Wafa Assurance: increase in the African subsidiaries' cumulative results in 2020

Wafa Assurance Morocco has published the results of 2020 which were strongly impacted by the health crisis. The turnover decreased by 5.4%, set at 8.374 billion MAD (929.69 million USD) in 2020.

As of 31 December 2019, the net result made a decline of 37.7% from 649 million MAD (66.88 million USD) to 404 million MAD (44.85 million USD) a year later.

Unlike the activities in the Kingdom, as of 31 December 2020, the group's African subsidiaries recorded, a 6.3% turnover increase established at 1.179&nbspbillion MAD (130.89 million USD). The cumulative net result rose by 155% to be set at 82 million MAD (9.1 million MAD).

The group currently operates in Côte d'Ivoire, Cameroon, Tunisia and Senegal. On 25 August 2020, the Financial Regulatory Authority (FRA) granted the Moroccan insurer approval to found a life subsidiary in Egypt.