LJUBLJANA (Slovenia), November 21 (SeeNews) – Slovenian reinsurer Sava Re [LJE:POSR] said on Wednesday its consolidated net profit rose 39.2% year-on-year to 29.1 million euro ($33.2 million) in the first nine months of 2018.
The group posted consolidated gross written premiums of 430.3 million euro in January-September, up 5.2% on the year, while net earned premiums increased 5.7% to 370.7 million euro, Sava Re said in a filing to the Ljubljana Stock Exchange.
Premium growth was driven by non-life insurance in Slovenia (9.9% growth), non-life insurance abroad (13.6% growth) and life insurance abroad (14.4% growth).
“Reinsurance operations posted a 6.6% year-on-year decline in written premiums, partly owing to the stronger US dollar against the euro and partly due to the decline of a number of treaties that failed to reach profitability targets,” the insurer explained.
Consolidated net claims incurred rose 12.5% on the year to 246 million euro in the first nine months.
“In July 2018, after its regular annual rating review, the rating agency Standard & Poor’s raised its long-term issuer credit and issuer financial strength ratings on Sava Re and Zavarovalnica Sava to ‘A’ with a ‘stable’ outlook. The Company believes that its improved ratings will assist it in delivering on its strategy of selective and profitable growth in international reinsurance markets,” Sava Re said.
Abroad, the Ljubljana-based group has subsidiaries in Kosovo, Macedonia, Serbia, Croatia, and Montenegro.
($=0.87588 euro)