Zavarovalnica Sava Reports 18% Rise in Net Profit for 2018

By , 01 Apr 2019, 14:25 PM Business

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STA, 30 March 2019 - Insurer Zavarovalnica Sava posted a EUR 29.5m net profit last year or 18% more than in 2017, with gross insurance premiums increasing by 8% to EUR 395.1m, and payments of gross damages being up by 16.5% to EUR 275.7m, according to the company's annual report.

The property insurance segment contributed EUR 18.4m in net profit last year, while the life insurance segment contributed EUR 11.2m.

The Maribor-based insurer, a part of the Sava Re group, had a 16.6% market share in 2018 measured by gross premiums, to remain the second largest insurer on the Slovenian market.

The insurer, created through the merger of two Slovenian and two Croatian subsidiaries of reinsurer Sava Re in 2016, saw its market share in property insurance increase to 18.8%, while the market share in life insurance dropped to 11.6%.

At the end of last year, Zavarovalnica Sava employed 1,192 people, which is 41 fewer than at the end of 2017. The company said that the reduction in the workforce was a consequence of optimisation of processes and the synergy effects of the 2016 merger.

For this year, the company plans an additional increase in premiums from property insurance, while premiums from life insurance are expected to be lower than in 2018. The financial plan envisages a net profit of EUR 32.8m.

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