April 9 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Friday that the consolidated net profit of the Sava Insurance Group rose by 12.3% to 56.4 million euro ($67.1 million) in 2020.
“The increase was mainly driven by good results in non-life insurance and life insurance in Slovenia, but partly offset by challenging claims experience in international reinsurance markets,” Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange.
The group's consolidated gross written premiums rose 7.4% to 546.2 million euro in 2020, while its operating revenue increased 15.5% to 674.9 million euro, the statement reads.
The growth in gross premiums written was influenced by the new Group member Vita, up 8.1%, an increase in Zavarovalnica Sava non-life insurance, up 4.0%, and Zavarovalnica Sava’s business written with various companies in the European Union, which grew by 2.2%.
Elsewhere in Southeast Europe, apart from Slovenia and Croatia, the Sava Insurance Group has operations in Kosovo, North Macedonia, Montenegro and Serbia.
Sava Re's shares traded 0.85% lower at 23.20 euro as of 13:17 CET on the Ljubljana Stock Exchange.
($ = 0.91316 euro)
Zavarovalnica Sava d.d. is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here