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Nov 30, 2023 11:59 EEST
November 30 (SeeNews) - Slovenia's biggest insurer, Zavarovalnica Triglav [LJE:ZVTG], has turned to a 11.3 million euro net loss in the first nine months of 2023, from a 27.6 million euro profit in the prior-year period, due to high claims causes by this years' natural disasters, it said on Thursday.
The nine-month results were affected by one-off negative events this year, the estimated value of which, taking into account reinsurance protection, amounted to 55.1 million euro, and the health insurance segment's loss of 28.5 million euro, due to the price regulation of supplemental health insurance, Zavarovalnica Triglav said in a statement filed with the Ljubljana bourse.
Revenue rose 12% on the year to 1.39 billion euro and result from insurance operations turned to a 33.9 million euro loss from a 25.7 million euro profit, Zavarovalnica Triglav said.
"This year's natural disasters have resulted in historically high claims, and the price regulation of supplemental health insurance in Slovenia has led to loss in the health insurance segment. Inflationary pressures on claims and costs, which have been present since last year, have an additional negative impact on the nine-month results," the head of Zavarovalnica Triglav's management board, Andrej Slapar, said in the filing.
The group recorded gross written premiums of 1.283 billion euro, up by 12% year-on-year.
Apart from Slovenia, the insurer also operates in Croatia, Serbia, Bosnia, Montenegro and North Macedonia
($ = 0.91483 euro)
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