CROATIA Osiguranje, 3Q2012: Net profit up 32%

21 November 2012 — Vlad BOLDIJAR
croatia_osiguranjeThe net profit reported by CROATIA Osiguranje Group for the first nine months of 2012 amounted to HRK 113 million (EUR 15.2 million) which is an increase of 32% compared to 3Q2011. For the same period, the value of gross written premium amounted to HRK 2.53 billion (EUR 340 million), reporting a decrease of 3.2%. The non-life GWP decreased by 3.6% to HRK 2.25 billion (EUR 302 million), while the life GWP totaled HRK 280.6 million or EUR 38 million (0.3% more), according to the Unaudited Consolidated Financial Statements published by the company.

In the analyzed period, CROATIA Osiguranje realized revenues amounting to HRK 2.56 billion - EUR 344 million (0.8% less), while the total expenditures of the Group amounted to HRK 2.41 billion (EUR 324 million), or 2.3% less compared to 3Q 2011.

"The still existing global financial crisis reflects itself on the insurance market as well which affects two leading markets in the region the most, i.e., Slovenian and Croatian. According to the projections for the rest of the business year, no significant changes on the insurance market are expected", company's officials say.

At the same time, the gross paid claims totaled HRK 1.31 billion (EUR 176 million), a 1.3% increase as compared to January-September 2011. Non-life gross paid claims rose 3.3%, while life business recorded a negative rate of 8.6%.

As at 30th September, 2012 the total assets of CROATIA Osiguranje amounted to HRK 9.35 billion - EUR 1.3 billion, which is an increase of 3.3% compared to December 31, 2011.

Used exchange rate (Croatian National Bank): 1 EUR=7.449746 Kuna - HRK as at September 30th, 2012

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