Morocco: Wafa Assurance reports 1H profit of US$50 mln
Source: Middle East Insurance Review | Oct 2015
Morocco’s biggest insurer, Wafa Assurance, has reported a profit of MAD479 million (US$49.6 million) in the first half of 2015, unchanged from the same period a year earlier, reported Reuters.
The company’s revenues rose by 6.4% to MAD3.4 billion, including a 10.7% increase in life premiums to MAD1.6 billion and a 3% rise in its non-life business to MAD1.8 billion.
Operating profit in the life segment rose by 6.7% to MAD215 million, while non-life operating profit jumped 26% to MAD456 million.
However, the rise in operating profit was offset by one-off financial charges and rising tax dues, Wafa Assurance said in a statement without elaborating.
Wafa Assurance has a market share of 21%.
MAD1 = US$0.10