Wafa Assurance net income group share (RNPG) stood at 554 million dirhams (MDH) for the first six months of this year, up 47.4% compared to the end of June 2021.
This result is driven by the improvement of the technical and financial indicators of Wafa Assurance Morocco and the increase in the profitability of the subsidiaries abroad, indicates the insurance company in a financial press release.
As of June 30, 2022, the Wafa Assurance Group achieved a consolidated turnover (CA) of more than 5.89 billion dirhams (MMDH), up 7.7% driven by the performance of the activity in Morocco and internationally, adds the same source.
In “Life”, the consolidated turnover amounted to 2.99 billion dirhams, up 7.7% driven by the good dynamics of activity in Morocco and the good performance of international activity. In “Non-life”, the consolidated turnover reached 2.904 billion dirhams, up 7.6% from the performance achieved in all the “Property” branches in Morocco and abroad.
For their part, consolidated equity stood at 8.56 billion dirhams, down 6.9% due to the drop in the level of unrealized capital gains recognized in equity under IFRS (International financial reporting standards) in a bearish stock market background.
In social terms, the company’s net income for the first half of 2022 amounted to 456 million dirhams, up 26%. The “Life” result amounted to 246 MDH, up 43.9% following the improvement in claims, and the “Non-Life” result reached 349 MDH, an improvement of 50.1%.
Half-year turnover amounted to 5.35 billion dirhams, up 1.8%. “Life” turnover was almost stable compared to H1-2021 at 2.77 billion dirhams (-0.9%) driven by the dynamics in personal protection which mitigated the decline in savings activity. “Non-Life” turnover reached 2.577 billion dirhams, up 4.9% compared to 2021.