Wafa Assurance: A slow first quarter

On a consolidated basis under IFRS, the Wafa Assurance Group achieved a turnover of 3.11 billion dirhams for the 1st quarter of 2022, down 2.8%, the company said in a press release on its quarterly results. The Life turnover amounts to 1.12 billion DH, down by 11.9% due to the drop in savings which absorbs the good dynamics of the provident business, while the consolidated turnover amounts to 1.2 MAD billion, still down 14.4% impacted by the drop in turnover in Morocco.

In addition, Non-Life turnover recorded an increase of 4.3% compared to the 1st quarter of 2021 to MAD 1.7 billion, driven mainly by the performance of personal and business insurance. The consolidated turnover of this branch amounts to 1.9 billion dirhams, up 6.2% driven by the performance of the activity in Morocco and abroad.

Technical provisions net of reinsurance amounted to 36.3 billion dirhams, up 4%, and investments allocated to insurance operations amounted to 38 billion dirhams, up 5.7%. On a consolidated basis, technical provisions amounted to 44.7 billion DH, up 8%, while investments amounted to 51 billion DH, up 5.9%.

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