Wafa Assurance: achieving a turnover of 8.5 billion dirhams at the end of September 2022

Wafa Assurance company achieved consolidated revenue (CA) of more than 8.45 billion dirhams (MMDH) at the end of September 2022, up 12.1% from the same period of the previous year.

In life, consolidated revenues at the end of September amounted to 4.41 billion dirhams, up 13.4%, mainly explained by the growth of the business in Morocco, the company noted in a press release on its financial results.

In the non-life classes, cumulative consolidated revenues amounted to 4.03 billion dirhams, up 10.7% compared to the performance achieved in all non-life and non-life classes in Morocco and abroad, adds the same source.

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

As for the group’s technical reserves, at the end of September they amounted to 45 billion dirhams, up 3.2% and investments amounted to 50.5 billion dirhams, down 1.5%.

As regards the technical provisions net of reinsurance, they amounted to 37.3 billion dirhams as at 30 September 2022, up by 4.6%, while investments intended for insurance management amounted to 38.7 billion dirhams at the end of the year .at the same date, up 2.8%, notes the same source.

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