Attijari Assurance Releases 2023 Financial Statements

Revenue Up 19.3% to 133,936 Mtnd

Attijari Assurance, a leading insurance company, has published its 2023 financial statements. As a life insurance specialist, the company's technical accounts are limited to a technical life insurance result. The company's revenue reached 133,936 Mtnd, a 19.3% increase year-over-year, driven by strong synergies with its parent bank and a well-targeted commercial strategy.

Asset Management: 49,248 Mtnd in Investment Products

In terms of asset management, investment products reached 49,248 Mtnd, thanks to placements of 723,238 Mtnd, including 590,300 Mtnd in fixed-income products. The company's holdings of sovereign debt securities (Treasury bonds and National Loan bonds) stood at 439,886 Mtnd, making Attijari Assurance one of the largest investors in public securities.

Net Claims Remain Stable

Net claims remained stable at 31,787 Mtnd. The company benefited from a less pronounced provisioning effect, limiting new technical life insurance provisions to 96,363 Mtnd, compared to 112,845 Mtnd in 2022. Operating expenses increased at a slower pace than revenue, representing 9.02% of total premiums acquired at the end of 2023, compared to 8.94% in 2022.

Technical Life Insurance Result Up 28.8% to 20,664 Mtnd

The technical life insurance result rose to 20,664 Mtnd, a 28.8% increase year-over-year. However, the net result for the period decreased by 11.0% to 11,705 Mtnd, due to a higher corporate tax charge. This is explained by the conjunctural contribution imposed by the 2024 Finance Act.

Maintaining Excellent Profitability

Despite the decline in net result, Attijari Assurance has maintained its excellent profitability and has become a key player within the Attijari Bank group. This is a commendable performance.