Wafa Assurance Reports Strong H1 2026 Growth as Premiums Surpass 10 Billion Dirhams

Wafa Assurance has delivered a strong performance in the first half of 2026, demonstrating the resilience and growth potential of Morocco's insurance sector. The company's consolidated premiums reached 10.031 billion dirhams during the six-month period, representing a year-over-year increase of 27.2% compared to 7.883 billion dirhams in the same period of 2025.

Double-Digit Growth Driven by Life and Non-Life Segments

The impressive expansion was fueled by robust activity across both domestic Moroccan operations and the group's African subsidiaries. The Life insurance segment emerged as the primary growth engine, with premiums reaching 5.470 billion dirhams, up 41.9% year-over-year. This surge was predominantly attributed to significant inflows in savings products, which substantially boosted volumes throughout the semester.

The Non-Life insurance division also demonstrated solid momentum, posting premiums of 4.561 billion dirhams, a 13.3% increase. This growth reflected strong performance across all business lines, both in Morocco and internationally, confirming the balanced contribution of various business segments to the group's overall expansion.

Second Quarter Shows Mixed Signals

When examining the second quarter in isolation, group premiums totaled 3.631 billion dirhams, marking a more modest 2.8% increase compared to Q2 2025. This quarterly growth rate was notably lower than the overall semester performance, suggesting some moderation in momentum as the year progressed.

At the Moroccan entity level, Wafa Assurance Maroc posted revenues of 8.299 billion dirhams for the first semester, up 25.4% year-over-year. Within this, the Life segment generated 4.456 billion dirhams, advancing 46.0%, while Non-Life revenues reached 3.843 billion dirhams, growing 7.7%.

However, the second quarter alone revealed a slight contraction in domestic social activity, with Wafa Assurance Maroc's revenues declining 0.5% to 2.908 billion dirhams compared to Q2 2025. While this represents a limited pullback and doesn't undermine the strong semester-wide growth of 25.4%, it marks a noteworthy shift from the vigorous expansion seen earlier in the year.

Balance Sheet Strength Supports Commercial Expansion

The group's balance sheet indicators continued to strengthen alongside its commercial growth. As of June 30, 2026, consolidated investments stood at 71 billion dirhams, up 2.2% from year-end 2025. Consolidated technical provisions reached 56 billion dirhams, increasing 5.9% during the semester.

For Wafa Assurance Maroc specifically, investments allocated to insurance operations amounted to 49.9 billion dirhams, rising 4.1%. Net technical provisions after reinsurance totaled 50.2 billion dirhams, representing an 8.0% increase over the period.

Egyptian Subsidiaries Consolidation Effect

The group's consolidation scope, encompassing Wafa Assurance and its African subsidiaries, remained unchanged from December 31, 2025. However, the company noted that first-half 2026 results include contributions from its Egyptian subsidiaries, which have been consolidated since the fourth quarter of 2025, providing an additional growth driver.

Outlook and Key Monitoring Points

At the halfway mark of 2026, Wafa Assurance presents a profile of robust growth, primarily supported by strong performance in savings products, provident insurance, and steady Non-Life activity. The expansion of investments and technical provisions further reinforces the balance sheet support for business growth.

The main point of attention moving forward will be monitoring domestic revenue trends following the slight second-quarter decline. Overall, the insurer's diversified business model and strong African presence position it well for continued expansion, though maintaining momentum in the Moroccan market will be crucial for sustaining the year's strong start.