Thousands of insurance customers will see no immediate changes to their policies after Wafa Assurance agreed to buy almost all of La Marocaine Vie from Saham Group in a deal that will reshape the country’s insurance market. The agreement, signed in Casablanca on Wednesday, 11 November, will give Wafa Assurance a 99.98% stake in the life insurance company, which has operated in Morocco since 1978. The purchase price has not been disclosed.
The deal also includes a long-term partnership with Saham Bank, allowing customers to continue buying insurance products through the bank’s branches.
Both companies say existing customers will not need to take any action. Insurance contracts, coverage guarantees and conditions will remain unchanged, and customers will continue dealing with their usual contacts.
The transaction still needs approval from the Supervisory Authority of Insurance and Social Welfare (ACAPS). It will also be notified to the Competition Council before it can be completed.
Wafa Assurance and La Marocaine Vie will continue operating as usual until the deal is finalised.
The acquisition will strengthen Wafa Assurance’s position in life insurance, savings and personal protection products.
Wafa Assurance reported 15.2bn dirhams ($1.55bn) in gross written premiums in 2025 across its operations in seven African countries. La Marocaine Vie recorded 2.5bn dirhams ($255m) over the same period.
Together, their 2025 premiums amounted to 17.7bn dirhams ($1.80bn), based on the two companies’ reported figures. Adding La Marocaine Vie’s business would increase Wafa Assurance’s existing premium volume by about 16%.
Founded in 1972, Wafa Assurance is a subsidiary of Al Mada and Attijariwafa Bank, one of the largest banking and financial groups in the Maghreb and Africa.
The company operates in seven African markets: Morocco, Tunisia, Senegal, Ivory Coast, Cameroon, Gabon and Egypt. Its business covers both life and non-life insurance.
La Marocaine Vie has been active in the Moroccan market since 1978. It provides insurance covering personal protection, health, savings and retirement, as well as tailored group insurance for businesses.
The agreement separates insurance provision from the sale of insurance products through bank branches.
Wafa Assurance will take ownership of La Marocaine Vie, while Saham Bank will continue offering insurance solutions to its customers through its branch network.
The two companies will also develop new products together.
The arrangement is intended to allow Saham Bank to concentrate on banking while relying on Wafa Assurance’s insurance expertise.
For customers, this means they will still be able to access insurance products at their usual bank branches, with new offers expected to be developed by both partners.
The sale marks another shift in the strategy of Saham Group, founded in 1995 by businessman Moulay Hafid Elalamy.
The group previously built a major insurance business across Africa before selling its remaining stake in Saham Finances to South African insurer Sanlam in 2018 for about 10.3bn dirhams ($1.05bn), using the November 2026 exchange rate.
Saham returned to the Moroccan financial sector in 2024, when it agreed to pay €745m for Société Générale’s Moroccan banking and insurance operations. The deal was valued at approximately 8bn dirhams ($815m).
The acquisition included a 57.67% stake in Société Générale Marocaine de Banques, as well as direct and indirect holdings in La Marocaine Vie. The bank was later renamed Saham Bank.
The latest agreement will allow Saham to sell its insurance company while retaining a long-term role in distributing insurance products through its bank.
The deal comes as competition intensifies in a market where annual insurance premiums exceed 56bn dirhams ($5.70bn).
Morocco is Africa’s second-largest insurance market after South Africa and the biggest in the Arab world. Life insurance and savings products account for an estimated 45% to 48% of total premiums.
Wafa Assurance competes with several established insurers, including RMA, Sanlam Maroc, AXA Assurance Maroc, AtlantaSanad and Mutuelle Taamine Chaabi.
The acquisition is likely to strengthen Wafa Assurance’s position in life insurance and savings, although the Competition Council will examine the transaction’s potential impact on competition.
ACAPS must also approve the change in ownership to ensure that regulatory requirements and policyholder protections are maintained.
The acquisition price, La Marocaine Vie’s valuation and the potential impact on Wafa Assurance’s financial position have not been disclosed.
The deal’s completion date has not been announced. Both companies say they will communicate further details once the transaction is finalised.
