Twenty (20) direct insurers in Tunisia, whose financial statements are available, achieved a combined turnover in 2023 (measured by net premiums written) of TND2,803m ($923m), 6.9% higher compared to TND2,621m in 2022, according to an analysis by Tera Finances.
The five direct insurance companies listed on the Tunis Stock Exchange (Star, Maghrebia Non-Vie, Astree, BH Assurance, Maghrebia Vie) contributed 41.6% of the overall turnover compared to the combined 58.4% of the 15 unlisted companies in 2023, shows the analysis which is published on the news site, IlBoursa.
The Tunisian insurance sector reported claims and benefit payouts totalling TND1,793m in 2023, 3% higher than in 2022. The life insurance segment saw a 12% year-on-year reduction in claims and compensation to TND281.8m in 2023.
The combined profit of the 20 insurers increased by 9.3% compared to an increase of 13.8% a year earlier. The overall net income stood at TND248.5m, following TND227m in 2022 and TND200m in 2021.
While Tunisian Insurance and Reinsurance Company (STAR) remains the insurance industry’s biggest company in terms of net written premiums, COMAR posted the highest net profits of TND44m.2 for 2023.
The direct insurance sector improved its ROE to 12% in 2023 compared to 11.8% in 2022 on a weighted average basis.
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|
Summary of 2023 financial performance of direct insurers
|
|
|
Revenue
|
TND m
|
|
Net result
|
TND m
|
|
1
|
Star
|
388.9
|
1
|
Comar
|
44.2
|
|
2
|
Comar
|
263.6
|
2
|
Maghrebia - Non Vie
|
27.8
|
|
3
|
Maghrebia - Non Vie
|
250.0
|
3
|
Star
|
27.0
|
|
4
|
Assurances BIAT
|
243.6
|
4
|
Astree
|
22.7
|
|
5
|
Astree
|
238.9
|
5
|
Assurances BIAT
|
18.6
|
|
6
|
Llyod Tunisien
|
196.7
|
6
|
Maghrebia - Vie
|
17.8
|
|
7
|
BH Assurance
|
176.6
|
7
|
BH Assurance
|
13.2
|
|
8
|
AMI Assurance
|
167.7
|
8
|
Hayett
|
12.4
|
|
9
|
Carte Assurances
|
159.7
|
9
|
Attijari Assurances
|
11.7
|
|
10
|
Attijari Assurances
|
133.9
|
10
|
Carte Vie
|
10.2
|
|
11
|
Maghrebia - Vie
|
111.6
|
11
|
Llyod Tunisien
|
9.2
|
|
12
|
Zitouna Takaful
|
103.5
|
12
|
Carte Assurances
|
8.7
|
|
13
|
Hayett
|
94.7
|
13
|
AMI Assurance
|
8.6
|
|
14
|
Carte Vie
|
90.8
|
14
|
Zitouna Takaful
|
7.1
|
|
15
|
GAT Vie
|
58.7
|
15
|
GAT Vie
|
4.4
|
|
16
|
Attakafulia
|
51.1
|
16
|
Cotunace
|
3.9
|
|
17
|
El Amana Takaful
|
50.2
|
17
|
El Amana Takaful
|
2.6
|
|
18
|
Cotunace
|
-12.8
|
18
|
Attakafulia
|
1.8
|
|
19
|
Lloyd Vie
|
-10.4
|
19
|
Lloyd Vie
|
0.8
|
|
20
|
UIB Assurances
|
0.0
|
20
|
UIB Assurances
|
-4.2
|
On its part, the country's sole reinsurer, Tunis Re, posted a net profit of TND18.6m, the second-highest profit achieved to date. This followed record-high net profits of TND19.9m in 2022.
The insurance market in Tunisia comprises 23 players, including one reinsurer (Tunis Re), two insurance mutuals, and 21 direct insurance companies. Among the direct companies are three takaful operators which are Zitouna Takaful, El Amana Takaful, and Attakafulia.