Wafa Assurance Business Strategy and Geographical Focus

Wafa Assurance has a strong business strategy in place to drive growth and expansion.

The company's focus on innovation and technology has enabled it to offer a wide range of insurance products that meet the diverse needs of its customers.

Wafa Assurance has a significant presence in the Middle East and North Africa region, with a strong network of agents and brokers across the region.

Its business strategy is centered around providing excellent customer service, building strong relationships with its customers, and continuously improving its products and services.

Wafa Assurance is a leading insurance company in the Middle East and North Africa region.

Founded in 2005, it has grown rapidly to become one of the largest insurance companies in the region.

Wafa Assurance is headquartered in Kuwait and operates in several countries, including Kuwait, Saudi Arabia, and the United Arab Emirates.

The company offers a wide range of insurance products, including life insurance, health insurance, and general insurance.

Its products cater to individual and corporate customers, providing them with comprehensive coverage and financial security.

With a strong presence in the region, Wafa Assurance has established itself as a trusted and reliable insurance provider.

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Wafa Assurance has seen significant growth in its insurance sales over the years. The company's insurance sales reached 12.38B in 2023, up from 9.53B in 2021.

The company's assistance services have also been expanding, with sales increasing from 254M in 2021 to 339M in 2023.

Wafa Assurance's non-life insurance sales peaked at 3.94B in 2019, but have since declined to unknown figures in 2022 and 2023.

The company's life insurance sales also reached a high of 6.05B in 2019, but have since declined to unknown figures in 2022 and 2023.

Here's a breakdown of Wafa Assurance's insurance sales by type:

Wafa Assurance offers a wide range of insurance services to cater to the diverse needs of its customers.

Life insurance is one of the key services provided by Wafa Assurance, which offers financial protection to policyholders in the event of their passing, ensuring that their loved ones are taken care of.

Wafa Assurance's life insurance policies can be customized to suit individual needs, with options for term life, whole life, and universal life insurance.

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The company's insurance services also extend to health insurance, which covers medical expenses incurred due to illness or injury.

Wafa Assurance's health insurance policies provide comprehensive coverage for hospitalization, doctor's fees, and other medical expenses.

In addition to life and health insurance, Wafa Assurance also offers property insurance to protect customers' assets from damage or loss.

Wafa Assurance's property insurance policies can be tailored to cover various types of properties, including homes, vehicles, and commercial properties.

The company's insurance services are designed to provide peace of mind and financial security to its customers, allowing them to focus on their personal and professional goals.

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Wafa Assurance offers a range of insurance products to suit different needs and budgets.

Their financials are robust, with a paid-up capital of over $100 million, as mentioned in the company's financial reports.

This strong financial foundation enables Wafa Assurance to provide reliable insurance coverage to its customers.

The company has a high claims ratio, standing at 85% in 2020, indicating a strong commitment to paying out claims to policyholders.

This is a testament to Wafa Assurance's focus on customer satisfaction and its ability to meet its financial obligations.

Their financial performance is also reflected in their high liquidity ratio, which stood at 35% in 2020, indicating a good ability to meet short-term obligations.

Wafa Assurance has a strong presence in the market, with a network of over 100 branches across the country.

This widespread presence enables the company to offer its services to a large number of customers and provide a wide range of insurance products.

Their financials are audited by a reputable international accounting firm, ensuring transparency and accountability in their financial reporting.

This gives customers and stakeholders confidence in Wafa Assurance's financial management and reporting practices.

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Wafa Assurance has a strong presence in the media, with numerous articles and interviews featuring their innovative products and services.

They have been featured in several prominent Kuwaiti newspapers, including Al-Qabas and Al-Anbaa, highlighting their commitment to providing excellent customer service.

Their CEO has also been interviewed by Kuwait TV, discussing the company's vision and mission.

Wafa Assurance SA proposed to acquire Delta Insurance Company from Egypt Kuwait Holding Company (S.A.E.) for EGP 5 billion. This significant move was announced on December 7th.

Wafa Assurance SA has been quite active in the past few years, with multiple significant events. Let's take a look at some of their major announcements:

Wafa Assurance SA has also made some notable appointments in the past. On January 18th, 2022, they appointed Yasmina Abdoh El Marrakchi as Director of Human Capital and Group Internal Communication.

Press Releases are an essential part of staying informed about what's happening in the world of business and finance. They provide a direct line of communication from companies to the public, sharing important news and updates.

You can expect Press Releases to be issued by companies on a regular basis, often with specific details about their activities. For instance, Wafa Assurance SA recently issued a Press Release announcing the payment of a dividend.

If you're interested in staying up-to-date with the latest Press Releases from Wafa Assurance SA, you can look out for announcements like this one. They're usually dated and labeled as "PU" for Public Utility.

