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Wafa Assurance’s turnover increases by 3.1%

The overall turnover of Wafa Assurance, a subsidiary of Attijariwafa Bank Group, amounted to MAD 4.65 billion for the first half of 2019, up 3.1% compared to the same period from the previous year.

By division, non-life sales in H1-2019 amounted to 2.39 billion dirhams, a sharp increase of 13.3%, thanks to good performances in the commercial insurance market as well as in the retail market, said a statement from the insurance company, noting that non-life sales in the second quarter amounted to 750 million dirhams, an increase of 11.5%.

For its part, Life turnover in Q2-2019 was down 9% to 1.22 billion dirhams due to the fall in savings that absorbs the good momentum of the products via bancassurance, explains the same source , noting that this downward trend impacted the turnover of this branch under H1-2019 which amounted to 2.26 billion dirhams, down 5.8%.

Thus, the overall turnover for the second quarter of 2019 depreciated by 2.2% to 1.97 billion dirhams, notes Wafa Assurance, noting that at the balance sheet level, the net technical reinsurance reserves increase by 9.2 % to MAD 30.6 billion.

In addition, investments allocated to insurance operations also increased significantly by 9.5% to 31.9 billion dirhams.

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