August 17 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Wednesday that the consolidated net profit of the Sava Insurance Group fell by 33.4% on the year to 28.9 million euro ($29.4 million) in the first half of 2022.
"As anticipated, the net profit generated by the Slovenian non-life segment was affected by higher motor claims frequency as a result of the subsiding epidemic impact," Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange.
The group achieved a return on equity of 12.1%, exceeding its target by 0.6 of a percentage point, while its operating revenue edged down 0.1% to 364.2 million euro, the statement reads.
"The net combined ratio is still within the planned range, despite the weaker claims development in the Slovenian non-life segment. The return on the investment portfolio is at the level planned for 2022," Sava Re said.
Elsewhere in Southeast Europe, apart from Slovenia, the Sava Insurance Group has operations in Croatia, Kosovo, North Macedonia, Montenegro and Serbia.
($ = 0.98398 euro)