Slovenia's Sava Insurance Group targets 53 mln euro net profit in 2023

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)