The STAR

On December 26, 2008, the Société Tunisienne d'Assurances et de Réassurances (STAR) celebrated the fiftieth anniversary of its creation. Set up in 1958, the company was quickly confirmed as the undisputed leader of the Tunisian market and became also the first insurer of the Algerian market in the late 1960s.

In a newly independent Tunisia, STAR has always been regarded as the cradle of competencies. It is with STAR's executives that private Tunisian insurance companies have been established.

This craze for training ushered in the creation in 1967 of the African Insurance Institute, which has and continues to train executives for the entire French-speaking Africa.

Abdelkarim Merdassi Chairman

The new era required a new strategy with the recent partnership between STAR and the French insurer Groupama marking the beginning of a new stage in the life of the company. Endowed with an important shareholders' equity, STAR is seeking a new momentum. Today, the Tunisian market leader is in need of new synergies to strengthen and consolidate its position as the local number one which it has kept for decades.

Turnover's evolution: 2003-2007

in thousands USD

	2003	2004	2005	2006	2007	2006/2007 growth
Non life	134 763	159 259	150 768	163 727	175 458	7.66%
Life	2 097	2 476	2 389	2 611	3 618
Total	136 860	161 735	153 157	166 338	179 076

in millions USD

Turnover split by class of business: 2003 - 2007

in thousands USD

	2003	2004	2005	2006	2007
Non life
Motor	64 011	71 481	71 144	73 035	78 716
Marine	17 268	19 187	16 828	16 583	18 331
Miscellaneous accidents and special risks	9 132	13 849	13 079	18 298	19 191
Fire	9 398	11 850	10 671	12 865	12 556
Health	33 854	41 513	38 346	42 118	45 879
Acceptances	1 100	1 378	700	828	785
Total Non life	134 763	159 259	150 768	163 727	175 458
Life
Total life	2 097	2 476	2 389	2 611	3 618
Grand Total	136 860	161 735	153 157	166 338	179 076

Turnover split by class of business in 2007

Loss ratio split by class of business: 2003 - 2007

	2003	2004	2005	2006	2007
Motor	115.60%	114.20%	105.20%	118.30%	100.30%
Marine	-3.54%	12.36%	-5.97%	-1.67%	61.90%
Accidents, miscellaneous and special risks	23.70%	26.40%	62.30%	22.40%	45.60%
Fire	49.95%	27.17%	15.06%	16.75%	39.60%
Health	87.50%	92.30%	95.70%	89.80%	92.30%
Acceptances	85.51%	102.00%	57.38%	104.40%	105.00%

Main financial highlights : 2003 -2007

in thousands USD

	2003	2004	2005	2006	2007
Turnover	136 860	161 735	153 157	166 338	179 076
Net written premiums	132 708	155 918	148 670	163 090	175 545
Incurred losses	111 195	130 609	134 757	133 368	145 219
Management expenses	27 628	27 990	24 869	24 526	33 154
Technical result	-10 794	-4 148	-143	11 538	9 532
Net result (after taxes)	-10 284	- 3 478	753	12 326	4 875

in millions USD

Exchange rate TND/USD as at 31/12	2003	2004	2005	2006	2007
	0.733	0.840	0.735	0.779	0.827