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Tunisia: Tunis Re improves its half-year net profit by 24% to 13 million dinars

Tunis Re’s interim financial statements for the six months ended June 30, 2021, reveal an improvement in the national reinsurer’s earnings power.

The company’s net income for the first six months of the year is up by 24.2% to 12.9 million dinars.

In fact, Tunis Re recorded an improvement of the revenues of the non-life branch at the end of last June, with a growth of earned premiums (net of reinsurances) of +4.9 million dinars (+12.8%) to 42.9 million dinars.

At the same time, claims expenses (net of reinsurance) increased by +1.15 million dinars, while management expenses climbed by 4.6 million dinars.

The balance of other technical income, net of other technical expenses grew by 1 million dinars.

At the end of the day, the company reported a non-life insurance result of 3.8 million dinars, an increase of 0.2 million dinars (+5.5%).

In the non-life branch, earned premiums recorded an increase of 0.5 million dinars (+25%) to 2.7 million dinars. While claims expenses stalled at 1.4 million dinars, operating expenses climbed +0.2 million dinars (+13.4%).

In the investment activity, the company recorded a stabilization of its financial result at 12 million dinars. On the other hand, the company realizes savings in its corporate tax charge of 1.5 million dinars compared to the same period of the previous year, as well as a mitigation of extraordinary losses of 0.37 million dinars.

At the end of the accounts, the national reinsurer achieved a net half-year profit of 12.9 million dinars, 2.5 million dinars more (+24.2%) than that achieved on June 30, 2020.

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