March 6 (SeeNews) - Slovenia's biggest insurer Zavarovalnica Triglav [LJE:ZVTG] said its consolidated net profit dropped 15% on the year to 69.7 million euro ($86.0 million) in 2017.
The group’s insurance and co-insurance gross written premiums increased 7% on the year to 999.9 million euro in 2017, Triglav said in a filing with the Ljubljana bourse on Monday.
Premium growth was recorded in all three insurance segments. In non-life insurance, the largest insurance segment, premium growth reached 7%. Premium growth of 13% was recorded in health insurance, while life insurance premium increased by 3% despite the impact of the high maturity of insurance policies.
In 2017, Triglav Group operated in a more favourable macroeconomic environment both in Slovenia and the wider region, the insurer said.
It noted that all 13 insurance companies of the group provided consistent, client-focused and comprehensive services of a high standard, developed their internal and external sales networks and implemented strategic development activities.
Premium growth was recorded in all major markets of the Group. The average growth on the Slovenian market was 6%, at pace with the market. In the markets outside Slovenia, the average premium growth was as much as 10%. The highest premium growth was recorded in Serbia (27%), followed by Croatia (9%) and Bosnia and Herzegovina (7%).
In contrast, premium growth in Montenegro remained approximately at the same level as the year before, whereas in Macedonia, which accounts for 2% of the group's total premium, premium decreased by 1%.
In 2017, Triglav Group firmly remained the leader in Adria region with a 20% share and maintained the leading position in Slovenia, its largest market with a 36% share.
Last year, the Group entered the Macedonian life insurance market by establishing a new life insurer, while in Bosnia and Herzegovina it was the first to offer voluntary pension insurance.
Triglav expects a consolidated profit before tax of between 80 and 90 million euro this year, and gross written insurance, co-insurance and reinsurance premiums of over 1 billion euro.
($=0.81039 euro)
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