Ranking of insurers in North Africa

Magazine Issue:

Magazine date:

Nov 2022

Figures in thousands

Rank 2021	Companies	Class of business	Country	Turnover				2020-2021 evolution ⁽¹⁾
				2021		2020
				Local currency	USD	Local currency	USD
1	Wafa Assurance	C	Morocco	9 088 900	972 512	8 374 200	929 704	8.53%
2	RMA	C	Morocco	7 680 700	821 835	6 876 000	763 374	11.70%
3	Mutuelle Taamine Chaabi	L	Morocco	6 308 400	674 999	5 787 300	642 506	9.00%
4	Misr Insurance	NL	Egypt	9 590 554	610 631	9 341 882	577 048	2.66%
5	Saham Assurance	C	Morocco	5 621 100	601 458	5 126 000	569 089	9.66%
6	Axa Assurance Maroc	C	Morocco	5 567 400	595 712	4 871 700	540 856	14.28%
7	AtlantaSanad	C	Morocco	5 400 800	577 886	4 937 600	548 172	9.38%
8	Misr Life Insurance Company	L	Egypt	7 652 574	487 239	4 961 503	306 472	54.24%
9	Allianz Life Egypt	L	Egypt	5 042 720	321 070	4 216 677	260 464	19.59%
10	Metlife Egypt	L	Egypt	4 085 402	260 118	3 685 876	227 677	10.84%
11	Marocaine Vie	L	Morocco	2 339 100	250 284	2 158 200	239 603	8.38%
12	MCMA	C	Morocco	2 067 000	221 169	1 798 000	199 614	14.96%
13	AXA Life Egypt	L	Egypt	3 308 188	210 632	2 529 557	156 251	30.78%
14	SAA	NL	Algeria	28 800 000	206 496	27 041 000	203 889	6.50%
15	CAAT	NL	Algeria	25 404 000	182 147	24 751 000	186 622	2.64%
16	Allianz Assurance Maroc	C	Morocco	1 426 800	152 668	1 572 300	174 557	-9.25%
17	STAR	C	Tunisia	368 200	127 776	361 400	133 349	1.88%
18	MAMDA	NL	Morocco	1 172 100	125 415	1 092 500	121 289	7.29%
19	CAAR	NL	Algeria	16 257 000	116 563	14 866 000	112 090	9.36%
20	CASH Assurances	NL	Algeria	16 097 000	115 415	14 091 000	106 246	14.24%

Read also | Top 100 insurance companies in Africa [4]

