Reuters
by Aziz el Yaakoubi
Morocco’s biggest insurer, Wafa Assurances on Tuesday reported a profit of 479 million dirhams ($49.36 million) in the first half of 2015, unchanged from the same period a year earlier.
The company said revenues rose 6.4 percent to 3.4 billion dirhams, including a 10.7 percent rise in life insurance to 1.6 billion dirhams and a 3 percent rise in its non-life business to 1.8 billion.
Life insurance operating profit rose 6.7 pct to 215 million dirhams, while non-life operating profit jumped 26 pct to 456 million.
But the rise in operating profit was swallowed up by one-off financial charges and rising tax dues, Wafa Assurances said in a statement without elaborating.
The company’s shares did not trade on Tuesday after the results were published. ($1 = 9.7050 Moroccan dirham) (Reporting by Aziz el Yaakoubi. Editing by Jane Merriman)
