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PERFORMANCE : Wafa Insurance Records 10.8 % Increase 2023 1st Half

According to the statistics made public by the financial institution, its performance has increased from 346.6 billion FCFA on June 30, 2022 to 394.1 billion FCFA a year later, an increase of 10.8 %.

In the 1st half of 2023, the insurance subsidiary of the Moroccan group Attijariwafa bank achieved a turnover of 394.1 billion FCFA. We note an increase of 10.8 %, compared to the 346.6 billion FCFA consolidated on June 30, 2022. Indeed, an upward trend could be assigned to the Oufouq 2018 plan, initiated by Wafa Insurance in early 2016. The said program outlines the development and growth objectives of the insurance company in the sense that it constitutes a major asset in the development strategy of its African subsidiaries (Cameroon, Tunisia Senegal, Ivory Coast), while investing in new economically attractive areas.

For their part, Wafa Insurance’s financial investments consolidated in the 1st half of 2023 reached 3,027.8 billion FCFA, an increase of 1.6 %. At the same time in 2022, they are estimated at 2,979.3 billion FCFA. Moreover, the consolidated technical provisions increase by 2 % to USD 4.6 billion, or CFA 2,785.5 billion as of June 30, 2023.

In the report consulted by the editorial staff, the insurer does not give the performance of its African subsidiaries. But we remember that in Cameroon, Wafa Insurance has been practicing in the life branch since 2015, the year of obtaining its accreditation. In July 2016, it starts its activities in an operational way in the city of Douala. In January 2017, the activity began to expand throughout Cameroon. The year 2018 saw the consolidation of the activity with the increase in the equipment rate of SCB Cameroon customers in terms of savings and pension products.

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Thanks to its positive results in 2019, Wafa Life Insurance Cameroon proceeded in the same year to increase its capital, from 1 billion to 3.5 billion FCFA, an increase of 2.5 billion FCFA. With the Merger-Absorption operation of Pro Assur Vie by Wafa, its capital increases to 4.5 billion FCFA two years later (2021). In 2022, the Cameroonian insurer ended the year with a turnover of 6.2 billion FCFA. At that time, he controlled 2.46 % of the market shares behind Activa Vie, which recorded 3.76 % and Sunu Vie 3.19%. Acam Life, the last in the ranking with a little more than 2 billion premiums is preceded by Saar Life 2.39 %, Sonam Life 1.29 %, Sanlam Life 1.26 % and Nsia Life 1.16 %.

With a little more than 87 billion FCFA, life insurance companies weigh in 2022, 34.40 % of the turnover of Cameroonian companies, or 253.1 billion FCFA.
According to the Asac data, the German Allianz occupies the leading position in the life branch with a turnover of 25.4 billion FCFA, up by 21.42 % and controls 10.05 % of the market shares. He is followed by the British Prudential Life 20.3 billion FCFA with whom he shares more than half of the turnover in 2022.

As for the non-life segment, insurance companies weigh 65.60% in the overall turnover with a little more than 166 billion FCFA in premiums. The 2022 ranking of ANV companies makes it known that Axa insurance consolidates its hegemony at the head of the market with a TURNOVER of 22.3 billion FCFA. Controlling 8.84 % of the ANV’s market shares, we note the 3.93 % increase in its turnover compared to the 21.5 billion recorded in 2021.

Sorelle Ninguem

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