Comments on Tunis Re’s activity at the end of December 2024

Note:

– Figures are updated as late data is processed for all items (claims settled, claims reported, premiums ceded and commissions).

Highlights of Tunis Re’s activity in the fourth quarter of 2024:

Faced with an environment still impacted by geopolitical instabilities and the repercussions of climate change, Tunis Re once again confirmed its resilience at the end of the fourth quarter, with a solid technical and financial performance.

• – A turnover of 234.752 MDT, up 5.5% compared to the final 31/12/2023. This growth is mainly attributable to the foreign market, which grew by 13%, while our portfolio in the domestic market was consolidated.
• – The Retakaful business closed the fourth quarter with an increase in sales, which rose from 21.539 MTD in December 2023 to 26.516 MTD, an increase of 23%.
• – Compared with the targets set, provisional turnover at the end of 2024 exceeded forecasts by 5 points.
• –  After retrocession, retained premiums increased by 8% compared with 31.12.2023.
• – The net claims ratio remains under control at 59%, reflecting effective risk management and helping to mitigate the impact of claims.
• Financial income rose by 8.4% from 28.803 MTD to 31.210 MTD.

This income includes accrued interest not yet due (for the two financial years 2023 and 2024). They do not include interest on deposits with ceding companies.

Progress on the IFRS/IAS implementation project:

Tunis Re is continuing its work on the various phases of the IFRS implementation project, both for the actuarial and accounting aspects. 

In this context, the various restatements of the 2023 financial statements, under IFRS 4, have been finalised, showing a moderate impact.

Meanwhile, implementation work under IFRS 17 is progressing with the completion of a dry run exercise and will be submitted to Tunis Re’s COPIL, during the first quarter of 2025, for approval of the models and approaches to be adopted.