH RESOLUTIONThe General Assembly shall appoint the following as auditors for a period of three years corresponding to fiscal years 2016, 2017 and 2018:• The COOPER’S & LYBRAND (Morocco) S.A. firm, represented by Mr. Abdelaziz ALMECHATT, residing at #83 avenue Hassan II, Casablanca;• The DELOITTE AUDIT firm, represented by Mr. FAWZI BRITEL, residing at #288 Boulevard Zerktouni, Casablanca.It gives full powers to the CEO to set jointly with the auditors the amount of their annual fees.

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SEVENTH RESOLUTIONThe General Assembly took note of the letter dated 26 February 2016 whereby Mr. Ahmed ZINOUNE resigns from his position as SCR director and gives him full and final discharge for his administrative management.

EIGHTH RESOLUTION

The General Assembly appointed Mrs. Laila Boufous as director in replacement of Mr. Mohammed Samir Tazi.Mrs. Laila Boufous’s term for the remaining duration of term of office of her above-mentioned predecessor, will expire at the annual regular General Assembly meeting, which will consider the financial statements for the year ended 31st December 2017.

NINTH RESOLUTIONThe General Assembly decided to allocate to the Board of Directors for fiscal year 2015 a gross amount of MAD 240,000 as attendance fees. It leaves it to the directors to distribute this amount among themselves.

TENTH RESOLUTIONThe General Assembly grants full powers to the bearer of the original or a copy of the present document for any formalities relating to advertisement or any other purpose prescribed by law.

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ASSETS YEAR 2014

GROSS DEPREC. & PROV. NET NET

FIXED ASSETS

NON VALUE ASSETS

Preliminary expensesExpenses to be spread over several years

Bond reimbursement premiums

INTANGIBLE ASSETS

Research and development assets

Patents, Trademarks, Rights and Similar Values GoodwillOther intangible assets

TANGIBLE ASSETS

Real estateConstructionTechnical installations, equipment and toolsTransport equipment

Furiture, office fixtures and fittingsOther tangible assets

FINANCIAL ASSETS

INVESTMENTS ALLOCATED TO REINSURANCE OPERATIONS

CONVERSION GAINS AND LOSSES

RETROCESSIONNAIRES' SHARE IN TECHNICAL PROVISIONS

CURRENT ASSET RECEIVABLES

INVESTMENT SECURITIES (not allocated to reinsurance operations)

EXCHANGE DIFFERENTIAL (Current assets adjustment)

CASHCASH - ASSETS

TOTAL

YEAR 2015

CURRENT ASSETS (excluding cash)

11 593 298 535,12 823 532 203,94 10 769 766 331,18 10 949 817 925,79

6 589 900,00 4 671 920,00 1 917 980,00 3 235 960,00

5 000 200,00 4 000 160,00 1 000 040,00 2 000 080,00

1 589 700,00 671 760,00 917 940,00 1 235 880,00

14 720 511,34 9 179 380,81 5 541 130,53 2 323 332,26

14 720 511,34 9 179 380,81 5 541 130,53 1 364 841,72

958 490,54

38 014 008,39 30 572 247,42 7 441 760,97 9 550 704,99

190 391,00 47 527,28 142 863,7237 823 617,39 30 524 720,14 7 298 897,25 9 550 704,99

8 315 664,71 8 315 664,71 4 902 250,73

8 112 098,38 8 112 098,38 4 694 272,39

203 566,33 203 566,33 207 978,34

11 524 112 950,68 779 108 655,71 10 745 004 294,97 10 929 498 427,81

250 667 383,27 175 073 745,60 75 593 637,67 87 657 529,303 698 054 981,36 3 698 054 981,36 3 638 205 507,28

