Slovenia's Sava Re cons net profit rises 48% y/y in Q1

The profit rise was driven by increased insurance revenue and an exceptionally favourable claims experience in the reinsurance and non-life segments, without any major losses or catastrophic events, Sava Re, the ultimate parent company of the Sava Insurance Group, said in a filing with the Ljubljana Stock Exchange on Friday.

Gross premiums went up by 17.9% to 190.2 million euro, as growth was achieved both in Slovenian and foreign markets, Sava Re said.

In the EU markets, motor insurance, especially private car insurance, saw the strongest growth, along with increases in property insurance premiums, while in non-EU markets, both motor and property premiums grew significantly due to new policyholders, with most other lines also experiencing growth in gross written premiums.

"Insurance revenue grew by 23.3%, driven by growth in gross premiums. It increased by 22.6%, or 22.2 million euro, in the EU markets and by 26.6%, or 5.0 million euro, in the non-EU markets," Sava Re said.

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

($ = 0.91958 euro)