August 17 (SeeNews) - Slovenia's biggest insurer Zavarovalnica Triglav [LJE:ZVTG] said on Friday its first-half consolidated net profit dropped 17% on the year to 30.0 million euro ($34.1 million), due to higher claims incurred from non-life and health insurance and lower investment return.
The group’s consolidated insurance and co-insurance premium revenue increased 5% to 574.8 million euro in January-June. In terms of individual insurance segments, a 6% rate of premium growth was seen in non-life insurance, a 0.3% increase in life insurance and an 8% rise in health insurance, Triglav said in a filing to the Ljubljana bourse.
"The first half of the year was characterised by our dynamic operations. Along with good premium growth they were affected by CAT loss events and lower return on our investments," Andrej Slapar, president of the management board of Zavarovalnica Triglav, said.
"In terms of annual and strategic objectives, we are satisfied with the achieved. In all our markets and in both business segments, we continued to consistently carry out activities related to our growth and development strategy," Slapar added.
In the reporting period, the Triglav Group saw premium growth in all markets.
The highest premium growth rate of 16% was recorded on the Serbian market, where premiums reached 26.5 million euro. Serbia was followed by Croatia and Macedonia, with a premium growth rate of 7% on each market, to 34.3 million euro and 12.5 million euro, respectively.
Triglav's Slovenian market and the global reinsurance sector saw their premiums rise by 4% each, to 441.9 million euro and 29.1 million euro, respectively. Bosnia and Herzegovina followed with a 2% expansion to 14.7 million euro, while Montenegro's premiums edged up 0.1% to 15.8 million euro.
Insurance companies of the Triglav Group held a 36.1% share of Slovenia's insurance market as at the reporting date, where 14 insurance companies, four foreign branch offices and two reinsurance companies were active.
Triglav Group employed 5,158 people at the end of the first half, up 7 employees from last year.
($=0.878483 euro)
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