Croatia osiguranje's year-end profits increased to over EUR 50 million

28 February 2023 —
Croatian conglomerate ADRIS Grupa with business in tourism, food production and insurance (the owner of Croatia osiguranje Group - one of the largest insurers in Adriatic region), informed it recorded total revenues amounting to HRK 6.5 billion (EUR 862 million), 14% higher compared to the previous year.

At the same time, consolidated gross earnings amounted to HRK 1.26 billion (EUR 167 million), which is a growth of 19%. Net profit in 2022 amounted to HRK 550 million (EUR 73 million), which is 37% higher than net profit recorded the previous year and 9% higher than net profit recorded in 2019.

On insurance side, in 2022, Croatia osiguranje recorded consolidated net profit of HRK 378 million, (~EUR 50.16 million) which is a growth of 4%.

At the same time, the insurer posted consolidated GWP, including regional subsidiaries, amounted to HRK 3.72 billion (EUR 493 million), which is 8% higher compared to the previous year. The combined ratio from CO Group's regular business activities was 93.9%, which is 1 p.p. higher compared to 2021, primarily due to investments in sales activities.

On Croatian insurance market, CO's total gross written premium amounted to HRK 3 bn, growing by 6.5%. "Croatian insurance market grew by 7% in 2022, and Croatia osiguranje strengthened its market leader position with a market share of 25.6%. The company's market share in the non-life insurance segment was 30.5%, growing by nearly 1 p.p. compared to the previous year".