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Jan 2022

Tunisia: National Agricultural Bank doubles equity stake in insurer

Source: Middle East Insurance Review | Dec 2021

Tunisia’s National Agricultural Bank (BNA) has increased its interest in local insurer AMI Assurances from 26% to more than 50%. The bank thus becomes AMI’s main shareholder.
Overall, TND92.8m ($33m) was invested to allow AMI Assurances to increase its share capital from TND41m to TND87.4m. The insurer will use the money to strengthen its equity, improve its regulatory ratios and finance its development strategy. This move is part of a transformation plan initiated in 2018 by AMI Assurances.
AMI Assurances signed a bancassurance deal with BNA last year.
The insurer wants to consolidate its position in the Tunisian insurance sector. For this year, it eyes a net profit of TND800,000, from TND600,000 in 2020. In 2019, the company suffered a loss of TND29.9m. M 
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