Wafa Assurance

Magazine Issue:

The world upside down [3]

Magazine date:

Feb 2017

It was the late Moulay Ali Kettani who set up in 1972 the Société Nouvelle d’Assurances (SNA) using the portfolios acquired from local representations of the two British companies: Saint Paul Fire and Norwich Union.

Wafa Assurance

Ever since, the new entity has been dedicated to the consolidation and to the development of its property damage underwritings, especially for motor, fire and marine cargo risks. Only in the 1980s did personal insurance, life, health and bodily injury came to enrich the wide range of the products made available to customers.

The year 1989 marked a turning point in the history of the company when SNA became Wafa Assurance, member of the group Attijariwafa Bank.

Champion of communication and pioneer of bancassurance, Wafa has continuously exhibited two-digit growth figures. Year after year, the company has been gathering momentum over its competitors to become as of 2008, the undisputed leader of the market where it accounted, by the end of 2015, for more than 21% of the premiums.

After having consolidated its position as number one in Morocco, the company has in recent years adopted an external growth policy aimed towards Africa. Tunisia was the first country where its first foreign establishment was set up. Consequently, four years after its creation, the life insurance company Attijari Assurances is about to become the leader of the Tunisian life insurance market.

Endowed with financial resources commensurate with its ambition and with a well-functioning economic model whereby bancassurance plays a key role, Wafa has all the ingredients to duplicate its success at the continental level.

Ali Harraj

Chairman and chief executive officer

Wafa Assurance in 2015

Share capital	35 553 000 USD
Turnover	650 865 624 USD
Assets	3 307 090 502 USD
Shareholder’s equity	497 772 207 USD
Net result	81 237 103 USD
Non life loss ratio	73.8%
non life expenses ratio	24.7%
Non life combined ratio	98.5%
Network in Morocco	222 agencies et 1 assistance company
Network in Africa	4 life companies(Tunisia, Cameroon, Senegal and Côte d’Ivoire) 2 non life companies ( Senegal and Côte d’Ivoire)
Number of employees	547

* By the end of 2015, only the subsidiaries of Morocco, Senegal and Tunisia are existant.

Shareholding⁽¹⁾
(at 31.12.2015)

Attijariwafa Bank	79.29%
Other shareholders	20.71%

⁽¹⁾ In October 2016, Attijariwafa bank and the Société Nationale d’Investissement (SNI) became equal co-shareholders in the capital of Wafa Assurance

Management

Chairman and chief executive officer	Ali Harraj
General manager : personal lines , professionals and small businesses	Slimane Echchihab
General manager : strategy, monitoring and finance	Taoufik Benjelloun Touimy
General manager: corporate insurance and industrial risks	Abderrahim Chaffai
Deputy general manager: claims management	Badreddine Belghiti
Deputy general manager: underwriting	Abed Ouazzani
Deputy general manager : IT system, transformation, quality and digital	Safaa El Gharbi
Manager : human capital, logistics and purchasing	Mehdi Belhamer
Manager: support and monitoring of foreign subsidiaries	Hassan Kadiri Hassani

Main technical highlights of Wafa Assurance: 2011-2015

in thousands USD

	2011	2012	2013	2014	2015
Gross written premiums	616 287	680 137	712 007	674 900	650 865
Gross earned premiums	616 277	674 824	708 423	668 721	643 753
Written premiums net of reinsurance	563 318	619 410	646 752	620 939	598 985
Non life gross written premiums	286 148	321 605	362 246	339 644	303 215
Non life gross earned premiums	286 138	316 292	358 662	333 465	296 103
Gross incurred losses	448 899	478 943	478 322	434 576	367 631
Non life gross incurred losses	206 184	222 906	240 624	225 063	218 378
Management expenses	85 320	105 665	121 008	112 353	102 542
Non life management expenses	62 216	78 553	92 411	87 315	75 044
Non life loss ratio	72.1%	70.5%	67.1%	67.5%	73.8%
Non life management expenses ratio ⁽¹⁾	21.7%	24.4%	25.5%	25.7%	24.7%
Non life combined ratio	93.8%	94.9%	92.6%	93.2%	98.5%
Technical result	134 430	120 400	136 357	116 277	99 877
Net result	94 491	87 090	96 760	93 165	81 237

⁽¹⁾ Management expenses ratio = management expenses / gross written premiums

Wafa Assurance: evolution of premiums, losses and results (2011-2015)

in thousands USD Wafa-primes_sinistres_résultats

Evolution of non life technical ratios: 2011-2015 de Wafa Assurance

Jubileee ratios bruts

Turnover’s breakdown per class of business of Wafa Assurance (2011-2015)

in thousands USD

	2011	2012	2013	2014	2015	2015 shares
Non life	286 148	321 605	362 246	339 644	303 215	46.6%
Life	330 139	358 532	349 761	335 256	347 650	53.4%
Total	616 287	680 137	712 007	674 900	650 865	100.0%

wafa assurance-chiffre-affaires

Wafa Assurance: main non life technical highlights

in thousands USD

	2011	2012	2013	2014	2015
Gross written premiums	286 148	321 605	362 246	339 644	303 215
Written premiums net of reinsurance	245 310	274 104	310 461	289 015	255 022
Gross earned premiums	286 138	316 292	358 662	333 465	296 103
Gross incurred losses	206 184	222 906	240 624	225 063	218 378
Management expenses	62 216	78 553	92 411	87 315	75 044
Loss ratio	72,1%	70,5%	67,1%	67,5%	73,8%
Management expenses ratio	21,7%	24,4%	25,5%	25,7%	24,7%
Combined ratio	93,8%	94,9%	92,6%	93,2%	98,5%
Technical result	103 798	87 488	98 728	70 974	67 062

Evolution of non life premiums, losses and results: 2011-2015

in thousands USD

primes, sinistres et résultats non vie-wafa assurance

Wafa Assurance: main life technical highlights: 2011-2015

in thousands USD

	2011	2012	2013	2014	2015
Gross written premiums	330 139	358 532	349 761	335 256	347 650
Written premiums net of reinsurance	318 008	345 306	336 291	331 924	343 963
Gross benefits	242 716	256 037	237 698	209 513	149 253
Management expenses	23 104	27 112	28 597	25 038	27 498
Technical result	30 632	32 912	37 629	45 303	32 815

Evolution of non life premiums, losses and results

in thousands USD

primes, sinistres et résultats vie-wafa assurance

Insurance subsidiaries of Wafa Group

in USD

	Country	Date of creation	Activity	2015 turnover
WAFA IMA Assistance	Morocco	June 2011	Assistance	17 979 660
WAFA Assurance Non vie	Senegal	September 2014	Non life	1 884 246
WAFA Assurance Vie ⁽¹⁾	Senegal	September 2015	Life	636 412
Attijari Assurance	Tunisia	May 2013	Life	23 544 388

⁽¹⁾ Turnover from 31 September to 31 December 2015

Turnover of Wafa Assurance’s subsidiaries at 31/12/2015

in thousands USD

turnover 2015-subsidiaries- wafa assurance

Source: The different balance sheets of Wafa Assurance

Exchange rate MAD/USD as at 31/12	2011	2012	2013	2014	2015
Exchange rate MAD/USD as at 31/12	0.11672	0.11672	0.12409	0.11103	0.10158

Wafa Assurance

Head office	1, boulevard Abdelmoumen , 20100-Casablanca -Morocco
Phone	+05 22 54 55 55
Website	www.wafaassurance.ma [4]