Wafa Assurance

It was the late Moulay Ali Kettani who set up in 1972 the Société Nouvelle d’Assurances (SNA) using the portfolios acquired from local representations of the two British companies: Saint Paul Fire and Norwich Union.

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 - Wafa
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
  • 222 agencies et 1 assistance company
Network in Africa
  • 4 life companies(Tunisia, Cameroon, Senegal and Côte d’Ivoire)
  • 2 non life companies ( Senegal and Côte d’Ivoire)
Number of employees
547
* By the end of 2015, only the subsidiaries of Morocco, Senegal and Tunisia are existant.

Shareholding(1)
(at 31.12.2015)

Attijariwafa Bank
79.29%
Other shareholders
20.71%
(1) In October 2016, Attijariwafa bank and the Société Nationale d’Investissement (SNI) became equal co-shareholders in the capital of Wafa Assurance

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

 20112012201320142015
Gross written premiums
616 287680 137712 007674 900650 865
Gross earned premiums
616 277674 824708 423668 721643 753
Written premiums net of reinsurance
563 318619 410646 752620 939598 985
Non life gross written premiums
286 148321 605362 246339 644303 215
Non life gross earned premiums
286 138316 292358 662333 465296 103
Gross incurred losses
448 899478 943478 322434 576367 631
Non life gross incurred losses
206 184222 906240 624225 063218 378
Management expenses
85 320105 665121 008112 353102 542
Non life management expenses
62 21678 55392 41187 31575 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 430120 400136 357116 27799 877
Net result
94 49187 09096 76093 16581 237
(1) Management expenses ratio = management expenses / gross written premiums

Wafa Assurance: evolution of premiums, losses and results (2011-2015)

in thousands USD Wafa-primes_sinistres_résultats

Evolution of non life technical ratios: 2011-2015 de Wafa Assurance

Jubileee ratios bruts

Turnover’s breakdown per class of business of Wafa Assurance (2011-2015)

in thousands USD

 201120122013201420152015 shares
Non life
286 148321 605362 246339 644303 21546.6%
Life
330 139358 532349 761335 256347 65053.4%
Total
616 287 680 137 712 007 674 900 650 865 100.0%

wafa assurance-chiffre-affaires

Wafa Assurance: main non life technical highlights

in thousands USD

 20112012201320142015
Gross written premiums
286 148321 605362 246339 644303 215
Written premiums net of reinsurance
245 310274 104310 461289 015255 022
Gross earned premiums
286 138316 292358 662333 465296 103
Gross incurred losses
206 184222 906240 624225 063218 378
Management expenses
62 21678 55392 41187 31575 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 79887 48898 72870 97467 062

Evolution of non life premiums, losses and results: 2011-2015

in thousands USD

primes, sinistres et résultats non vie-wafa assurance

Wafa Assurance: main life technical highlights: 2011-2015

in thousands USD

 20112012201320142015
Gross written premiums
330 139358 532349 761335 256347 650
Written premiums net of reinsurance
318 008345 306336 291331 924343 963
Gross benefits
242 716256 037237 698209 513149 253
Management expenses
23 10427 11228 59725 03827 498
Technical result
30 63232 91237 62945 30332 815

Evolution of non life premiums, losses and results

in thousands USD

primes, sinistres et résultats vie-wafa assurance

Insurance subsidiaries of Wafa Group

in USD
 CountryDate of creationActivity2015 turnover
WAFA IMA Assistance
MoroccoJune 2011Assistance17 979 660
WAFA Assurance Non vie
SenegalSeptember 2014Non life1 884 246
WAFA Assurance Vie (1)
SenegalSeptember 2015Life636 412
Attijari Assurance
TunisiaMay 2013Life23 544 388
(1) Turnover from 31 September to 31 December 2015

Turnover of Wafa Assurance’s subsidiaries at 31/12/2015

in thousands USD

turnover 2015-subsidiaries- wafa assurance

Source: 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

Wafa Assurance

Head office
1, boulevard Abdelmoumen , 20100-Casablanca -Morocco
Phone
+05 22 54 55 55
Website
0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits