Biat Insurance Announces 2023 Results

Biat Insurance has announced its results for the 2023 fiscal year. The technical result for Non-Life insurance stood at 6,455 million Tunisian dinars (Mtnd), down from 7,0978 Mtnd in 2022. This decrease is not due to a decline in business volume, which reached 97,385 Mtnd with net claims of 47,320 Mtnd. Instead, it is attributed to an increase in operating expenses, which rose from 18,434 Mtnd in 2022 to 21,724 Mtnd in 2023. The acquisition of contracts became more expensive (+11.0% to 16,876 Mtnd), and administrative charges also increased (+25.2% to 10,244 Mtnd).

Except for the Health branch, which reported a technical result of -2,603 Mtnd, all other branches showed a surplus, particularly Automobile (4,132 Mtnd) and Transport (1,182 Mtnd).

In the Life insurance segment, the turnover reached 146,257 Mtnd, and the technical result was 20,339 Mtnd, up 6% year-over-year. The bulk of the profit came from the Provident fund activity (13,064 Mtnd) compared to 7,275 Mtnd for Savings.

With investment products allocated to the income statement amounting to 14,126 Mtnd, the insurer's profit reached 18,634 Mtnd, down 4.7% compared to 2022. However, it is essential to consider the conjunctural contribution, which cost 1,072 Mtnd. Excluding this item, the net profit would have been 19,706 Mtnd, up 0.7%.

In light of these results, the Board of Directors has convened an Ordinary General Meeting for May 30, 2024, and proposed the distribution of a dividend of 19 Tunisian dinars per share. This amount will be part of Biat's revenue for the current fiscal year.