It is thanks to the results achieved in the local market, traditionally less affected by losses, that Tunis Re has consolidated its financial soundness. The extraordinary events of 2011 will not have a long-term impact on the reinsurer who is poised to retrocede part of its underwritings.
Lamia Ben Mahmoud |
Chairman |
Being listed since March 2010, the company is targeting the international market to boost its sales. Three targets have been clearly identified: the Maghreb, which stands as a local market, Africa where a representation office is scheduled to open and the Middle East which accounts for 13% of underwritings in 2010.
The Tunisian reinsurer is after new clients. And to better penetrate the Arab and Asian markets, Tunis Re has established a retakaful unit, a class of business dotted with a strong growth potential.
Tunis Re in 2010
Paid up capital | 31 540 500 USD |
Turnover | 51 670 348 USD |
Shareholder’s equity | 48 875 860 USD |
Total assets | 231 983 181 USD |
Net result after tax | 3 334 882 USD |
ROE | 6.8% |
Net loss ratio | 58% |
Net combined ratio | 95% |
Number of employees | 80 |
Management
Corporate executive manager | Mounir Hachicha |
Retrocession and technical executive manager | Samia Ben Youssef |
Treaties acceptances manager | Musthapha Kotrane |
Facultative acceptances manager | Mourad El Aroui |
Takaful manager | Nadhim Cherif |
Retrocession manager | Ridha Hertelli |
Collection funds manager | Samir Ben Abid |
Finance and accounting manager | Hela Nouira Youssef |
Management control manager | Mounir El Behi |
Marketing and statistics manager | Leila Baccouche |
Main shareholders
The Tunisian government | 5.21% |
Tunisian insurance companies | 32.68% |
Tunisian banks | 30.04% |
Others | 32.07% |
Main technical highlights: 2006-2010
in thousands USD2006 | 2007 | 2008 | 2009 | 2010 | |
---|---|---|---|---|---|
Gross written premiums | 41 028 | 43 294 | 46 822 | 46 378 | 51 671 |
Written premiums net of retrocession | 15 418 | 15 465 | 22 166 | 23 062 | 25 108 |
Net earned premiums | 15 738 | 14 661 | 20 472 | 21 256 | 23 442 |
Gross earned premiums | 42 006 | 41 538 | 42 865 | 42 298 | 44 376 |
Gross incurred losses | 17 098 | 15 075 | 16 985 | 21 705 | 64 973 |
Net incurred losses | 8 851 | 7 942 | 11 432 | 12 265 | 13 637 |
Net loss ratio | 56% | 54% | 56% | 58% | 58% |
Expenses ratio | 39% | 39% | 37% | 37% | 37% |
Management expenses* | 6 067 | 6 074 | 8 105 | 8 426 | 9 234 |
Technical result | 819 | 644 | 935 | 565 | 571 |
Financial income | 3 974 | 4 416 | 4 797 | 3 989 | 4 044 |
Net result | 3 205 | 3 773 | 3 963 | 3 847 | 3 335 |
Evolution of premiums, losses, management expenses and results: 2006-2010
in thousands USDTurnover’s evolution per class of business: 2006-2010
in thousands USD2006 | 2007 | 2008 | 2009 | 2010 | 2010 shares | 2009/10 growth | |
---|---|---|---|---|---|---|---|
Non life | |||||||
Fire | 11 057 | 11 166 | 11 309 | 11 023 | 12 176 | 23.6% | 10% |
Accident and misc. risks | 6 668 | 5 820 | 5 911 | 6 148 | 5 846 | 11.3% | -5% |
Engineering | 4 973 | 7 450 | 9 652 | 9 352 | 9 682 | 18.7% | 4% |
Marine | 6 715 | 8 630 | 8 781 | 7 515 | 7 448 | 14.4% | -1% |
Aviation | 11 103 | 9 391 | 10 287 | 11 257 | 14 086 | 27.3% | 25% |
Total non life | 40 516 | 42 456 | 45 940 | 45 295 | 49 237 | 95.3% | 9% |
Life | |||||||
Life | 511 | 838 | 882 | 1 083 | 2 434 | 4.7% | 125% |
Total | 41 027 | 43 294 | 46 822 | 46 378 | 51 671 | 100% | 11% |
Breakdown per class of business in 2010
Ratios’ evolution: 2006-2010
Exchange rate TND/USD as at 31/12 | 2006 | 2007 | 2008 | 2009 | 2010 |
0.77989 | 0.82781 | 0.78412 | 0.76309 | 0.7009 |
Contact
Head office | Rue Borjine (ex 8006) n°7 Montplaisir (1) BP 29-1073, Tunis |
Phone | (+216) 71 90 49 11 |
Fax | (+216) 71 90 49 30 / 71 90 61 73 |
tunisre [at] tunisre [dot] com [dot] tn | |
Website |