Comments on Tunis Re’s activity as at March 31, 2026

Notes:

• – The figures are updated progressively as late data is processed across all categories (claims paid, claims declared, ceded premiums, and commissions).
• – The indicators as at 31/12/2025 relate to the 2025 financial year and remain provisional until the approval of the financial statements by the Ordinary General Assembly.ment.

Key highlights of the activity during the first quarter of 2026:

• – A consolidation of revenue, reaching TND 77.339 million, reflecting the resilience of Tunis Re in a context marked by geopolitical and economic uncertainty, a particularly challenging environment shaped by regulatory requirements in certain strategic markets, as well as unfavorable exchange rate effects linked to the depreciation of the US dollar.
• By market segment, revenue generated in the domestic market increased by 3.2%, while a slight decline of 0.9% was recorded in the international market. Compared to the targets set for 2026, the achievement rate of revenue at the end of the first quarter reached 29%.
• – An increase in net retained premiums of 2%, rising from TND 59.146 million as at March 31, 2025 to TND 60.553 million at the end of the first quarter of 2026, resulting in a retention rate of 78%.
• – An improvement in the net claims cost by 28% compared to March 2025, decreasing from a total of TND 21.871 million to TND 15.783 million at the end of the first quarter of 2026. This improvement is mainly due to a relatively favorable claims experience during the quarter and prudent underwriting practices. 
• – Financial income increased by 1.3% compared to March 31, 2025, reaching TND 7.614 million, driven by high liquidity in the interbank market and revised investment conditions for fixed-income instruments. These revenues include accrued and not yet due interest (for both 2025 and 2026 financial years) and exclude interest on deposits held with ceding companies.