Serbian reinsurer Dunav Re plans capital hike

The proposal will be put to the vote of Dunav Re shareholders at a meeting scheduled on April 29, the company said in a filing to the Belgrade bourse on Monday.

It disclosed no further details of the planned capital increase.

According to its latest available financial report, Dunav Re's total capital amounted to 2.88 billion dinars ($27.5 million/25.6 million euro) at the end of June 2023, its share capital totalled 1.77 billion dinars and its retained profit stood at 982 million dinars.

Dunav Re's net profit rose to 300 million dinars in January-June 2023 from 268 million dinars in the like period of 2022, as its premium income jumped to 2.11 billion dinars from 1.47 billion dinars.

Dunav Re is one of four reinsurance companies active in Serbia, central bank data showed on Tuesday. It was established by the largest insurer in the country - state-controlled Dunav Osiguranje, which owns 87.1% of Dunav Re. The Serbian government follows with 4.8%, while the remainder belongs to other minority shareholders,.

Dunav Re's shares last traded on the Belgrade bourse on September 21, 2023 closing 3.13% higher at 3,300 dinars. Its share capital is divided into 980,117 stocks of 1,810 dinars in nominal value each.

(1 euro = 117.097 dinars)