Comments on Tunis Re’s activity at the end of June 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 half of 2024:

– A 12.5% increase in turnover compared with 30 June 2024, to reach 118.558 MTD, with a 13% increase in net premium. This increase was driven by a dynamic underwriting policy and good diversification of the risks accepted. We achieved growth of 11.8% in the domestic market and 13% in the international market.

– Compared with the targets set for 2024, the turnover rate for the first half of 2024 reached 54.5%.

– The loss ratio remained well under control at 55% at the end of the first half of 2024, the same level as that recorded at 30 June 2023.

– Financial income grew by 13.6% compared with the first half of 2023, reaching 16.055 million tunisian dinars (MTD) compared with 14.136 MTD. This income includes accrued interest not yet due (for the two financial years 2023 and 2024). They do not include interest on deposits with ceding companies..

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

Tunis Re is continuing its work on the various phases linked to the IFRS implementation project, both on the actuarial and accounting aspects,

Within this context, the various adjustments to 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.