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Jun 2020

Tunisia: Forex losses hit Tunis Re's 1H profits

Source: Middle East Insurance Review | Oct 2019

Tunis Re posted a net profit of TND6.1m ($2.1m) for the first half of this year, compared to TND15.2m for the corresponding period last year.
In 1H2019, technical results generated from life business amounted to TND1m, a marginal decline from TND1.1m for 1H2018. In contrast, non-life technical results amounted to TND515,000, plunging from TND9.1m for the corresponding half of 2018.
This sharp drop in non-life technical profit is attributed to increased foreign exchange losses from TND0.4m in 1H2018 to TND7.3m in 1H2019. M 
TND1 = $0.35
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