Societe Tunisienne de Reassurance (Tunis Re), the leading reinsurer in the northern African country, has reported a 12.5% increase in turnover in the first six months of this year to TND118.6m ($38.2m), compared to the corresponding half in 2023, according to data published by the reinsurer.
The pace of growth in 1H2024 was slower than the 15.6% increase recorded for 1H2024.
The 1H2024 growth was driven by a dynamic underwriting policy as well as good diversification in terms of accepted risks, said Tunis Re.
A summary of some of Tunis Re’s financial indicators is as follows:
-
|
|
1H2024
(TND m)
|
1H2023
(TND m)
|
Y-o-Y change
|
|
Turnover
|
118,558
|
105.407
|
12.5%
|
|
- Domestic
|
50.246
|
44.954
|
+12%
|
|
- Overseas
|
68.312
|
60.453
|
+13%
|
|
Net Premium
|
95.663
|
84,579
|
+13%
|
|
Retention rate
|
81%
|
80%
|
1 ppt
|
|
Gross claims
|
81.633
|
83.593
|
-2%
|
|
Source: Tunis Re
|
Tunis Re reported an increase of 11.8% in the domestic market and 13.0% in the international market.
A breakdown of the company’s turnover by market is as follows:
-
|
Market
|
Contribution to turnover
|
|
1H2024
|
Full year 2023
|
|
Tunisia
|
42%
|
44%
|
|
Asia
|
23%
|
21%
|
|
Maghreb
|
4%
|
3%
|
|
Arab countries
|
20%
|
20%
|
|
Africa
|
11%
|
12%
|
|
Total
|
100%
|
100%
|
Tunis Re’s loss ratio remained under control at a level of 55% in the first half of 2024, i.e. at the same level as that recorded for 1H2023.