Financial Information
The year 2024 ended on a positive note for Tunis Re, with favorable performances across all its indicators. This evolution not only demonstrates the company’s financial strength but also its ability to adapt to the challenges of a constantly changing environment.
The results achieved reflect effective strategic management, which has enabled us to strengthen our competitiveness and consolidate our market position.
At the end of 2024, which was a challenging year for Tunis Re, we experienced the following performances:
- – An 8% increase in Consolidated Gross Written Premiums, reaching Million TND 241.3.
- – An 11% rise in retention, amounting to Million TND 181.4, with a 75% rate, up by 2 points.
- – Controlled Net Loss Ratio (S/P) at 59%.
- – A surplus Net Technical Result after retrocession of Million TND 14.024, showing a significant 24% increase.
- – A controlled Combined Ratio of 95%.
- – A 10% growth in financial investments, accompanied by a similar increase in generated returns, reaching respective amounts of Million TND 560 MDT and 35 M TND.
Considering these performances, Tunis Re’s overall activity, encompassing both technical and financial operations, resulted in:
– A surplus Global Result before tax of 35.4 MDT, marking a notable 20% increase.
– A net profit after tax of Million TND 21.4, improving by 15%.
– A progressing ROE of 9%.
Furthermore, in 2024, Tunis Re achieved the following:
– Confirmation by Fitch Ratings of its financial strength rating at AA (tun), with a stable outlook.
– Renewal of its rating by AM Best at B (fair), with a negative outlook, impacted by the country’s rating.– Certification in compliance with the MSI 20000 financial standard by the Paris Stock Exchange Institute, represented by Maghreb Corporate..
Combined Ratio 95%
Total assets
258.375 M.TND
ROE 9%
Net Result
21.406 M.TND
IFRS STANDARDS
Progress in the Implementation of IFRS/IAS Standards:
Tunis Re continues to work on the various phases related to the implementation of IFRS standards, covering both actuarial and accounting aspects.
In this regard, the various restatements of the 2023 financial statements under IFRS 4 have been finalized, revealing a moderate impact.
Meanwhile, the implementation work under IFRS 17 is progressing, with the completion of a dry run exercise. The results will be submitted to Tunis Re’s Steering Committee (COPIL) during the first quarter of 2025 for approval of the models and approaches to be adopted.
