LJUBLJANA (Slovenia), November 20 (SeeNews) – Slovenia's Sava Insurance Group recorded a 47.6 million euro ($56.4 million) net profit in the first nine months of 2020, up 26.4% on the year, reinsurer Sava Re [LJE:POSR] said on Friday.
Operating revenue increased by 16.4% on the year to 489.5 million euro, reaching 76.5% of the original full-year plan, Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing to the Ljubljana Stock Exchange (LJSE).
"The favorable profitability was also due to more favourable claims on events due to the lower frequency of car insurance claims and the absence of major catastrophic loss events," Sava Re explained.
In late May, Sava Re completed the purchase of life insurer NLB Vita from its owners - Slovenian lender Nova Ljubljanska Banka (NLB) and its Belgium-based peer KBC, which controlled it 50/50.
The acquisition of Vita had a positive effect on increasing the profitability of the group, as it generated a net profit of 47.6 million euro in the first nine months of 2020, up 26.4% year-on-year, Sava Re said.
Outside Slovenia, in Southeast Europe the Sava Insurance Group has operations in Croatia, Kosovo, North Macedonia, Montenegro and Serbia.
Sava Re's shares traded at 17.10 euro by 11:15 CET on Friday on the Ljubljana bourse, up from 16.90 euro at Wednesday's close.
($ = 0.844251 euro)
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