Slovenia's Sava Insurance Group cons net profit rises 37.8% in 2023

"The group’s net profit of 64.7 million euro and return on equity of 10.8% were above plan, despite the significant impact of the summer storms and floods, which materially affected the group's largest subsidiary, Zavarovalnica Sava, because the group's other operating segments performed better than planned," Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange on Friday.

Gross premiums went up by 14.3% to 884.6 million euro, driven by non-life gross premiums, which increased by 19.5% in the domestic market and by 21.7% in international markets, Sava Re said.

The life insurance business grew by 7.5% domestically and 13.6% abroad, while in reinsurance, the Sava Insurance Group continued to improve the composition of its portfolio, achieving a 19.4% increase in gross premiums of non-proportional contracts.

"A significant contributor to the outperformance of the plan was Sava Re's performance in the international reinsurance markets. The hard reinsurance market trends in recent years, the restructuring of the reinsurance portfolio to improve profitability, and the absence of major losses also contributed to the strong above-target result," Sava Re said.

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

($ = 0.9175 euro)