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Wafa Assurance Expands Its Footprint, Securing Approval to Operate in Gabon's Life Insurance Sector
In a strategic move aimed at extending its footprint across Africa, Wafa Assurance has secured approval to operate in the life insurance sector in Gabon. This milestone comes as a testament to the company's commitment to contributing to the economic development of the African continent.
On April 16, 2024, the Regional Commission for Insurance Control of the Inter-African Conference on Insurance Markets (CIMA) granted approval to Wafa Assurance Vie Gabon, a subsidiary of Wafa Assurance, to conduct life insurance business in the country.
This expansion aligns with Wafa Assurance's well-established presence in six other African nations, including Morocco, Côte d'Ivoire, Senegal, Cameroon, Tunisia, and Egypt. With an annual turnover approaching MAD 13 billion (approximately $1.3 billion), the insurance company is poised to reinforce its activities in the region and capitalize on the promising opportunities presented by the Gabonese market.
Equipped with a share capital of 5 billion CFA francs (approximately MAD 82 million), Wafa Assurance Vie Gabon aspires to play an active role in the development of the life insurance sector in the country. The company aims to offer a diverse range of life insurance products focused on savings and death benefits, catering to the varied needs of the Gabonese population. These products will be distributed through tailored channels to ensure maximum accessibility.
This expansion underscores Wafa Assurance's commitment to leveraging its expertise in service of Africa's economic progress. As a leading insurance provider in Africa (excluding South Africa) and by harnessing the synergies with the Attijariwafa Bank group, Wafa Assurance affirms its determination to actively contribute to the growth and financial stability of the African continent.
By establishing a presence in Gabon, Wafa Assurance solidifies its position as a prominent player in the African insurance landscape, offering innovative solutions and supporting the development of robust financial systems across the region.