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Wafa Assurance Accelerates 2025 Growth Thanks to New Egyptian Delta Subsidiaries

Wafa Assurance Group posted a solid 10.9% rise in gross written premiums for 2025, reaching MAD 15.226 billion. The boost came from strong domestic performance and the addition of the Delta Insurance subsidiaries in Egypt during the fourth quarter. In Morocco, the social turnover climbed 8.4% to MAD 12.738 billion, led by non‑life lines, while life and non‑life segments posted 5.8% and 14.6% premium growth respectively. Technical results, investments and the broadened consolidation scope underline the insurer’s expanding footprint across North Africa.

February 27th, 2026
2 min read
By boursenews.ma

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2025 Financial Overview

For the fiscal year 2025, Wafa Assurance Group reported gross written premiums of 15,226 million MAD, a rise of 10.9% year‑on‑year, driven by strong performance both in Morocco and abroad. The acceleration was sparked by the integration of the Egyptian Delta subsidiaries in Q4 2025.

Domestic (Morocco) Figures

At the end of December 2025, the Moroccan arm generated a social turnover of 12,738 million MAD, up 8.4% YoY, primarily powered by the non‑life (damage) line.

Segment Breakdown

  • Life insurance: premiums reached 6,059 million MAD (+5.8%), supported by growth in savings portfolios and strong performance of protection products.
  • Non‑life insurance: premiums climbed to 9,167 million MAD (+14.6%), benefitting from robust auto and corporate business and the contribution of African subsidiaries.

Quarter‑End Highlights (Q4 2025)

  • Consolidated premiums: 3,942 million MAD, +8.9% vs Q4 2024.
  • Technical and financial result: 100 million MAD, +12% YoY.
  • Invested assets: 67 billion MAD, +15.5%.

Expanded Consolidation Scope

In Q4 2025 the group’s consolidation perimeter widened to include:

  • Delta Insurance Company (Egypt) – life & non‑life (35% stake).
  • Delta Life Insurance (Egypt) – 100% life business.
  • Wafa Life Insurance (Egypt) – licensing pending in 2025.
  • Wafa Real Estate Investment (Morocco) – newly created in 2025.

Social Indicators

  • Non‑life turnover: 9,585 million MAD (+12%).
  • Life turnover: 3,153 million MAD (+0.9%).
  • Q4 2025 Moroccan turnover: 3,519 million MAD, +10.9% YoY.
  • Technical & financial result (social): 94 million MAD, +4.1%.
  • Investments (social): 53 billion MAD, +12%.

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