February 13 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Monday it is planning to achieve a consolidated net profit of 31 - 33 million euro ($33 - 35 million) in 2017, and a return on equity of over 10%.
The company plans consolidated written gross premiums of 494 million euro this year, it said in a Ljubljana bourse filing.
Growth has been planned primarily in non-Slovenian markets, with 4% increase expected for non-life business and 6% rise seen for life business. The target combined ratio (non-life and reinsurance business) for 2017 is 95%.
"The key direction for 2017 at the group level is client focus and accelerated enhancement of processes across the group to achieve this. The group will focus on organic growth in new reinsurance markets and markets outside Slovenia where it is present," Sava Re said.
In 2016, the reinsurer booked about 490 million euro in gross premiums, which is an increase of 0.8% over 2015 and 0.4% more than planned.
Last year, Sava Re carried out a merger of its EU-based insurers. In November, the merged insurer Zavarovalnica Sava started operating in Slovenia and Croatia.
"Thanks to an effective advertising campaign, the name was immediately accepted in the Slovenian insurance market and the new brand identified with the key attributes that will support the group's continued operations," the company commented.
This year, Sava Re will focus on unlocking synergistic benefits, which will fully unfold in the coming years.
($=0.9436 euro)