Casablanca – Allianz Maroc has achieved significant milestones in the first half of 2024, surpassing the milestone of $103.1 million in revenue for the first time. The company reported a remarkable growth of 21%, which is three times the average market growth, driven by strong performances in both its Non-Life and Life insurance sectors.
The Non-Life segment experienced a solid increase of 16%, reaching $85.2 million, while the Life insurance sector surged by an impressive 53%, totaling $18.3 million. This exceptional development has been attributed to the robust growth in the Corporate insurance branch, which saw a 23% increase, and a solid 16% rise in automotive insurance.
Allianz Maroc has also introduced innovative services and products, enhancing its offerings to customers. This focus on innovation was recognized at the second edition of the Moroccan Insurance Awards, highlighting the company’s commitment to improving transparency and customer experience across various insurance branches, including Health, Work Accident, Fire, Miscellaneous Risks, and Automotive insurance.
In terms of financial performance, Allianz Maroc reported a net profit of $5.9 million, marking an increase of $3.4 million compared to the same period last year. This impressive growth reflects the company’s effective risk selection policy and operational excellence, supported by a significant improvement in investment results that benefitted from favorable market conditions.
With over 70 years of presence in Morocco and operating under the umbrella of Allianz, a global insurance leader, the company continues to solidify its market position and expand its reach. As part of the joint venture SanlamAllianz, which operates in 27 African countries, Allianz Maroc is well-positioned to capitalize on the growing demand for non-banking financial services in the region.
