Morocco: Insurance industry records strong 21.4% rise in net income in 2025
Source: Middle East Insurance Review | Sep 2026
The Moroccan insurance industry posted a combined net income of MAD5.3bn ($566m) in 2025, which represents a jump of 21.4% over 2024, as the sector benefitted from the strong performance of the financial market, according to the 2025 Annual Financial Stability Report.
Overall, the insurance sector improved its ROE by 1.5 points to 11.1% in 2025, the highest level observed over the last 10 years.
These results are compared with a combined net profit of MAD4.4bn in 2024, 2.9% higher than 2023’s MAD4.2bn, says the report, released by the Insurance and Social Welfare Supervisory Authority (ACAPS); the central bank, Bank Al-Maghrib, and the Moroccan Capital Market Authority (AMMC).
Life
The life branch posted a net technical result of MAD1.7bn, up by 49.6%. This performance was driven primarily by the death insurance segment, which achieved a technical result of MAD1.4bn, an increase of 17.6%. This line of business continued to benefit from a favourable technical margin (+15.8%), supplemented by a positive contribution from investment results (+24.7%). Meanwhile, the savings business generated a technical result of MAD231.5m, bolstered chiefly by investment returns amid strong financial market performance.
Non-life
The non-life branch, as the sector’s primary profit contributor, generated a net technical result of MAD4.9bn, representing a 25.7% increase over the previous financial year. This growth was propelled primarily by investment performance, with investment income reaching MAD5.6bn (+41.5%). This expansion comfortably offset a decline in the gross operating margin—which fell to MAD2.2bn (-10.5%) due to an elevated loss ratio—and helped mitigate the unfavourable net performance in the reinsurance business, which was a loss of MAD2.9bn to the detriment of ceding companies. M