March 29 (SeeNews) - Montenegrin insurer Lovcen Osiguranje [MNG:LOVH], part of Slovenia's Triglav Group, said its net profit rose to 2.83 million euro ($3.06 million) in 2023, from 2.74 million euro in 2022.
Total operating revenue increased 4.2% to 31.39 million euro last year with premium income going up 9.4% to 30.63 million euro, Lovcen Osiguranje said in a statement with the Montenegrin bourse on Thursday.
Total operating expenses grew 13% to 20.2 million euro in 2023. As a result, gross operating profit declined to 11.2 million euro last year, from 12.3 million euro in 2022, the statement read.
Lovcen's shares last traded on March 7, going up 4.9% to close at 6 euro.
Triglav controls over 99% of Lovcen Osiguranje, according to data from the Montenegro Stock Exchange.
($ = 0.925 euro)
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