Tunisian Company for External Trade Insurance (Cotunace) Releases 2023 Financial Statements
The Tunisian Company for External Trade Insurance (Cotunace) has published its financial statements for the 2023 fiscal year. Despite a 7.1% decline in turnover to 12,823 million Tunisian dinars (Mtnd), the year was generally balanced. This decline is attributed to a decrease in insured exports.
The extraordinary commercial risk coverage was particularly affected, with premiums decreasing by 39.7% to 1,584 Mtnd. Net premiums earned stood at 5,056 Mtnd, a 1.4% decrease year-over-year.
Investment products also saw a 2.5% decline to 2,514 Mtnd. The loss ratio worsened, increasing from 1,279 Mtnd in 2022 to -2,805 Mtnd the following year, due to slower recoveries, which amounted to only 0,803 Mtnd compared to 2,631 Mtnd in 2022. Operating expenses nearly doubled to 1,413 Mtnd. A partial write-back of provisions helped rebalance the accounts, allowing the technical result to reach 2,523 Mtnd, still down 10.8% compared to 2022.
At the income statement level, net profit totaled 3,855 Mtnd, an 18.8% decrease year-over-year. Shareholders are invited to the Ordinary General Meeting, scheduled for June 25, 2024. The board has proposed a dividend distribution of 3 Tnd per share.
As a key player in supporting exporters, Cotunace is not expected to generate significant profits but rather to mitigate risks between economic operators from different countries. In this regard, it can be said that Cotunace has successfully fulfilled its mission in 2023.