GAT Insurance Announces 2023 Profit of 25,258 Million TND, Up 3.9% Year-Over-Year
GAT Insurance has reported a profit of 25,258 million TND for the 2023 fiscal year, representing a 3.9% increase over the previous year. The insurer's Non-Life segment performed exceptionally well, with a technical result of 25,923 million TND. Total revenue reached 259,108 million TND, with moderate claims frequency, resulting in net claims of 150,329 million TND.
The Automobile segment was a key driver of the company's activity, contributing 103,010 million TND in premiums and 10,676 million TND in technical results. The Health segment was also a significant contributor, with premiums of 64,411 million TND, although it was technically loss-making at -11,716 million TND. The most profitable policies were those covering other property damage (8,812 million TND), assistance (4,641 million TND), and transportation (4,307 million TND).
In the Life segment, premiums written and accepted reached 4,652 million TND. Claims frequency increased significantly to 2,379 million TND (1,280 million TND in 2022), but the technical result remained at 1,389 million TND. The majority of the profit came from death contracts (1,318 million TND), while mixed contracts generated only 0.070 million TND.
Notably, the insurer was subject to a thorough tax audit, and the notification result revealed a amount of 7,133 million TND, a tax credit of 0.015 million TND, and a VAT carryover of 1,217 million TND. The company responded to the notification within the legal timeframe and provisioned 5,000 million TND as of December 31, 2022. An additional provision of 1,500 million TND was made in 2023, pending the final position of the tax authorities. Furthermore, the company was also subject to a CNSS audit (for the periods 2015-2016-2017 and 2019-2022 and 2021) and provisioned 1,033 million TND for social risks.
Shareholders of the insurer, who are convening for an ordinary general meeting on October 16, are expected to vote on the board of directors' proposal to distribute dividends of 13,725 million TND, or 3,050 TND per share. The insurer remains one of the top performers in the market, with recurring and growing profitability.
