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Wafa Assurance
Founded in 1972, Wafa Assurance emerged as the insurance arm of Morocco's Attijariwafa bank group, with Chairman and CEO Boubker Jai leading the firm through...
Wafa Assurance
Founded in 1972, Wafa Assurance emerged as the insurance arm of Morocco's Attijariwafa bank group, with Chairman and CEO Boubker Jai leading the firm through its transformation into the country's dominant composite insurer. The ultimate reference shareholder is Al Mada, the royal holding company of Morocco, which exerts influence through the bank's board — Director Mohamed El Kettani chairs Attijariwafa bank and sits on Wafa Assurance's board, linking the insurer directly to the kingdom's largest private capital pool. Wafa Assurance's general account deploys across Moroccan government bonds, domestic corporate credit, and a direct real estate portfolio that includes its Casablanca headquarters on Boulevard Abdelmoumen and commercial properties in Tunis, Abidjan, and Douala. The investment posture reflects the classic bank-assurance model: premiums collected through Attijariwafa's branch network fund a liability-matching portfolio dominated by fixed income, with select direct property acquisitions in Francophone Africa serving as inflation hedges. The firm's placement portfolio (placements) is managed internally, with no publicly reported commitments to external private equity or venture capital funds. The insurer operates subsidiaries in Tunisia, Côte d'Ivoire, and Cameroon, and participates in pan-African insurance coordination through the African Insurance Organisation (AIO). Wafa Assurance holds the CGEM CSR Label from Morocco's primary business confederation, and its philanthropic activity flows through the Attijariwafa bank Foundation rather than a dedicated insurance-linked structure. The firm's general account scale gives it meaningfully large local-currency fixed-income positions relative to other Moroccan institutional allocators. Wafa Assurance's structural differentiator is its position inside the Attijariwafa–Al Mada ecosystem: it is both a captive premium collector from the bank's retail base and a direct investment vehicle for Morocco's largest private conglomerate. This hybrid role means the portfolio serves dual objectives — insurance liability matching and strategic capital deployment for the parent group — which shapes a more concentrated, less externally diversified asset mix than what peer insurers in external markets typically hold.
General information
Firm type
Insurance
Year founded
1972
AUM
Undisclosed
Location
Region
Africa
Country
Morocco
City
Casablanca
Corporate office
1, Boulevard Abdelmoumen, Casablanca, 20100, Morocco
Additional offices
Tunis, Tunisia · Abidjan, Côte d'Ivoire · Douala, Cameroon
Principals
Boubker Jai
Chairman and CEO
Mohamed El Kettani
Director
Sector focus
Frequently asked questions
Who controls asset allocation at Wafa Assurance?
Investment decisions are made internally under the authority of Chairman and CEO Boubker Jai, with oversight from the board that includes Attijariwafa bank Chairman Mohamed El Kettani. The firm does not publicly disclose a CIO or external delegated mandates. Portfolio construction reflects the conservative, fixed-income-heavy approach standard among Moroccan insurers operating under national regulatory guidelines.
What is Wafa Assurance's relationship to Attijariwafa bank and Al Mada?
Wafa Assurance is a wholly owned subsidiary of Attijariwafa bank, Morocco's largest banking group by assets. Al Mada, the Moroccan royal family's holding company, is the ultimate reference shareholder of Attijariwafa bank and therefore exercises indirect control over Wafa Assurance. This structure links the insurer's investment policy to the strategic interests of Morocco's dominant private capital ecosystem.
Does Wafa Assurance invest in private equity or venture capital funds?
There is no public record of Wafa Assurance committing to external private equity or venture capital funds. The firm's disclosed investment portfolio consists of Moroccan sovereign and corporate fixed-income securities and a portfolio of directly owned commercial real estate properties in North and West Africa. Its asset-allocation model is typical of a bank-assurance general account rather than an endowment-style institutional investor.
Which geographic markets does Wafa Assurance's investment portfolio cover?
The portfolio is concentrated in Morocco, where the firm holds domestic sovereign and corporate debt positions. Its direct real estate investments extend into Tunisia, Côte d'Ivoire, and Cameroon, reflecting the Francophone African footprint of the Attijariwafa group. There is no public disclosure of portfolio investments outside Africa.
Does Wafa Assurance maintain a separate philanthropic foundation?
No. Wafa Assurance's philanthropic activity is channeled through the Attijariwafa bank Foundation, the group-level vehicle that coordinates corporate social responsibility across the banking and insurance subsidiaries. The insurer holds the CGEM CSR Label from Morocco's Confédération Générale des Entreprises du Maroc, but has not established an independent grant-making entity.
How large is Wafa Assurance's investment portfolio?
Wafa Assurance does not publicly disclose total assets under management or a breakdown of its general account beyond regulatory solvency reporting. As Morocco's largest insurance group by premium volume, the portfolio is material in the domestic context, but no verifiable AUM figure is available from the firm's public communications or regulatory filings.
Which asset classes does Wafa Assurance explicitly avoid?
Based on publicly available information, the firm allocates almost exclusively to fixed income and direct real estate. There is no evidence of participation in public equities, hedge funds, private credit, venture capital, or infrastructure funds. This conservative posture is consistent with Moroccan insurance regulation and the bank-assurance model the firm operates under.
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