6 266 173 490,25 602 830 738,79 5 663 342 751,46 5 853 408 654,39

11 796 342,84 1 204 171,32 10 592 171,52 11 608 526,24

241 372 149,44 241 372 149,44

1 056 048 603,52 1 056 048 603,52 1 113 056 321,16

225 561 889,44

1 545 500,00 1 545 500,00 307 250,00

1 545 500,00 1 545 500,00 307 250,00

3 352 332 432,32 228 602 824,45 3 123 729 607,87 3 350 448 800,97

1 899 258 140,00 37 173 862,96 1 862 084 277,04 1 861 601 179,82

158 744 941,00 158 744 941,00 261 889 714,00

1 438 022 466,00 37 173 862,96 1 400 848 603,04 1 291 787 047,82

302 490 733,00 302 490 733,00 307 924 418,00

1 404 450 041,74 191 428 961,49 1 213 021 080,25 1 444 722 745,26

200 838 275,54 66 282 060,35 134 556 215,19 147 008 276,74930 684 052,22 111 836 849,84 818 847 202,38 985 893 308,80

187 742,88 187 742,88 329 972,36151 613 867,37 151 613 867,37 198 666 492,61

19 376 442,32 13 310 051,30 6 066 391,02 6 346 331,93101 749 661,41 101 749 661,41 106 478 362,82

48 624 250,58 48 624 250,58 44 124 875,89

86 472 584,65 86 472 584,65 80 418 821,87

86 472 584,65 86 472 584,65 80 418 821,8713 533,90 13 533,90 13 533,90

86 449 050,75 86 449 050,75 80 395 287,97

10 000,00 10 000,00 10 000,00

15 032 103 552,09 1 052 135 028,39 13 979 968 523,70 14 380 685 548,63

Mortgage

Other financial receivables

Equity securities

Other shares and stocks

Real estate investmentsBonds and negotiable securities

Shares and capital contributionsLoans and similar items

Unavailable depositsInvestment in unit-linked contracts

Deposits with cedants

Other investments

Decrease in real estate receivables and investments

Increase in financing and technical reserves

Provisions for unearned premium

Provisions for outstanding claims

Provisions for life insurance

Other technical reserves

Assignees and related accounts receivablesReceivables from inward and outward reinsurance operations

Receivables from employeesReceivables from the GovernmentReceivables from Associates

Other debtorsAccruals - Assets

Check and cash values

Bank deposits and postal checks

Petty cash, imprest and letters of credit

balance sheet AS at 12/31/2015 (ma)

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YEAR 2014

EQUITY

YEAR 2015

317 412 968,77

3 838 124,64

135 839 132,56234 338 132,39

87 407,82

2 229 891,87

69 307 250,00

69 000 000,00

307 250,00

3 516 065 689,00

2 709 230 791,00

2 229 891,87

13 293 237 703,86

2 187 677 641,54

1 500 000 000,00

4 798 451 208,36

350 829 006,00

3 743 124 959,00223 010 913,00

108 280 897,00

1 197 521,36

372 007 912,00

6 437 107,456 437 107,45

1 087 447 844,77115 317 265,28

115 317 265,28

906 129 148,14393 160 398,15

218 676 492,034 486 116,19

3 951 265,25

204 448 597,02

5 496 350,007 640 459,55

68 269 469,95

44 124 875,89

21 876 555,46

14 380 685 548,63

13 003 624 101,98

2 158 576 476,971 500 000 000,00

150 000 000,00315 079 429,27

342 810,05

193 154 237,65

1 998 191,01

1 998 191,019 545 500,00

8 000 000,00

1 545 500,00

5 574 844 874,64

2 880 185 489,00

2 690 821 261,00

3 838 124,64

5 258 162 049,36

244 725 674,00

4 252 769 752,00188 106 337,00

195 976 200,00

1 197 521,36

375 386 565,00

497 010,00

497 010,00

976 344 421,72

131 967 196,94

131 967 196,94

765 050 605,13

376 834 235,86267 349 791,47

5 454 451,57

3 885 010,21

38 744 848,74

6 054 908,00

9 646 553,4857 080 805,80

48 624 250,58

30 702 369,07

13 979 968 523,70

6 229 134 604,64

LIABILITIES

PERMANENT FINANCING

Capital stock

To be deducted: Shareholders, subscribed but not called-up capitalCalled-up capital (incl. paid capital……………..)Issue, merger and goodwill premiumRevaluation variance

