As of September 30, 2024, Wafa Assurance reported improved financial results despite a temporary downturn in the third quarter caused by non-recurring factors. The group’s consolidated revenue reached 9.909 billion dirhams, marking a 2.7% increase compared to the same period in 2023. This growth was driven by the strong performance of its Non-Life and Provident segments, both domestically and internationally.
The rise in consolidated revenue was largely attributed to the solid contributions of the Non-Life and Provident lines, alongside the sustained growth of its African subsidiaries. On a standalone basis, Wafa Assurance’s revenue amounted to 8.728 billion dirhams, up by 2.5%, driven by the same key factors.
In the third quarter of 2024, however, consolidated revenue dropped by 9.9% to 2.809 billion dirhams, with domestic revenue falling by 8.4% to 2.583 billion dirhams. These declines were due to one-time premium contributions in the Savings segment recorded in Q3 2023. Despite this temporary setback, the continued strength of the Non-Life and Provident businesses ensured overall growth.
The group’s consolidated technical reserves rose by 9.3% to 51.8 billion dirhams, reflecting prudent and robust management practices. Consolidated investments increased significantly by 12.4%, reaching 59.4 billion dirhams.
On a standalone level, net reinsurance technical reserves grew by 6.3% to 42.8 billion dirhams. Meanwhile, investments allocated to insurance operations rose by 8.5%, totaling 44.4 billion dirhams.
The consolidation scope, encompassing Wafa Assurance and its African subsidiaries, remained unchanged in Q3 2024, underscoring the group’s operational stability.
Despite the Q3 challenges, Wafa Assurance’s solid performance in Non-Life and Provident segments highlights its resilience and its ability to maintain steady growth in a competitive market.
