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Wafa Assurance: Achieving a turnover of 8.5 billion dirhams by the end of September 2022

The company Wafa Assurance achieved a consolidated turnover (CA) of more than 8.45 billion dirhams (MMDH) at the end of September 2022, an increase of 12.1% compared to the same period of the previous year.

In life, consolidated revenue at the end of September amounted to 4.41 billion dirhams, an increase of 13.4%, mainly explained by the growth of activity in Morocco, the company notes in a press release on its financial results.

In non-life insurance, the cumulative consolidated revenue was 4.03 billion dirhams, an increase of 10.7% compared to the results obtained in all property and non-life divisions in Morocco and abroad, the same source adds.

For the third quarter of 2022, Wafa Assurance achieved a consolidated revenue under IFRS of 2.56 billion dirhams, an increase of 23.8%.

Regarding the group’s underwriting provisions, they amounted to 45 billion dirhams at the end of September, an increase of 3.2%, and investments amounted to 50.5 billion dirhams, a decrease of 1.5%.

In terms of technical provisions after reinsurance, they amounted to 37.3 billion dirhams per year. September 30, 2022, an increase of 4.6%, while investments allocated to insurance activities amounted to 38.7 billion dirhams at the end of the year. same date, up 2.8%, notes the same source.

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