Comments on Tunis Re’s activity at the end of December 2025

Notes:

• Figures are updated progressively as late data are processed across all items (claims paid, claims reported, premiums ceded, commissions).

• Tunis Re, a leading reinsurer in Africa and the MENA region, publishes its key indicators for the fourth quarter of 2025, highlighting the strength of its fundamentals and the resilience of its business model in a still demanding market environment.

Key Highlights of the fourth Quarter of 2025:

By the end of the third quarter of 2025, the Company recorded solid technical and financial performance.

– Sustained Business Growth:

• *Turnover reached TND 238.4 million as of December 31, 2025, confirming the stability of the portfolio compared to the previous financial year. This performance reflects disciplined commitment management and a selective adjustment of the underwriting portfolio. On international markets, performance remained overall robust, despite the impact of the depreciation of the US dollar observed in recent months.
• Annual targets largely achieved: 97% of the annual turnover targets were achieved, confirming the positive development momentum of Tunis Re and the relevance of the strategic choices made.
• * Significant improvement in technical performance: Claims expenses showed a marked improvement over the 2025 financial year, with the loss ratio reduced to 47%, compared to 59% as of December 31, 2024. This favorable trend results from rigorous risk management, a decrease in the severity of recorded claims, and downward revaluation of certain claims related to previous underwriting years.

– Growth in investment income:

Investment income increased by 7.7%, rising from TND 31.190 million to TND 33.587 million. This performance reflects prudent and effective asset management. Amounts include accrued but not yet due interest for the 2024 and 2025 financial years, excluding interest on deposits held with cedants.