Tunisia: Tunis Re posted 19% growth in premiums to $42m in 9M2019
Source: Middle East Insurance Review | Dec 2019
Tunis Re has reported an 18.8% increase in premium income to TND120.2m ($42.4m) for the first nine months of 2019, compared to the corresponding period last year.
In a statement, Tunis Re said the increase is the result of an expansion strategy focused on consolidating the portfolio’s bottom line and seeking development opportunities in the Tunisian and foreign markets.
Retakaful accounted for 11.7% of total premium income in 9M2019, compared to 10% for the full year in 2018. Retakaful contributions soared by 38.9% to TND14.1m for January to September this year, compared to the same period last year. This nine-month volume was almost equivalent to the TND14.3m recorded for the whole of 2018.
On the investment side, Tunis Re reported financial income of TND18m for the first nine months of this year, 14% more than for the corresponding period in 2018. This includes interest accrued and not yet paid. They do not take into account the interest on deposits with ceding companies. M
TND1 = $0.35