Jaouad Kettani, Chairman, has displayed Wafa Assurance's 2005 annual results stressing the company's focus on two strategic axes: motor and life business.
The volume of written premiums amounting to 1 622 million MAD (182.87 million USD) has reported a 7% increase compared to 2004. The net result has reached 183 million MAD (20.6 million USD) against 282 million MAD (31.8 million USD) in 2004.
The turnover growth has been achieved thanks to the evolution of the non-life written premiums for 1 125 million MAD (127.09 million USD), that is, a 5.7% increase, and to the life written premiums for 497 million MAD (56.14 million USD), that is, a 10.10% increase. The “non-life” evolution is accounted for by the notable growth of motor (10.10%) and personal accident (37.7%) classes of business.
In general, the sector is reporting a 7.6% evolution. Wafa's market share has, however, witnessed a stabilisation around 12.7%.