Newly listed Assurances Maghrebia has achieved a new record of TND18.7m ($6.8m) in net profits for the financial year ended 31 December 2020.
The company, which specialises in non-life insurance, reported a turnover of TND185.8m, registering an increase of TND16m or 9.4% over 2019. This growth rate was above the average annual growth rate achieved by the company over the past five years (+ 9.0%).
Maghrebia, which made its trading debut on 30 December on the Bourse de Tunis, stated that claims (before reinsurance) fell by TND25.5m or 16.9% from TND150.8m in 2019 to TND125.2m in 2020.
The favourable combination of the increase in written premiums and the decrease in claims helped the combined ratio to fall below 100%, improving to 84.5% in 2020 from 103.6% in 2019.
The overall technical results reached TND7.6m in 2020 against an average of TND2.1m over the period 2014-2019. All classes of insurance carried out by the company showed positive results.
On a consolidated basis, the Maghrebia Assurance group achieved a turnover of TND262.3m in 2020, against TND235.2m recorded in 2019, an increase of 11.5%. Group net profits stood at TND23.1m for 2020, 44% higher than was achieved in 2019.
The group consists of the parent company and the subsidiaries: Maghrebia Life Assurances, Maghrebia Property Assurances Maghrebia Financial Sicar and Codway. Maghrebia Assurance holds 56% of the capital of Maghrebia Property Assurances, 72.08% of the capital of Maghrebia Life Assurances, 82.37% of the capital of Maghrebia Financial Sicar and 85.25% of Codway.