Ranking 2020 of insurers in North Africa

Magazine Issue:

Magazine date:

Jan 2022

Figures in thousands

Rank 2020	Companies	Class of business	Country	Turnover				2019-2020 evolution *
				2020		2019
				In local currency	In USD	In local currency	In USD
1	Wafa Assurance	C	Morocco	8 374 200	929 704	8 853 000	912 390	-5.41%
2	RMA	C	Morocco	6 876 000	763 374	6 816 000	702 457	0.88%
3	Mutuelle Taamine Chaabi	L	Morocco	5 787 300	642 506	5 123 200	527 997	12.96%
4	Misr Insurance	NL	Egypt	9 341 882	577 048	8 990 005	537 602	3.91%
5	Saham Assurance	C	Morocco	5 126 000	569 089	5 422 400	558 833	-5.47%
6	AtlantaSanad ⁽¹⁾	C	Morocco	4 937 600	548 172	4 840 700	498 883	2.00%
7	Axa Assurance Maroc	C	Morocco	4 871 700	540 856	4 645 200	478 734	4.88%
8	Misr Life Insurance Company	L	Egypt	4 961 503	306 472	4 403 427	263 325	12.67%
9	Allianz Life Egypt	L	Egypt	4 216 677	260 464	3 120 291	186 593	35.14%
10	Marocaine Vie	L	Morocco	2 158 200	239 603	2 267 600	233 699	-4.82%
11	Metlife Egypt	L	Egypt	3 685 876	227 677	2 854 613	170 706	29.12%
12	SAA	NL	Algeria	27 041 000	203 889	29 117 000	243 418	-7.13%
13	MCMA	C	Morocco	1 798 000	199 614	1 541 200	158 836	16.66%
14	CAAT	NL	Algeria	24 751 000	186 622	24 589 000	205 564	0.66%
15	Allianz Assurance Maroc	C	Morocco	1 572 300	174 557	1 479 900	152 518	6.24%
16	AXA Life Egypt	L	Egypt	2 529 557	156 251	2 000 233	119 614	26.46%
17	STAR	C	Tunisia	361 394	133 347	374 867	133 805	-3.59%
18	MAMDA	NL	Morocco	1 092 500	121 289	1 034 600	106 626	5.60%
19	CAAR	NL	Algeria	14 866 000	112 090	15 365 000	128 452	-3.25%
20	CASH Assurances	NL	Algeria	14 091 000	106 246	12 676 000	105 971	11.16%

