Astrée Assurances

According to Greek mythology Astrée is the daughter of Zeus and Themis. She personifies justice and has balance as her emblem. The Tunisian insurer Astrée was born under the same sign.

The company was established on October 22, 1949 by the Banque de Tunisie, the French group Concorde, Generali and the Assurances Générales Incendie whose portfolio was taken over by the Assurances Générales de France (AGF).

Astrée has had, for a long time, renowned shareholders. Apart from the Banque de Tunisie, its board included Allianz, AXA, Generali and even Munich Re.

On the local market, Astrée embodies stability and balance. Successive leaders have always distanced themselves from all kinds of turnover and growth battles.

The sole creed considered is profitability. This line requires the building of a balanced portfolio comprising personal lines and industrial risks. Past and current results do summarize this philosophy which has elevated the company to the rank of the wise component of the market.

Main technical highlights: 2008 - 2011

en USD

	2008	2009	2010	2011
Gross written premiums	61 629 912	62 942 073	63 644 957	67 716 405
Written premiums net of reinsurance	44 158 938	47 749 355	47 594 016	48 719 094
Net earned premiums	33 738 454	36 788 680	34 345 941	35 527 830
Gross incurred losses	26 510 649	42 029 132	30 986 929	41 192 242
Gross non life incurred losses	23 726 906	38 918 429	29 441 407	37 735 995
Net incurred losses	25 225 498	25 010 718	25 049 132	31 740 580
Gross management expenses	6 357 770	7 008 668	7 171 387	7 120 038
Gross non life management expenses	6 060 463	6 729 291	6 256 390	5 870 588
Loss ratio	47.2%	76%	-	70.7%
Expenses ratio	11.5%	11.6%	19.5%	13.4%
Non life expenses ratio	9.2%	9.8%	12.2%	7.3%
Combined ratio	56.4%	85.8%	-	78%
Net technical result	11 233 585	12 846 372	10 866 852	7 867 421
Net result	10 747 655	12 040 855	11 277 881	8 842 406

in thousands USD

Breakdown of gross written premiums per class of business: 2008-2011

in USD

	2008	2009	2010	2011	2011 shares
Non life
Health and disability	10 508 029	9 862 528	10 392 686	12 199 576	18.0%
Motor	19 775 006	20 772 477	20 766 424	19 375 934	28.6%
Marine and aviation	9 160 121	7 706 899	8 254 957	9 747 975	14.4%
Fire	4 666 067	5 068 246	4 744 220	5 286 622	7.8%
Property damage	1 845 494	2 248 898	1 622 512	2 361 200	3.5%
Third party liability*	1 677 147	1 625 510	1 814 193	1 913 102	2.8%
Credit	597 346	522 561	553 108	565 988	0.9%
Agricultural risks	1 426 740	1 539 696	1 211 843	1 059 927	1.6%
Personal accident	2 013 516	1 882 162	1 695 167	1 503 375	2.2%
Total non life	51 669 466	51 228 977	51 055 110	54 013 699	79.8%
Life
Total life	9 960 446	11 713 096	12 589 847	13 702 706	20.2%
Grand total	61 629 912	62 942 073	63 644 957	67 716 405	100%

* Including decennial liability

Breakdown of gross written premiums per class of business in 2011

* Including decennial liability

Net technical results: 2008-2011

in USD

	2008	2009	2010	2011	2011 shares
Non life
Health and disability	1 839 598	1 221 567	1 089 285	834 888	10.6%
Motor	4 457 448	6 308 812	6 152 428	2 513 294	32%
Marine and aviation	935 839	491 760	99 613	847 295	10.8%
Fire	951 435	1 240 756	283 562	-665 887	-8.5%
Property damage	32 400	420 544	388 374	32 360	0.4%
Third party liability	1 190 137	1 203 256	944 394	730 596	9.3%
Credit*	- 5 706	132 330	-35 482	168 710	2.2%
Agricultural risks	-134 291	- 3 400	-174 794	97 809	1.2%
Personal accident	1 105 778	1 320 962	715 892	984 458	12.5%
Total non life	10 372 636	12 336 588	9 463 272	5 543 523	70.5%
Life
Total life	860 948	509 784	1 403 580	2 323 898	29.5%
Grand total	11 233 585	12 846 372	10 866 852	7 867 421	100%

* For 2009 the credit class of business included assistance and acceptances

Gross incurred losses: 2008-2011

in USD

	2008	2009	2010	2011	2011 shares
Non life
Health and disability	6 219 239	7 360 092	6 435 996	9 751 334	23.7%
Motor	14 872 419	11 448 804	13 614 865	17 410 807	42.3%
Marine and aviation	470 947	10 459 750	2 776 729	581 699	1.4%
Fire	668 636	2 301 765	4 880 924	8 506 117	20.6%
Property damage	290 866	308 813	328 215	580 939	1.4%
Third party liability	307 058	363 082	348 799	345 425	0.8%
Credit	226 971	201 748	133 226	145 863	0.4%
Agricultural risks	469 520	6 262 645	715 868	332 200	0.8%
Personal accident	201 250	211 730	206 785	81 611	0.2%
Total non life	23 726 906	38 918 429	29 441 407	37 735 995	91.6%
Life
Total life	2 783 743	3 110 703	1 545 522	3 456 247	8.4%
Grand total	26 510 649	42 029 132	30 986 929	41 192 242	100.0%

Exchange rate TND/USD as at 31/12	2008	2009	2010	2011
	0.78412	0.76309	0.7009	0.66896