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Dec 22, 2017 13:24 EEST
December 22 (SeeNews) - Slovenian reinsurer Sava Re [LJE:POSR] said on Friday it expects to end 2017 with a consolidated net profit of 31 million euro ($36.7 million), down from 32.9 million euro last year.
The company's consolidated gross written premiums are expected to rise by some 3% year-on-year to over 505 million euro at the end of December, Sava Re said in a filing to the Ljubljana Stock Exchange.
Sava Re plans to make a consolidated net profit of 37 to 39 million euro on gross written premiums of over 520 million euro next year.
The Slovenian non-life insurance business is planned to grow by 2% in 2018, while life insurance premiums are planned to drop by 5% due to a large number of upcoming maturities. At the end of 2017, Zavarovalnica Sava launched its health insurance products, which are anticipated to develop into a major operating segment of the group in the coming year.
The group's non-life insurers outside Slovenia are planning growth of 11% and life insurers expect to see premiums grow by 13%.
Reinsurance operations are planning a 7% rise in premiums in 2018 and steady entry into new markets, with a continued dedication to portfolio diversification and accumulation control.
For the Slovenian pension segment, the group is planning a 4% growth in life cycle assets, while outside of Slovenia Sava Re will integrate the Macedonian pension insurer into the group once the acquisition process is finalised. Sava Re said last week it signed a deal with Slovenia's biggest bank, NLB, and its Skopje-based subsidiary, NLB Banka AD Skopje, to acquire all shares of pension fund NLB Nov penziski fond AD Skopje.
In terms of the company's dividend policy, Sava Re aims at generating a 10% growth in dividends over the 2017–2019 period for its shareholders, but no more than 40% of its consolidated net profit.
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