French group takes control of Moroccan insurance company

France's Societe Generale has recently bought 50.02 percent of Moroccan insurance firm "La Marocaine Vie" at a share unit price of 330 DH, the Moroccan company announced.

Societe Generale's two affiliates SOGECAP and SGMB have respectively brought 35.05% and 14.97% of the Marocaine Vie capital.

According to the source, Marocaine Vie's governing board decided on Thursday to increase its capital and will issue 210,000 shares at a unit price of 270DH.

The statement said the acquisition aimed at bringing the Moroccan firm expertise and know-how in the life insurance field with the support of SGMB bank.

Set up in 1977, La Marocaine Vie holds 21% of Morocco's individual insurance market and employs 218 persons. Since 1998, it is listed on the Casablanca stock market.

SOGEGAP is France's fifth largest life-insurance company. It manages three million contracts. In 2000, it posted a net profit of 115.4 million Euros.