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LJUBLJANA (Slovenia), May 19 (SeeNews) - Slovenia's biggest insurer, Zavarovalnica Triglav [LJE:ZVTG] said on Friday its first quarter consolidated net profit dropped slightly to 22.3 million euro ($24.9 million), from 22.6 million euro in the same period last year.
Consolidated net premium income increased 6% to 214.6 million euro in the three months through March, and gross written premium income from insurance and co-insurance climbed 8% to 280.6 million euro, the company said in a statement.
Net claims incurred expanded 6% to 148.3 million euro.
Triglav Group recorded premium growth in all insurance segments. In the largest segment, i.e. the non-life insurance segment, premiums were up 8%, whilst health insurance premiums experienced an increase of 13%. Life insurance premiums experienced a 10% expansion thanks to retained sums paid out on the maturity and higher premium payments.
Premium growth was also recorded in all seven insurance markets of the group. In Slovenia, the insurance premium of Zavarovalnica Triglav was 8% higher compared to the respective period of 2016, whilst that of Triglav, Zdravstvena zavarovalnica and Skupna pokojninska druzba increased by 13% and 1% respectively.
The premium on markets outside Slovenia recorded an average growth of 15%. The highest premium growth of 38% was seen on the Serbian market.
In accordance with positive results achieved in the first quarter, the group expects its annual profit before tax to fall within the planned range of 70–80 million euro at the end of 2017, Andrej Slapar, president of the management board of Zavarovalnica Triglav, said.
Triglav Group employed 5,079 at the end of March, up 1% from a year earlier.