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AFMA Consolidates Insurance Brokerage Leadership with 8% Revenue Surge to MAD 191 Million in H1 2026
Morocco's leading insurance brokerage group AFMA reported consolidated revenue of MAD 191 million for the first half of 2026, an 8% year-on-year increase. The parent company AFMA SA contributed MAD 162 million, also up 8%, as the group continued to strengthen its market position. With net financial debt showing a surplus of MAD 8 million and investments reaching MAD 2.2 million, AFMA demonstrates solid financial health ahead of its September dividend distribution of MAD 62 million.
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AFMA Delivers Strong H1 2026 Performance
Morocco's premier insurance brokerage group AFMA has once again demonstrated its market dominance, reporting a consolidated revenue of MAD 191 million for the first half of 2026. This represents an 8% increase compared to the same period in 2025, driven by the group's unwavering commitment to service quality and a robust commercial expansion strategy.
Parent Company Mirrors Group Growth
AFMA SA, the parent entity, delivered an equally impressive performance with revenue of MAD 162 million, also registering an 8% year-on-year growth. This consistent performance across both the group and parent company levels underscores the operational efficiency and strategic alignment within the organization.
Financial Health and Investment Activity
During the first half of 2026, the group invested MAD 2.2 million in capital expenditures. Notably, the group's net financial debt stood at -MAD 8 million at the end of June, indicating a surplus rather than a debt burden. This figure includes the MAD 62 million dividend for the 2025 fiscal year, scheduled for distribution in September 2026.
Stable Consolidation Scope
The consolidation perimeter remained unchanged during the period, ensuring a like-for-like comparison that validates the organic nature of this growth. AFMA's ability to consistently grow its top line while maintaining a debt-free balance sheet positions it as a reference player in the Moroccan insurance brokerage sector.
Key Takeaways:
- Consolidated revenue reached MAD 191 million, up 8% year-on-year
- Parent company AFMA SA generated MAD 162 million, an 8% increase
- Net financial debt shows a surplus of MAD 8 million
- MAD 62 million dividend scheduled for September 2026
- Investments totaled MAD 2.2 million during the period