BNA Assurances Plans to Go Public on Tunis Stock Exchange
The Tunis-based insurance company, BNA Assurances, whose shares are currently traded over-the-counter, is planning to list on the Tunis Stock Exchange. The valuation exercise has resulted in a price of 1,790 TND per share, translating to a total valuation of 156,431 MTND. This assumes that there will be no capital increase and the number of shares will remain stable. However, it is unclear whether this will be a cash-out operation or a capital increase. The company has returned to profitability since the launch of its strategic plan. In 2015, it increased its capital by 33,051 MTND and by 92,816 MTND in 2021. We believe that this will be an operation that combines both, with a recapitalization. Strengthening the insurer's equity remains a priority if it wants to increase its capacity to underwrite risks.
In 2023, the company achieved a turnover of 176,569 MTND. In the automotive sector, BNA Assurances ranked 6th in the market, with premiums of 132,725 MTND. As of September 2024, net written premiums stood at 123,858 MTND. The company has a network of 132 agencies, 41 brokers, and 2 branches across Tunisia. However, this is just a figure, as each BNA agency is now considered an additional point of sale. There is significant growth potential for the business.
For the market, this is excellent news, as the last IPO dates back to December 2022, with Maghrebia Vie. There is a need for quality papers and investment opportunities, which are becoming increasingly rare. The success of the operation is assured, thanks to the company's good profile and the availability of liquidity in the market.
