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% to MAD 4.08 billion, driven by the performance of the business insurance market. For its part, 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 financial market recovery.
The Life result stands at 421 MDH, down 4.9% following the increase in claims. The Non-Life result amounted to 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.
Regarding the digitization of the insurance sector, Wafa Assurance announced the conclusion of a partnership between ACAPS and the International Finance Corporation aimed at defining strategic orientations promoting the acceleration of the digitization of the insurance sector in Morocco.
Indeed, the objective of this support is to assess the state of progress of digital in the insurance sector in Morocco, to provide a prospective vision of the impact of digital on this sector and to define a target vision and identify the structuring projects in order to propose a roadmap and a development plan.
Another highlight of 2021 for Wafa Assurance is the launch of the subsidiary Wafa Takaful, a multi-distributor operator serving participatory banks.
Wafa Takaful has been approved by the Insurance and Social Welfare Supervisory Authority (ACAPS) to carry out family takaful, investment takaful and general takaful insurance operations.
The activity will initially concern a range of three products, namely family protection through death cover, multi-risk cover for the property financed and the constitution of long-term savings to ensure additional income upon departure. retired. This range will be extended to meet the expectations of policyholders and partners.
Wafa Takaful thus aims to invest in the participatory market by ensuring a leadership role in Morocco in the medium and long term, to preempt innovation in Takaful insurance, and to be a multi-partner reference player.
The year 2020 marks for Wafa Assurance, the launch of the activity of Wafa Life Insurance in Egypt, on July 14, accompanied by the launch of the marketing of the range of savings products from September 2021.
The value proposition of Wafa Life Insurance in Egypt is centered on the protection and enhancement of health protection savings and Taamine Iktissadi inclusive insurance.
In this sense, the Egyptian subsidiary will use digital as a lever to ensure simplified routes and a high quality of service.
During 2020, Wafa Assurance adopted a “Phygital” distribution strategy announced at the National Convention of General Agents held in November 2021.
This so-called Phygital strategy, a contraction of physical and digital, consists of including General Agents in all the digital journeys developed by asking any prospect and any customer coming from the digital channel to choose a General Agent and, in the event of no response from the customer, to assign one to him while maintaining all the rights of the General Agent thus designated.
Through this distribution strategy, Wafa Assurance has decided to combine the strength of its network and its investments in digital technology and thus enable the General Agent to be included in the digital transformation of insurance, for the benefit of its customers and their policyholders.
In short, Wafa Assurance aims to be a universal insurer by being on the podium in each of its markets.