March 23 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Thursday that the consolidated net profit of the Sava Insurance Group declined by 10.4% to 68.2 million euro ($74.2 million) in 2022.
"With a net profit of 68.2 million euro and a return on equity of 14.9% in 2022, the Sava Insurance Group has more than successfully completed its three-year strategy period, during which it achieved all of its targets," Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange.
Gross premiums went up by 6.1% to 774.1 million euro, as growth was achieved both in Slovenian and foreign markets, Sava Re said.
In 2022, Sava Re successfully implemented the strategy of digital transformation and paid special attention to the implementation of the sustainability strategy, while customer focus and sustainable operations also remain key directions in the new five-year strategic period, Sava Re noted.
"The normalisation of claims frequency has led to an expected increase in the combined ratio, which at 90.7% is still favourable and much better than planned. Greater cost efficiency, with expenses growing more slowly than premiums, was a major contributor to this," Sava Re said.
Elsewhere in Southeast Europe, apart from Slovenia, the Sava Insurance Group has operations in Croatia, Kosovo, North Macedonia, Montenegro and Serbia.
($ = 0.9187 euro)