National Agricultural Mutual Fund achieves 3% increase in its turnover in 2022

BY: Hana Saada

ALGIERS- The National Agricultural Mutual Fund (CNMA) achieved a turnover of more than 13 billion dinars in 2022, an increase of 3%, indicated the CEO of the body, Cherif Benhabiles, according to the official agency.

During a ceremony organized, on Wednesday, in tribute to the executives of the regional branches under the CNMA, on the occasion of the workers’ day, Mr. Benhabiles underlined that the Caisse succeeded thanks to the efforts of its executives to increase its quota on the agricultural insurance market by 80%, realizing an increase of 11% in insurance on agricultural production.

Mr. Benhabiles affirmed that the CNMA “is experiencing significant momentum”, after having succeeded in increasing the net share capital to 8 billion dinars since the beginning of 2023, against a value of 5.5 billion dinars in 2022, i.e. a 45% increase, with a 4% increase in investment funds.

According to the report presented during the ceremony, the Caisse recorded an increase of 18% in the natural risk insurance sector and 37% for the industrial risk sector, compared to 22% for fire risk insurance and 29% for insurance on the risks of different types of transport.

The Fund has also opened an auto insurance channel to process accident files and related damages.

The direct network of the CNMA is made up of 70 regional funds and 540 regional branches, bringing together 2,680 civil servants, according to the figures presented.

The CNMA also rewarded its best regional agencies with the best results this year, “an exceptional way to celebrate Workers’ Day.”

The initiative comes “in recognition of the colossal efforts made by the workers, particularly those working at the level of the regional branches, which constitute the first link between the Caisse, its customers, and affiliates”, noted Mr. Benhabiles.

The CEO of the CNMA stressed the importance of training and encouraging the human resources to formulate and submit proposals to the general management, indicating that 90% of the human resources of the fund have undergone quality specialized training.

For her part, the director of accident risks at the CNMA, Sarah Biram, highlighted the role of local branches in the development of the fund’s activity, adding that 76% of the turnover for this year was achieved by these antennas.

For his part, the Secretary General of the CNMA Trade Union Section, Karim Laatiki, urged all workers to “make greater efforts to implement the program of the fund in the light of the opportunities offered to achieve the set objectives.”