Stocks Market
Casablanca Insurance Sector: Premium Growth Outpaces Profitability
The first-half earnings season confirms that listed insurance companies in Casablanca are experiencing robust growth in premium income, albeit with slower profit gains. While Wafa Assurance, Sanlam Maroc, AtlantaSanad, and AGMA reported increased revenues and profits, their performance varied, reflecting differing operational efficiencies and market dynamics. The Casablanca Stock Exchange's insurance index, which had shown strong annual gains, recently faced a correction, though sectoral activity remains positive year-to-date.
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Marchés
Jean 24 September 2026
Casablanca Insurance Sector: Premium Growth Outpaces Profitability
The first-half earnings season confirms that listed insurance companies in Casablanca are experiencing robust growth in premium income, albeit with slower profit gains. While the sector maintains an overall positive annual performance, it has ceded some of the ground gained in the first half, with trajectories varying across individual stocks.
Industry-Wide Growth Amid Profit Divergence
Wafa Assurance, AtlantaSanad, Sanlam Maroc, and AGMA reported semiannual profit growth, while AFMA displayed a revenue increase. However, these common trends mask significant differences in how commercial momentum translates into financial results.
Strong Demand from the Life Insurance Segment
The life insurance branch has been the primary driver of growth. Wafa Assurance, for example, saw premiums reaching 10.03 billion dirhams (DH) in the first half, up 27.2%. Life insurance premiums surged 41.9% to 5.47 billion DH, while non-life premiums rose 8.3% to 4.56 billion DH.
Net profit under IFRS standards rose 9.8% to 760 million DH, bolstered by sustained domestic performance and increased contributions from international subsidiaries, particularly in Egypt, consolidated since Q4 2025.
In contrast, traditional accounting shows a wider gap: revenue grew 25.4% to 8.30 billion DH, while net profit increased merely 2.7% to 606 million DH, driven by financial income. IFRS-assurance revenue, separate from issued premiums, rose 14.9% to 5.01 billion DH.