afa Assurance announced on November 11 that it has signed an agreement with the Saham group to acquire 99.98% of the capital of La Marocaine Vie.
Operating on the Moroccan market since 1978, La Marocaine Vie specializes in personal insurance, from protection and health cover to savings and supplementary pensions. It wrote 2.5 billion dirhams in gross premiums in 2025.
A subsidiary of Al Mada and Attijariwafa bank, Wafa Assurance wrote 15.2 billion dirhams in consolidated gross premiums the same year, across seven African countries. The deal will strengthen its position in life insurance, savings and protection in Morocco.
Alongside it, the insurer has signed a long-term bancassurance partnership with Saham Bank, under which the bank’s customers will keep buying their insurance in its branches and will be offered new products designed jointly.
The press release does not give the price of the transaction. For La Marocaine Vie policyholders and Saham Bank customers alike, contracts, guarantees and terms will stay unchanged.
The deal will be notified to the Competition Council, and its completion remains subject to approval by the Insurance and Social Welfare Supervisory Authority, ACAPS.
Photo: Bertrand SOUBEYRAND, CC BY-SA 4.0.
