Tunisian Reinsurance Company (Tunis Re) has achieved satisfactory performance in 2024 with net results exceeding the objectives set.
Tunisia’s national reinsurer, Tunis Re has announced its preliminary results for the past year showing resilience despite the ongoing challenges in the region, a statement the reinsurer lodged with the Tunis Stock Exchange has said.
In 2024, Tunis Re achieved a turnover of TND234.8m ($73.4m), an increase of 5.5% over the preceding year. The increase is attributed to the businesses written from foreign markets which grew by 13%. Retakaful activity saw a notable increase as contributions reached TND26.5m by the end of 2024 versus TND21.5m in the preceding year, a jump of 23%.
“Faced with an environment which is still impacted by geopolitical instabilities and the repercussions of climate change, Tunis Re, once again confirms its resilience at the end of this fourth quarter, by achieving solid technical and financial performances,” said the statement.
Healthy results
The results achieved by the end of 2024 have exceeded the objectives set for the year, Tunis Re said. After deducting retrocession, the retained premiums by the end of 2024 recorded a decrease of 8% compared to the past year.
The reinsurer’s net loss ratio remains under control at a level of 59%, reflecting good risk management, thus reducing the impact of the loss that has occurred. Financial results registered an increase of 8.4%, growing from TND28.8m to TND31.2m.
Progress in the IFRS/IAS implementation project
Tunis Re is continuing its work on the various phases related to the IFRS implementation project, both on the actuarial and accounting aspects, said the reinsurer. It added that the various restatements of the 2023 financial statements, under IFRS 4, have been finalised, showing a moderate impact.
In parallel, the implementation work under IFRS17 is in the progress phase with the completion of a dry-run exercise and will be submitted to the Tunis Re steering committee, during the first quarter of 2025, for approval of the models and approaches to be adopted.