LJUBLJANA (Slovenia), May 20 (SeeNews) - Slovenia's biggest insurer Zavarovalnica Triglav [LJE:ZVTG] said its consolidated net profit rose by 25% year-on-year to 33.2 million euro ($35.1 million) in the first quarter of 2022 driven by underwriting activities and own asset management.
"Despite the challenging situation, we performed well in the first quarter of this year, thanks to the team of over 5,200 employees of the Triglav Group. We achieved sound results in underwriting activities and the management of own assets, while financial investment portfolio returns were negative as expected given the situation," the head of Zavarovalnica Triglav's management board, Andrej Slapar, said in a statement filed with the Ljubljana bourse on Thursday.
The volume of gross written premium rose by 10% to 407.1 million euro, other insurance income grew by 22% to 16.5 million euro and the group’s other income increased by 81% to 19.4 million euro.
Premium growth affected the volume of claims, which increased by 15% and amounted to 196.7 million euro, while net premium income went up 7% to 283.5 million euro.
"Taking into account the business conditions anticipated until the end of the year, we estimate that we will achieve our planned annual profit before tax," Slapar noted.
Zavarovalnica Triglav's shares closed up 0.25% at 39.50 euro on the Ljubljana bourse on Thursday.
Apart from Slovenia, the insurer is also present in Croatia, Serbia, Bosnia, Montenegro and North Macedonia
($ = 0.94471 euro)
Triglav Osiguranje d.d. is among the biggest insurers in SEE, for more reference take a look at Top 100 insurers