Wafa Assurance is the one large listed insurer on this site, and it behaves differently from the banks. This is a research profile (ticker WAA): who really controls it, how an insurer earns from both underwriting and investing, its FY2025 results, and the factors that move the share price.
Why investors follow it: Wafa Assurance is an insurer, not a bank, so it is one of the few ways to take listed exposure to Moroccan insurance. Its earnings come from two engines, underwriting and a large investment portfolio, which makes it partly geared to the MASI and to bond yields in a way the banks are not.
Wafa Assurance is Morocco's largest insurance group, active in life and non-life and distributing heavily through the Attijariwafa Bank network. For FY2025, published in March 2026, it reported gross written premiums above 15.2 billion MAD (up about 11%) and net income group share of about 1.03 billion MAD (up 11.2%), a record helped by consolidating newly acquired Egyptian operations. Control runs through the holding OGM, which owns about 79% of the capital and is itself shared 50/50 by Attijariwafa Bank and Al Mada.
Analysis basis: as of 24 July 2026. Sources: the FY2025 results release (about 16 March 2026) as relayed by Moroccan financial media, Wafa Assurance disclosures, and ACAPS and AMMC records. Some percentages are approximate; figures are reported values, not forecasts.
Résumé (FR) : Wafa Assurance est le premier assureur marocain (vie et non-vie), avec une forte distribution bancassurance via le réseau Attijariwafa Bank. Pour l'exercice 2025, les primes émises dépassent 15,2 milliards de dirhams (environ +11%) et le résultat net part du groupe atteint environ 1,03 milliard (+11,2%), un record aidé par la consolidation de filiales égyptiennes. Le contrôle passe par le holding OGM, détenteur d'environ 79% du capital et détenu à 50/50 par Attijariwafa Bank et Al Mada. Dividende proposé : 150 dirhams par action.
Wafa Assurance is Morocco's largest insurance group, active in both life and non-life insurance for retail and corporate clients, and a major bancassurance distributor through the Attijariwafa Bank branch network. Understanding it starts with a point that separates any insurer from a bank: it collects premiums up front and pays claims later, and in the meantime it invests the money. So an insurer earns from two engines. The first is underwriting, the profit or loss on the insurance itself, which depends on how premiums compare with claims and costs. The second is the investment portfolio, the returns on the large pool of assets it holds to back its policies. For Wafa Assurance that pool is very large, on the order of 48 billion MAD of investments backing insurance operations, which is why its results are partly geared to financial markets. The company is listed on the Bourse de Casablanca as WAA, with 3,500,000 shares, and is regulated prudentially by ACAPS, the insurance supervisor, while filing market disclosures with the AMMC.
The ownership is often described loosely, so it is worth stating precisely. Wafa Assurance is controlled through a holding company called OGM, which owns about 79.29% of the insurer. OGM is in turn co-owned 50/50 by Attijariwafa Bank and Al Mada, an arrangement in place since 2016. The correct description of control is therefore joint, exercised by the bank and the holding together through OGM, rather than Attijariwafa Bank being the sole controlling shareholder, which is how it is sometimes summarised. The residual, roughly 20%, sits outside OGM and can be treated as the approximate free float, though the exact publicly traded portion should be confirmed against the latest reference document. The link to Attijariwafa Bank is not only ownership: the bank's branch network is a core distribution channel for Wafa's life-savings products, which ties the insurer's premium flows to the bank's retail reach.
The drivers differ from a bank's. The first is premium growth in the two segments: life, which is heavily savings and bancassurance linked, and non-life, covering motor, health and corporate risks. In FY2025 non-life grew faster (up about 13.9%) than life (up about 8.6%). The second is underwriting profitability and the claims cycle: a benign claims year lifts the non-life technical result, while claims inflation or a bad catastrophe year compresses it. The third, and the one that most distinguishes an insurer, is the investment portfolio. Wafa's large book is directly exposed to the MASI equity market, where mark-to-market gains and losses flow through, and to Moroccan bond yields, where a falling policy rate and Treasury curve support the fixed-income book while rising yields mark it down. That is why the stat bar above pairs the MASI with the Moroccan 10-year yield: together they are a live read on the two market forces acting on Wafa's assets. The fourth driver is African expansion, which adds premium and, over time, earnings, but also integration and currency risk.
