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HomeNewsTunisia: AMI seeks 35 MDT to fill insufficiency of its provisions

Tunisia: AMI seeks 35 MDT to fill insufficiency of its provisions

As announced in the company’s press release dated March 6, 2018, AMI Assurances included in its financial statements, as at December 31, 2017, the shortcomings of technical and financial provisions relating to the financial year 2017 and earlier, thus taking into account all the reservations formulated by the supervisory authority.

In the same context, the shareholders of the company have decided to give their full support and contribution to the recovery plan drawn up by the new General Management and approved by its Board of Directors.

This plan includes the issue by December 31, 2018 of 35 million dinars (35,000,000 TD) of redeemable equity securities, redeemed by its shareholders over a period of seven years, and on which the next ordinary general meeting of December 14, 2018 will have to decide.

The plan also includes a new strategic development plan mainly comprising:

– The control of the risks of the automobile branch;

– The development of other insurance sectors, particularly through bank insurance;

– The efficient use of distribution channels;

– Control of management fees;

– Vitalization of the investment portfolio. Shareholders aware of the company’s potential have validated and supported this plan to enable Assurances AMI to become one of the leading profitable operators in the sector.


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