April 13 (SeeNews) - Slovenian insurer Triglav said it posted a net profit of 26.6 million euro ($38.5 million) last year.
The group provided no comparative figure in a statement posted on its website but its 2009 annual report indicated a consolidated loss of 6.3 million euro for that year.
The group's pre-tax profit totalled 43.2 million euro last year
Considering the loss incurred in the preceding year, the 2010 earnings result is an exceptional achievement that Triglav Group reached through effective corporate management, the statement said.
The group's parent, Zavarovalnica Triglav, [LJE:ZVTG] recorded a net profit of 32.1 million euro in 2010 and a pre-tax profit of 46.7 million euro.
Triglav Group charged 1.013 billion euro of insurance premiums in 2010, up from 946.3 million euro a year earlier. Zavarovalnica Triglav posted a premium income of 721 million euro in 2010, down from 744.4 million euro a year earlier.
The net profitability of capital for the Triglav Group improved to 5.5% in 2010 from negative 1.3% in 2009 while the profitability of capital for Zavarovalnica Triglav increased to 6.7% in 2010 from negative 0.4% in 2009.
The combined ratio of the group improved to 92% in 2010, down by 12 percentage points from a year earlier.
Across Southeast Europe, Triglav Group has operations in Croatia, Montenegro, Bosnia and Herzegovina, Serbia and Macedonia.
In the statement, the group confirmed its earlier forecast for a net profit of 54 million euro in 2011.
($=0.6908 euro)
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