Koper, 21 March (STA) - The Adriatic Slovenica insurance group collected EUR 303.8m in insurance premiums last year, which is 1.7% more than in 2016, while damages payout was up by 2.9% to EUR 223.4m. The group ended 2017 with EUR 11.4m in net profit, down 4.2% year-on-year, according to audited results released on Wednesday.
"The group is looking back at another very diverse and competitive year, which was in addition to economic growth, low interest rates and demanding investment environment, also marked by new consolidation on the national insurance market.
"The company's operations are stable, and last year was also successful," chairman Gabrijel Škof said in the annual report.
Adriatic Slovenica is the third largest insurance group in Slovenia, with its market share standing at 14% last year, down from 15.1% in 2016.
Premiums were up in all segments, with the biggest growth (2.8%) being recorded in life and pension insurances, followed by property insurance (1.4%).
When it comes to damages payout, the biggest increase was recorded in damages paid out for fires and natural disasters (by 25%), followed by general liability insurance (19%).
Adriatic Slovenica, which has 1,076 employees, managed EUR 640.7m in financial investments last year (including investment life insurance funds), and ended 2017 with the stable credit rating of BBB-.
The group plans to collect more than EUR 304m in gross insurance premiums this year.