Legal reserve

Other reserves

Carried forwardNet income to be allocated

Net income

RELATED EQUITY CAPITALRegulated provisions

FINANCIAL DEBTS Bond issues

Settlement funds borrowingOthe financial debts

LONG TERM PROVISIONS FOR LIABILITIES AND CHARGES Provisions for risks

Provisions for charges

GROSS TECHNICAL RESERVES - COMPULSORY BUSINESSProvisions for unearned premium

Provisions for outstanding lossesLife insurance provisions

Provisions for claims fluctuations Provisions for financial contingencies

Technical provision for unit-linked contractsProvisions for profit sharingProvisions for technical investments

Other technical provisions

GROSS TECHNICAL PROVISIONS FOR CONVENTIONAL BUSINESS

Provisions for unearned premium

Provisions for outstanding claimsLife insurance provisions

Provisions for claims fluctuations Provisions for financial contingencies

Technical provisions for unit-linked contractsProvisions for profit sharingTechnical provisions for investments

Other technical provisions

EXCHANGE DIFFERENTIAL - LIABILITIES Increase in fixed assets and investment receivablesDecrease in debt financing and technical reserves

CURRENT LIABILITIES (excludig cash)

Debt for cash received from retrocessionnaires DEBT FOR CASH RECEIVED FROM RETROCESSIONNAIRES

CURRENT LIABILITY DEBTS

Assignees and related account receivables

Insured intermediaries, cedants, co-insurers and related account receivables

Debt to employees

Debt to social organizations

Debt to Government

Debt to associates

Other creditorsLiabilities -Accruals

OTHER PROVISIONS FOR RISKS AND CHARGES

CONVERSION VARIANCE- LIABILITIES (current liabilities)

CASH LIABILITIES

CASH - Liabilities

balance sheet AS at 12/31/2015 (ma)

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PROFIT AND LOSS ACCOUNT - TECHNICAL AS AT 12/31/2015 (MAD)

ITEM YEAR 2014

1

YEAR 2015

GROSS RETROCESSION NET

2

3

4

5

6

2 104 723 384,74 794 731 802,18 1 470 126 760,17

1 998 620 052,74 1 292 515 936,17

-177 610 824,00

45 678 616,71

2 662 613,80

43 016 002,91

1 293 276 986,001 461 589 798,00

-157 024 564,00

-65 092 710,0057 618 147,00

-3 813 685,00142 021 794,32

239 696,92

23 269 842,537 232 824,38

47 652 585,50

366 782,0263 260 062,97

643 684 602,95

346 238 234,0627 519 046,021 711 417,66

49 272 652,73

7 456 529,13

211 486 723,35

208 655 897,70

12 063 103,74

14 484 466,618 161 037,61

173 947 289,74

515 535 301,81

691 587 029,18 1 307 033 023,56

-106 103 332,00 -103 144 773,00 -2 958 559,00

68 085 199,72 68 085 199,72

3 298 129,05 3 298 129,05

64 787 070,67 64 787 070,67

1 355 653 565,74 220 433 376,65 1 135 220 189,09

1 444 129 122,74 105 433 949,65 1 338 695 173,09

-126 235 407,00 120 433 112,00 -246 668 519,00

-53 314 106,00 -53 314 106,0087 695 303,00 87 695 303,00

3 378 653,00 -5 433 685,00 8 812 338,00149 927 194,98 149 927 194,98

290 773,8620 627 185,10 20 627 185,106 798 190,76 6 798 190,76

49 814 340,31 49 814 340,31374 616,00 374 616,00

72 022 088,95 72 022 088,95

694 320 778,49 694 320 778,49

324 415 205,08 324 415 205,0837 226 763,76 37 226 763,761 162 140,88 1 162 140,88

40 122 737,87 40 122 737,87

5 880 513,74 5 880 513,74

285 513 417,16 285 513 417,16

555 243 353,18 555 243 353,18

12 900 729,62 12 900 729,6228 684 821,53 28 684 821,538 894 178,41 8 894 178,41

224 968 878,90 224 968 878,90

279 794 744,72 279 794 744,72

806 305 249,05 574 298 425,53 232 006 823,52

1 309 991 582,56

290 773,86

PREMIUM

Written premium

Provision variation for unearned premium

TECHNICAL OPERATING REVENUE

Operating subsidies

Other operating revenue

Operating write-backs, expense transfers

SERVICES AND COSTS

Paid services and costs

Provision variation for incurred claims

Provision variation for life insurance

Provision variation for claims fluctuationProvision variation for financial contingencies

