Done: Publication of 2010 annual results.
Analysis: WAFA ASSURANCE displays at the end of fiscal 2010, satisfactory achievements. Indeed, the overall turnover of the company appreciates by 4.7% from a year earlier to bind to M MAD 4499. This growth is putting in the assets of the branch with non-life premiums amounted to MAD 2,238 million, an increase of 30.3% over the same period a year earlier, benefiting in particular the trade performance recorded on the Company's market and the good behavior of the Automobile.
For their part, the proceeds of the Life bind to MAD 2,261 million, down 12.4% compared to 2009. This decline reflects the will of the company to focus on the collection of long-term savings for a better match with its investments. As regards the technical results, that of non-life amounted to MAD 768 million, down 17.8%. This decline is consequent to exceptional gains recorded in 2009 following the sale of securities CREDIT OF MOROCCO. Adjusted for this gain, the technical result would be non-life increased by 17.5%.
Life technical result is clear, meanwhile, a sharp appreciation from M MAD 55 to MAD 167 million benefiting from the improvement in activity and Death of rising losses on financial products business life. In the end, earning capacity of the company fits in up 6.9% to MAD 724 million (vs. our forecast of M MAD 640.9). Excluding special items recorded in 2009, it rose 44.8%. The equity of the company become stronger, thus, from 19.8% to MAD 2,895 million.
Furthermore, the Board of Directors decided to propose at the next General Assembly the distribution for the year 2010 a dividend of MAD 70, a dividend yield of 2.5% based on the share price of MAD 2850 dated 23/02/2011.
Conclusion: Annual positive for the company's insurance Attijariwafa Bank. WAFA ASSURANCE seems benefit from efforts to the development of non-life remains more profitable than the activity
Analysis: WAFA ASSURANCE displays at the end of fiscal 2010, satisfactory achievements. Indeed, the overall turnover of the company appreciates by 4.7% from a year earlier to bind to M MAD 4499. This growth is putting in the assets of the branch with non-life premiums amounted to MAD 2,238 million, an increase of 30.3% over the same period a year earlier, benefiting in particular the trade performance recorded on the Company's market and the good behavior of the Automobile.
For their part, the proceeds of the Life bind to MAD 2,261 million, down 12.4% compared to 2009. This decline reflects the will of the company to focus on the collection of long-term savings for a better match with its investments. As regards the technical results, that of non-life amounted to MAD 768 million, down 17.8%. This decline is consequent to exceptional gains recorded in 2009 following the sale of securities CREDIT OF MOROCCO. Adjusted for this gain, the technical result would be non-life increased by 17.5%.
Life technical result is clear, meanwhile, a sharp appreciation from M MAD 55 to MAD 167 million benefiting from the improvement in activity and Death of rising losses on financial products business life. In the end, earning capacity of the company fits in up 6.9% to MAD 724 million (vs. our forecast of M MAD 640.9). Excluding special items recorded in 2009, it rose 44.8%. The equity of the company become stronger, thus, from 19.8% to MAD 2,895 million.
Furthermore, the Board of Directors decided to propose at the next General Assembly the distribution for the year 2010 a dividend of MAD 70, a dividend yield of 2.5% based on the share price of MAD 2850 dated 23/02/2011.
Conclusion: Annual positive for the company's insurance Attijariwafa Bank. WAFA ASSURANCE seems benefit from efforts to the development of non-life remains more profitable than the activity
BMCE Capital Bourse
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