LJUBLJANA (Slovenia), March 8 (SeeNews) – Slovenian reinsurer Sava Re [LJE:POSR] said on Friday its consolidated net profit increased 38.3% year-on-year to 43 million euro ($48.4 million) in 2018.
The group posted consolidated gross written premiums of 546.3 million euro last year, up 5.6% on 2017, Sava Re said in a filing to the Ljubljana Stock Exchange.
Premium growth was driven by Slovenian non-life insurance business (10.9% growth), non-Slovenian non-life insurance business (12.5% growth) and non-Slovenian life insurance business (17.8% growth).
“The reinsurance segment wrote 7.2% less in premiums than in 2018 as a result of strict underwriting discipline and selective underwriting. As anticipated, there was a drop of 2.9% in gross life insurance premiums written owing to a large number of policy maturities,” the company said.
Sava Re group said it has successfully acquired three companies in 2018: the pension company NLB Nov Penziski Fond based in North Macedonia and subsequently renamed Sava Penzisko Drustvo; the Serbia-based insurer Energoprojekt Garant, which was merged with the Group’s Serbian non-life insurer at the year's end; and the Slovenia-based assistance service provider TBS Team 24.
“The smooth integration of these companies has already contributed to better profitability,” Sava Re said.
The Ljubljana-based group has subsidiaries in Kosovo, Macedonia, Serbia, Croatia, and Montenegro.
($=0.88757 euro)