December 22 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] expects the net profit of Sava Insurance Group for 2023 to stand at least at 53 million euro ($56.4 million) as the group will strengthen its presence on all market where it is active, Sava Re said on Thursday.
The return on equity of Sava Insurance Group will stand at least at 9.5%, while revenues are expected to rise by 4% on an annual basis to 800 million euro, Sava Re said in a filing with the Ljubljana Stock Exchange.
The target combined ratio is not expected to exceed 95%, and the return on the investment portfolio will be more than 1.5%, Sava Re company said.
The consolidated net profit of the Sava Insurance Group fell by 18.8% on the year to 46.5 million euro in the first nine months of 2022 due to an expected increase in the frequency of claims in auto insurance to pre-pandemic levels and this year's inflation.
In 2021, the consolidated net profit of the Sava Insurance Group rose by 35% to 76.2 million euro.
($ = 0.9401 euro)