Fitch grants the "AA-(Tun)" rating to Tunis Re

Fitch ratings granted the National Insurer Financial Strength (IFS) of "AA-(Tun)" to Tunis Re on February 18, 2019. The outlook is stable.

This rating reflects the business profile and the very strong profitability of the Tunisian reinsurer. Fitch believes that, on the local market, the risks associated with the assets are moderate. The agency also welcomes Tunis Re's leading position in the Tunisian reinsurance market, the diversification of its portfolio at the international level and its strategic role in the national economy.

According to the agency, the reinsurer's results for the period 2013 to 2017 were stable and solid. The five-year average combined ratio amounted to 97%, while return on equity (ROE) for the same period was set at 7.6%.

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