March 6 (SeeNews) - Slovenia's biggest insurer Zavarovalnica Triglav [LJE:ZVTG] said on Monday its consolidated net profit dropped 7% on the year to 82.3 million euro ($87.3 million) in 2016, mostly due to lower investment returns.
The group’s insurance and co-insurance gross written premiums increased 2% on the year to 936 million euro in 2016, Triglav said in a filing with the Ljubljana bourse.
In terms of premium segments, non-life insurance premium, which accounted for 65% of consolidated written premiums, was up by 2%, life insurance premium remained at the 2015 level, whilst health insurance premium was up 5%, Triglav noted.
The insurer saw growth in all insurance markets of the group. On the Slovene insurance market, Triglav achieved a 2% growth in written premiums, which was above the 1.5% market growth, and maintained its leading position by increasing its share by 0.2 of a percentage point to 36.2%.
Furthermore, the three insurers of the Triglav Group, i.e. the parent company Triglav, Zdravstvena zavarovalnica and Skupna pokojninska druzba, active on the Slovene market saw premium growth of 1%, 6% and 3%, respectively.
Compared to the preceding year, the average premium growth of the Triglav Group on markets outside Slovenia was 2%. The highest boost in premiums, of 22%, was recorded in Serbia, followed by Croatia and Bosnia and Herzegovina with 8% each. In Macedonia and Montenegro Triglav saw a 2% premium growth.
In accordance with the strategic guideline, the share of gross insurance and coinsurance written premium in the markets outside Slovenia slightly increased to 17.3%, Triglav noted.
The Triglav Group employed 5,046 at the end of December, down 6% from a year earlier.
($=0.943267 euro)