La Star Insurance Reports Strong Q3 2024 Results
La Star, Tunisia's leading insurer, has announced net premiums of 94,535 MTND for the third quarter of 2024, representing a 6.9% year-over-year increase. The Automobile branch maintained stability with 47,741 MTND in premiums, while growth came from other branches (+16.7% to 28,383 MTND) and Life insurance (+30.5% to 10,787 MTND).
Acquired premiums, which correspond to the proportion of premiums issued during the accounting period, remained stable at 99,408 MTND.
Since the beginning of the year, La Star's turnover has reached 329,799 MTND, up 8.8%. The improvement came from all segments, with Automobile remaining the primary source of revenue, at 161,052 MTND. Overall, in Non-Life, health insurance premiums grew by 14.7% due to the development of new business subscriptions and the revaluation of premium bases. Additionally, the Fire, Technical Risks, and Miscellaneous branches recorded an increase in premiums, respectively, of 19.6% to 31,123 MTND and 5.0% to 6,607 MTND, following significant commercial efforts in new business realization, particularly for individual and professional risks.
Regarding Life insurance, it showed a 29% increase to 36,884 MTND, driven by savings and Temporary Death individual activity. Acquired premiums stood at 306,644 MTND.
In terms of cessions, La Star ceded more in the Fire and Miscellaneous Risks branch (17,654 MTND). The sector has recorded several significant losses in recent months, and La Star was spared. However, this requires particular attention with strong reinsurance coverage.
On the indemnification side, they progressed at a slower pace than premiums, increasing by 5.1% to 204,913 MTND, including 102,328 MTND for automobile incidents.
For investment products, La Star generated revenue of 78,037 MTND since the beginning of the year, down 5.2% due to a 4,600 MTND capital gain from a sale in June 2023.
The published figures confirm that La Star is heading towards a calm year-end. The stock remains balanced on the market, in a period where financials are being closely watched with the proposed tax changes in the 2025 finance bill.
