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

Note:

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

– The indicators as at 31/12/2023, are related to the audited financial year 2023 and still provisional until the approval of the Financial Statements by the Ordinary General Meeting..

 

Highlights of Tunis Re’s activity in the First Quarter of 2024:

 

• – A 14% growth in turnover compared to March 31st, 2023, to reach TND 70.498 million. This increase is a combination of an increase in the volume of the business written as well as a good diversification of our portfolio. Therefore, we have achieved a 11% progress on the local market compared to 17% on the international market.
• – With regard to the objectives set for the year 2024, the turnover achievement rate in the first quarter of 2024 has reached 32.4%.
• – A 14% increase in retained premiums, rising from TND 49.205 million as of March 31, 2023, to TND 56.109 million at the end of the first quarter of 2024, resulting in a retention rate of 80%.
• – An improvement in claims charge by 28% compared to March 2023, from TND 36 million to TND 26 million by the end of the first quarter of 2024. This is mainly attributed to a relatively favorable claims experience during this quarter and appropriate risk underwriting.
• – Financial revenues showed decrease of 20% compared to March 31, 2023, to reach TND 7.726 million. These revenues include the interests accrued and not yet paid (for both financial years 2023 and 2024). It does not take into account the interest on deposits with ceding companies..

 

The Progress in the project of implementing the IFRS/IAS Standards :

Tunis Re is making progress in implementing IFRS standards, with the assistance of experts and actuaries who have significant experience in the insurance and reinsurance sector. Currently, Tunis Re has successfully completed and certified the re-evaluations for the 2020 and 2021 fiscal years under IFRS4. The re-evaluations for 2022 are currently undergoing certification, and we will soon initiate the re-evaluation process for the 2023 fiscal year.

Furthermore, diagnostic work on IFRS 17 is nearing completion with our supporting consultancy firm. We will begin the implementation phase in 2024, which includes all actuarial and accounting restatements related to IFRS17.