May 18 (SeeNews) - Slovenian reinsurer Sava Re said on Thursday its consolidated net profit grew 29.0% on the year to 9.2 million euro ($10.2 million) in the first quarter.
The profit rose on the back of benign development of Slovenian non-life insurance business, but also due to improved performance of Slovenian reinsurance and life insurance operations, the company said in a filing to the Ljubljana bourse.
The group's consolidated gross written premiums increased by 4.2% on the year to 159.9 million euro.
Premium growth was contributed to by Slovenian non-life insurance business, which expanded by 4.1%, and Slovenian life insurance business, which grew by 8.0%. High growth rates were also achieved by non-Slovenian non-life insurance business (10.1%) and non-Slovenian life insurance business (13.9%).
As soft market conditions persisted in global reinsurance markets, there was a minor drop in reinsurance premiums of 1.0%. Thus, the Group wrote 32.4% of the total premiums planned for 2017.
Elsewhere in Southeast Europe, the Sava Re Group has operations in Kosovo, Macedonia, Montenegro, Serbia, and Croatia.
($=0.899907 euro)