Fitch Ratings affirms Tunis Re's rating

Fitch Ratings has confirmed the "AA (tun)" financial strength rating of the Société Tunisienne de Réassurance (Tunis Re). The outlook remains stable.

The rating reflects the reinsurer's leading position in the local market, its adequate capitalization and its strong profitability. Despite the negative impact of inflation and currency effects due to the rise in the value of the US dollar, the company recorded a combined ratio of 91.7% and a return on equity (ROE) of 8.6% in 2022.

Still according to Fitch, the downward revision of Tunisia's sovereign rating from "CCC+" to "CCC-" has no impact on the quality of Tunis Re's rating.