COMAR, which is also present in Côte d’Ivoire, is a subsidiary of the PGI holding company (the holding and investment management company of the Ben Yedder group). The latter directly and indirectly holds 77.71% of the company’s control percentage, while French insurer Axa holds 15.40% of the capital, not counting the remaining 3.02% held by the German Munich Re.
The insurer of the Amen group has collected more than TND 21.8 million in premiums from the companies under its control and has received almost TND 19.5 million in dividends from its holdings in the companies of the same group (including more than TND 11.8 million from Amen Bank, more than TND 2.2 million from Ennakl and more than TND 2.6 million in dividends from the life insurance of the Hayett group). The insurer is also an important investor. The investment income amounted to TND 56,092,605 as of December 31, 2022 compared to TND 53,545,879 as of December 31, 2021.
A double in-depth tax audit
At the end of 2022, the annual accounts of Comar Assurances showed a positive equity of TND 278,252,952 dinars, including a profit for the year of TND 30,500,183. For the benchmark alone, Maghrebia had a turnover of TND 223,347 and a profit of TND 23.3 million for the same year. GAT made a profit of TND 24.3 million, an increase of TND 0.6 million. BH Insurance made TND 13.3 million in 2022 and Lloyd of Bayahi Group made TND 6.7 million in 2021.
The Comar auditors’ report also noted that “the company was subject to an in-depth tax audit on the various taxes to which it is subject, covering the period from January 1, 2018 to December 31, 2021”.
The auditors then stated that “the company received notification of the results of the in-depth audit on December 14, 2022 and lodged an objection to the results of this audit within the legal timeframe. As of the date of this report, the company has not been notified of any response from the tax authorities to the objection. It is therefore a question of the same audit, the notification of which was received in mid-December and for which the CC had not specified the final amount.
What about the remuneration of the Ben Yedders’ insurer?
The Board of Directors, meeting on June 5, 2020, renewed the term of Slaheddine Ladjimi as Board Chairman for the duration of his directorship. The remuneration committee of June 23, 2020 set the remuneration of the Board Chairman at a gross amount of 300 KTND. In addition, he will be provided with a company car, a driver and a monthly fuel quota of 200 liters as well as the reimbursement of telephone expenses.
In addition, the gross annual remuneration of the Chief Executive Officer is set at 200 KTND. The gross annual remuneration of the Deputy Managing Director is set at KTND 190. In addition, the Managing Director and the Deputy Managing Director each benefit from a company car, a monthly fuel quota of 200 litres and reimbursement of telephone expenses.
The Remuneration Committee of June 21, 2022 decided to grant the Deputy General Manager, Lotfi Ben Haj Kacem, a bonus of TND 260,000 TND for 2021. The Remuneration Committee of June 21, 2022 decided to grant the General Manager, Hakim Ben Yedder, a bonus of TND 295 thousand for the year 2021. The Board members receive attendance fees, which were set at a total of TND 160 by the Annual General Meeting of 21 April 2022.
