Slovenia's Sava Insurance Group 9-mo cons net profit rises 4.5% y/y

"The lower insurance service result last year, which was impacted by claims inflation, and this year’s more favourable developments in the financial markets, which partially offset the reduction in profit caused by the storms and floods," Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange.

The group continued its successful growth with a 13.7% year-on-year increase in business volume to 711.2 million euro, with the main contributors being gross written premiums in the non-life and reinsurance segments, both driven by price increases and organic business growth, Sava Re said.

Life insurance sales also increased, resulting in an increase in life gross written premiums by 3.3% in the EU and by 15.8% in the non-EU markets, the statement reads.

"The solvency ratio, estimated at between 178% and 184%, remained strong and within the optimal capitalisation range, although slightly lower than at mid-year due to the storms and floods. The group maintains a conservative and highly liquid investment portfolio. The Group’s liquidity position was not compromised by the claims paid following the summer storms," Sava Re said.

Elsewhere in Southeast Europe, apart from Slovenia, the Sava Insurance Group has operations in Croatia, Kosovo, North Macedonia, Montenegro and Serbia.

($ = 0.9206 euro)