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

Total North Africa ^**				-	9 489 389	-	8 795 847	7.88%
21	CNMA	NL	Algeria	13 055 000	98 435	14 312 000	119 648	-8.78%
22	AXA Insurance	NL	Egypt	1 580 840	97 648	1 043 389	62 395	51.51%
23	COMAR	C	Tunisia	222 970	82 272	212 156	75 727	5.10%
24	GIG Egypt	NL	Egypt	1 314 953	81 225	1 109 933	66 374	18.47%
25	CAT	NL	Morocco	694 100	77 059	693 000	71 421	0.16%
26	Allianz Insurance Egypt	NL	Egypt	1 139 678	70 398	883 872	52 856	28.94%
27	GAT	C	Tunisia	188 603	69 591	170 999	61 036	10.29%
28	MAGHREBIA	NL	Tunisia	185 762	68 542	169 758	60 593	9.43%
29	Bupa Egypt	NL	Egypt	1 100 640	67 987	1 085 563	64 917	1.39%
30	CIAR	NL	Algeria	8 729 000	65 817	9 866 000	82 480	-11.52%
31	ASTREE	C	Tunisia	174 279	64 305	168 279	60 065	3.57%
32	Maroc Assistance Internationale	NL	Morocco	561 500	62 338	568 100	58 548	-1.16%
33	Suez Canal Insurance	NL	Egypt	1 001 006	61 832	1 006 705	60 201	-0.57%
34	Orient Takaful Insurance Company	NL	Egypt	973 785	60 151	835 060	49 937	16.61%
35	Egyptian Takaful Insurance	NL	Egypt	944 386	58 335	808 393	48 342	16.82%
36	AMI	C	Tunisia	144 106	53 172	161 183	57 533	-10.59%
37	MATU	NL	Morocco	462 300	51 325	416 600	42 935	10.97%
38	MAE	C	Tunisia	135 398	49 959	120 642	43 062	12.23%
39	LLOYD ASSURANCES	C	Tunisia	130 240	48 056	108 488	38 724	20.05%
40	Assurances BIAT	C	Tunisia	127 747	47 136	121 799	43 475	4.88%
41	BH Assurance	C	Tunisia	127 590	47 078	116 707	41 657	9.33%
42	CARTE	NL	Tunisia	126 762	46 773	127 273	45 429	-0.40%
43	QNB Alahli Life Insurance	L	Egypt	735 854	45 454	671 582	40 161	9.57%
44	CTAMA ⁽²⁾	C	Tunisia	122 844	45 327	103 846	37 067	18.29%
45	Egyptian Life Takaful Insurance	L	Egypt	632 883	39 093	657 969	39 346	-3.81%
46	ATTIJARI ASSURANCE	L	Tunisia	101 028	37 277	87 006	31 056	16.12%
47	Royal Insurance	NL	Egypt	602 057	37 189	544 649	32 570	10.54%
48	Delta Insurance	NL	Egypt	600 072	37 066	436 493	26 102	37.48%
49	Saham Assistance	NL	Morocco	325 800	36 170	471 700	48 613	-30.93%
50	Trust Algérie	NL	Algeria	4 758 000	35 875	4 040 000	33 774	17.77%
51	Alliance Assurances	NL	Algeria	4 728 000	35 649	5 201 000	43 480	-9.09%
52	Suez Canal Life Insurance	L	Egypt	560 355	34 613	603 920	36 114	-7.21%
53	Salama Assurances	NL	Algeria	4 558 000	34 367	5 377 000	44 952	-15.23%
54	Wethaq Takaful Insurance	NL	Egypt	516 661	31 914	401 462	24 007	28.69%
55	Mohandes Insurance Company	NL	Egypt	504 143	31 141	509 974	30 497	-1.14%
56	2A	NL	Algeria	3 822 000	28 818	3 877 000	32 412	-1.42%
57	Wafa Ima Assistance	NL	Morocco	258 300	28 676	281 400	29 001	-8.21%
58	MAGHREBIA Vie	L	Tunisia	77 269	28 511	66 144	23 609	16.82%
59	CARTE Vie	L	Tunisia	75 798	27 968	58 600	20 917	29.35%
60	Egyptian Saudi Insurance House	NL	Egypt	441 254	27 256	380 650	22 763	15.92%
61	ZITOUNA TAKAFUL	C	Tunisia	67 568	24 931	60 563	21 617	11.57%
62	GAM	NL	Algeria	3 290 000	24 807	3 803 000	31 793	-13.49%
63	GAT Vie	L	Tunisia	63 894	23 576	61 834	22 071	3.33%
64	Cardif El Djazair	L	Algeria	2 948 000	22 228	2 742 000	22 923	7.51%
65	ASSURANCES HAYETT	L	Tunisia	58 427	21 558	50 691	18 094	15.26%
