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# Wafa Assurance Agrees to Acquire 99.98% Stake in La Marocaine Vie from Saham Group
- URL: https://www.africainvestorreview.com/wafa-assurance-agrees-to-acquire-99-98-stake-in-la-marocaine-vie-from-saham-group/
- Published: 2026-11-14T06:07:00.000Z
- Updated: 2026-11-14T09:17:57.000Z
- Description: Casablanca-listed insurer Wafa Assurance expands its domestic life and savings underwriting footprint while establishing a long-term bancassurance distribution partnership with Saham Bank.
- Author: Charles S.
- Tags: M&A, North Africa

**CASABLANCA** \- Moroccan insurance leader [Wafa Assurance](https://www.linkedin.com/company/wafa-assurance/home/?ref=africainvestorreview.com) has signed a definitive agreement with [Saham Group](https://www.linkedin.com/company/saham-group/about/?ref=africainvestorreview.com) to acquire a 99.98% equity stake in life insurer [La Marocaine Vie](https://www.linkedin.com/company/la-marocaine-vie/home/?ref=africainvestorreview.com) for an undisclosed sum.

The transaction consolidates Wafa Assurance's market position in Morocco's life insurance, savings, and retirement segments while enabling Saham Group, founded by Moulay Hafid Elalamy, to divest its underwriting subsidiary following its earlier acquisition of Societe Generale Marocaine de Banques (now Saham Bank). 

Completion remains subject to customary regulatory clearances from Morocco's Insurance and Social Welfare Supervisory Authority (ACAPS) and the Competition Council.

## Transaction Structure & Bancassurance Partnership

The agreement combines a near-total equity buyout with a dedicated retail distribution alliance across Morocco's banking sector:

- **Underwriting Scale:** Established in 1978, La Marocaine Vie generated MAD 2.5 billion (approximately $275 million) in gross written premiums during 2025.
- **Long-Term Bancassurance Alliance:** Alongside the share purchase, Wafa Assurance and Saham Bank have entered into a long-term bancassurance partnership to co-develop and distribute life, savings, and protection products across Saham Bank's branch network.
- **Operational Continuity:** La Marocaine Vie will retain its corporate brand, product portfolio, and legal identity following closing, ensuring uninterrupted policy terms and service channels for existing policyholders and Saham Bank clients.

## Strategic Context & Regional Footprint

The deal reinforces consolidation trends across North African financial services as major banking and insurance groups optimize capital allocation:

- **Pan-African Expansion:** Listed on the Casablanca Stock Exchange, Wafa Assurance operates 11 insurance subsidiaries across six African countries, leveraging its backing from Al Mada and Attijariwafa Bank to scale regional underwriting capacity.
- **Portfolio Rationalization:** For Saham Group, offloading the life underwriting entity allows Saham Bank to maintain commercial access to tailored insurance offerings through a premier carrier without holding direct insurance balance-sheet exposure.

## Transaction Advisory

- **Acquirer:** Wafa Assurance (Listed on the Casablanca Stock Exchange; Subsidiary of Attijariwafa Bank / Al Mada).
- **Seller:** Saham Group (Founded by Moulay Hafid Elalamy).
- **Target Company:** La Marocaine Vie (99.98% Acquired; FY2025 Gross Written Premiums of MAD 2.5 billion / \~$275 million).
- **Key Regulators:** Autorite de Controle des Assurances et de la Prevoyance Sociale (ACAPS), Conseil de la Concurrence.

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