AGMA
AGMA is a Casablanca-based insurance broker and advisor founded in 1965, distributing over 25 insurance products to Moroccan enterprises and individuals through carrier partnerships and a four-office network, under Al Mada Group ownership.
- Company typePublic
- Founded1965
- HeadquartersCasablanca, Morocco
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What AGMA does
AGMA is a Casablanca-based insurance brokerage and advisory firm founded in 1965, operating as one of Morocco's national pioneers in insurance intermediation. The company distributes over 25 insurance products across two primary segments: enterprise clients (fleet, industrial multi-risk, maritime and transport, credit, cyber risk, construction and decennial liability, directors and officers, professional liability, employee benefits and provident coverage, and travel) and individual consumers (auto, home multi-risk, travel assistance, life and death, personal accident, and retirement savings). AGMA places and manages these policies through partnerships with leading Moroccan and international insurance carriers including Allianz, AXA, Sanlam, Wafa Assurance, RMA, Atlantasanad, COFACE, and Heuler Hermes, supported by a four-office physical network spanning Casablanca (headquarters), Rabat, Tanger, and Agadir. The firm holds ACAPS authorization (N° C1352AD2019286) for insurance intermediary activities and ISO 9001:2015 certification for quality management.
The company monetizes primarily through brokerage commissions earned from carrier partners for policy placement, advisory, claims handling, and risk prevention services. In FY2024, AGMA reported revenue of 172.2 MDH (+7.1% year-over-year), net income of 68.9 MDH, and gross premiums issued of 2.4 billion MAD, with a 85% dividend payout (275 DH per share). Distribution combines dedicated account managers and field advisors for enterprise clients with self-service digital channels including the Espace Client online portal, a mobile application, and a dedicated automobile insurance web portal for individual customers. Pricing is quote-based and customized to client risk profile, with annual billing and installment options up to 12 months for individual and group policies.
AGMA is publicly listed on the Casablanca Stock Exchange under ticker AGMA, with a market capitalization of 1,375 MDH and a share price of 6,875 DH as of December 31, 2024. The firm operates as a subsidiary of Al Mada, a diversified Moroccan conglomerate, and aligns its corporate responsibility approach with the parent group's 'Positive Impact' ESG signature. The company employs 179 staff across its Moroccan footprint and serves businesses of all sizes alongside private individuals across all major sectors of the Moroccan economy.
AGMA firmographics
Firmographics- Name
- AGMA
- Legal name
- AGMA SA
- Website
- https://agma.ma
- Company type
- Public
- Founded year
- 1965
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- AGMA is a Casablanca-based insurance broker and advisor founded in 1965, distributing over 25 insurance products to Moroccan enterprises and individuals through carrier partnerships and a four-office network, under Al Mada Group ownership.
- Ownership category
- akta.pro rank
AGMA industry classification
Industry- Product category
- Insurance Brokerage
- NAICS
- Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Insurance Program Administration & MGA/MGU Services (FSAEADAK)
- akta.pro secondary industry
- Enterprise Risk Management (ERM) Advisory (BPAHAFAA)
Keywords
Where AGMA is headquartered
LocationHeadquarters
- HQ city
- Casablanca
- HQ country
- Morocco
- HQ region
- Africa
Offices4 records
Markets served
AGMA business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Insurance Brokerage Commissions: AGMA operates as an insurance broker earning commissions from insurance companies for placing and managing insurance policies for clients. The company provides advice, policy placement, claims handling, and risk prevention services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Customized insurance solutions with personalized pricing |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
AGMA product offering
Product offeringCore offering
AGMA is a Moroccan insurance broker and advisor that places and manages insurance and reinsurance contracts on behalf of enterprises and individuals, working with multiple partner insurers (Allianz, AXA, Sanlam, Wafa Assurance, RMA, COFACE, Euler Hermes and others). The firm provides risk evaluation, customized coverage selection, claims handling, and risk prevention advisory across property, casualty, marine, liability, health, life, credit, and travel lines. It also operates digital self-service channels (client extranet, mobile app, auto portal) for policy and claims management.
