Wafa Assurance is set to significantly expand its footprint in Morocco’s insurance landscape with a strategic acquisition from Allianz Maroc. The deal involves the purchase of 31 directly managed branches and 25 contracts with independent general agents, all part of Allianz Maroc’s existing distribution network.
This acquisition marks a key step in Wafa Assurance’s efforts to broaden its reach across the country and boost its sales capacity in the non-life insurance segment. All the assets included in the transaction are tied specifically to the distribution of non-life insurance products, reflecting a focused strategy to strengthen Wafa’s presence in this competitive market.
Until now, these branches and contracts were under the control of Allianz Maroc, a Casablanca-based subsidiary of Sanlam Allianz Africa Proprietary Limited—a joint venture between South African giants Sanlam and Allianz. The sale follows through on commitments made by these parent companies after Morocco’s Competition Council issued a ruling in January, effectively requiring certain divestments as part of the joint venture’s regulatory approval.
By taking over this network, Wafa Assurance aims to reinforce its territorial coverage and gain access to new client bases through both physical locations and agent partnerships. With a registered capital of 350 million dirhams, Wafa Assurance—also headquartered in Casablanca—offers both life and non-life insurance products, as well as assistance services.
Allianz Maroc, the selling party, has a capital of 147 million dirhams and operates in similar sectors, offering a range of insurance products across life and non-life categories. The move signals a shift in the competitive dynamics of Morocco’s insurance sector, as Wafa Assurance consolidates its position through targeted growth.
