Wafa Assurance, results 2016
Wafa Assurance ended the financial year 2016 with a turnover of 7 314 million MAD (726.44 million USD), up by 14.2% compared to 2015. The net result went from 800 million MAD (81 million USD) To 841 million MAD (83.52 million USD) in 2016, that is an increase of 5.2% in one year.
Life premiums increased by 18.17% to reach 4 044 million MAD (401.65 million USD). Despite the strong growth in premiums, the life insurance result decreased by 9.9%, which is due to the depreciation of unlisted securities.
In non-life insurance, premiums reported in the previous year amounted to 3 271 million MAD (324.88 million USD), up by 9.6%, with a net result of 961 million MAD (95.44 million USD), increasing by 45%.
The non-life combined ratio improved by 0.6 points, going from 98.5% in 2015 to 97.9% in 2016. Shareholders' equity increased by 5.7% at 5 181 million MAD (514.58 million USD). The company's profitability remains high with a return on equity (ROE) of 19.4% in 2016 against 19.5% in 2015.
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