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Nov 16, 2017 16:54 EEST
November 16 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Thursday its consolidated net profit fell 7.5% year-on-year to 20.9 million euro ($24.6 million) in the first nine months of 2017.
The Sava Re Group posted consolidated gross written premiums of 409.2 million euro in the nine months ended September 30, up 4.8% on the year, Sava Re said in a filing to the Ljubljana bourse.
The largest absolute contribution to growth in gross written premiums came from the Slovenian non-life segment (year-on-year growth of 5.3%), mainly related to a larger volume of motor insurance business. This was followed by the international non-life insurance business with relative growth of 10.2% year on year.
Gross non-life premiums grew in all of the group’s international non-life insurers, with the largest growth rate, of 23.6%, coming from the Croatian branch of Zavarovalnica Sava.
The Croatian non-life insurer is followed by its peers in Kosovo and Serbia, which achieved premium growth of 11.8% and 10.8%, respectively.
The company also saw a 4.8% growth in its Slovenian life-insurance business.
Gross claims paid amounted to 218.6 million euro in January-September 2017, up from 195.3 million euro in the first nine months of last year.
Outside Slovenia, the Ljubljana-based group has subsidiaries in Kosovo, Macedonia, Serbia, Croatia and Montenegro.
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