Tunis Re: H1 2023 net profit down

For the first half of 2023, Tunis Re has reported an 18.9% decline in its net profit. The figure dropped from 13.335 million TND (4.3 million USD) as at 30 June 2022 to 10.816 million TND (3.5 million USD) a year later.

This downturn was mainly due to the sharp increase in incurred losses, which almost doubled in one year to reach 83.594 million TND (27 million USD) at the end of June 2023. The first six months of 2023 were marked by the occurrence of several losses in the domestic market. These mainly affected the company's transport and fire classes of business.

As for the foreign market, the first half of 2023 was marked by the 6 February earthquake in Turkey and Syria, which cost Tunis Re 29.7 million TND (9.6 million USD).

The Tunisian reinsurer has ended the first two quarters of the current year with a turnover of 105.408 million TND (34 million USD), representing a 15.6% increase compared with the same period in 2022.