The contribution of the subsidiaries in the consolidated turnover increased in 2021 to 14.1% against 12.5% ​​in 2020. The insurer recorded a consolidated turnover of more than 9.78 billion DH , up 7.8% at the end of 2021.

The Wafa Assurance group has just unveiled its results for the end of the 2021 financial year. We note that the activity of the insurance company is progressing thanks in particular to the performance of the Life branch and the good performance of the branch. Unlife. The insurer closed the year 2021 with a net income Group share (RNPG) Wafa of 424 million dirhams at the end of December 2021, down 6.4% compared to the same period a year earlier.

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It should be noted that this change is explained by the return of “Non-Life” claims to historic levels after the drop recorded in 2020 linked to the effects of confinement and the increase in “Life” claims. “Since 2019, we have seen that the measures that have been taken to stem the phenomenon of fraud at the sector level and at the level of Wafa Assurance have started to bear fruit on the reduction of claims”, explained Arroub Ramsès, CEO of the Wafa Assurance group. The top management also indicates that the consolidated turnover reached more than 9.78 billion DH, up 7.8%, driven by the growth of activity in Morocco and the good performance of the Life subsidiaries in l ‘international.

“Indeed, the contribution of the subsidiaries to the consolidated turnover increased in 2021 to 14.1% against 12.5% ​​in 2020. As regards shareholders’ equity, group share, they amounted to 9.195 billion dirhams as of December 31, against 8.206 billion dirhams in 2020 and increased by 12%, under the effect of the strengthening of latent capital gains on the group’s financial assets”, specified Meriem Benkhayat, Executive Director of the Division. Finance and Group Strategy.

Note that the turnover amounted to 9.089 billion DH in 2021, up 8.5% compared to 2020. In detail, the Life activity reached 5.005 billion DH , up +14.5%, driven by growth in the Savings business with the continued development of unit-linked products and the performance of Personal Protection products.

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For its part, the Non-Life business grew by 2% to MAD 4.084 billion, driven by the performance of the business insurance market. In addition, Wafa Assurance launched its subsidiary dedicated to Takaful insurance last February. This is a high-potential market in which the insurance company intends to position itself. Baptized Wafa Takaful, this 100% subsidiary of Wafa Assurance thus consolidates the status of universal insurer of the company, which now operates in nine markets.