Tunisia: Listed insurers show mixed profit picture for 2016
Source: Middle East Insurance Review | Oct 2017
The combined net profit of Tunisia’s four listed insurance entities showed a 52.8% fall to TND50.3 million (US$20.6 million) in 2016 compared to TND106.6 million in 2015, despite increases posted by two insurers, according to filings with the Tunis Stock Exchange.
Among the four, the country’s biggest insurer, the state-controlled Tunisian Insurance and Reinsurance Company (STAR) showed the biggest plunge in net profit of 78.9% to TND15.5 million.
STAR’s after-tax profits stood at TND73.5 million in 2015, including exceptional gains which consisted of gains on the disposal of investments. If the exceptional gains were excluded, STAR’s after-tax profits in 2015 would have been TND19.3 million.
The after-tax net profit of the four listed entities for 2016 are:
TND1 = US$0.41