National Bank of Slovakia: insurers' Q3 profits up by 15% to EUR 153m

27 December 2021 — Andrei Victor
At the end of September 2021, the Slovak insurance market totaled EUR 1.60 billion, 4.3% less y-o-y, according to the 9 months statistics published by the National Bank of Slovakia (NBS).

The profits of local insurers amounted to EUR 152.7 million, which was a 15.2% increase as compared to end-September 2020 (EUR 132.6 million).

Technical result in life insurance was in the negative area (EUR-47.9 million vs. EUR 85.4 million in Q3 2020), while the same indicator calculated for the non-life insurance segment increased by 23.8% y-o-y to EUR 76.9 million (vs. EUR 62.1 million).

In GWP terms, the life insurance segment was down by 4.5% y-o-y to EUR 671.4 million, these types of policies generating 41.7% of the total insurance market, while the non-life classes accounted for EUR 937.3 billion (or 58.3% of total GWP), or 4.3% less y-o-y.

Overall, the value of paid claims by local insurers decreased by 7% y-o-y to EUR 864 billion, of which EUR 460 million related to life indemnities, EUR 48 million - Motor TPL claims, EUR 141 million- MoD payments.

Access xprimm.com and download the Q3 2021 Slovak insurance market statistics.

According to the quarterly market figures published by SLASPO (Slovak Insurance Association), at the end of September 2021, total GWP from the members of the association totaled EUR 1.86 billion, up by 1.2% y-o-y. In terms of GWP, the largest life insurers in the country were KOOPERATIVA VIG (EUR 231.8 million), Allianz-Slovenska (EUR 145.3 million) and Generali Poistovna (EUR 88.6 million), while the Top 3 in non-life insurance was formed by Allianz-Slovenska (EUR 350.7 million), KOOPERATIVA VIG (EUR 237.5 million) and Generali Poistovna (EUR 136.9 million).





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