Sava’s Profits Rose 16.7% to €50.2m in 2019

By , 28 Feb 2020, 10:22 AM Business
Sava’s Profits Rose 16.7% to €50.2m in 2019

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STA, 28 February 2020 - The insurance group Sava collected EUR 599.3 million in gross premiums last year, which is 9.7% more than in 2018, while its net profit was up 16.7% to EUR 50.2 million, show the unaudited financial results released by the parent company Sava Re on Friday.

The report says that the gross premium growth was contributed mainly by the Slovenian non-life insurance business, which was up 12.2%, and the non-life insurance business in foreign countries (+20.3%).

Sava Re noted that part of this came from an acquisition in Croatia, with the group member Zavarovalnica Sava acquiring outright stakes in the insurers Ergo Osiguranje and Ergo Životno Osiguranje.

The group's operating revenue was up by 10.1% last year to EUR 584.9 million, while pre-tax profit increased by almost 10% to EUR 60.7 million.

Return on equity also increased by 0.8 of a percentage point compared to 2018 to 13.8%.

The management of the reinsurer Sava Re, the parent company in the group, will present last year's results in detail at a press conference today.

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