Wafa Assurance Cameroon: Turnover up 84.6% in 2019

In 2019, Wafa Assurance Cameroon recorded a total turnover (for the life and non-life activities) of 7.2 billion FCFA (12.29 million USD) compared to 3.9 billion FCFA (6.8 million USD) in 2018, an increase of 84.6% over twelve months.

The life activity recorded 4.3 billion FCFA (7.34 million USD) of written premiums in 2019. However, 2018 recorded a loss of 279 million FCFA (486 490 USD). In 2019, the company recorded a net profit of 103 million FCFA (175 840 USD).

On 31 December 2019, the non-life company of the Moroccan group made a turnover of 2.9 billion FCFA (4.95 million USD) and a loss of 1.7 billion FCFA (2.9 million USD).

For the record, Wafa Assurance has been operating in Cameroon since 2016 and the acquisition of 65% of the non-life insurer, Pro Assur's capital, boosted its activity in 2019.