Four years after its establishment, UIB Assurances continues to struggle to generate profits.
At the end of 2024, the company reported a new loss of 6.5 million dinars, a 54% increase compared to 2023.
This underperformance brings the company’s cumulative losses to 14 million dinars since it began operations in 2020. It is worth noting that UIB Assurances specializes in life insurance and capitalization operations.
Last year, the company recorded a negative technical result for life insurance of 7 million dinars, compared to -3.6 million dinars in 2023.
Meanwhile, investment income rose to 662 thousand dinars, up from 232 thousand dinars the previous year.
Net premiums issued and accepted, after reinsurance cessions, amounted to 38 million dinars as of December 31, 2024, while net claims and benefits paid, after reinsurance cessions, totaled 1.2 million dinars.
Additionally, net operating expenses reached 1.6 million dinars, compared to 421,743 dinars as of December 31, 2023.
These expenses include costs directly or indirectly attributable to contract acquisition and administration activities, net of commissions received from reinsurers.
It is important to note that in 2024, the company received a notification following a CNSS (National Social Security Fund) audit covering the years 2021, 2022, and 2023.
To cover potential risks based on this notification, the company recorded provisions for risks and charges amounting to 42,769 dinars in its 2024 financial statements.
