Croatia Osiguranje posted Q1 2022 net profit of EUR 17.7 million

2 May 2022 —
Croatian conglomerate ADRIS Grupa with business in tourism, food production and insurance (Croatia Osiguranje) reported Q1 2022 total revenue of HRK 1.19 billion (EUR 157 million), up 11% year-on-year. Revenue from the sales of goods and services was up 16% year-on-year, to HRK 1.11 billion (EUR 147 million). Consolidated profit before interest, taxes and amortization (EBITDA) was up 4%, to HRK 173 million (EUR 22.8 million). Net profit in Q1 2022 was up 14% year-on-year, to HRK 12.2 million (EUR 1.6 million).

On the insurance part, Croatia Osiguranje consolidated its market leader position, increasing its premium, profit, and market share. The insurance company's total gross written premium in Croatia was up 14% year-on-year, to HRK 957 million (EUR 126.3). Its market share is up 1.5%, to 29.1%.

Consolidated gross written premium, including regional subsidiaries, is up 16% year-on-year, to HRK 1.139 million (EUR 150.3 million). The combined ratio from CO Group's regular business activities of 88.5 "is on par with the most efficient companies in the insurance industry. Croatia Osiguranje posted a consolidated net profit of HRK 134 million (EUR 17.7 million) in Q1 2022, up 4%".

ADRIS Grupa mentioned Croatia Osiguranje "continued the digitalisation of its business and is set to invest a total of more than HRK 100 million (EUR 13.2 million) in this segment in 2022. CO's premium from the digital business was up 42% in Q1 2022, and its digital brand Laqo grew by 95% in the same period".

At the same time, "Croatia Osiguranje is continuing its investments in private healthcare and is set to invest a total of HRK 60 million (EUR 7.9 million) in this segment in 2022 and 2023". In March, the company opened a new state-of-the-art Croatia Policlinic in Rijeka, an addition to the existing policlinics in Zagreb, Split, Pula and Koprivnica.