Tunis Re, third quarter 2017 results
Tunis Re has published its third quarter results ending September 30, 2017. The Tunisian reinsurer posted a 3.8% growth in its turnover compared to the same period last year.
The Retakaful activity recorded an increase of 16.8%. The turnover of this class of business increased from 6.5 million TND (2.96 million USD) at the end of September 2016 to 7.6 million TND (3.1 million USD) a year later.
The reinsurer's gross incurred losses increased by 31%, mainly due to the occurrence of some major claims and to the depreciation of the Tunisian dinar. Financial products, meanwhile, remained stable at 12.1 million TND (4.9 million USD).
Let's remind that the rating agency A.M. Best has confirmed in a press release published on July 27, 2017, Tunis Re's ratings of "B +" financial strength and "BBB-" credit. The outlook for both ratings has remained stable.
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