SAVA Re plans to collect over EUR 340 million of GWP by 2016

17 February 2012 — Vlad BOLDIJAR
sava_reSAVA Re Group plans to collect more than EUR 340 million of gross written premiums annually by 2016. "The Group net combined ratio will be around 95%", show the company's plans for 2012 and its strategy for the next 5-year period.

"Premium growth in the Group will be, as a rule, above the industry average, while the growth of the industry will generally be stronger than GDP growth. Premium growth is a secondary target as the Group will primarily focus on quality and profitability of the Group as a whole and of its individual members", SAVA Re reported.

For this year, SAVA Re Group sees gross written premiums at EUR 271 million, net income of EUR 10.6 million and combined ratio to 97.8%.

In 2011 SAVA Reinsurance Company wrote gross premiums of EUR 139 million. At the same time, "the company achieved a favorable loss ratio. Major recent loss events, such as the earthquake and tsunami in Japan, have had no significant impact on the Company's loss ratio and its business results. The net incurred loss ratio for 2011 was better than planned".

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