Croatia's Adriatic Osiguranje 2023 gross profit down 28%

The main reason for the decline was an increase in liquidated damages by 34.5 million euro, or by 43.87%, the company said in a filing to the Zagreb Stock Exchange.

The insurer reported overall premiums paid of 209.6 million euro last year, up 17.15% compared to 2022. For comparison, the overall domestic insurance market rose 7.09% in terms of premiums paid last year, it added.

The market share of Adriatic Osiguranje in the non-life insurance market rose to 14.68% last year from 14.26% in 2022.

For the first time in its history, the insurer has achieved third place on the local market of non-insurers and has also become the third largest insurer on the overall insurance market.

In Italy, Adriatic Osiguranje recorded premiums paid of 75.7 million euro last year.

Adriatic Osiguranje's shares traded 0.41% higher at 492 euro intraday on Friday on the Zagreb bourse.

($ = 0.924 euro)