The profits of Wafa Assurance lure investors

Wafa Assurance shares have jumped by 49% between January and December 2010. This follows the attractive perspectives that surround both the shares and the company. Investors believe that Wafa Assurance should greatly benefit from the State-run 2010-2015 program. The latter provides for the establishment of a tax incentive to assist the development of life insurance, the creation of insurance coverage for independent individuals and the establishment of new compulsory covers.
Thanks to the reconciliation efforts within the group and the development of its own network of agents, these measures will allow Wafa Assurance to strengthen its life and non life operations. As such, Wafa already insures all of ONA’s subsidiaries which accounts for 7% of its turnover. Analysts predict a premiums volume of 4.16 billion MAD (498 million USD) for 2010 (that is, +7.3% over one year) and then an 8.2% increase in 2011. Profits are estimated at 740 million MAD (88 million USD) for the year just started.