Moroccan insurance broker AFMA said it recorded higher revenue and lower net debt in 2025, as it expanded its client base and increased investment.
The group’s consolidated revenue reached 317m dirhams in 2025, up 11% from 286m dirhams a year earlier.
Revenue at its parent company, AFMA SA, rose 10% to 264m dirhams, compared with 241m dirhams in 2024. The company said growth was driven by new clients and the expansion of existing accounts.
In the fourth quarter alone, consolidated revenue stood at 80m dirhams, up from 74m dirhams in the same period in 2024. Parent company revenue rose to 64m dirhams from 62m dirhams a year earlier.
The group increased total investments, including financial stakes, to 26m dirhams in 2025, compared with 16m dirhams the previous year.
Despite higher investment, consolidated net financial debt fell to 7m dirhams at the end of December 2025, down from 11m dirhams a year earlier.
During the year, AFMA raised its stake in SAFE ASSUR from 51% to 100%. The company is now fully consolidated in the group’s accounts.
AFMA said the results reflect the strength of its business model and its position in Morocco’s insurance brokerage market.
