Higher earnings … Lower dividends?
In line with our expectations, Wafa Insurance ended FY16 with a 14.2% improvement in revenues to MAD7314m, driven by its two main activities. Life and Non-life segments showed an increase of 18.1% and 9.6% to reach MAD4043m and MAD3271m respectively. According to the management, the growth in the Non-Life segment has been driven by individuals and professionals more than by corporations, due to the increased competition in the corporate market. The Moroccan insurer posted a net profit of MAD841m in 2016 (vs.
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