In 2021, Wafa Assurance’s turnover reaches a new level and stands at MAD 9.08 billion, up +8.5% compared to 2020.
The Life business amounted to 5 billion dirhams, up by +14.5% driven by the growth of the Savings business with the continued development of unit-linked products and the performance of Provident products.
Non-Life activity increased by +2.0%, to MAD 4.08 billion, driven by the performance of the business insurance market.
The net result stands at 536 MDH, up 32.6% compared to 2020 and stands at 83% of the net result achieved as of December 31, 2019, due to the improvement in technical indicators and the recovery of the financial markets. .
The Life result stands at 421 MDH, down 4.9% following the increase in claims.
The Non-Life result stands at 188 MDH, down 28.1%, marked by the return of claims to higher levels than in 2020, the year of the pandemic, and by the recovery of the financial markets.
Moreover, taking into account the improvement in the non-technical result, the company’s net result for 2021 stands at 536 million dirhams, up 32.6%. The ROE thus stands at 9.5%.
Equity amounted to 6,168 MDH, up 3.1%.
In view of the results recorded and the company’s outlook, the Board of Directors decides to propose to the Ordinary General Meeting, convened for May 11, 2022 at 11:00 a.m., the distribution for the 2021 financial year, of a dividend of 120 dirhams per share.
Consolidated results
Consolidated turnover for the 2021 financial year stands at MAD 9.78 billion, up 7.8% driven by the growth of activity in Morocco and the good performance of Life subsidiaries internationally.
The contribution of the subsidiaries to consolidated revenue will increase in 2021 to 14.1% vs 12.5% in 2020.
Net income for the 2021 financial year stands at 424 MDH vs 453 MDH in 2020, down 6.4% under the effect of the return of Non-Life claims to historical levels after the drop recorded in 2020 linked to the effects of confinement and the increase in Life claims.
Equity group share amounted to MAD 9.19 billion as of December 31, 2021 vs. 8.20 billion dirhams in 2020 and increased by 12% under the effect of the strengthening of latent capital gains on the group’s financial assets.
Wafa Assurance thus confirms its leadership and the solidity of its fundamentals, and continues to develop its activities. The Board of Directors congratulates the Wafa Assurance teams as well as the partner networks for the results achieved for 2021.
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