August 23 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Tuesday its first-half consolidated net profit dropped 16.2% year-on-year to 14.3 million euro ($16.2 million).
"The decline in the half-year profit was due to a lower profit of the Slovenian non-life insurance segment as a result of a slightly weaker performance of motor insurance business and the establishment of certain technical provisions. This is reflected in a less favourable incurred loss ratio compared to last year's and the one planned," Sava Re said in a bourse filing.
Despite the drop, the group noted it still hopes to reach its annual net profit target of 33.4 million euro.
Sava Re posted consolidated net earned premiums of 225.98 million euro through June, up 3.1% from a year earlier. Its gross written premiums rose 1.5% to 280.8 million euro. To date, the group has written 57.6% of the total 487.9 million euro in consolidated premiums planned for 2016.
Consolidated net claims incurred fell to 131.8 million euro in the first half of 2016 from 135.6 million euro a year ago.
Abroad, the Ljubljana-based group has subsidiaries in Kosovo, Macedonia, Serbia, Croatia, and Montenegro. Growth in gross premiums written was largest in Croatia - 22.3%.
($=0.8821 euro)