• Wafa Assurance posted a group net income of MAD 692 million in H1 2025, up 0.7% year-on-year.
• Consolidated revenue rose 10.3% to MAD 7.88 billion, driven by strong life and savings operations abroad.
• Shareholders’ equity increased 13.8% to MAD 14.3 billion at end-June

Wafa Assurance, the insurance subsidiary of Moroccan investment holding Al Mada and Attijariwafa Bank, reported stronger results in the first half of 2025, boosted by its African subsidiaries. The group said on September 30 that net income attributable to shareholders stood at 692 million dirhams ($67 million) as of June 30, up 0.7% from a year earlier.

Consolidated revenue reached 7.88 billion dirhams, representing a 10.3% year-on-year increase. The company attributed this growth mainly to its international operations, particularly in life and savings products. Wafa Assurance operates in Morocco and several African markets, including Cameroon, Gabon, Côte d’Ivoire, Senegal, Tunisia and Egypt.

Gross written premiums mirrored the revenue trend, climbing 10.3% year-on-year to 7.88 billion dirhams. Both domestic and international businesses contributed, with non-life premiums rising 11% and life premiums increasing 9.5%.

In detail, non-life insurance generated social revenue of 3.57 billion dirhams, up 10.7%, supported by both corporate and retail clients. The unit’s profit surged 41.5% to 353 million dirhams.

Life insurance revenue reached 3.05 billion dirhams, up 4.5%, while profit advanced 36.8% to 391 million dirhams. Management cited stronger commercial momentum and favorable financial conditions.

Parallel to operational growth, Wafa Assurance reinforced its financial position. Group shareholders’ equity stood at 14.3 billion dirhams at end-June, a 13.8% increase compared with December 2024.

The company said it plans to expand into English-speaking Africa as part of its long-term international growth strategy.

This article was initially published in French by Sandrine Gaingne

Adapted in English by Ange Jason Quenum