Morocco’s Comité de Coordination et de Surveillance des Risques Systémiques (CCSRS) concluded its 23rd quarterly meeting in Rabat on Tuesday with a broadly reassuring verdict on the state of the financial system. The committee — presided by the Wali of Bank Al-Maghrib and bringing together the presidents of the AMMC and ACAPS alongside the Director of Treasury and External Finance — examined and approved the 13th edition of the Annual Financial Stability Report for 2025, and confirmed the overall resilience of Morocco’s insurance companies to adverse macroeconomic and technical scenarios under stress test exercises.
The underlying performance data for the insurance sector is strong. Industry gross written premiums reached 63.2 billion dirhams at end-2025, a 7.5 percent increase driven by both the life branch at 8.4 percent and the non-life branch at 6.6 percent. The life segment confirmed the positive momentum begun in 2024, sustained by a vigorous savings dynamic that saw new premium collection grow 8.9 percent.
Profitability indicators were equally compelling. The sector generated a net result of 5.3 billion dirhams, a 21.4 percent increase supported primarily by strong financial income performance. The return on equity reached 11.1 percent, its highest level in a decade. Latent capital gains on investments surged to 62.5 billion dirhams, representing 23.8 percent of the investment portfolio — also a historical high — driven by two consecutive years of strong gains on the MASI stock market index. These improvements translated into a further strengthening of the sector’s solvency margin, whose regulatory ratio rose 54.7 points to reach 409.4 percent.
The pension sector presented a more nuanced picture. The second and final tranche of salary increases agreed under the April 2024 social dialogue improved certain financial indicators for public sector pension funds, but structural imbalances persist and the long-term viability of these regimes has not materially improved. The CCSRS reiterated that a systemic reform — grounded in a dual public and private pillar architecture — remains indispensable to ensure actuarially balanced contributions and eliminate the funding gaps that threaten the sector’s long-term sustainability.
On the sidelines of the meeting, Bank Al-Maghrib, the AMMC and ACAPS signed a new data-sharing convention, updating the framework established between the three regulators in 2014 and reinforcing the modalities of information exchange needed to fulfil their shared financial stability mandate. The CCSRS also reviewed the 2026-2030 financial stability roadmap, mapped systemic risks and took note of progress in the fight against money laundering and terrorist financing, underscoring the importance of preparation for the next GAFIMOAN mutual evaluation cycle.