Product overview
AGMA operates as an insurance broker and advisor in Morocco, offering a comprehensive portfolio of insurance products organized into two main segments: Enterprise solutions (Entreprises) covering commercial fleet, industrial risks, construction, maritime, professional liability, credit insurance, employee benefits, and travel; and Individual solutions (Particuliers) for auto, home, travel, life, and personal accident coverage. The company provides both traditional insurance products and digital services including a customer portal (Espace Client), mobile application, and automobile insurance web portal. AGMA positions itself as a broker and advisor rather than a direct insurer, working with multiple insurance partner companies to place and manage coverage programs. The product range spans over 25 distinct insurance products across property, casualty, marine, health, and financial risk categories, supported by advisory, claims handling, and risk prevention services. AGMA is part of the Al Mada group and maintains offices in Casablanca, Rabat, Tanger, and Agadir.
Differentiator
Problem solved
Functional benefit
Products and services
- Flotte automobile (Auto Fleet Insurance) Fleet insurance solution for businesses covering vehicle damage, third-party liability, and driver protection with customizable coverage for single vehicles or entire fleets.
- Assurance multirisques industrielle (Multi-Risk Industrial Insurance)
- Cyber risque (Cyber Risk Insurance)
- Responsabilité civile décennale (10-Year Civil Liability Insurance)
- Responsabilité civile des mandataires sociaux - RCMS (Directors & Officers Liability)
- Assurance-crédit (Credit Insurance)
- Accidents de travail (Workplace Accident Insurance)
- Package DIM - Décès, Incapacité, Maladie (Group Health & Benefits)
- Bris de machines (Machinery Breakdown Insurance)
- Incendie / Explosion (Fire & Explosion Insurance)
- Vol (Theft Insurance)
- Dégâts des eaux (Water Damage Insurance)
- Tous risques chantier / montage (All Risks Construction & Assembly Insurance)
- Responsabilité civile professionnelle (Professional Liability Insurance)
- Pertes d'exploitation (Business Interruption Insurance)
- Facultés maritimes (Marine Cargo Insurance)
- Maritime sur corps de navire (Hull & Machinery Insurance)
- Transport terrestre (Land Transport Insurance)
- Responsabilité civile après livraison - RC Produits (Product Liability Insurance)
- Assurance auto (Personal Auto Insurance)
- Assurance multirisques habitation (Homeowners Multi-Risk Insurance)
- Assistance / Assurance voyage (Travel Assistance - Individuals)
- Assurance décès toutes causes (All-Risk Death Insurance)
- Assurance individuelle accidents (Personal Accident Insurance - Individuals)
- Épargne retraite (Retirement Savings - Individuals)
- Épargne retraite (Retirement Savings - Enterprise)
- Espace Client (Customer Portal)
- Application Mobile AGMA (Mobile Application)
- Portail Assurance Automobile (Auto Insurance Portal)
Companies that use AGMA
Customer profileSegments6 records
Ideal customer profiles2 records
AGMA technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
AGMA partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered core and minor.
- AllianzcoreMajor international insurance partner providing reinsurance capacity and insurance product access to AGMA's brokerage network in Morocco
- AXAcoreLeading global insurer partner offering insurance products distributed through AGMA's advisory network
- SanlamcorePan-African insurance group partner providing life and general insurance products for AGMA's Moroccan client base
- Wafa AssurancecoreMajor Moroccan insurance company partner offering general and life insurance products through AGMA
- RMAcoreLeading Moroccan insurance provider partner for various insurance solutions distributed by AGMA
- ATLANTASANADcoreInsurance partner offering coverage solutions for AGMA's portfolio of offerings
- SCRminorInsurance partner listed in AGMA's partner network
- CATminorInsurance partner included in AGMA's partner network
- MATUminorInsurance partner included in AGMA's partner network
- mcmaminorInsurance partner in AGMA's network
- COFACEcoreCredit insurance specialist partner providing credit risk coverage and management solutions for AGMA's commercial clients
- HEULER HERMEScoreCredit and political risk insurance partner offering sophisticated risk management solutions through AGMA
- AkmarminorInsurance partner in AGMA's network
- MAROCAINE VIEcoreLife insurance specialist partner offering life and savings products for AGMA's client portfolio
- BCMAcoreBanking and insurance partner providing coverage solutions through AGMA's network
- Al Mada GroupcoreParent group providing strategic direction and the 'Positive Impact' ESG commitment framework guiding AGMA's responsible business approach
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
AGMA competitors and assessment
Company assessmentBroad incumbents
- Aon: Global professional services firm with major insurance brokerage and reinsurance operations. Comparable multi-line brokerage model and enterprise client focus, operating at far greater scale.
