BH Assurance Sees 15.5% Revenue Growth in Q2
During the second quarter, BH Assurance's revenue increased by 15.5% compared to the same period in 2023, reaching 47,013 MTND. The insurer made significant progress in the Life insurance segment, with premiums issued up 13.45% to 21,899 MTND.
In the Non-Life segment, all policies benefited from a positive trend, particularly in Automobile (+23.1%, to 9,135 MTND), Engineering (+66.7%, to 2,003 MTND), and IARD (+57.2%, to 2,047 MTND). Health insurance recorded a slight increase of 0.9%, to 10,591 MTND.
Over the entire first half of the year, premiums issued totaled 103,326 MTND, representing a 13.2% year-over-year increase. The Health and Automobile segments accounted for 21.4% and 20.8% of total revenue, respectively. The growth rate of the Non-Life segment was 8.3% over the period, slower than the 20.8% growth rate of the Life segment.
Total premiums issued since the beginning of the year reached 12,329 MTND, a 10.5% increase compared to June 2023. The cession rate stood at 11.9%, down from 12.2% the previous year. The retention of business improved, reflecting a better ability to manage risks and sufficient equity to cover incidents.
The first half of the year was marked by high claims frequency, mainly from the IARD segment (22,321 MTND), which accounted for 28.2% of claims during the period (3.7% in 2023). This development is attributed to two significant "Fire" claims that were heavily reinsured, as well as life capitalization contracts that reached maturity. While this will have an impact on the technical result of the period, it will be limited. In part, this will be offset by investment products totaling 15,141 MTND, compared to 13,234 MTND in 2023.