Provision variation for profit sharing

Variation for other technical provisions

TECHNICAL OPERATING COSTS

Contract acquisition costs

Cost of supplies and consumable materials

Other external costs

Taxes and duties

Personnel expenses

Other operating costs

Operating allowances

INVESTMENT REVENUE ALLOCATED TO REINSURANCE OPERATIONSInvestment revenueForeign exchange gain

Profit on investmentProfits from investment re-evaluationInterest and other investment revenue

Release to investment costs and transfer of expenses

INVESTMENT COSTS ALLOCATED TO REINSURANCE OPERATIONS

Interest payments

Investment management fees

Exchange losses

Depreciation of reimbursement price difference

Losses on relaization of investment

Losses from investment re-evaluation

Other investment costs

Investment allocations

TECHNICAL RESULT (1+2-3-4+5-6)

Revenue from readjustment for outstanding reimbursements

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PROFIT AND LOSS ACCOUNT - NON TECHNICAL AS AT 12/31/2015 (MAD)

PROFIT AND LOSS ACCOUNT, RECAP AS AT 12/31/2015 (MAD)

1

2

3

4

CURRENT YEAR

OPERATIONS

PREVIOUS YEAR

YEAR 2015 TOTAL YEAR 2014

4 546 282,55

-4 546 282,55

-9 138 899,49

-13 685 182,04

4 546 282,55

4 655 843,38

4 579 659,68

76 183,70

13 794 742,87

10 305,53

9 784 437,34

4 000 000,00

5 295 731,01 5 295 731,01

5 295 731,01 5 295 731,01

-5 295 731,01 -5 295 731,01

5 300,44 976 765,40 982 065,84

5 300,44 976 765,40 982 065,84

11 048 461,79 101 425,91 11 149 887,70

7 048 461,79 101 425,91 7 149 887,70

4 000 000,00 4 000 000,00

-11 043 161,35 875 339,49 -10 167 821,86

-16 338 892,36 875 339,49 -15 463 552,87

BUDGET ITEM

NON TECHNICAL CURRENT REVENUE

Non technical current operating revenue

Interest and other non technical current operating revenueOther non technical current revenue

Non technical release, transfer of costs

CURRENT NON TECHNICAL COSTS

Non technical current operating costs

Non technical current financial costs

Other non technical current costs

Non technical allowances

NON TECHNICAL CURRENT RESULT (1-2 )NON TECHNICAL NON CURRENT REVENUERevenue from asset disposals

Balancing subsidies

Other non current revenue

Long term releases, transfer of costs

NON TECHNICAL NON CURRENT EXPENSES

NON TECHNICAL NON CURRENT INCOME (3-4 )

NON TECHNICAL INCOME (1-2+3-4)

