Company: Wafa Assurance
Country: Morocco
Sector: Multi-Line Insurance
CEO: Boubker Jaï
Website: http://www.wafaassurance.ma
Careers Page: Not publicly listed
LinkedIn: https://www.linkedin.com/company/wafa-assurance/
Email: Not publicly listed
Headquarters: Casablanca, Morocco
Founded: 1972
Valuation/Revenue: $1.47bn market value (African Business Top 250, 2025); MAD 17,507m market cap on Casablanca Stock Exchange (Casablanca Bourse/African Markets, 2025)
Wafa Assurance is Morocco’s largest insurance company, offering life and non-life coverage to individuals and businesses, and operates as the insurance arm of Attijariwafa Bank, the biggest banking group in the Maghreb. It is listed on the Casablanca Stock Exchange and, through subsidiaries and joint ventures, has expanded into Tunisia, Senegal, Ivory Coast, Cameroon and, since 2025, Egypt.
What Does Wafa Assurance Do?
Wafa Assurance underwrites life insurance (savings, retirement and protection products) and non-life insurance (auto, home, health and corporate risk cover) for individual and corporate clients across Morocco. It also runs a dedicated assistance subsidiary, Wafa IMA Assistance, created in 2011 in partnership with France’s Inter Mutuelles Assistance, which provides roadside, travel and medical assistance services. The company distributes largely through Attijariwafa Bank’s extensive branch network as well as its own agency force, a bancassurance model that gives it a significant scale advantage over standalone Moroccan insurers.
Is Wafa Assurance Legit?
Yes. Wafa Assurance is a long-established, publicly listed insurer regulated by Morocco’s insurance authority (ACAPS) and has traded on the Casablanca Stock Exchange since 1998. It publishes audited annual accounts, pays regular dividends to shareholders, and is majority owned by Attijariwafa Bank, one of Africa’s largest banking groups. There is no indication it is a shell company or informal operator; it is one of the most closely tracked stocks on the Moroccan market.
How Big Is Wafa Assurance?
According to African Business magazine’s Top 250 companies in Africa list for 2025, Wafa Assurance carried a market value of roughly $1.47 billion, and Casablanca Stock Exchange data puts its market capitalisation at around MAD 17.5 billion in 2025. The insurer has historically generated several billion dirhams in annual premium income, drawing on both its dominant domestic bancassurance channel and its growing pan-African life and non-life operations. Its scale makes it one of the largest insurers by market capitalisation not just in Morocco but across the African continent.
Who Owns Wafa Assurance?
Attijariwafa Bank controls Wafa Assurance with an indirect stake of approximately 79.3%, held through its holding vehicle OGM, with the remaining shares publicly traded on the Casablanca Stock Exchange. Attijariwafa Bank itself is anchored by Al Mada (formerly SNI/ONA), the large Moroccan investment holding company historically linked to the royal family’s business interests, giving Wafa Assurance a stable, strategically-oriented shareholder base rather than a dispersed retail float.
Who Is the CEO of Wafa Assurance?
Boubker Jaï has served as Chairman and Chief Executive Officer of Wafa Assurance since May 2023. He previously headed Attijariwafa Bank itself, and his move to lead the group’s insurance subsidiary reflects the close integration between the bank and its insurance arm. Badreddine Belghiti serves as Deputy Managing Director under Jaï.
What Has Wafa Assurance Been in the News For Recently?
Wafa Assurance has been on an acquisitive growth path outside Morocco. In November 2025 it completed the acquisition of a controlling 63.4% stake in Delta Insurance, a publicly listed Egyptian insurer, marking a significant expansion into North Africa’s largest insurance market. In 2026 it also moved to acquire certain non-life insurance assets from Allianz Maroc, further consolidating its position in the competitive Moroccan non-life segment. These deals continue a longer pattern of regional expansion that has already given Wafa Assurance operating subsidiaries in Tunisia (under the Attijari Assurance brand since 2012), Senegal, Ivory Coast (since 2016) and Cameroon (since 2015).
How Does Wafa Assurance Compare to Its Competitors?
Within Morocco, Wafa Assurance’s main rivals include RMA (backed by Al Mada/Finance.com), Saham Assurance (now part of Sanlam), and Axa Assurance Maroc, along with smaller players such as Allianz Maroc, part of whose book Wafa has been absorbing. Its bancassurance distribution through Attijariwafa Bank’s branch network gives it a structural edge in customer acquisition that pure-play insurers without an affiliated bank find hard to match, helping explain its position as Morocco’s largest insurer by most measures.
Is Wafa Assurance Publicly Traded?
Yes. Wafa Assurance has traded on the Casablanca Stock Exchange under the ticker WAA since 1998, and its shares are among the more actively followed insurance stocks on the exchange given the company’s size and dividend history.
Links
Website: http://www.wafaassurance.ma
Careers Page: Not found
LinkedIn: https://www.linkedin.com/company/wafa-assurance/
Email: Not publicly listed
FAQ
Is Wafa Assurance legit? Yes, it is a publicly listed, regulated Moroccan insurer and the insurance subsidiary of Attijariwafa Bank.
Who owns Wafa Assurance? Attijariwafa Bank holds approximately 79.3% through its OGM holding vehicle, with the rest publicly traded.
Who is the CEO of Wafa Assurance? Boubker Jaï, Chairman and CEO since May 2023.
How big is Wafa Assurance? Roughly $1.47 billion in market value per African Business’s 2025 Top 250 ranking, with a Casablanca Stock Exchange market cap of about MAD 17.5 billion.
When was Wafa Assurance founded? 1972, originally as Société Nouvelle d’Assurances, rebranded Wafa Assurance in 1989.
Where is Wafa Assurance headquartered? Casablanca, Morocco.