CROATIA Osiguranje Group's net profit rose by 37% in 1H2017

CROATIA Osiguranje Group, one of the largest insurer in the Adriatic region -, posted a first-half net profit of HRK 102 million (EUR 13.8 million), up 37% on the year.

At the same time, the combined rate at Group level, as a ratio between total expenditure and earned premium, improved by almost four percentage points to 99%.

The insurer mentioned in a report published on Zagreb Stock Exchange website, it recorded an increase in aggregate GWP of 2.7% to HRK 1.85 billion (~EUR 250 million).

On insurance business lines, CROATIA Osiguranje Group reported non-life GWP of HRK 1.49 billion / EUR 200 million (2.5% more y-o-y), while HRK 369.2 million / EUR 50 million - represented the value of GWP generated by the life insurance segment (3.3% more y-o-y).

"Indicators achieved in the first six months are the result of successfully implemented organisational restructuring of the Company. Sales organisation and procedures have both been improved. Part of the sales portfolio has been optimised, and new products and services have been offered to the market. Claim processing procedures have become more efficient, and further digitalisation has made business operations simpler and faster, thus increasing the Company's operational efficiency", as the insurer pointed out in a statement.

Used exchange rate (Croatian National Bank): 1 EUR=7.40 Kuna - HRK as of June 30th, 2017

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