Net value of depreciation of long term assetsGranted subsidies

Other non current costsNon current allowances

Tax refunds and rebates on income

32 794 616,83

482 740 684,98

515 535 301,81

-13 685 182,04

501 850 119,77

184 437 151,00317 412 968,77

371 604 237,031 787 885 742,80

2 159 489 979,834 655 843,38

2 164 145 823,21

338 809 620,201 305 145 057,82

1 643 954 678,02

18 341 025,42

184 437 151,00

317 412 968,77

1 846 732 854,44

-70 506 359,28

302 513 182,80

232 006 823,52

-15 463 552,87

216 543 270,65

23 389 033,00193 154 237,65

396 199 389,301 676 198 171,47

2 072 397 560,77982 065,84

2 073 379 626,61

466 705 748,581 373 684 988,67

1 840 390 737,25

16 445 618,71

23 389 033,001 880 225 388,96

193 154 237,65

YEAR 2015 YEAR 2014

TECHNICAL LIFE INSURANCE RESULT

TECHNICAL NON LIFE INSURANCE RESULT

TOTAL TECHNICAL RESULT

NON TECHNICAL RESULT RESULT BEFORE TAXES

INCOME TAX

NET RESULTTOTAL LIFE INSURANCE REVENUE

TOTAL NON LIFE INSURANCE REVENUE

TOTAL TECHNICAL REVENUETOTAL NON TECHNICAL REVENUE

TOTAL REVENUETOTAL LIFE INSURANCE COSTS

TOTAL NON LIFE INSURANCE COSTS

TOTAL TECHNICAL COSTS

TOTAL NON TECHNICAL COSTS

INCOME TAX

TOTAL COSTSNET RESULT

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PROFIT AND LOSS ACCOUNT - TECHNICAL COMPULSORY BUSINESS AS AT 12/31/2015 (MAD)

BUDGET ITEM YEAR 2014

1

YEAR 2015

BRUT RETROCESSION NET

2

3

4

5

6

231 090 174,66

31 794 219,66

-199 295 955,00

670 258,06

670 258,06

183 995 522,65

722 477 106,65-467 303 338,00

-71 013 978,00

-164 268,00545 677,03

1 935,05112 114,0911 287,97

420 339,92

469 379 144,47

254 220 075,41

1 364 171,0239 275 231,495 943 599,37

168 576 067,18

154 774 047,72

9 615 499,99

6 505 163,08

138 653 384,65

361 824 329,78

39 585 320,37 448 652,11 39 136 668,2639 585 320,37 448 652,11 39 136 668,26

559 005,35 559 005,35

559 005,35 559 005,35

-18 091 679,32 -205 794,35 -17 885 884,97

636 198 051,00 -41 526,35 636 239 577,35

-635 880 200,32 -635 880 200,32

-18 409 530,00 -18 409 530,00

-164 268,00 164 268,001 898 683,56 1 898 683,56

6 746,71 6 746,71

280 947,42 280 947,4232 732,71 32 732,71

1 019 251,37 1 019 251,37

559 005,35 559 005,35

471 108 463,07 471 108 463,07

223 429 089,28 223 429 089,28

865 213,89 865 213,8929 871 378,34 29 871 378,344 378 042,48 4 378 042,48

212 564 739,08 212 564 739,08

392 022 826,81 392 022 826,81

9 604 593,20 9 604 593,20

6 621 715,83 6 621 715,83

167 489 330,34 167 489 330,34

208 307 187,44 208 307 187,44

135 422 957,74 654 446,46 134 768 511,28

PREMIUM

Written premiumProvision variation for unearned premium

TECHNICAL OPERATING REVENUE

Technical operating revenue

Operating releases, transfer of expenses

SERVICES AND EXPENSES

Paid services and expensesProvision variation for incurred claimsProvision variation for life insuranceProvision variation for claims fluctuationProvision variation for financial contingencies

Provision variation for profit sharing

Variation for other technical provisions

TECHNICAL OPERATING COSTSContract acquisition costsCost of supplies and consumable materials

Other external costsTaxes and dutiesPersonnel expensesOther operating costsOperating allowances

INVESTMENT REVENUE ALLOCATED TOREINSURANCE OPERATIONS Investment revenueForeign exchange gainRevenue from price variation of reimbursements to be receivedProfit on investment

Interest and other investment revenueRelease to investment costs; transfer of expenses

COST OF INVESTMENT ALLOCATED TOREINSURANCE OPERATIONS

Interest costsInvestment management feesForeign exchange lossDepreciation of reimbursement price differenceLoss on realization of investmentOther investment costsInvestment allowances

TECHNICAL RESULT (1+2-3-4+5-6)

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PROFIT AND LOSS ACCOUNT - TECHNICAL CONVENTIONAL BUSINESS AS AT 12/31/2015 (MAD)

