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Casablanca – AFMA closed 2025 with stronger top-line growth, as the insurance broker continues to expand its client base and deepen existing accounts.
The insurance group reported consolidated revenue of MAD 317 million, up from MAD 286 million in 2024, marking an 11% increase. The same trend carried through at the parent company level. AFMA SA posted MAD 264 million in revenue, compared with MAD 241 million a year earlier, a 10% rise.
Quarterly figures show a more modest pace. Consolidated revenue reached MAD 80 million in the Q4 of 2025, up 8% from MAD 74 million in the same period a year earlier. On a standalone basis, quarterly revenue edged up 3% to MAD 64 million.
The company attributes the overall growth to commercial expansion, driven by both new client acquisitions and a broader portfolio of services offered to existing customers.
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Investment activity also picked up. The group deployed MAD 26 million in 2025, including financial stakes, compared with MAD 16 million the previous year. At the same time, net financial debt fell to MAD 7 million by the end of December, down from MAD 11 million a year earlier.
There was also a shift in the group’s structure. AFMA increased its stake in SAFE ASSUR from 51% to full ownership, bringing the entity entirely into its consolidation scope.
The numbers matter beyond the company itself. Morocco’s insurance brokerage sector is becoming more competitive, with firms racing to scale and diversify. AFMA’s growth, paired with lower debt, suggests it is trying to build that scale while keeping its balance sheet under control.
