Wafa Assurance, Morocco's largest insurer, has reached an agreement with the Saham Group to acquire 99.98% of the capital of the life insurer La Marocaine Vie.
Under a separate bancassurance agreement concluded alongside the acquisition, Saham Bank will continue distributing insurance products through its branch network, with Wafa Assurance providing insurance expertise and jointly developing new products for the bank’s customers.
Wafa Assurance said in a statement that the acquisition would strengthen its position in life insurance, savings and personal protection. It has plans to invest in La Marocaine Vie’s operations, technology and product development.
La Marocaine Vie, a company operating in Morocco since 1978, was acquired by Societe Generale in 2001 and sold to the Saham Group in 2024. The life insurer is ranked the eighth-largest among all insurance companies in the country in terms of revenue in 2025.
Wafa Assurance, founded in 1972, is affiliated with the private holding company Al Mada, which is controlled by the royal family and holds a stake in Attijariwafa Bank, which is Morocco’s biggest bank and the parent of Wafa Assurance. The insurer operates across at least six African countries in both life and non-life insurance.
Existing La Vie Marocaine policyholders will face no changes to their contracts, coverage or terms following the acquisition.
The completion of the transaction is subject to notification by the Competition Authority and authorisation by the Insurance and Social Security Supervisory Authority.
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