SAVA Re Group Q1 2017 consolidated net profit rises 29% y-o-y

18 May 2017 — Vlad BOLDIJAR
Slovenian SAVA Re Group reported Q1 2017 GWP of EUR 159.9 million, up by 4.2% y-o-y, while the net profit increased by 29% y-o-y to EUR 9.2 million.

According to the press released by the Group, "premium growth was contributed by Slovenian non-life insurance business (4.1% growth) and Slovenian life insurance business (8.0% growth). High growth rates were also achieved by non-Slovenian non-life insurance business (10.1%) and non-Slovenian life insurance business (13.9%). As soft market conditions persist in global reinsurance markets, there was a minor drop in reinsurance premiums (of 1.0%). Thus the Group wrote 32.4% of total Group premiums planned for 2017".

At the same time, SAVA Re pointed out that the improvement in its net profit "was mainly driven by a benign development of Slovenian non-life insurance business, but also due to an improved performance of Slovenian reinsurance and life insurance operations. The results of the non-Slovenian businesses were marginally weaker. On the Group level, there was a year-on-year improvement in the net expense ratio, the net incurred loss ratio and consequently also in the combined ratio. There was also a minor improvement in the return on the investment portfolio compared to the same period last year".

Click here to read the 1Q2017 Unaudited Financial Report of the SAVA Re Group.