Morocco’s insurance Wafa Assurance says its first-half profits fell by 25 percent

Wafa Assurance, Morocco’s largest insurance company, announced on Wednesday, 15th of August, that its profits are expected to fall by 25 percent in the first half of 2018, compared to the same period last year, reported Reuters Africa.

The company believes that the drop is linked to insurance-related losses. According to Wafa Assurance’s estimates «profits would be about 400 million dirhams as its insurance losses hit 240 million dirhams» during the first half of the current year, added the British news agency.

The insurer revealed that the losses skyrocketed because of the humble performance of the car insurance business, without giving further details.

Wafa’s shares at the Casablanca stock exchange have dropped to 10 percent due to the last changes.

For the record, Attijariwafa Bank owns 50 percent of Wafa Assurance’s shares while the rest belongs to the royal holding SNI, renamed Al Mada in March.