Assurances Maghrebia Reports 8.3% Increase in Revenue for 2024
Assurances Maghrebia has announced that 2024 has been marked by a revenue increase of 8.3% year-over-year, reaching 272,046 MTND. The net result has risen to 28,362 MTND, up from 27,849 MTND in 2023, representing a 1.8% improvement.
Referring to the achievements of the first half of the year, it is clear that the second half was excellent. As of June 30, 2024, the net result showed a slight decrease of 1.1% to 17,027 MTND. It is also important to note that the corporate tax rate has significantly increased to 40% due to the provisions of the 2025 finance law. As a result, the adjusted performance was much better than announced.
Revenue exceeded forecasts by 1.7%, while the net claims burden was higher than expected, with a 13.5% overrun of estimates. At the same time, the net realization rate of financial products stood at 94.2% of budgeted amounts. The improvement in profits is attributed to a favorable variation in technical provisions and control of operational expenses.
The Board of Directors has decided to propose the distribution of a dividend of 3,150 TND per share, compared to 3,100 TND for the 2023 fiscal year, and to convene the company's shareholders for an ordinary general meeting on May 30, 2025. The net yield, calculated based on the closing price of the last session, stands at 5.5%, higher than the market average.
For 2025, the insurer had already announced its forecasts. Revenue is expected to reach 297,960 MTND, up 9.5% compared to the 2024 fiscal year. Premiums ceded are expected to grow more rapidly, by 14.2%, due to increased exposure to the Fire and Miscellaneous Risks branch, which requires more recourse to reinsurance, reaching 92,574 MTND. Commissions to be served to the distribution network are expected to increase by 6.9% to 22,420 MTND.
In 2025, the net claims burden is expected to reach 159,405 MTND, while net financial products are expected to amount to 29,947 MTND. With the decline in interest rates, it is possible that investments will yield less. Overall, the company is well-positioned for another good year.