Total North Africa				-	10 372 081	-	9 493 296	9.26%
21	AXA Insurance	NL	Egypt	1 592 756	101 411	1 580 840	97 648	0.75%
22	GIG Egypt	NL	Egypt	1 463 391	93 174	1 314 953	81 225	11.29%
23	CNMA	NL	Algeria	12 643 000	90 650	13 055 000	98 435	-3.16%
24	CAT	NL	Morocco	779 800	83 438	694 100	77 059	12.35%
25	Orient Takaful Insurance Company	NL	Egypt	1 283 501	81 721	973 785	60 151	31.81%
26	COMAR	C	Tunisia	233 300	80 962	223 000	82 282	4.62%
27	Allianz Insurance Egypt	NL	Egypt	1 237 482	78 790	1 139 678	70 398	8.58%
28	MATU	NL	Morocco	714 100	76 409	525 700	58 363	35.84%
29	GAT	C	Tunisia	218 400	75 791	188 600	69 590	15.80%
30	Bupa Egypt	NL	Egypt	1 126 780	71 742	1 100 640	67 987	2.37%
31	Suez Canal Insurance	NL	Egypt	1 114 279	70 946	1 001 006	61 832	11.32%
32	Maghrebia	NL	Tunisia	202 500	70 274	185 700	68 520	9.05%
33	Maroc Assistance Internationale	NL	Morocco	620 900	66 436	561 500	62 338	10.58%
34	ASTREE	C	Tunisia	187 200	64 964	174 300	64 313	7.40%
35	Egyptian Takaful Insurance	NL	Egypt	974 526	62 048	932 631	57 609	4.49%
36	CIAR	NL	Algeria	8 652 000	62 035	8 729 000	65 817	-0.88%
37	Assurances BIAT	C	Tunisia	171 400	59 481	127 700	47 119	34.22%
38	QNB Alahli Life Insurance	L	Egypt	933 680	59 447	735 854	45 454	26.88%
39	Egyptian Life Takaful Insurance	L	Egypt	923 044	58 770	632 883	39 093	45.85%
40	MAE	C	Tunisia	151 900	52 714	135 400	49 960	12.19%
41	BH Assurance	C	Tunisia	147 500	51 187	127 600	47 082	15.60%
42	Royal Insurance	NL	Egypt	801 402	51 025	602 057	37 189	33.11%
43	CTAMA	C	Tunisia	144 900	50 285	121 600	44 868	19.16%
44	LLOYD Assurance	C	Tunisia	144 400	50 111	130 200	48 041	10.91%
45	AMI	C	Tunisia	142 900	49 591	144 200	53 207	-0.90%
46	Delta Insurance	NL	Egypt	736 954	46 922	600 072	37 066	22.81%
47	Attijari Assurance	L	Tunisia	133 100	46 190	101 000	37 267	31.78%
48	CARTE	NL	Tunisia	132 000	45 808	126 800	46 787	4.10%
49	Trust Algérie	NL	Algeria	6 060 000	43 450	4 758 000	35 875	27.36%
50	Suez Canal Life Insurance	L	Egypt	673 136	42 859	560 355	34 613	20.13%
51	Wethaq Takaful Insurance	NL	Egypt	601 330	38 287	516 661	31 914	16.39%
52	Mohandes Insurance Company	NL	Egypt	545 164	34 711	504 143	31 141	8.14%
53	Egyptian Saudi Insurance House	NL	Egypt	543 340	34 594	441 254	27 256	23.14%
54	Alliance Assurances	NL	Algeria	4 823 000	34 581	4 728 000	35 649	2.01%
55	Africa First Assist ⁽²⁾	NL	Morocco	322 000	34 454	325 800	36 170	-1.17%
56	Maghrebia Vie	L	Tunisia	91 800	31 857	77 300	28 522	18.76%
57	Salama Assurances	NL	Algeria	4 322 000	30 989	4 558 000	34 367	-5.18%
58	Wafa Ima Assistance	NL	Morocco	281 600	30 131	258 300	28 677	9.02%
59	Zitouna Takaful	C	Tunisia	81 300	28 213	67 600	24 943	20.27%
60	Assurances Hayett	L	Tunisia	80 600	27 971	58 400	21 548	38.01%
61	2A	NL	Algeria	3 842 000	27 547	3 822 000	28 818	0.52%
62	Cardif El Djazair	L	Algeria	3 217 000	23 066	2 948 000	22 228	9.12%
63	CARTE Vie	L	Tunisia	66 100	22 939	75 800	27 969	-12.80%
64	GAM	NL	Algeria	3 163 000	22 679	3 290 000	24 807	-3.86%
