Tunis Re Announces 2024 Financial Results
The Tunisian Reinsurance Company (Tunis Re) has announced that its Board of Directors has approved the financial statements for the 2024 fiscal year.
Key Highlights
- Combined turnover (Ordinary and Retakaful) increased by 8% year-over-year to 241,269 MTND.
- The retention rate stood at 75%, representing an 11% increase in retained premiums compared to 2023.
- The net technical result improved by 24%, resulting in a surplus of 14,000 MTND.
- Asset management generated financial income of 35 MTND, a 10% annual improvement.
- Net income rose to 21,400 MTND, a 15% year-over-year increase.
- The return on equity remains comfortable, with a 9% return on capital.
First-Half Performance
The company's performance was strong in the first half of the year, with a net profit of 12,929 MTND, up 19.5% compared to June 2023.
Dividend Proposal
The Board of Directors has decided to convene an Ordinary General Meeting of shareholders on April 25, 2025, and plans to propose a dividend distribution of 0.480 TND per share. This represents an increase from the 0.450 TND per share paid out last year.
Market Performance
On the market, the company's stock has underperformed by -4.27% since the beginning of the year. The net yield, calculated based on yesterday's closing price, stands at 5.5%. This should reassure investors and confirm the company's ability to manage changes in the regulatory and fiscal framework.
Future Outlook
The company's future performance will depend on its ability to limit the impact of declining interest rates on financial income, which is at the heart of its profitability. Activity indicators, particularly those for the second quarter of 2025, will be closely watched.