- Marsh: Global insurance brokerage and risk advisory leader. Comparable brokerage business model (placement, advisory, claims) targeting enterprise clients — relevant comparator for AGMA's enterprise segment as Moroccan corporates internationalize.
Direct peers
- Atlanta Sanad: Moroccan insurance company offering general and life insurance to enterprises and individuals. Competes with AGMA in similar product lines including motor, fire, and employee benefits.
- Axa Assurance Maroc: Global insurer's Moroccan entity offering a comprehensive product portfolio across P&C, life, and health. Directly competes with AGMA's brokerage offering while also being a carrier partner.
- RMA Assurance: Major Moroccan multi-line insurer (general and life). Competes with AGMA in enterprise and retail insurance, while also being one of AGMA's carrier partners — a classic distribution overlap.
- Wafa Assurance: Leading Moroccan insurer offering life and non-life products directly and through brokers. Overlaps AGMA in nearly every product line (auto, home, health, life, enterprise) but as a carrier rather than broker — represents both a partner and a direct competitor.
- Sanlam Maroc: Pan-African insurance group operating in Morocco across life and general insurance. Serves similar retail and enterprise customer segments as AGMA, with overlapping distribution channels.
Regional players
- Saham Assurance: Pan-African insurance group with Moroccan operations covering general and life insurance. Comparable multi-line distribution and customer segments to AGMA.
- Maroc Assistance Internationale (MAI): Moroccan assistance and travel insurance specialist. Overlaps with AGMA's travel assistance line and serves similar B2B/B2C customers, though narrower in scope.
Emerging players
- Coface Maroc: Moroccan arm of global credit insurer Coface. Overlaps specifically with AGMA's credit insurance line and shares B2B customers — a niche competitor within AGMA's broader portfolio.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks4 records
Key highlights7 records
Customer concentration
AGMA social profiles
Digital presenceAGMA compliance and trust
Trust signalCompliance1 record
AGMA financial estimates
Financial estimateRevenue estimate
Valuation estimate
AGMA leadership team
Management profileNumber of profiles
Profiles1 record
AGMA funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AGMA M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AGMA
What does AGMA do?
AGMA is a Moroccan insurance broker and advisor that places and manages insurance and reinsurance contracts on behalf of enterprises and individuals, working with multiple partner insurers (Allianz, AXA, Sanlam, Wafa Assurance, RMA, COFACE, Euler Hermes and others). The firm provides risk evaluation, customized coverage selection, claims handling, and risk prevention advisory across property, casualty, marine, liability, health, life, credit, and travel lines. It also operates digital self-service channels (client extranet, mobile app, auto portal) for policy and claims management.
Is AGMA a public or private company?
AGMA is a public company. It is classified as public and is currently operating.
When was AGMA founded?
AGMA was founded in 1965. It employs 51 to 100 people.
Where is AGMA based?
AGMA is headquartered in Casablanca, Morocco, in the Africa region.
How does AGMA make money?
One revenue line is on record: insurance Brokerage Commissions.
Who are AGMA's main competitors?
Broad incumbents on record are Aon and Marsh. Direct peers are Atlanta Sanad, Axa Assurance Maroc, RMA Assurance, Wafa Assurance and Sanlam Maroc. Regional players are Saham Assurance and Maroc Assistance Internationale (MAI). Coface Maroc is listed as an emerging player.
Does AGMA have an API?
No public API is recorded for AGMA.
What industry is AGMA in?
AGMA's product category is Insurance Brokerage. Its primary akta.pro industry code is FSAEADAK, Insurance Program Administration & MGA/MGU Services, with a secondary code of BPAHAFAA, Enterprise Risk Management (ERM) Advisory. Its NAICS code is 524210 and its SIC code is 6411.