Moroccan billionaire and former government minister Moulay Hafid Elalamy is set to exit the life insurance business in Morocco after his investment group, Saham, signed an agreement to sell 99.98 per cent of La Marocaine Vie to Wafa Assurance, as reported by Billionaires Africa and Africa Business Insider. Announced on November 12, 2026, the proposed acquisition will transfer near-total ownership of one of Morocco’s established life insurers to Wafa Assurance, a major player in the country’s financial services industry. The purchase price has not been disclosed, and the transaction remains subject to regulatory approval from Morocco’s Insurance and Social Security Supervisory Authority, as well as notification to the Competition Council. La Marocaine Vie generated MAD2.5 billion in gross premiums in 2025, equivalent to approximately $275 million.
The acquisition is expected to strengthen Wafa Assurance’s position in life insurance, savings and retirement protection, while expanding its existing portfolio across the African market. The insurer, which operates within the Attijariwafa Bank and Al Mada business network, reported consolidated gross premiums of MAD15.23 billion in 2025, including MAD8.36 billion from its life insurance operations. Alongside the proposed sale, Wafa Assurance and Saham Bank have entered into a long-term bancassurance partnership that will allow the bank to continue distributing insurance products through its branches. The arrangement enables Saham to concentrate on banking while retaining access to insurance services for its customers. Both parties have also indicated that existing policyholder contracts, guarantees and conditions will remain unchanged during the transition.
The proposed divestment represents another important adjustment to Elalamy’s investment strategy and his long-standing relationship with the insurance industry. He founded Saham Group in 1995 and developed it into a major African insurance and financial services business before selling its insurance operations to South Africa’s Sanlam in 2018 for approximately $1.05 billion. His return to Morocco’s financial sector gathered momentum in 2024 when Saham acquired Société Générale’s Moroccan banking operations and La Marocaine Vie, subsequently rebranding the bank as Saham Bank. With the latest agreement, Saham is preparing to separate its banking operations from direct ownership of the life insurer, while Wafa Assurance moves to consolidate its position in Morocco’s insurance market. The completion of the transaction will depend on the required regulatory authorisations.
