February 3 (SeeNews) - Croatian non-life insurer Adriatic Osiguranje [ZSE:JDOS] said its consolidated gross profit fell to 41.6 million kuna ($6 million/5.5 million euro) last year from 86.7 million kuna in 2021, even though its gross written premiums hit an all-time high.
The decline was due to higher costs and conservative approach to the Italian market which accounted for some 80% of the overall rise of 52.7 million kuna in gross reserves, the company said in a filing to the Zagreb Stock Exchange earlier this week.
Gross written premiums rose 12.08% on the year in 2022, reaching 1.371 billion kuna. Given that the overall market grew 11.64%, the market share of Adriatic Osiguranje in the non-life insurance market rose to 13.94% from 13.87%.
The insurer's total revenue rose to 1.424 billion kuna in 2022, from 1.206 billion kuna in 2021.
In Italy, Adriatic Osiguranje recorded gross written premiums of 505.4 million kuna last year, up 43.29% on 2021.
Adriatic Osiguranje's shares traded flat at 575 euro on Friday on the Zagreb bourse.
($ = 0.922 euro)
Jadransko Osiguranje d.d. is among the biggest insurers in SEE, for more reference take a look at Top 100 insurers