Magazine date:
Apr 2017  |
Life insurance premiums increased by 18% from 3.422 million MAD (344.8 million USD) in 2015 to 4.043 million MAD (397.3 million USD) one year ago.
The non life premiums underwritten during 2016 amounted to 3.271 million MAD ( 321.4 million USD), up by 10% compared to 2015. Thanks to these results, the Moroccan company tops the African insurance market (excluding South Africa).
Wafa Group has recently developed an expansion policy in Africa. The first non-Moroccan subsidiary was founded in Tunisia (Attijari Assurance, a life insurancecompany), where the group reported a turnover worth 22.7 million USD in 2016. Other subsidiaries have recently been created in Senegal, Côte d'Ivoire and Cameroon.
| Company | Country | Class of business | 2014 turnover | 2015 turnover | Growth rate(1) | ||
|---|---|---|---|---|---|---|---|
| In MAD | In USD | In MAD | In USD | ||||
| Wafa Assurance | Morocco | Life | 3 422 132 | 344 814 | 4 043 121 | 397 277 | 18% |
| Non life | 2 985 287 | 300 797 | 3 271 376 | 321 445 | 10% | ||
| Total | 6 407 419 | 645 611 | 7 314 497 | 718 722 | 14% | ||
| Wafa IMA Assistance | Morocco | Assistance | 150 417 | 15 156 | 176 929 | 17 385 | 18% |
| Attijari Assurance | Tunisia | Life | 238 313 | 24 012 | 231 496 | 22 747 | -3% |
| Wafa Assurance Vie | Senegal | Life | 6 308 | 46 636 | 55 285 | 5 432 | NA |
| Wafa Assurance | Senegal | Non life | 18 865 | 1 901 | 19 234 | 1 890 | 2% |
| Wafa Assurance Côte d'ivoire | Côte d'ivoire | Non life | - | - | 61 | 6 | NA |
| Wafa Assurance Cameroun | Cameroon | Life | - | - | 53 | 5 | NA |
| Group grand total | 6 821 322 | 687 316 | 7 797 555 | 766 187 | 14% | ||
(1)Growth rate in local currency
exchange rate USD/MAD as at 31/12 | 2015 | 2016 |
9.924 | 10.177 |