Wafa Assurance published FY2025 results in mid-March 2026, and it was a record year for premiums. Gross written premiums crossed 15.2 billion MAD, up about 10.9%, split roughly 8.36 billion in life and 6.87 billion in non-life. Net income group share was about 1.03 billion MAD, up 11.2% from 923 million in 2024, and the parent-only net income was about 943 million, up 20%. The technical results improved on both sides, with the non-life technical result about 428 million MAD and the life technical result about 734 million. Group shareholders' equity rose about 19% to roughly 14.96 billion MAD. The FY2025 figures were boosted in the fourth quarter by the first-time consolidation of newly acquired Egyptian subsidiaries. Two lines a careful reader would want but that were not clearly disclosed in the coverage are the combined ratio and a discrete investment-income figure, so they are left out here rather than estimated; both are worth reading from the company's full financial report.
Wafa Assurance pays a high nominal dividend per share, reflecting its high share price. The figures below are per share; the FY2025 figure is a Board proposal.
| Financial year | Dividend / share (MAD) | Note |
|---|---|---|
| FY2021 | 120.00 | declared distribution |
| FY2022 | 130.00 | paid Jun 2023 |
| FY2023 | 140.00 | declared distribution |
| FY2024 | 140.00 | AGM May 2025 |
| FY2025 | 150.00 | proposed, AGM convened 19 May 2026 |
Source: Moroccan financial media and Casablanca exchange records. The FY2024 payout ratio was reported around 62%. The FY2025 figure is a proposal pending the general meeting.
The first risk is the underwriting cycle: motor and health pricing pressure, or claims inflation, can push the non-life result down. The second is catastrophe and large-claims volatility, since non-life earnings swing with the frequency and severity of claims. The third, and the one most specific to an insurer, is investment-portfolio mark-to-market: with a large equity and bond book, both earnings and equity are exposed to a MASI drawdown and to rising yields marking down the fixed-income holdings. The fourth is regulation, as Morocco moves toward a risk-based solvency regime under ACAPS that makes required capital more sensitive to asset risk and could affect dividend capacity. Finally there is African and Egyptian integration and FX risk from the newly acquired operations, and a general dependence on the Moroccan market and the Attijariwafa Bank distribution relationship.
Wafa Assurance is the exchange's clearest insurance exposure, and the key to reading it is remembering that it earns from two engines. FY2025 was a record on premiums and profit, helped by the Egyptian consolidation, but the durable point is structural: because the investment book is so large, Wafa is partly a geared play on the MASI and on Moroccan bond yields, on top of the underwriting cycle. For a reader, the discipline is to read both the technical results (the underwriting) and the market backdrop (equities and yields) when judging a period, to treat the corrected ownership through OGM as the accurate picture, and to look for the combined ratio and investment income in the full report. None of this is a recommendation; it is how to read what the group discloses.
Company facts and figures are drawn from Wafa Assurance's FY2025 results (about 16 March 2026) as reported by Moroccan financial media (Boursenews, L'Economiste, Atlas Magazine, EcoActu) and the group's financial report; the reported ISIN is MA0000010928. Market context, including the MASI and the Moroccan 10-year yield, comes from Dalil's market feed. The delayed WAA price comes from the Drahmi feed and may be up to about 90 minutes old.
Wafa Assurance is supervised prudentially by ACAPS and files market disclosures with the AMMC. Results are published semiannually (H1) and annually. Where a figure could not be confirmed from a reliable source it has been left out rather than estimated, including the combined ratio, a discrete investment-income line and the exact free float; the ownership description was corrected to joint control through OGM. How figures are validated is described in the methodology, and any revision is logged in the corrections log. Facts last reviewed 2026-07-24.