PBy activity, the consolidated Life turnover grew by 25% to 6.626 billion dirhams for the 2022 financial year, driven by the good performance of the Savings and provident insurance activity of all the subsidiaries, accentuated by the performance of the activity of the Morocco, says Wafa Assurance in a financial press release.
Consolidated Non-Life turnover amounted to more than 5 billion dirhams for the same period, up 11.8% compared to 2021, driven by the good performance achieved across all property and casualty branches in Morocco and abroad.
At the balance sheet level, the group’s technical provisions increased by 1.8% to 45 billion dirhams and consolidated investments fell by 3.9%, to 49.5 billion dirhams, in a falling stock market.
In the fourth quarter of 2022 alone, consolidated turnover recorded a sharp increase of 42% to 3.185 billion dirhams. Annual Non-Life activity was up by 9.8%, at 4.448 billion dirhams, resulting from the performance of all Non-life branches.
In addition, the annual Life turnover stood at 5.941 billion dirhams, an improvement of 18.7%, driven by the performance of Savings and the good performance of Protection.
Technical provisions net of reinsurance increased by 5.6% to MAD 38 billion as of December 31, 2022, while investments allocated to insurance operations amounted to MAD 38.7 billion, up by 2.1%.
