CROATIA osiguranje end-March net profit increased to EUR 15.5 million

10 May 2021 —
CROATIA osiguranje d.d., one of the largest insurance company in Adriatic region, reported unaudited Q1 2021 gross profit of HRK 140.6 million (EUR 18.57 million) vs HRK 120.4 million a year before while its net profit increased from HRK 98.3 million in March 2020 to HRK 117.3 million (EUR 15.5 million) representing an increase of 19.4 % y-o-y.

According to the "Unconsolidated Unaudited Quarterly Report, for the period 1 January 2021 - 31 March 2021" published by the insurer on the ZSE (Zagreb Stock Exchange) website, earned premium, which represents 83.1% of total revenues, amounted to HRK 625.9 million and increased by 4.7% compared to the same period of the previous year, while total gross written premium increased by 1.1% and amounted to HRK 866.9 million (EUR 114.5 million). Gross written premium of non-life insurance amounted to HRK 750.2 million (EUR 99 million) and increased by 1.1% compared to the same period of the previous year, while life GWP amounted to HRK 116.7 million representing an increase of 0.9% y-o-y.

Investments recorded income in the amount of HRK 118 million, representing a decrease of 43.5% compared to the same period of the previous year. Income from investments represents 15.7% of total revenues. Expenses from investments amounted to HRK 25.7 million, representing a decrease of 67.9% compared to Q1 2020. Expenses from investments represent 4.2% of total expenses.

Net claims incurred represent 52.9% of total expenses and amounted to HRK 324.3 million, representing a decrease of 32% y-o-y primarily due to the absence of claims arising from earthquake insurance risks that were recorded in the comparable period.

Acquisition and administration expenses amounted to HRK 215.1 million, increasing by 16% compared to the same period of the previous year.

Total assets of the Company as at 31 March 2021 amounted to HRK 12.1 billion, which represents an increase of 4.3% compared to 31 December 2020.

Technical reserves as at 31 March 2021 amounted to HRK 6.8 billion, representing an increase of 2.1% compared to 31 December 2020.

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