1

2

3

4

5

6

BUDGET ITEM YEAR 2014YEAR 2015

GROSS RETROCESSION NET

1 239 036 585,51

1 260 721 716,51

21 685 131,00

45 008 358,65

2 662 613,80

42 345 744,85

1 109 281 463,35

739 112 691,35310 278 774,00

5 921 268,00

57 618 147,00

-3 649 417,00

141 476 117,29

237 761,87

23 157 728,447 221 536,41

47 232 245,58366 782,02

63 260 062,97

174 305 458,48

92 018 158,6527 519 046,02

347 246,649 997 421,241 512 929,76

42 910 656,17

53 881 849,98

2 447 603,7514 484 466,611 655 874,53

35 293 905,09

153 710 972,03

2 065 138 064,37 794 283 150,07 1 270 854 914,30

1 959 034 732,37 691 138 377,07 1 267 896 355,30

-106 103 332,00 -103 144 773,00 -2 958 559,00

67 526 194,37 67 526 194,37

3 298 129,05 3 298 129,05

64 228 065,32 64 228 065,32

1 373 745 245,06 220 639 171,00 1 153 106 074,06

807 931 071,74 105 475 476,00 702 455 595,74

509 644 793,32 120 433 112,00 389 211 681,32

-34 904 576,00 -34 904 576,00

87 695 303,00 87 695 303,00

3 378 653,00 -5 269 417,00 8 648 070,00

148 028 511,42 148 028 511,42

284 027,15 284 027,15

20 346 237,68 20 346 237,68

6 765 458,05 6 765 458,05

48 795 088,94 48 795 088,94

374 616,00 374 616,00

71 463 083,60 71 463 083,60

223 212 315,42 223 212 315,42

100 986 115,80 100 986 115,8037 226 763,76 37 226 763,76

296 926,99 296 926,99

10 251 359,53 10 251 359,53

1 502 471,26 1 502 471,26

72 948 678,08 72 948 678,08

163 220 526,37 163 220 526,37

3 296 136,42 3 296 136,42

28 684 821,53 28 684 821,53

2 272 462,58 2 272 462,58

57 479 548,56 57 479 548,56

71 487 557,28 71 487 557,28

670 882 291,31 573 643 979,07 97 238 312,24

PREMIUM

Written premium

Provision variation for unearned premium

TECHNICAL OPERATING REVENUE

Technical operating revenue

Allowance to operations and transfer of expenses

SERVICES AND COSTS

Paid services and costsProvision variation for incurred claims

Provision variation for life insuranceProvision variation for claims fluctuationProvision variation for financial contingencies

Provision variation for profit sharing

Other technical provision variations

TECHNICAL OPERATING COSTSContract acquisition costsCost of supplies and consumable materialsOther external costs

Taxes and dutiesPersonnel expensesOther operating costs

Operating allowances

INVESTMENT REVENUE ALLOCATED TOREINSURANCE OPERATIONS Investment revenueForeign exchange gain

Revenue from price variation of reimbursements to be receivedProfit on investmentInterest and other investment revenue

Release to investment costs and transfer of expenses

INVESTMENT COSTS ALLOCATED TO REINSURANCE OPERATIONS

Interest expenses

Investment management feesForeign exchange lossDepreciation of reimbursement price difference

Loss on investments

Other investment expensesInvestment allowances

TECHNICAL RESULT (1+2-3-4+5-6)

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GROUPE CAISSE DE DEPOT ET DE GESTIONA CORPORATION GOVERNED BY DAHIR OF CHAOUAL 23RD, 1379 (APRIL 20TH, 1960)CAPITAL OF 1.500.000.000 DIRHAMS (FULLY PAID UP)BALANCE SHEET’S STABILITY GUARANTEED BY THE MOROCCAN GOVERNMENT- JOINEDCONVENTION OF MARCH 9TH, 1960 BETWEEN THE MOROCCAN GOVERNMENT AND CAISSE DE DÉPÔT ET DE GESTION ( C.D.G.)MODIFIED BY THE CONVENTION OF NOVEMBER 28TH, 2000COMPANY REGULATED BY THE CODE OF INSURANCE

WWW.SCRMAROC.COM

TOUR ATLAS, PLACE ZALLAQAB.POSTALE 13 183 - CASABLANCATEL: +212 522 46 04 00FAX +212 522 46 04 60E-MAIL SCR@SCRMAROC.COM

REINSURER SINCE 1960