Despite the unfavourable conditions caused by COVID-19 during the first half of 2020, Tunisian Reinsurance (Tunis Re) has managed to maintain its financial performance at the same level as in 2019, a statement issued by the reinsurer says.
Tunis Re generated GWP of TND82.94m ($29.4m) in the first half of this year (against TND84.5m in the first half of 2019), which represents 52% of the adjusted forecasts for the year, according to a statement issued by the reinsurer. The overseas portfolio grew by 1% to TND45m while local business dropped by 5% due to slowdown in writing business mainly for the branches of transport and aviation, having been directly impacted by the COVID-19 crisis.
For retakaful business, contributions remained in the same range registering a turnover of TND9m on 1H2020 against TND9.2m in the first half of 2019.
Gross claims increased by 15% in the first half of 2020 reaching TND52.8m against TND45.9 in the first six months of the past year. The increased was caused by a major fire incident that took place during the period. However, with retrocession covering 55% of the claim, Tunis Re reported 6% improvement in net claims expenses as of June 2020.
Net income reached TND12.8m in the first half, a 12% increase compared to the same period of 2019.
Source: By MEIR team