SLOVENIA: EUR 5.2 million profit for MARIBOR in 1H2011

1 November 2011 — Daniela GHETU
SLOVENIA: EUR 5.2 million profit for MARIBOR in 1H2011
slovenia2Zavarovalnica MARIBOR reported EUR 150.7 million in gross premium written in the first half of 2011, 5% more than in the first half of 2010. In the same period, it paid EUR 72.8 million claims, while net profit amounted EUR 5.2 million.

According to the company, Zavarovalnica Maribor's plans for 2011 are ambitious, despite the hard economic environment. Thus, for the end of 2011 the company's Supervisory Board estimates a GWP figure of about EUR 272.7 million, while claims paid will probably amount about EUR 170 million, aiming to improve its combined ratio by about 7 percentage points as compared to 2010. Moreover, net profit for the entire year 2011 is planned at the level of around EUR 9.3 million.

The ZM Shareholders General Assembly held on September19th decided to pay a dividend of EUR 8,717.681,70, representing 0.70 per share per piece. The remaining distributable profit of EUR 287,124.78 remains unallocated.

Zavarovalnica MARIBOR ranks 4th in non-life insurance and 3rd in the life insurance in the Slovenian market's statistics for 1H2011. The company is listed on the Ljubljana Stock Exchange, its main shareholders being the banking group Nova KBM (50.9963%) and the Slovenian reinsurer SAVA Re (48.6783%).

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