BH Assurance Announces 2024 Financial Results
BH Assurance has announced that its board of directors has approved the financial statements for the 2024 fiscal year. The year was closed with a net result of 11,013 MTND. Compared to the 2023 fiscal year, this represents a 16.4% decline. This trend was observed during the first half of the year, with a result down 39.6% to 3,037 MTND.
The fiscal year was marked by high claims frequency. According to the latest activity indicators, claims expenses totaled 124,005 MTND, compared to 88,866 MTND the previous year. The increase is due to the Life branch (+56.8% to 32,085 MTND) due to the maturity of certain capitalization contracts, and IARD (19,074 MTND at the end of 2024, compared to 0.249 MTND in 2023) due to two significant fire-related claims, which were heavily reinsured. These claims occurred during the first half of 2024. This means that profitability is based on the Life branch, while the technical result of the Non-Life activity would be deficit-making. In the first half of 2024, it was -4,929 MTND. We also believe that the company has set aside provisions for tax control, which it was subject to in 2024, covering the 2019-2022 fiscal years.
The board of directors has decided to propose the distribution of a dividend of 1,500 TND per share. This is the same remuneration that shareholders received last year. The dividend yield is 2.7%, lower than the average of financial institutions. On the market, the performance is 2.0% since the beginning of the year. The stock is not liquid and is generally preserved in portfolio funds by institutional investors. If you plan to buy it, it's essential to hold it for the long term.
