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Slovenia's Sava Insurance Group Q1 cons net profit rises 28.6% y/y

Author Radomir Ralev
Slovenia's Sava Insurance Group Q1 cons net profit rises 28.6% y/y Source: Mozaik Zavarovanj Doo - Zavarovalnica Sava Radovljica

LJUBLJANA (Slovenia), May 20 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said the consolidated net profit of the Sava Insurance Group declined by 28.6% on the year to 16.8 million euro ($17.8 million) in the first quarter of 2022.

"The year-on-year decline in net profit reflects the return to normal post-Covid claims frequency in motor business (especially in Slovenia). Financial market volatility had no material impact on the group's profit, while asset and equity positions were mainly affected by movements in bond prices," Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange.

The group's consolidated gross written premiums rose 8.7% to 182.2 million euro in the first quarter, while its operating revenue edged down to 177.83 million euro from 177.87 million euro, the statement reads.

The growth in gross premiums was mainly driven by Slovenian insurance business, which recorded a 9% growth, reflecting better sales especially in the motor segment, and the different premium dynamics of major clients.

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

Sava Re's shares closed 2.27% lower at 25.80 euro on the Ljubljana Stock Exchange on Thursday.

($ = 0.94459 euro)

Zavarovalnica Sava d.d. is among the biggest insurers in SEE, for more reference take a look at Top 100 insurers
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