The Moroccan insurance sector has generated a net profit of MAD3.1bn ($312.5m) in the first half of 2024, 3% higher compared to the corresponding half in 2023, according to data from the Insurance and Social Welfare Supervisory Authority (ACAPS). This performance was due to improved technical results.
While the direct insurance market saw a net profit of MAD3bn, representing an increase of 8%, the national reinsurer Société Centrale de Réassurance (SCR) reported a 59.7% drop in its net profit to MAD88.8m.
In the first half of 2024, the sector's turnover increased by 5.1%, reaching MAD32.1bn. Life insurance returned to growth (+5.1%) with premiums reaching MAD13.8 bn, mainly driven by savings business (+5.7%; MAD11.4bn).
The non-life business grew by 5%, with premiums of MAD18.3bn, mainly fuelled by the automobile branch (+5.6%; MAD8.7bn) and personal accident insurance (+5.5%,; MAD2.9bn). Fire insurance premiums, which rose by 7.4% to MAD1.8bn, also contributed to the growth of the non-life segment.
The mix of activities remained stable, with life insurance representing 42.9% of total turnover in 1H2024, compared to 57.1% for non-life.
On the reinsurance side, premiums accepted increased by 4.9% to MAD2.9bn, of which non-life reinsurance accounted for MAD2.8bn.
The net technical result jumped by 20.4% year on year to MAD4bn in 1H2024. However, the non-technical results, comprising mainly investment income, showed a loss of MAD31.9 m, contrasting with profits of MAD405.9m in 1H2023.