WAFA Assurance: Q2 2020 Results

Wafa AssuranceIn the second quarter of 2020, WAFA Assurance recorded a 12.5% decrease in turnover. The latter went from 1.973 billion MAD (205.14 million USD) in Q2 2019 to 1.727 billion MAD (176.1 million USD) one year later. Such a decrease is mainly due to the economic crisis caused by the pandemic.

As at 30 June 2020, the net reinsurance technical provisions amounted to 33.5 billion MAD (3.41 billion USD). The investments allocated to insurance transactions amounted to 33.7 billion MAD (3.43 billion MAD).

The company expects a significant decline in the net result during H1 2020. Nevertheless, the Moroccan insurer's financial solidity shall enable it to meet its commitments, despite the impacts related to the health crisis.

Read also | Moroccan insurance market

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