Croatian holding ADRIS Grupa, the owner of the largest and oldest insurer in Adriatic region - CROATIA Osiguranje, announced in a statement its insurance arm generated a gross profit of HRK 403 million (~EUR 54.3 million) during the first nine months of the year, 46% more y-o-y compared to the 3Q2018 figure (HRK 275 million).

At the same time the net nine-month profit was up by 52% y-o-y to HRK 332 million (~EUR 44.7 million), as ADRIS Grupa representatives pointed out in a press release.

In terms of premiums, the insurer reported an increase in aggregate GWP at the Group level of 8.5% to HRK 2.7 billion, of which about HRK 2.3 billion in Croatia - from this point of view the company continuing to be the leading insurer in local market with an overall share of 30%. The company held a 35.4% share of the non-life insurance market in Croatia and a 18.6% share of the life insurance market. The company mentioned its combined ratio improved by six percentage points compared with 30 September 2017 to 90.5%.

Founded in 1884, CROATIA Osiguraje is the largest and oldest insurer in Croatia - with the government as majority stackeholder until 2014. Currently, CROATIA osiguranje is owned by the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry. At the international level, CROATIA Osiguranje operates in Slovenia, Serbia and Macedonia.