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

Note:

– The figures are updated as late data is processed across all categories (settled claims, reported claims, ceded premiums, commissions).

– The 2023 indicators are audited and approved by the Ordinary General Meeting.

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

Tunis Re once again confirms its resilience against a difficult environment, with a solid technical and financial performance at the end of the third quarter:

• – A 15% increase in turnover compared with 30 September 2023, to reach 174.559 MTD, with an 18% increase in net premium. Despite a difficult national and international environment, Tunis Re was successful in achieving this performance thanks to an increase in business underwritten and good diversification of its portfolio. Accordingly, respective increases of 6% were recorded on the domestic market and 22% on the international market.
• – With regard to the targets set for 2024, the rate of sales achieved in the third quarter of 2024 reached 80%;
• – The net claims ratio remains under control at 58%, compared with 57% in September 2023, thanks to good risk management, which has reduced the impact of claims.
• – Financial income grew by 10% compared with the third quarter of 2023, reaching 23.521 MTD compared with 21.343 MTD.  This income includes accrued interest not yet due (for both 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 project to implement IFRS standards, both on the actuarial and accounting aspects. 

Within this framework, the various restatements of the 2022 financial statements, under IFRS 4, have been finalised and audited, showing a moderate positive impact. The restatements for 2023 are currently being finalised.

At the same time, the diagnostic work for the transition to IFRS 17 is almost complete, and the implementation phase is expected to be completed by the end of 2024.