Wafa Assurance: appreciation of the Non-life segment

Wafa Assurance posted a slight decline in its turnover for the first quarter of 2022. Indeed, as part of its financial communication, the company announces that it has reached a turnover of 2.818 billion dirhams, thus showing a slight drop of 2.9% compared to the same period of the previous year. In detail, the turnover of the Life segment amounted to 1.126 billion dirhams, down 11.9% “due to the decline in the Savings segment which absorbs the good dynamics of the Provident business”, notes Wafa Assurance.

For its part, non-life turnover stood at 1.692 billion dirhams, up 4.3% compared to the 1st quarter of 2021, driven by the performance of personal and business insurance.

On a consolidated basis under IFRS, the Wafa Assurance group achieved a turnover of 3.117 billion dirhams for the 1st quarter of 2022, down 2.8%. In Life, consolidated turnover amounted to 1.2 billion dirhams, down 14.4%, impacted by the decline in activity in Morocco. In Non-life, the consolidated turnover amounts to 1,917 MDH, up 6.2%, driven by the performance of the activity in Morocco and abroad.

As for technical provisions net of reinsurance, they amounted to 36.3 billion dirhams (+4%). Investments allocated to insurance operations, meanwhile, amounted to 38 billion dirhams (+5.7%). Wafa Assurance also notes that on a consolidated basis, technical provisions amounted to 44.7 billion dirhams (+8%), while investments amounted to 51 billion dirhams (+5.9%).

Sanae Raqui / ECO Inspirations

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