Revenue from sales of goods and services amounted to HRK 4.18 billion, 25% higher than the revenue achieved in the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amount to HRK 1.065 billion, three percent less than in the pre-pandemic year of 2019. Net income for the first nine months of 2021 amounts to HRK 605 million.
"Reduced market activity during 2020 and the first half of 2021 created circumstances in which we further accelerated transformation processes within the system in all its segments. Implementation of a series of defined business activities, a well-diversified portfolio, long-term focus on the tourism segment that creates the highest rate of value-added and quality cost management are the basis of the result realised in the first nine months of 2021", said Marko Remenar, President of the Management Board.
In insurance field, Croatia Osiguranje maintained its leading position in the Croatian market, with a 26.9% total share. A total gross written premium in the amount of HRK 2,272 million has been achieved in Croatia, which marks a five percent growth compared to the same period last year. Consolidated gross written premiums, including premiums of regional branch offices, amounts to HRK 2,735 million and is five percent higher than last year's. The combined ratio from the regular operation of the CO Group is 92.9 and 0.2 percentage points better than last year's, primarily due to the lower claims ratio in the current reporting period.
In the first nine months of 2021, Croatia Osiguranje earned consolidated net profit amounting to HRK 320 million which marks a 9% growth.
The representatives of ADRID Grupa mentioned in a statement that in early 2021, "a series of transformation initiatives was launched, which led to premium growth and more efficient cost management. The program includes subsidiary companies, which allows for the transfer of positive experiences from the parent company to regional branch offices. A series of innovations on key product lines is being prepared: car insurance, comprehensive insurance, property and health".
"Strong support for the introduction of Laqo insurance, the first fully digital insurance solution in our area, continued in the first nine months of 2021. Non-financial indicators, which significantly contribute to the user experience, are very good. For example, Laqo is a brand that clients can buy in less than a minute and that pays claims in less than 24 hours".