Wafa Assurance
Ever since, the new entity has been dedicated to the consolidation and to the development of its property damage underwritings, especially for motor, fire and marine cargo risks. Only in the 1980s did personal insurance, life, health and bodily injury came to enrich the wide range of the products made available to customers.
The year 1989 marked a turning point in the history of the company when SNA became Wafa Assurance, member of the group Attijariwafa Bank.
Champion of communication and pioneer of bancassurance, Wafa has continuously exhibited two-digit growth figures. Year after year, the company has been gathering momentum over its competitors to become as of 2008, the undisputed leader of the market where it accounted, by the end of 2015, for more than 21% of the premiums.
After having consolidated its position as number one in Morocco, the company has in recent years adopted an external growth policy aimed towards Africa. Tunisia was the first country where its first foreign establishment was set up. Consequently, four years after its creation, the life insurance company Attijari Assurances is about to become the leader of the Tunisian life insurance market.
Endowed with financial resources commensurate with its ambition and with a well-functioning economic model whereby bancassurance plays a key role, Wafa has all the ingredients to duplicate its success at the continental level.
Ali Harraj |
Chairman and chief executive officer |
Wafa Assurance in 2015
Share capital | 35 553 000 USD |
Turnover | 650 865 624 USD |
Assets | 3 307 090 502 USD |
Shareholder’s equity | 497 772 207 USD |
Net result | 81 237 103 USD |
Non life loss ratio | 73.8% |
non life expenses ratio | 24.7% |
Non life combined ratio | 98.5% |
Network in Morocco |
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Network in Africa |
|
Number of employees | 547 |
Shareholding(1)
(at 31.12.2015)
Attijariwafa Bank | 79.29% |
Other shareholders | 20.71% |
Management
Chairman and chief executive officer | Ali Harraj |
General manager : personal lines , professionals and small businesses | Slimane Echchihab |
General manager : strategy, monitoring and finance | Taoufik Benjelloun Touimy |
General manager: corporate insurance and industrial risks | Abderrahim Chaffai |
Deputy general manager: claims management | Badreddine Belghiti |
Deputy general manager: underwriting | Abed Ouazzani |
Deputy general manager : IT system, transformation, quality and digital | Safaa El Gharbi |
Manager : human capital, logistics and purchasing | Mehdi Belhamer |
Manager: support and monitoring of foreign subsidiaries | Hassan Kadiri Hassani |
Main technical highlights of Wafa Assurance: 2011-2015
in thousands USD
2011 | 2012 | 2013 | 2014 | 2015 | |
---|---|---|---|---|---|
Gross written premiums | 616 287 | 680 137 | 712 007 | 674 900 | 650 865 |
Gross earned premiums | 616 277 | 674 824 | 708 423 | 668 721 | 643 753 |
Written premiums net of reinsurance | 563 318 | 619 410 | 646 752 | 620 939 | 598 985 |
Non life gross written premiums | 286 148 | 321 605 | 362 246 | 339 644 | 303 215 |
Non life gross earned premiums | 286 138 | 316 292 | 358 662 | 333 465 | 296 103 |
Gross incurred losses | 448 899 | 478 943 | 478 322 | 434 576 | 367 631 |
Non life gross incurred losses | 206 184 | 222 906 | 240 624 | 225 063 | 218 378 |
Management expenses | 85 320 | 105 665 | 121 008 | 112 353 | 102 542 |
Non life management expenses | 62 216 | 78 553 | 92 411 | 87 315 | 75 044 |
Non life loss ratio | 72.1% | 70.5% | 67.1% | 67.5% | 73.8% |
Non life management expenses ratio (1) | 21.7% | 24.4% | 25.5% | 25.7% | 24.7% |
Non life combined ratio | 93.8% | 94.9% | 92.6% | 93.2% | 98.5% |
Technical result | 134 430 | 120 400 | 136 357 | 116 277 | 99 877 |
Net result | 94 491 | 87 090 | 96 760 | 93 165 | 81 237 |
Wafa Assurance: evolution of premiums, losses and results (2011-2015)
in thousands USD
Evolution of non life technical ratios: 2011-2015 de Wafa Assurance
Turnover’s breakdown per class of business of Wafa Assurance (2011-2015)
in thousands USD
2011 | 2012 | 2013 | 2014 | 2015 | 2015 shares | |
---|---|---|---|---|---|---|
Non life | 286 148 | 321 605 | 362 246 | 339 644 | 303 215 | 46.6% |
Life | 330 139 | 358 532 | 349 761 | 335 256 | 347 650 | 53.4% |
Total | 616 287 | 680 137 | 712 007 | 674 900 | 650 865 | 100.0% |
Wafa Assurance: main non life technical highlights
in thousands USD
2011 | 2012 | 2013 | 2014 | 2015 | |
---|---|---|---|---|---|
Gross written premiums | 286 148 | 321 605 | 362 246 | 339 644 | 303 215 |
Written premiums net of reinsurance | 245 310 | 274 104 | 310 461 | 289 015 | 255 022 |
Gross earned premiums | 286 138 | 316 292 | 358 662 | 333 465 | 296 103 |
Gross incurred losses | 206 184 | 222 906 | 240 624 | 225 063 | 218 378 |
Management expenses | 62 216 | 78 553 | 92 411 | 87 315 | 75 044 |
Loss ratio | 72,1% | 70,5% | 67,1% | 67,5% | 73,8% |
Management expenses ratio | 21,7% | 24,4% | 25,5% | 25,7% | 24,7% |
Combined ratio | 93,8% | 94,9% | 92,6% | 93,2% | 98,5% |
Technical result | 103 798 | 87 488 | 98 728 | 70 974 | 67 062 |
Evolution of non life premiums, losses and results: 2011-2015
in thousands USDWafa Assurance: main life technical highlights: 2011-2015
in thousands USD
2011 | 2012 | 2013 | 2014 | 2015 | |
---|---|---|---|---|---|
Gross written premiums | 330 139 | 358 532 | 349 761 | 335 256 | 347 650 |
Written premiums net of reinsurance | 318 008 | 345 306 | 336 291 | 331 924 | 343 963 |
Gross benefits | 242 716 | 256 037 | 237 698 | 209 513 | 149 253 |
Management expenses | 23 104 | 27 112 | 28 597 | 25 038 | 27 498 |
Technical result | 30 632 | 32 912 | 37 629 | 45 303 | 32 815 |
Evolution of non life premiums, losses and results
in thousands USDInsurance subsidiaries of Wafa Group
in USDCountry | Date of creation | Activity | 2015 turnover | |
---|---|---|---|---|
WAFA IMA Assistance | Morocco | June 2011 | Assistance | 17 979 660 |
WAFA Assurance Non vie | Senegal | September 2014 | Non life | 1 884 246 |
WAFA Assurance Vie (1) | Senegal | September 2015 | Life | 636 412 |
Attijari Assurance | Tunisia | May 2013 | Life | 23 544 388 |
Turnover of Wafa Assurance’s subsidiaries at 31/12/2015
in thousands USDSource: The different balance sheets of Wafa Assurance
Exchange rate MAD/USD as at 31/12 | 2011 | 2012 | 2013 | 2014 | 2015 |
0.11672 | 0.11672 | 0.12409 | 0.11103 | 0.10158 |
Wafa Assurance
Head office | 1, boulevard Abdelmoumen , 20100-Casablanca -Morocco |
Phone | +05 22 54 55 55 |
Website |