Live Wafa Assurance share price on the Bourse de Casablanca. WAA is Morocco's largest insurance group across life, non-life, and assistance lines, controlled by Attijariwafa Bank and ultimately by the Al Mada group. The stock is a meaningful weight in the MASI insurance segment and behaves very differently from the listed banks.
Cours de l'action Wafa Assurance en direct. WAA est le premier groupe d'assurance marocain en vie, non-vie et assistance, contrôlé par Attijariwafa Bank et le groupe Al Mada. Composante notable du MASI, dont le profil de risque diffère sensiblement de celui des banques cotées.
Wafa Assurance est la première compagnie d'assurance marocaine, née de la fusion progressive des activités d'assurance autour du groupe Wafa puis du groupe Attijariwafa Bank. La compagnie opère sur les trois grandes branches du marché: vie (épargne et prévoyance), non-vie (auto, habitation, santé, responsabilité civile, transport) et assistance. Le groupe Attijariwafa Bank est l'actionnaire de contrôle, ce qui fait remonter Wafa Assurance à l'actionnariat de référence du groupe Al Mada (ex-SNI), holding de la famille royale.
Wafa Assurance is Morocco's leading insurance company, formed through the progressive integration of insurance activities first within the Wafa group and then within the Attijariwafa Bank group. The company operates across the three major lines of business: life (savings and protection), non-life (auto, household, health, liability, transport), and assistance. Attijariwafa Bank is the controlling shareholder, which traces Wafa Assurance up to the Al Mada (formerly SNI) reference shareholder, the royal family's holding company.
Pour une compagnie d'assurance, l'indicateur clé n'est pas le PNB d'une banque, mais le ratio combiné (combined ratio): la somme du taux de sinistralité et du taux de frais, exprimée en pourcentage des primes. Un ratio inférieur à 100% signifie que la compagnie gagne de l'argent sur l'activité pure d'assurance avant même les revenus de placement. Le cycle de souscription — alternance de périodes molles et tendues sur les prix de l'assurance — est le premier moteur de la rentabilité technique de WAA.
For an insurance company, the key indicator is not a bank's PNB but the combined ratio: claims ratio plus expense ratio, expressed as a percentage of premiums. A combined ratio below 100% means the company earns money on the pure underwriting activity before any investment income. The underwriting cycle — the alternation of soft and hard markets in insurance pricing — is the first driver of WAA's technical profitability.
L'autre moteur principal est le portefeuille de placements. Une compagnie d'assurance vie investit massivement les primes collectées en obligations souveraines (Bons du Trésor) et en actifs générant des revenus financiers stables. Les taux directeurs de Bank Al-Maghrib et la pente de la courbe des taux marocaine influencent donc directement le rendement du portefeuille de WAA. Une baisse des taux longs comprime le rendement réinvesti; une hausse l'améliore avec un décalage temporel.
The other primary driver is the investment portfolio. A life-insurance company invests collected premiums heavily in sovereign bonds (Bons du Trésor) and other assets generating stable financial income. The Bank Al-Maghrib key rate and the slope of the Moroccan yield curve therefore directly affect WAA's portfolio yield. Falling long rates compress the reinvestment yield; rising long rates improve it with a lag.
Les événements exceptionnels — sécheresses, inondations, épisodes climatiques extrêmes, mais aussi crises sanitaires — peuvent affecter la branche non-vie de WAA. Le séisme d'Al Haouz en septembre 2023 a illustré ce risque pour le secteur de l'assurance marocain. La réassurance partage une partie du risque, mais la part nette qui revient à l'assureur direct affecte le ratio combiné de l'exercice.
Exceptional events — droughts, floods, extreme weather, public-health crises — can hit WAA's non-life book. The September 2023 Al Haouz earthquake highlighted this risk for the Moroccan insurance sector. Reinsurance shares part of the burden, but the net retained share flows directly into the year's combined ratio.
The Moroccan insurance sector is supervised by the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS), an institutional separate from the AMMC (which supervises the listed-equity dimension). ACAPS publishes annual sector statistics and solvency reporting; Wafa Assurance is one of a handful of large players, alongside Sanlam Maroc (formerly Saham), Atlanta Sanad, and others. Insurance penetration in Morocco — premiums as a percentage of GDP — sits well below European levels, which both reflects the development stage of the market and frames the long-term growth thesis.
Within the listed insurance segment of the MASI, WAA is the largest by capitalisation. Sanlam Maroc and Atlanta Sanad provide alternative listed exposures with different geographic and product mixes. The differences between insurance valuation and bank or telecom valuation are substantial: an insurance company is fundamentally a long-duration capital pool with an underwriting business attached, and the analytical framework reflects that.
WAA is the cleanest listed exposure on the Casablanca Stock Exchange to two structural Moroccan stories: rising insurance penetration over time, and the savings-product role of life insurance in a country with a growing middle class. The underwriting franchise is the largest in the country; the investment portfolio is sizeable enough that movements in the Moroccan bond curve and the BAM key rate flow visibly through the financial-income line of the income statement.
The stock behaves quite differently from the listed banks despite sharing some of the same macro inputs. Banks are levered to credit growth; an insurer is levered to the underwriting cycle and the slope of the yield curve. A portfolio that holds only banks for financial-sector exposure is missing the insurance dimension; the article on how to build a portfolio in Morocco covers this distinction in detail.
Each half-year report from WAA discloses gross written premiums by line of business, the combined ratio (claims plus expenses), the financial-income line from the investment portfolio, and net income. The breakdown between life and non-life matters because the two have very different durations: life is long-tail and dominated by investment-portfolio dynamics; non-life is shorter-tail and dominated by the underwriting cycle.
Dalil's stock-page automation captures only the consolidated group-share headline figures. Combined-ratio detail, life-versus-non-life splits, hedging gains, and any non-recurring items affecting a specific period are best read from the original WAA filing on the AMMC website. Insurance-specific solvency disclosures (Solvency II analogue ratios) are reported separately by ACAPS.
The price card shows WAA's last traded price, delayed 15–30 minutes via the Drahmi feed. The amber INDICATIVE chip appears when the upstream is unavailable or after market hours, in which case the displayed value is a recent reference rather than today's intraday price. The stat bar provides the most relevant comparison points: MASI for the broader market, ATW (parent company) for the group reference, the BAM key rate, and the Moroccan 10-year yield, which sets the reinvestment context for the life insurance portfolio.
For an insurance company, the headline number is gross written premiums; the next number to read is the combined ratio (technical profitability before investment income); the third is the investment-portfolio yield. ROE and net income are still relevant but interpreted differently than for a bank. The article on what ROE means for Moroccan stocks includes a section on why ROE behaves differently for insurers; the article on comparing two Moroccan stocks explains why a bank-versus-insurer ratio comparison without sector adjustment is a category error.
AMMC - ammc.ma (WAA filings, listing approvals, regulatory disclosures)
ACAPS (Autorité de Contrôle des Assurances et de la Prévoyance Sociale) - acaps.ma (sector statistics, prudential supervision)
Bourse des Valeurs de Casablanca - casablanca-bourse.com (market data, MASI methodology)
Bank Al-Maghrib - bkam.ma (key rate, monetary policy reports, Moroccan yield curve)
Wafa Assurance investor relations - half-year and annual financial reports
Live WAA price on Dalil refreshes every 15–30 minutes through the Drahmi feed.