Wafa Assurance Income Statement

Financials in millions MAD. Fiscal year is January - December.

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	9,065	8,019	12,694	11,556	9,673
Total Interest & Dividend Income	639.22	441.76	1,654	1,688	1,524
Gain (Loss) on Sale of Investments	-30.49	161.38	-119.94	-125.95	42.59
Other Revenue	-	-	74.23	86.7	85.46
Total Revenue	9,673	8,622	14,303	13,206	11,325
Revenue Growth (YoY)	12.19%	-39.72%	8.31%	16.61%	8.57%
Policy Benefits	8,002	6,882	10,716	9,549	8,703
Policy Acquisition & Underwriting Costs	-	-	1,081	1,026	930.2
Selling, General & Administrative	-	-	1,112	902.24	779.81
Other Operating Expenses	350.29	425.48	-43.93	-8.81	25.52
Reinsurance Income or Expense	-	-	-535.54	-644.82	-401.49
Total Operating Expenses	8,352	7,307	13,401	12,113	10,840
Operating Income	1,321	1,315	902.01	1,092	484.8
Other Non Operating Income (Expenses)	-	-	-	-0	0
EBT Excluding Unusual Items	1,321	1,315	902.01	1,092	484.8
Pretax Income	1,321	1,315	902.01	1,092	484.8
Income Tax Expense	220.74	319.88	175.24	265.99	28.04
Earnings From Continuing Ops.	1,100	995.14	726.78	826.2	456.77
Minority Interest in Earnings	-74.37	-71.99	-56.28	-50.12	-32.72
Net Income	1,026	923.15	670.5	776.08	424.04
Net Income to Common	1,026	923.15	670.5	776.08	424.04
Net Income Growth	11.14%	37.68%	-13.60%	83.02%	-6.42%
Shares Outstanding (Basic)	4	3	3	3	4
Shares Outstanding (Diluted)	4	3	3	3	4
Shares Change (YoY)	0.14%	0.13%	-0.10%	-0.25%	-0.23%
EPS (Basic)	293.00	264.00	192.00	222.00	121.00
EPS (Diluted)	293.00	264.00	192.00	222.00	121.00
EPS Growth	10.98%	37.50%	-13.51%	83.47%	-6.20%
Free Cash Flow	4,594	2,933	3,798	2,507	3,289
Free Cash Flow Per Share	1312.00	838.68	1087.44	717.08	938.58
Dividend Per Share	150.000	140.000	140.000	130.000	120.000
Dividend Growth	7.14%	-	7.69%	8.33%	20.00%
Operating Margin	13.66%	15.25%	6.31%	8.27%	4.28%
Profit Margin	10.61%	10.71%	4.69%	5.88%	3.74%
Free Cash Flow Margin	47.49%	34.01%	26.55%	18.98%	29.04%
EBITDA	1,514	1,409	1,006	1,190	574.82
EBITDA Margin	15.65%	16.34%	7.03%	9.01%	5.08%
D&A For EBITDA	192.49	93.87	103.57	98.04	90.02
EBIT	1,321	1,315	902.01	1,092	484.8
EBIT Margin	13.66%	15.25%	6.31%	8.27%	4.28%
Effective Tax Rate	16.71%	24.32%	19.43%	24.35%	5.78%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.