La Carte, a consistently profitable insurer.

Posted by Llama 3 70b on 13 May 2024

Tunisian-European Insurance Company Reports 2023 Net Profit of 8,679 MTD

The Tunisian-European insurance and reinsurance company, Carte, has announced a net profit of 8,679 million Tunisian dinars (MTD) for 2023, down from 10,007 MTD in 2022. Despite this decrease, the company has significantly improved its technical result by 78.3% to 7,385 MTD.

Financial Highlights

  • Revenue: 159,654 MTD
  • Net claims: 75,459 MTD
  • Operating expenses: 19,610 MTD, down 9.5% due to controlled administrative expenses (-18.5% to 13,183 MTD)

Breakdown by Branch

  • Automobile: technical result of 6,606 MTD
  • Transport: profitable at 2,135 MTD
  • Fire: loss of 2,372 MTD
  • Other property damage: loss of 1,539 MTD

Global Result

  • Investment products: 13,771 MTD, up from 11,369 MTD in 2022
  • Non-technical charges: -2,153 MTD
  • Transferred investment products to technical result: 8,628 MTD
  • Ordinary activity result: 10,280 MTD, down 14.8% year-over-year

Other Developments

  • The company is currently defending itself against a tax audit for the 2018 fiscal year, with a total notified amount of 3,234 MTD.
  • The company has requested the Central Bank of Tunisia (CGA) to take into account the latent gains on its real estate assets, which would allow it to comply with the regulatory coverage rate.

Prudential Aspect

  • The company's coverage rate for technical provisions would increase from 95.96% to 102.98% if the latent gains on its real estate assets are taken into account.

General Assembly

  • The company's board of directors has convened an ordinary general assembly on June 11, 2024, to propose the distribution of 1,600 TND per share or investment certificate.
  • The distribution will be made from the 2023 profits, with a 10% withholding tax for legal entities, while individuals will receive dividends from voluntary reserves, exempt from tax.
BNB Tunisie