This birth within a difficult context endows RMA with an historic “legitimacy”. It materializes the will of the new national elites to occupy the field of modern economy.
Two major events contributed to the recent development of the company. The first one dates back to 1988 with the takeover of RMA by Othman Benjelloun who gets the company into the world of finance.
 |
| Mr Fouad Douiri Chairman of the management board |
The second fact pertains to the merger carried out with another major player on the market: the company Al Wataniya, former subsidiary of the French group GAN.
Today RMA Watanya is an insurer of international renown. Side by side with Wafa Assurance for the market leadership, the company has developed on firm grounds and is now poised to extend its operations towards other fields.
RMA Watanya in 2008
| Share in the Moroccan market | 20% |
| Paid up capital | 1 796 170 000 MAD (225 814 000 USD) |
| Turnover | 4 001 896 000 MAD (503 118 000 USD) |
| Technical result | 1 228 539 000 MAD (154 452 000 USD) |
| Net result | 1 064 191 000 MAD ( 133 790 000 USD) |
| Solvency margin | 989% |
| ROE | 22.5% |
| Number of agencies | 100 |
| Number of direct management offices | 10 |
| Number of employees | 630 |
| Presence | in 30 Moroccan cities |
Management
| Chairman of the management board | Fouad Douiri |
| General manager, Production and distribution | Abdellatif Hmidi |
| General manager, Claims and support | Taoufik Drhimeur |
| General manager, Real estate and finance | Reda El Alj |
Main shareholders
| Finance.com group | 56% |
| GACM | 20% |
| Other shareholders | 24% |
Main financial highlights: 2004-2008
in thousands USD
| 2004 | 2005 | 2006 | 2007 | 2008 | |
|---|---|---|---|---|---|
Gross written premiums | 311 888 | 320 589 | 363 310 | 465 426 | 503 118 |
Gross earned premiums | 312 060 | 317 473 | 363 317 | 459 763 | 492 612 |
Net written premiums1 | 255 392 | 262 600 | 310 870 | 416 906 | 451 547 |
Gross incurred losses | 272 410 | 293 672 | 331 696 | 486 502 | 489 721 |
Gross loss ratio | 87.3% | 92.5% | 91.3% | 105.8% | 99.4% |
Management expenses | 80 407 | 77 686 | 85 949 | 98 068 | 104 134 |
Technical result | 57 159 | 55 303 | 86 652 | 146 299 | 154 452 |
Financial income | 120 042 | 141 098 | 174 347 | 330 249 | 324 656 |
Net result | 49 703 | 52 676 | 68 264 | 155 436 | 133 790 |
1 Written premiums net of reinsurance
in thousands USD 
Turnover's evolution per class of business: 2004 -2008
in thousands USD
| 2004 | 2005 | 2006 | 2007 | 2008 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Written premiums | % | Written premiums | % | Written premiums | % | Written premiums | % | Written premiums | % | 07-08 growth | |
| Non life | |||||||||||
Motor | 78 743 | 25.2 | 79 928 | 24.9 | 85 992 | 23.7 | 106 946 | 23 | 112 343 | 22.3 | 5% |
Property & misc. accident | 131 681 | 42.2 | 133 266 | 41.6 | 137 428 | 37.8 | 145 371 | 31.2 | 156 860 | 31.2 | 7.9% |
Marine | 23 865 | 7.7 | 21 649 | 6.8 | 13 771 | 3.8 | 15 244 | 3.3 | 18 385 | 3.7 | 20.6% |
Life | |||||||||||
Total life | 77 599 | 24.9 | 85 746 | 26.7 | 126 119 | 34.7 | 197 863 | 42.5 | 215 530 | 42.8 | 8.9% |
Grand total | 311 888 | 100 | 320 589 | 100 | 363 310 | 100 | 465 424 | 100 | 503 118 | 100 | 8.1% |
Breakdown per class of business in 2008
Evolution per class of business 2004-2008
in thousands USD 
Exchange rate MAD/USD as at 31/12 | 2004 | 2005 | 2006 | 2007 | 2008 |
0.12233 | 0.11103 | 0.11891 | 0.13092 | 0.12572 |
Contact
| Head office | 83, Avenue de l’Armée Royale, Casablanca, Morocco |
| Phone | (+212) 5 22 31 21 63 (+212) 5 22 31 01 69 |
| Fax | (+212) 5 22 31 38 84 |
info [at] rmawatanya [dot] com | |
| Website |