(Ecofin Agency) - Moroccan insurance group Wafa Assurance has begun to recover after a decline that started in 2020 and continued in the first quarter of 2021. The subsidiary of investment fund Al Mada reported revenues of MAD5.2 billion ($569 million) in H1 2021, up 11.9% YoY.
The company’s life business grew by 19% YoY thanks to savings and pension products while the non-life business generated MAD2.4 billion, up 4.8% YoY. The impetus in the non-life segment was supported by the strong activity on the commercial insurance market.
With the pandemic outbreak, Wafa Assurance which used to control 18.5% of the sector's market share in 2020, ended Q1 2021 with a 2.3% decline in revenues. The company’s overall revenue in 2020 was down 5.4%, and its net income was down 37.7% due to the pandemic.
The recovery bodes well but let’s note that the company has not yet reached its pre-Covid-19 level.