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

Business volume grew by 14.4% to 910.1 million euro in 2023, mainly driven by growth in non-life and life gross premiums written, while gross premiums went up by 14.3% to 884.6 million euro, Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange.

In 2023, gross premiums written in the Slovenian insurance market grew by 9.0%, up 9.6% in the non-life premiums segment and 7.6% in life premiums, Sava Re said.

"The group ended the year with a solid performance despite the significant impact of flood claims on the business result. In particular, reinsurance in international reinsurance markets performed significantly better than planned in 2023. In addition to external influences, this is due to the hard work of our reinsurance team to improve the portfolio towards profitability over the last few years," Sava Re chairman Marko Jazbec noted.

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

($ = 0.92223 euro)