Sava Re d.d. announced that it is considering options for issuing subordinated bonds to optimize the capital structure of the Sava Insurance Group. The Company will decide on whether to move forward with the bond issue after examining all market conditions.
For the first six months of 2019, Slovenian insurance market wrote a total amount of EUR 1,317 million gross premiums, 6.6% more than the volume of the same period of prior year. The total paid claims and benefits volume was EUR 784 million, decreasing by 0.6%.
On 29 August 2019, Zavarovalnica Triglav announced that David BENEDEK has assumed the office on the Management Board of Zavarovalnica Triglav, for a five-year term.
Sava Re and Triglav Group announced the acquisition of 80% share capital of Diagnostic Centre Bled (Diagnosticni center Bled d.o.o.), representing 100% of the voting rights through their jointly-owned company ZTSR d.o.o..
In July 2019, S&P announced it has reaffirmed the "A" Long-Term Credit Rating and Financial Strength Rating of TRIGLAV Group and affirmed the financial strength rating of SAVA Re Group to "A". Both ratings have a stable medium-term outlook and are valid also for the groups' parent companies and subsidiaries.
The GWP value of Slovenian insurers totaled EUR 672.7 million in the first quarter of 2019, a 4.6% increase y-o-y, according to the Slovenian Insurance Association's most recent report. Non-life insurance made up 72.2% of total GWP, while the share of life insurance premiums was 27.8%.
On 19 June 2019, Slovenian Sovereign Holding (SDH) successfully completed the privatisation process of Nova Ljubljanska banka, d. d. (NLB). The Republic of Slovenia will remain the largest shareholder of NLB, with a 25% stake plus 1 share.
In 2018, there was a total of 7,285 "Green Card" claims for motor accidents caused by Slovenian vehicles, almost three times higher than 2,456 Green Card claims for motor accidents caused by foreign vehicles inside Slovenia, Slovenian Insurance Association (SIA) figures show.
Slovenian reinsurer SAVA Re announced it has acquired the remaining 84% shareholding interest in local investment fund management company INFOND. The price of the deal was not disclosed.
Andrej Gorazd KUNSTEK and Mateja ZIVEC were reappointed as employee representatives to serve another term on the Company's supervisory board. Both members are to begin their new terms of office on 12 June 2019.
Slovenia-based Triglav Group registered a profit of EUR 26 million in the first quarter of 2019. Investments played the biggest role for the 9% increase in Group's profit. Triglav's activity outside Slovenia slightly increased compared to 2018 Q1.
The umbrella brand Sava Re Group will be replaced in all corporate documents by Zavarovalna skupina Sava in Slovenian and Sava Insurance Group in English, starting with the 1Q financial report for 2019, the Group has announced.
The Sava Insurance Group delivered a net profit of EUR 10.9 million in 1Q2019, accounting for 25.4% of the 2019 planned profit. The annualized RoE was 12.2%. A benign claims development and improved cost efficiency were the main drivers of the profit increase.
Slovenian insurers ended 2018 with GWP worth EUR 2.34 billion, 7.4% up y-o-y. Unlike in other CEE markets, the Unit-Linked life insurance line had a strong positive contribution to the market growth, which in absolute terms exceeded the motor insurance lines' aggregated input. Health insurance also recorded a significant increase in the GWP volume.
ERGO International AG announced that it has signed a Distribution and Service Framework Agreement with ALLIANZ for ERGO Slovenia, which belongs to ERGO Insurance Austria.
Sava Re published on April 2019 its Solvency and Financial Condition Report for 2018. Previous year figures showed an improved combined ratio, an increase in net result of EUR 33 million and a slight decrease in premiums total volume, due to changes in the underwriting strategy.
Coface announced on April 15th the acquisition of Slovenian SID - PKZ, one of the insurance market leaders, with a strong position in credit insurance. Coface has acquired all SID - PKZ shares and the business will operate under the new name - Coface PKZ.