Wafa Assurance to Acquire 99.98% of La Marocaine Vie

Moroccan insurer Wafa Assurance has signed an agreement to acquire 99.98% of La Marocaine Vie's capital, strengthening its position in Morocco's life insurance and savings market. The acquisition, announced on November 11, brings together two established players in Morocco's insurance industry. La Marocaine Vie, operating in Morocco since 1978, specializes in personal insurance, offering health, savings, retirement, and financial protection products for individuals and businesses.

The transaction represents an opportunity for Wafa Assurance to expand its life insurance portfolio and build on its investment capacity and sector expertise. Wafa Assurance plans to support La Marocaine Vie's development through new insurance products and technological investments aimed at improving services for policyholders. The acquisition also reflects a broader shift in the relationship between insurance providers and banking institutions, with the two sectors increasingly working together to offer customers financial and protection services through a single network.

Alongside the acquisition agreement, Wafa Assurance and Saham Bank have entered into a long-term bancassurance partnership. The partnership will allow Saham Bank to continue distributing insurance products through its branch network, while relying on Wafa Assurance's expertise in the sector. The two institutions also plan to develop new products jointly to respond to customers' financial protection and savings needs.

The partnership allows Saham Bank to concentrate on its core banking activities while maintaining insurance services as part of its customer offering. For bank customers, this means they will continue to access insurance products directly through Saham Bank branches, without having to seek a separate provider. Existing policyholders will see no immediate changes, with La Marocaine Vie policyholders retaining their current contracts, guarantees, and conditions.

The companies stressed that the transaction will not affect existing customers or their contractual arrangements. Customers will not need to take any administrative steps as a result of the proposed acquisition, with existing arrangements remaining in place before and after the transaction is completed. This continuity is particularly relevant for life insurance and long-term savings products, which often involve commitments extending over several years.

The acquisition awaits regulatory approval, with the transaction to be notified to Morocco's Competition Council and subject to approval from the Insurance and Social Welfare Supervisory Authority (ACAPS). Until the necessary authorizations are secured and the transaction is completed, Wafa Assurance and La Marocaine Vie will continue operating under their existing arrangements. The companies will issue a further announcement once the acquisition reaches completion.

Wafa Assurance, founded in 1972, is a subsidiary of Al Mada and Attijariwafa Bank Group, operating in seven African countries and reporting MAD 15.2 billion ($1.56 billion) in consolidated gross written premiums in 2025. La Marocaine Vie recorded MAD 2.5 billion ($256.7 million) in gross written premiums in 2025, with a portfolio covering health insurance, financial protection, savings, supplementary retirement plans, and tailored group insurance solutions for businesses.

Key points

• Wafa Assurance to acquire 99.98% of La Marocaine Vie, expanding its presence in Morocco's life insurance and savings market.
• The acquisition includes a long-term bancassurance partnership with Saham Bank to distribute insurance products through its branch network.
• The transaction awaits regulatory approval from Morocco's Competition Council and the Insurance and Social Welfare Supervisory Authority (ACAPS).