(Business in Cameroon) - Two years after it finalized the takeover of Pro Assur Vie SA, Wafa Assurance Vie has seen a net improvement in its business in Cameroon. The local subsidiary of Morocco's Wafa Assurance closed FY2022 with total written premiums (equivalent to turnover) of CFA 6.230 billion, according to data from the Association of Insurance Companies of Cameroon (Asac).
Compared to 2020 (the last fiscal year before the absorption of Pro Assur), the insurer has grown by 31% and now controls 7.15% of the life insurance market in Cameroon. It should be noted that the acquisition of Pro Assur has allowed Wafa to expand its presence beyond Douala, the only place it was operational. The company's activities mainly consisted of the distribution of its bancassurance products through the sales network of SCB Cameroun, a subsidiary of the Moroccan banking group Attijariwafa, which is also the parent company of Wafa Assurance.
Despite this significant step forward for Wafa, the life insurance market in Cameroon remains dominated by Allianz Vie (29.20%), Prudential Beneficial Life (23.34%), Activa Vie (10.93%), and Sunu Vie (9.28%).