66	Libano-Suisse Takaful	L	Egypt	255 706	15 795	206 898	12 373	23.59%
67	AIG Insurance	NL	Egypt	245 605	15 171	248 782	14 877	-1.28%
68	Euler Hermes ACMAR	NL	Morocco	136 300	15 132	144 900	14 933	-5.94%
69	Chubb Life Egypt	L	Egypt	242 958	15 007	252 453	15 097	-3.76%
70	Delta Life Assurance	L	Egypt	241 067	14 891	216 429	12 942	11.38%
71	AXA Assurances Algérie Vie	L	Algeria	1 908 000	14 386	2 254 000	18 843	-15.35%
72	AXA Assurances Algérie Dommage	NL	Algeria	1 860 000	14 024	2 616 000	21 870	-28.90%
73	Iskan Insurance	NL	Egypt	223 030	13 777	325 425	19 460	-31.47%
74	AGLIC	L	Algeria	1 692 000	12 758	1 675 000	14 003	1.01%
75	Co. Operative Insurance Society	NL	Egypt	204 126	12 609	193 569	11 575	5.45%
76	EL AMANA TAKAFUL	C	Tunisia	33 467	12 349	31 248	11 154	7.10%
77	RMA Assistance	NL	Morocco	109 200	12 123	113 100	11 656	-3.45%
78	Egyptian Takaful Insurance	NL	Egypt	194 757	12 030	211 927	12 673	-8.10%
79	Caarama Assurances	L	Algeria	1 557 000	11 740	1 869 000	15 625	-16.69%
80	Tokio Marine Egypt General Takaful	NL	Egypt	189 998	11 736	191 493	11 451	-0.78%
81	SAPS	L	Algeria	1 500 000	11 310	1 947 000	16 277	-22.96%
82	ATTAKAFULIA	C	Tunisia	29 451	10 867	26 463	9 446	11.29%
83	Arope Insurance	NL	Egypt	161 726	9 990	187 028	11 184	-13.53%
84	Tharwa Insurance	NL	Egypt	158 764	9 807	19 787	1 183	702.37%
85	Misr Emirates Takaful Life Insurance	L	Egypt	147 046	9 083	106 799	6 387	37.68%
86	Coface Maroc	NL	Morocco	81 100	9 004	62 700	6 462	29.35%
87	TALA	L	Algeria	1 170 000	8 822	1 117 000	9 338	4.74%
88	Macir Vie	L	Algeria	846 000	6 379	1 541 000	12 883	-45.10%
89	Mohandes Life Insurance Company	L	Egypt	91 077	5 626	106 105	6 345	-14.16%
90	Axa Assistance Maroc	NL	Morocco	47 000	5 218	86 900	8 956	-45.91%
91	Chubb Insurance	NL	Egypt	83 782	5 175	79 699	4 766	5.12%
92	Arope Life Insurance	L	Egypt	74 454	4 599	61 667	3 688	20.74%
93	COTUNACE	NL	Tunisia	12 165	4 489	15 782	5 633	-22.92%
94	Tharwa Life	L	Egypt	58 763	3 630	3 155	189	1762.54%
95	Smaex	NL	Morocco	27 500	3 053	39 800	4 102	-30.90%
96	Le Mutualiste	L	Algeria	386 000	2 910	467 000	3 904	-17.34%
97	Tokio Marine Egypt Family Takaful	L	Egypt	42 291	2 612	42 293	2 529	0.00%
98	Medgulf Insurance	NL	Egypt	33 876	2 092	237 617	14 210	-85.74%
99	LLOYD VIE ⁽³⁾	L	Tunisia	5 019	1 852	-	-	-
100	Export Credit Guarantee Company	NL	Egypt	25 497	1 575	9 011	539	182.95%
101	United Insurance ⁽⁴⁾	NL	Egypt	-	-	49 783	2 977	-

^* Evolution in local currency
^** Evolution in USD
⁽¹⁾ Merger of Atlanta with Sanad in 2020
⁽²⁾ Provisional 2020 figures for CTAMA
⁽³⁾ Lloyd Life started its activities in 2020
⁽⁴⁾United Insurance's license is suspended. The company did not comply with the capitalization requirements
C : Composite company (life and non-life), NL : Non-life company, L : Life company

Exchange rate 2019 :
as at 31/12 : Tunisia TND/USD : 0.35694 ; Algeria DZD/USD : 0.00836 ; Morocco MAD/USD : 0.10306
as at 30/06 : Egypt EGP/USD : 0.0598

Exchange rate 2020 :
as at 31 /12 : Tunisia TND/USD : 0.36898 ; Algeria DZD/USD : 0.00754 ; Morocco MAD/USD : 0.11102
as at 30/06 : Egypt EGP/USD : 0.06177