Moroccan insurer’s net profits surge 47%

Moroccan insurer Wafa Assurance SA’s net profits jumped 47% year-on-year to 554 million Moroccan dirham ($52.2 million) in the first half of the year due to improved technical results amid a decline in life insurance claims, and higher profitability of overseas subsidiaries, Middle East Insurance Review reported. The insurer’s nonlife insurance unit recorded a 7.6% year-on-year increase in turnover to MAD2.9 billion.