Wafa Assurance
A Moroccan insurance group providing life, non-life, assistance, and related insurance services to individual and corporate customers.
Last updated August 22, 2026
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Overview
Wafa Assurance is a Moroccan insurance company headquartered in Casablanca and controlled by Attijariwafa Bank, itself part of the Al Mada holding group. Established in 1972 as Société Nouvelle d’Assurances, the company initially built its business by taking over the local portfolios of Saint Paul Fire and Norwich Union. It adopted the Wafa Assurance name in 1989, reflecting its integration into the Wafabank financial environment. Following the 2003 merger of Banque Commerciale du Maroc and Wafabank, Wafa Assurance became the insurance subsidiary of the newly formed Attijariwafa Bank. The company operates across both life and non-life insurance. Its activities serve individuals, businesses, institutions, and corporate clients, with offerings spanning life protection and savings, property coverage, motor and other casualty lines, health-related protection, and assistance services. This broad product range gives the company a position spanning retail insurance, bancassurance, and commercial risk protection rather than a narrow specialist role. Its relationship with Attijariwafa Bank also supports distribution through a wider financial-services ecosystem, although Wafa Assurance remains an insurance business with its own regulated operations. Wafa Assurance expanded beyond Morocco during the 2010s through subsidiaries and partnerships in several francophone African markets. It obtained authorization for a life-insurance subsidiary in Cameroon in 2015 and received approval to operate in Côte d’Ivoire in 2016, where it subsequently launched separate life and non-life subsidiaries. The group also operates in Senegal through life and non-life entities and has maintained a Tunisian presence since 2012 through Attijari Assurance. In 2011, it established Wafa IMA Assistance in partnership with Inter Mutuelles Assistance, extending the group into roadside, travel, and other assistance-related services. The company is publicly listed in Morocco under the WAA ticker. Ownership information cited in reference material identifies OGM, owned by Attijariwafa Bank, as holding 79.29%, with the remaining 20.71% held by other shareholders. In May 2023, Boubker Jai, formerly chief executive officer of Attijariwafa Bank, was appointed chief executive officer of Wafa Assurance and also chaired its board. The group’s stated development has therefore combined domestic insurance leadership, bank-linked distribution, geographic expansion in Africa, and selective growth in adjacent insurance and assistance activities.
History
Wafa Assurance was founded in Morocco in 1972 under the name Société Nouvelle d’Assurances, or SNA. Soon after its creation, it expanded its portfolio base by taking over the local operations of Saint Paul Fire and Norwich Union. These early transactions gave the young insurer an established book of business and helped it develop beyond a newly formed domestic operation. In 1989, SNA changed its name to Wafa Assurance. The rebranding reflected the company’s integration into the Wafabank environment and tied its insurance identity more closely to the banking group that would later become one of Morocco’s largest financial institutions. This period established the foundations for a bancassurance model in which insurance products could be distributed alongside banking services. A major corporate turning point came in 2003, when Banque Commerciale du Maroc and Wafabank merged. Wafa Assurance consequently became the insurance subsidiary of Attijariwafa Bank, the financial group created through that combination. The company is also associated with Al Mada, the wider holding group. Its ownership structure has included OGM, an entity owned by Attijariwafa Bank, as the controlling shareholder, while a minority portion has remained with other shareholders through the public market. The company’s business has developed across life and non-life insurance. Life activities include protection and savings-oriented products, while non-life activities include motor, property, casualty, health, and commercial coverage. Wafa Assurance serves both individuals and organizations, allowing it to participate in retail insurance, corporate risk transfer, and bank-linked distribution. In 2011, it created Wafa IMA Assistance in partnership with Inter Mutuelles Assistance. The subsidiary broadened the group’s service perimeter into assistance activities associated with travel, vehicles, and other customer-support needs. Regional expansion became more visible during the 2010s. Wafa Assurance had a presence in Tunisia from 2012 through the Attijari Assurance subsidiary. In Cameroon, it obtained regulatory approval for Wafa Assurance Vie Cameroun on 8 July 2015. In February 2016, the company received approval to operate in Côte d’Ivoire, and in November of that year it formally launched Wafa Assurance Vie Côte d’Ivoire and Wafa Assurance Côte d’Ivoire. The group also operates in Senegal through separate life and non-life subsidiaries, extending its model into additional West African markets. Leadership changed in May 2023 when the board appointed Boubker Jai, formerly chief executive officer of Attijariwafa Bank, as chief executive officer of Wafa Assurance. Reference material further reports that in 2025 the company acquired a 63.4% stake in Delta Insurance, a publicly listed insurer based in Egypt. The same material reports a 2026 acquisition of part of Allianz Maroc’s assets; because that event is dated beyond the current reference point, it should be independently verified before being treated as completed corporate history. Today, Wafa Assurance is positioned as a Moroccan insurance group with a diversified product base, strong affiliation with Attijariwafa Bank, a public listing in Morocco, and operations or investments extending into several African markets.