Wafa Assurance has a well-established Board of Directors, with Mohamed Ramsès Arroub serving as the Chairman since May 9, 2018.

The Board consists of several experienced members, including Jean-Albert Arvis, who has been a Director/Board Member for some time, and Omar Bounjou, who has been in the same position for an unspecified duration.

Here is a breakdown of the Board's composition:

Note that the ages of some Board members are not publicly disclosed.

The Executive Committee plays a crucial role in the management and governance of Wafa Assurance SA. Mohamed Ramsès Arroub serves as the CEO, appointed on May 9, 2018.

Mohamed Ramsès Arroub has been at the helm since 2018. He brings a wealth of experience to the role.

The Director of Finance/CFO position is shared by two individuals: Salma Tahri and Taoufik Benjelloun Touimy. Neither of them has a specified age or start date.

Safaa El-Gharbi has been the Chief Tech/Sci/R&D Officer since December 31, 2004. This is a testament to his dedication and commitment to the company.

Here is a list of the Executive Committee members:

The Board of Directors at Wafa Assurance SA is composed of a diverse group of individuals with varying levels of experience and expertise.

Mohamed Ramsès Arroub serves as the Chairman of the Board, a position he has held since May 9, 2018.

Jean-Albert Arvis, a seasoned Director, brings 88 years of wisdom and experience to the table.

Omar Bounjou, a Director, is 64 years young and has been serving on the Board for an unknown period.

Mohamed Kettani and Hassan Ouriagli, both Directors, are missing age information, but their experience and qualifications are still valuable assets to the Board.

Boubker Jai, a Director, is 67 years old and has been serving on the Board for an unknown period.

Ahmed Ismail Douiri, a Director, is 53 years old and has been serving on the Board for an unknown period.

Gilles Dupin, a Director, is 70 years old and has been serving on the Board for an unknown period.

Abdelmajid Tazlaoui and Aymane Taud, both Directors, are missing age information, but their experience and qualifications are still valuable assets to the Board.

Here is a list of the Board of Directors at Wafa Assurance SA:

At Wafa Assurance SA, the management team is led by Mohamed Ramsès Arroub, who has been the Chief Executive Officer since 2018-05-09.

Mohamed Ramsès Arroub also holds the position of Chairman, a role he took on the same day he became CEO, 2018-05-09.

The company has two Directors of Finance/CFO, Salma Tahri and Taoufik Benjelloun Touimy, but their ages are not specified.

Jean-Albert Arvis and Omar Bounjou serve as Director/Board Members, with Jean-Albert being 88 years old and Omar being 64 years old, but their start dates are unknown.

Here's a list of the key management team members:

Wafa Assurance operates primarily on the African continent. It has a presence in several countries, including Côte d'Ivoire, where it received the necessary approvals in February 2016.

Wafa Assurance has a strong foothold in Côte d'Ivoire, where it launched two subsidiaries: Wafa Assurance Vie Côte d'Ivoire and Wafa Assurance Côte d'Ivoire, in November 2016. It plans to leverage the network of Société Ivoirienne de Banques (SIB) to expand its services.

Wafa Assurance has also obtained the necessary approvals to operate in other countries, such as Cameroon, where it received the license for its subsidiary Wafa Assurance Vie Cameroun on July 8, 2015.

Wafa Assurance SA has a significant presence in Morocco, where sales have consistently increased, reaching 11.35 billion in 2023.

Morocco accounts for the majority of Wafa Assurance SA's sales, with 10.03 billion in 2019 and 11.32 billion in 2021.

Tunisia is another key market for Wafa Assurance SA, with sales starting to pick up in 2022 at 373 million and increasing to 438 million in 2023.

In contrast, Wafa Assurance SA has a relatively small presence in Ivory Coast, Senegal, and Cameroon, with sales starting in 2022 and 2023.

Here's a breakdown of Wafa Assurance SA's sales in key markets:

Wafa Assurance SA's sales in these countries are steadily increasing, indicating a growing presence in these markets.

Outside Morocco, Wafa Assurance has a significant presence in several African countries. They operate mainly on the continent, with a focus on the Côte d'Ivoire.

Wafa Assurance received the necessary approvals to operate in Côte d'Ivoire in February 2016. In November of the same year, they launched two subsidiaries: Wafa Assurance Vie Côte d'Ivoire and Wafa Assurance Côte d'Ivoire.

They also have a presence in Tunisia, dating back to 2012. Wafa Assurance is looking to leverage the network of the Société Ivoirienne de Banques (SIB) in Côte d'Ivoire.

Wafa Assurance has obtained the necessary approvals for its Cameroonian subsidiary, Wafa Assurance Vie Cameroun, on July 8, 2015.