Comar Achieves Net Profit of 63,601 MTND in 2024, a 44% Increase Year-over-Year
The Mediterranean Insurance and Reinsurance Company (Comar) has reported a net profit of 63,601 MTND for 2024, representing a 44% increase year-over-year. This marks the second consecutive year of such profit growth, a rare feat in the industry.
Technical Results
Comar's technical results for Non-Life and Life insurance, respectively, stood at 53,380 MTND (+48.7% year-over-year) and 6,224 MTND (+34.6% compared to 2023).
Non-Life Insurance
The Non-Life insurance business generated revenue of 262,686 MTND in 2024, up from 256,338 MTND the previous year. Net claims frequency increased at a slower pace of 2.0% to 151,083 MTND. Investment income allocated to the income statement, amounting to 50,846 MTND, significantly contributed to the branch's excellent technical performance. By segment, only the Transport segment reported a loss of -2,091 MTND. The Automobile segment achieved a technical surplus of 32,977 MTND, while the Risks divers segment recorded a surplus of 15,079 MTND, the Fire segment a surplus of 5,066 MTND, and the Group segment a surplus of 1,458 MTND.
Life Insurance
The Life insurance business benefited from a favorable claims frequency, with claims expenses amounting to only 0.752 MTND, down from 2,144 MTND the previous year. Net premiums totaled 7,901 MTND, representing a 9.1% year-over-year increase.
Balance Sheet Health
Comar's balance sheet health is excellent, with technical provisions of 566,553 MTND and net investments of 827,760 MTND. The latter generated gross investment income of 91,316 MTND in 2024. The company's Board of Directors has proposed a dividend distribution of 38,000 MTND to the General Assembly of shareholders, a handsome reward.
