Ljubljana, 21 November (STA) - The insurance group Sava Re collected EUR 430.3m in gross insurance premiums in the first nine months of the year, up 5.2% year-on-year. Net profit was up by 39.2% to EUR 29.1m, Sava Re announced on Wednesday, adding that it expected to reach the planned annual profit by the end of the year.
The growth of insurance premiums is a result of higher property insurance premiums in Slovenia (9.9%) and outside Slovenia (13.6%) and higher life insurance premiums outside Slovenia (14.4%).
Gross damages amounted to EUR 245.98m in the January-September period, which is 12.5% more than in the same period last year, according to the unaudited report published on the website of the Ljubljana Stock Exchange.
In the first nine months, Sava Re recorded an 8.1% growth of total revenue, which amounted to EUR 393.3m. This is a result of higher revenue generated by the property and reinsurance divisions and inclusion of new companies in the group.
"The structure of revenue already reflects the impact of the acquisitions concluded in 2018, including in non-insurance activities," the report says.
The core company, the reinsurer Sava Re, collected EUR 123.57m in gross premiums in the first nine months, which is 1.2% less year-on-year.
Gross damages were up by 2.7% to EUR 57.67m, while net profit was up by 36.4% to EUR 41.42m.