Wafa Assurance: 5.4% decline in 2020’s turnover

Wafa AssuranceWafa Assurance recorded a 5.4% decline in 2020’s turnover which went from 8.853 billion MAD (912.34 million USD) as of 31 December 2019 to 8.374 billion MAD (929.69 million USD) one year later.

Such underperformance is due to the economic slowdown caused by the Covid-19 pandemic. By late 2020, the life activity posted a turnover of 4.371 billion MAD (485.27 million USD) compared to 5.094 billion MAD (524.96 million USD) in 2019: a decrease of 14.2%.

The non-life premiums increased by 6.5% to reach 4.003 billion MAD (444.42 million USD), compared to 3.759 billion MAD (387.38 million USD) in 2019.

Wafa Assurance also expected its net result to decrease during the year 2020. However, the company benefits from solid fundamentals despite the negative impacts of the health crisis.

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