Tunis Re Announces Q2 2024 Results
Tunis Re, the national reinsurer, announced its Q2 2024 results yesterday. Acceptances totaled 48,060 Mtnd, representing a 10.6% year-over-year increase. This growth is driven by the Fire (+31.0%, to 19,987 Mtnd), Technical Risks (+19.1%, to 7,230 Mtnd), and Retakaful activities (+68.0%, to 7,524 Mtnd).
The company's turnover increased by 11.8% on the local market and 13.0% on the international market. As of Q2 2024, 54.5% of the targeted top line has been achieved.
The retrocession rate remained stable, with retroceded premiums of 8,506 Mtnd, compared to 8,055 Mtnd during the same period in 2023. It appears that Tunis Re has high-quality business, allowing for greater retention.
Since the beginning of the year, net retrocession acceptances have reached 95,662 Mtnd, up 13.1% compared to June 2023. Net acquisition costs totaled 31,566 Mtnd in H1 2024, compared to 27,491 Mtnd during the same period last year.
In parallel, net claims increased by 10.2%, to 52,592 Mtnd. The Fire branch was behind this trend, with a 59.3% increase, to 30,874 Mtnd. However, claims remain generally under control, with a 55.0% ratio as of June 2024.
Financial products continue to benefit from high rates, reaching 16,055 Mtnd.
All indicators point to an improvement in net profit by the end of the first half of the year. The company plans to complete the implementation of the IFRS 17 standard project by the end of 2024. The restatement of 2022 financial statements under IFRS 4 has been finalized and audited, and the 2023 accounts are being finalized. Tunis Re would be among the first to publish financial statements compliant with international standards.