According to the figures provided, the “Maghrebia” group is well positioned to exceed the key objectives of its 2023-2027 business plan, which reflects, among other things, a good performance in a difficult environment.
On the initiative of the AIB, the “Maghrebia” group held, recently at the headquarters of the Stock Exchange, a financial communication which focused on the achievements of the two companies and the “Maghrebia” group under the year 2022 as well as their future prospects. The event was hosted by Habib Ben Hassine, Managing Director, and Imen Bouhamed, Accounting and Financial Director of the company.
Before communicating the group’s figures, Ben Hassen did not fail to give an overview of the country’s economic environment, which was marked in 2022 by economic growth of 2.4% once morest 4.3% in 2021 and a worsening of the trade deficit to 25.2 billion dinars once morest 16.2 billion dinars as of December 31, 2021.
The CEO also recalled that the past year was marked by a rise in the inflation rate to 10.1% once morest 6.6% a year earlier, a depreciation of the dinar by 7.2% once morest the dollar and 0 .9% once morest the euro and an increase in the key interest rate to reach 8.0%. The only positive indicator was the rise of the Tunindex by 15.10% once morest a return of 2.34% in 2021. In this respect, the economic environment was already changing and more difficult than expected.
10.47% market share
In 2022, the Maghrebia group consolidated its position by increasing its market share to 10.47% compared to 10.39% in 2021 and 10.23% in 2020, which reflects a positioning in line with its development strategy in different professions.
By branch, the group is number one, excluding automobile, with 13.6% market share, in personal insurance with 14.4% market share and in fire insurance with 15.1% market share. The group also ranks second in health insurance with a 19.4% market share.
Solid financial performance
Overall, Maghrebia Insurance’s turnover grew by 9.56%, from 203.854 million dinars in 2021 to 223.348 million dinars in 2022, which confirms a good commercial dynamic in line with the strategy of growth, despite a still difficult and complex economic context, reminded the CEO of Maghrebia in this regard.
Regarding the investment activity, the portfolio exceeded 326 million dinars in 2022 (+5.27%) generating financial income of around 24.2 million dinars, up 24.09% compared to 2021.
The net result improved by 5.91% to 23.3 million dinars in 2022. The company thus proposes the distribution of a dividend of 2.340 dinars per share.
With regard to equity, they went from 112.4 million dinars in 2021 to 125.9 million dinars in 2022, i.e. a growth of 12%, with a solvency margin of 384.04% and a return on equity of 22.77%.
Regarding the key figures of “Assurances Maghrebia Vie”, Ben Hassine indicated that the company’s turnover grew by 13.05%, from 93.16 million dinars to 105.32 million dinars, and driven mainly by the savings activity.
As for the investment activity, the company recorded in 2022 an investment portfolio of more than 500 million dinars, i.e. a growth of 13.53% compared to 2021, while for the net result of the company, it recorded a increase of 28.32%, from 12.59 million dinars to 16.1 million dinars between 2021 and 2022, which reflects a profitability of 15.34%.
What prospects for 2023-2027?
Referring to digital projects, the CEO underlined that the group is continuing to digitize customer journeys with digitized processing of automobile claims, a health portal (filing of online reports, monitoring of reimbursements, geolocation of healthcare providers, etc.).
The group is also working on the development of the mobile application, which allows consultation of contracts, online subscription and payment, monitoring of health reimbursements, monitoring of automobile claims files, etc.
On another level, the head of the company indicated that the group will continue the actions provided for in the strategic plan in order to increase its profitability and strengthen its equity, and this, through the anticipation of market trends in terms of products, innovations and new technologies, developing distribution networks, improving the quality of its services and increasing customer satisfaction.
It is also a question of strengthening its approach to Corporate Social Responsibility (CSR), which revolves around eight strategic issues, namely the promotion of responsible insurance, data protection, governance and the practice of ethics, digitalization at the service of CSR, the promotion of diversity, inclusion and financial education, sustainable support for B to B customers and the promotion of health for all.
With regard to the 2023-2027 Business plan, the management affirmed that the company still has a bright future ahead of it with forecasts which count on an average annual growth rate of 10.56% of its consolidated turnover over the next five years from 350.4 million dinars in 2023 to 523.5 million in 2027.
As for the net result, the group expects an average profitability of 11%, going from 38.4 million dinars to 56.5 million dinars between 2023 and 2027.
With regard to equity, the group forecasts an average return on equity of 17.76%, going from 254.5 million dinars in 2023 to 388.3 million dinars in 2027.