65	Sarwa Insurance	NL	Egypt	300 308	19 121	158 764	9 807	89.15%
66	Co. Operative Insurance Society	NL	Egypt	275 059	17 513	204 126	12 609	34.75%
67	Delta Life Assurance	L	Egypt	272 968	17 380	241 067	14 891	13.23%
68	Chubb Life Egypt	L	Egypt	267 133	17 008	242 958	15 008	9.95%
69	Libano-Suisse Takaful	L	Egypt	261 861	16 673	255 706	15 795	2.41%
70	El Amana Takaful	C	Tunisia	43 600	15 130	33 500	12 361	30.15%
71	Iskan Insurance	NL	Egypt	231 521	14 741	223 030	13 777	3.81%
72	Euler Hermes ACMAR	NL	Morocco	134 200	14 359	136 300	15 132	-1.54%
73	AGLIC	L	Algeria	1 968 000	14 110	1 692 000	12 758	16.31%
74	Tokio Marine Egypt General Takaful	NL	Egypt	220 498	14 039	189 998	11 736	16.05%
75	Egyptian Takaful Insurance	NL	Egypt	219 620	13 983	194 757	12 030	12.77%
76	Misr Emirates Takaful Life Insurance	L	Egypt	207 151	13 189	147 046	9 083	40.87%
77	RMA Assistance	NL	Morocco	123 000	13 161	109 200	12 123	12.64%
78	AIG Insurance	NL	Egypt	203 001	12 925	245 605	15 171	-17.35%
79	GAT Vie	L	Tunisia	36 900	12 805	63 900	23 578	-42.25%
80	Caarama Assurances	L	Algeria	1 739 000	12 469	1 557 000	11 740	11.69%
81	AXA Assurances Algérie Vie	L	Algeria	1 690 000	12 117	1 908 000	14 386	-11.43%
82	Attakafulia	C	Tunisia	34 800	12 077	29 700	10 959	17.17%
83	SAPS	L	Algeria	1 666 000	11 945	1 500 000	11 310	11.07%
84	AXA Assurances Algérie Dommage	NL	Algeria	1 632 000	11 701	1 860 000	14 024	-12.26%
85	Arope Insurance	NL	Egypt	179 125	11 405	161 726	9 990	10.76%
86	TALA	L	Algeria	1 386 000	9 938	1 170 000	8 822	18.46%
87	Coface Maroc	NL	Morocco	71 200	7 618	81 100	9 004	-12.21%
88	Macir Vie	L	Algeria	1 026 000	7 356	846 000	6 379	21.28%
89	Sarwa Life	L	Egypt	106 508	6 781	58 763	3 630	81.25%
90	Mohandes Life Insurance Company	L	Egypt	103 312	6 578	91 077	5 626	13.43%
91	Axa Assistance Maroc	NL	Morocco	55 800	5 970	47 000	5 218	18.72%
92	Arope Life Insurance	L	Egypt	88 483	5 634	74 454	4 599	18.84%
93	Cotunace	NL	Tunisia	14 000	4 858	12 200	4 501	14.75%
94	Mada Insurance ⁽³⁾	NL	Egypt	70 240	4 472	-	-	-
95	Export Credit Guarantee Company	NL	Egypt	70 027	4 459	25 497	1 574	174.65%
96	Chubb Insurance	NL	Egypt	68 968	4 391	83 782	5 175	-17.68%
97	Smaex	NL	Morocco	34 700	3 713	27 600	3 064	25.72%
98	KAF Life Takaful Insurance ⁽⁴⁾	L	Egypt	49 410	3 146	42 291	2 612	16.83%
99	Le Mutualiste	L	Algeria	386 000	2 768	386 000	2 910	0.00%
100	LLOYD Vie	L	Tunisia	6 400	2 221	5 000	1 845	28.00%
101	Al Wataniya Insurance	NL	Egypt	25 945	1 652	-	-	-

⁽¹⁾ Evolution in local currency
⁽²⁾ SAHAM Assistance becomes Africa First Assist in 2021
⁽³⁾ Mada Insurance started its activities in 2020
⁽⁴⁾ Ex. Tokyo marine family takaful
C : Composite company (life and non-life)
NV : Non-life company
V : Life company

Exchange rate 2021 :
as at 31/12 : Tunisia USD/TND : 2.87459 ; Algeria USD/DZD : 138.599 ; Morocco USD/MAD : 9.14259
as at 30/06 : Egypt USD/EGP : 15.6422

Exchange rate 2020 :
as at 31 /12 : Tunisia USD/TND : 2.64677 ; Algeria USD/DZD : 131.705 ; Morocco USD/MAD : 8.80828
as at 30/06 : Egypt USD/EGP : 16.127