CROATIA Osiguranje, 1H2014: EUR 9.4 million loss after tax

18 September 2014 — Daniela GHETU
The first interim report of CROATIA Osiguranje after its acquisition by the Croatian ADRIS Group shows a consolidated loss after tax and minority interest amounting to HRK 71.3 million (~EUR 9.42 million), mostly attribuable to the decrease in premium revenue, increasing reserves volume and and the loss recorded as a result of the decrease in financial assets.

In 1H2014 CROATIA Osiguranje recorded a GWP volume of HRK 1.69 billion (EUR 223.25 million ), 8.9% down y-o-y. Non-life insurance lines accounted for 87.7% of the company's GWP and recorded a drop in underwritings of 10.4%. Life insurance saw a positive evolution, with a GWP growth of 4.4%, but still holds a modest part in the overall business turnover.

Paid claims in the first half of 2014 recorded an overall decrease by 10.2%, to HRK 836.9 million (EUR 110.55 million), 82% of this volume being paid for non-life insurance claims.

Earned premium for the period under consideration amounted to HRK 1.28 billion (EUR 169 million), making up 80.2% of the total revenues and recorded a 2% y-o-y decrease.

As at June 30th, total assets of the Group amounted to HRK 9.5 billion (EUR 1.25 billion), 3.9% up as compared with the of 2013.

CROATIA Osiguranje is operating besides its mother country, in Bosnia & Herzegovina, Macedonia, Serbia and Kosovo. Currently the capital stock of the company ammounts to HRK 442.88 million. ADRIS Group holds a 53.56% share of the equity capital, while a 38.07% share is still controlled by the Croatian state.

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