The Systemic Risk Coordination and Monitoring Committee (CCSRS) has said that the insurance sector continued its growth momentum against a generally favourable economic backdrop.
In a media statement released after a committee meeting on 7 July, CCSRS said, “In terms of profitability, the sector generated a net profit of MAD5.3bn in 2025, up by 21.4%, mainly supported by the strong performance of investment income. This favourable trend enabled the return on equity (ROE) to reach 11.1%, its highest level in the past 10 years.
“As of the end of 2025, the sector's revenue had reached MAD63.2bn ($6.8bn), representing an increase of 7.5%, driven by both the life insurance branch (+8.4%) and the non-life insurance branch (+6.6%). The life insurance segment, in particular, confirmed the renewed momentum that began the previous year, supported by the strong performance of savings-related business, with premium collections increasing by 8.9%.”
Capital gains
Following the strong performance of the financial markets, unrealised capital gains increased significantly, reaching MAD62.5bn. As a result, the ratio of unrealised capital gains to invested assets rose to 23.8%, also a historic high, driven mainly by strong gains in the stock market.
The marked improvement in unrealised capital gains and profitability strengthened the sector's solvency margin, with the regulatory solvency ratio increasing by 54.7 percentage points to 409.4%. Furthermore, stress test exercises indicate that insurance companies remain broadly resilient to adverse macroeconomic and technical conditions.
Pension sector
Public-sector pension schemes continue to face structural imbalances, and their long-term sustainability has not improved significantly. CCSRS said, “In this context, a comprehensive reform of the pension system, based on the establishment of two separate public and private pillars, remains essential to introduce balanced pricing, eliminate a large portion of unfunded liabilities, and ensure the long-term financial sustainability of the pension schemes.”
Economy
CCSRS also said that the global economy showed a degree of resilience in 2025, supported by strong domestic demand and accommodative monetary policies. However, the growing macro-financial vulnerabilities—driven in particular by geopolitical tensions and high levels of indebtedness—continue to weigh on the global economic outlook. Against this backdrop, Morocco's economy recorded a notable improvement in growth, supported by favourable weather conditions and the strong performance of many non-agricultural sectors. Economic growth increased from 4.4% in 2024 to 4.9% in 2025 and, according to Bank Al-Maghrib's projections, is expected to accelerate to 5.2% in 2026 before slowing to 3.1% in 2027, assuming an average cereal harvest.
Inflation remained subdued at 0.8% in 2025, compared with 0.9% the previous year, and is projected to reach 1.5% in 2026 and 2.1% in 2027. CCSRS is chaired by the Governor of the central bank—Bank Al-Maghrib— and comprises representatives of the Moroccan Capital Market Authority (AMMC), including its Chairman, the Insurance and Social Welfare Supervisory Authority (ACAPS), including its Chairman, and the Ministry of Economy and Finance (MEF), represented by the Director of the Treasury and External Finance.