The Chairman and CEO of Wafa Assurance, Mr. Ramsès Arroub
The management of Wafa Assurance, headed by Mr. Mohamed Ramses Arroub, CEO, received the press this Wednesday, March 15 for the presentation of annual results which the group welcomes. Indeed, Wafa Assurance is strengthening its positioning in all of its branches, and is posting globally positive indicators.
In terms of consolidated results, turnover for the 2022 financial year stands at 11,639 MDH, up 18.9% driven by the good momentum in Morocco and the growth of international subsidiaries. Consolidated Life turnover amounted to 6,626 million dirhams, up 25% following the good performance of the Savings and Provident business. Consolidated Non-Life turnover amounted to 5,013 MDH, an increase of 11.8% resulting from the performance achieved in all the Property and Casualty branches in Morocco and abroad. NIGS for the 2022 financial year stands at 776 MDH vs 424 MDH in 2021, up 83.0% under the effect of the improvement in claims in Life (Wafa’s life portfolio having been exposed to an increase in mortality during the covid period), the good performance of technical and recurring financial indicators in Non-Life. As for the contribution of the subsidiaries to these figures, Wafa IMA Assurance posted a turnover of 344 MDH (+22.2%) and an NR of 41 MDH (+38%). In North Africa, the Tunisian subsidiary’s Life turnover fell by -15.6% to 112 MTND, due to a non-recurring element in 2021, according to management, with a RN Life increase of 23, 8% to 13.9 MTND, and the Egyptian branch, not yet consolidated, completed its first full year of operation with “satisfactory” results. For the rest of Africa, the Senegalese subsidiary saw its Life turnover stable at 222 MDH (+0.5%), and its RN Life increased by 53% to 12 MDH, while its non-life turnover exploded to 85 MDH (+64.7%), for an RN of 2 MDH. In Côte d’Ivoire, Life turnover reached 264 MDH (+13.4%), and RN Life 29 MDH (34.8%), while Non-Life turnover increased by 43.3% to 80 MDH, for a non-life NI of 0.46 million dirhams. Finally, in Cameroon, the subsidiary posted a Life turnover of 102 MDH (-4.6%) for a RN Life of 8 MDH (30.5%), and a Non-life turnover of 49 MDH (+15.9%) ) for a non-life NI of -11 MDH. There is a certain disparity between countries and subsidiaries, in a context of recent start-up of activities for some, but also a worsening of the geopolitical situation in Africa, which affects the markets. We also observe that their contributions remain at modest levels compared to the group, a sign of developing subsidiaries. This does not hinder the African ambitions of the Group, which already has an eye on Gabon, according to Mr. Arroub.
For their part, shareholders’ equity group share amounted to 8,057 MDH as of December 31, 2022 against 9,195 MDH in 2021, down 12.4% following the sharp decline in unrealized capital gains in a bearish stock market: “All of portfolio volatility was absorbed by equity,” Arroub explains.
At the social level, which therefore only takes into account the performance of Wafa Assurance in Morocco, turnover stands at 10,425 MDH, up 14.7% compared to 2021. It should be noted at this level the importance of the weight of Wafa Assurance compared to the group as a whole. The Life business amounted to 5,941 MDH, up 18.7% driven by the performance in Savings and the good performance of Provident. Non-Life activity increased by 9.8%, to 4,484 million dirhams, due to the performance of all Non-Life branches. The social net result stands at 607 MDH, up 13.2% compared to 2021 following the improvement of technical indicators and recurring financial. Life earnings amounted to 457 million dirhams, up 8.7% following the development of activity and the improvement in claims. It should be noted at this level that the loss ratio of the auto branch, which deteriorated slightly, was largely offset by all of the other branches, explains management. The Non-Life result amounted to 157 MDH, down 16.8%, impacted by the fall in the financial markets mitigated by the improvement in the recurring financial result and the improvement in the overall loss experience. Company equity amounted to 6,356 MDH, up 3.0%.
In view of the results recorded and the outlook for the company, the Board of Directors has decided to propose to the OGM the distribution of a dividend of 130 dirhams per share.
Selim Benabdelkhalek
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