May 31 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] has said that the consolidated net profit of the Sava Insurance Group more than doubled to 20.1 million ($21.5 million) in the first quarter of 2023 from 8.2 million euro in the like period of last year, it said.
"This growth was partially driven by insurance revenue. Other factors include the reinsurance protection of major claims and the fact that the Group significantly adjusted its claims provisions for inflation for the first time in the first quarter of 2022. The higher profit was also the result of more favourable financial market conditions and higher levels of required yields this year," Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange.
The group's consolidated insurance revenue increased 11.9% on the year to 153.2 million euro, whereas the total value of assets under management grew 5.9% to 2.124 billion euro, the statement reads.
"The group's business volume, measured in terms of premiums written and income from other non-insurance services, amounted to EUR 260.2 million, showing strong growth of almost 10% year on year, despite the continuing difficult macroeconomic situation. This growth was mainly driven by the increase in non-life insurance premiums in the EU market (+14.2%) and the Group’s reinsurance services (+12.1%)," Sava Re said.
Elsewhere in Southeast Europe, apart from Slovenia, the Sava Insurance Group has operations in Croatia, Kosovo, North Macedonia, Montenegro and Serbia.
($ = 0.93691 euro)