- 2025
Reported acquisition of Delta Insurance stake
[1]Reference material reports the acquisition of a 63.4% stake in Egyptian listed insurer Delta Insurance.
- 2023
Boubker Jai appointed chief executive
[1]The board appoints former Attijariwafa Bank chief executive Boubker Jai as Wafa Assurance’s chief executive officer.
- 2016
Côte d’Ivoire expansion
[1]The group receives authorization in Côte d’Ivoire and launches life and non-life subsidiaries later that year.
- 2015
Cameroon authorization
[1]Regulators authorize the group’s Wafa Assurance Vie Cameroun subsidiary.
- 2012
Entry into Tunisia
[1]Wafa Assurance establishes a Tunisian presence through the Attijari Assurance subsidiary.
- 2011
Wafa IMA Assistance launched
[1]The company establishes an assistance subsidiary in partnership with Inter Mutuelles Assistance.
- 2003
Becomes Attijariwafa Bank’s insurance subsidiary
[1]The merger of Banque Commerciale du Maroc and Wafabank places Wafa Assurance within the newly formed Attijariwafa Bank group.
- 1989
Name changed to Wafa Assurance
[1]Société Nouvelle d’Assurances adopts the Wafa Assurance name following its integration into Wafabank.
- 1972
Société Nouvelle d’Assurances is founded
[1]The insurer is established in Morocco under the name Société Nouvelle d’Assurances, abbreviated SNA.
- 1972
Initial portfolio acquisitions
[1]Shortly after formation, the company takes over the Moroccan portfolios of Saint Paul Fire and Norwich Union.
Products and positioning
A leading Moroccan bancassurance-oriented insurer combining life and non-life coverage with regional expansion across African markets.
Life insurance
Life insurance
Wafa Assurance’s life business serves individual and institutional customers with protection and savings-oriented insurance. The segment forms one of the company’s two principal operating areas and is also represented through regional subsidiaries in markets such as Cameroon, Côte d’Ivoire, Senegal, and Tunisia.
Property and casualty insurance
Non-life insurance
The non-life business covers general insurance needs for individuals and companies. The portfolio includes motor, property, casualty, health-related, and commercial risk protection, giving the group exposure to both retail and corporate insurance demand in Morocco and selected African markets.
Assistance services · 2011
Wafa IMA Assistance
Wafa IMA Assistance is an assistance subsidiary created with Inter Mutuelles Assistance. It extends the group beyond conventional underwriting into customer-support services associated with insurance and emergency assistance, including vehicle- and travel-related assistance activities.
Brand decisions
2025
Reported acquisition of Delta Insurance stakeM&ABackground
Reference material describes a move to expand Wafa Assurance’s presence in Egypt.
Action taken
Wafa Assurance reportedly acquired a 63.4% stake in publicly listed Delta Insurance.
Aftermath
The reported transaction would increase the group’s exposure to the Egyptian insurance market; transaction details require verification from primary corporate or regulatory sources.
2016
Expansion into Côte d’IvoireStrategyBackground
The group continued its regional expansion across African insurance markets.
Action taken
After receiving regulatory approval, Wafa Assurance launched separate life and non-life subsidiaries in Côte d’Ivoire.
Aftermath
The expansion established a broader operating base in West Africa.
2011
Creation of an assistance subsidiaryStrategyBackground
Wafa Assurance sought to broaden its insurance ecosystem beyond underwriting and claims by entering assistance services.
Action taken
The company launched Wafa IMA Assistance in partnership with Inter Mutuelles Assistance.
Aftermath
The move added assistance capabilities to Wafa Assurance’s life and non-life insurance platform.
Recent events
- 2025
Wafa Assurance expands through an Egyptian insurance acquisition[1]
M&A
Reference material reports that Wafa Assurance acquired a 63.4% stake in Delta Insurance, a publicly listed Egyptian insurance company.
- 2023
Wafa Assurance appoints Boubker Jai as chief executive[1]
Leadership change
The board appointed Boubker Jai, a former chief executive of Attijariwafa Bank, as chief executive officer of Wafa Assurance.
- 2016
Wafa Assurance obtains authorization in Côte d’Ivoire[1]
Other
The group received regulatory approval to operate in Côte d’Ivoire and later launched life and non-life subsidiaries there.
- 2016
Wafa Assurance launches Ivorian subsidiaries[1]
Product launch
Wafa Assurance Vie Côte d’Ivoire and Wafa Assurance Côte d’Ivoire began operations as the group’s local life and non-life platforms.
Sources3 sources
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