CROATIA Osiguranje, FY2018: net profit increase of 80% against the previous year's result

25 April 2019 — Daniela GHETU
CROATIA Osiguranje, a member of the Adris Group and undisputed leader of the Croatian insurance market, ended 2018 with a net profit of HRK 270.4 million (EUR 36.45 million), 80% higher than in 2017, the company's annual report for last year shows.

Total GWP amounted to HRK 2,778 million, 13% up y-o-y, while total earned premiums reached HRK 2.456 million, an increase of 14%. Non-life line contribution to total GWP volume amounted to 79.7%, the segment reporting a 15% y-o-y increase in GWP. The growth rate recorded on the life insurance side was 6% y-o-y.

Gross paid claims amounted to HRK 1,549 million, 9% up y-o-y, while total administrative costs reached HRK 407 million, exceeding the 2017 volume by 1.5%, while acquisition costs amounted to HRK 486 million, 19% up y-o-y, as a result of continued investment in the sales network. On the non-life side, the company achieved a combined rate of 95.3%, improved by 3.9 percentage points in comparison to 2017.

The consolidated result at the Group level show a consolidated profit after taxation of HRK 337 million vs. HRK 253.5 million in 2017. Total GWP at the Group level amounted to HRK 3.336 million in 2018, in comparison with HRK 3,136 million in 2017, the report shows.