At the same time, the aggregate GWP stood at EUR 777.1 million, 8% more y-o-y, the growth rate being sustained by all three business segments. Thus, the aggregate non-life GWP increased by 8.2% y-o-y to EUR 517.5 million (66.6% of the total), life GWP increased by 3.5% y-o-y to EUR 163 million (21% of the total portfolio), while health insurance reported a growth rate of 13.9% y-o-y to EUR 96.5 million (12.4% of total GWP).
According to the 3Q2017 Report, the Slovenian insurance market generated the largest volume of GWP (EUR 596.6 million, up by 7% y-o-y), while the other five external markets where the TRGLAV Group is present (Croatia, Serbia, Montenegro, Bosnia and Macedonia) reported aggregate GWP of EUR 138.4 million, or 17.8% of total GWP. Global reinsurance business accounted for 5.4% of total GWP, totalling EUR 42.1 million.
Gross claims paid increased by 5% (EUR 467.4 million) as the result of the increase in the insurance portfolio and claim frequency as well as the higher number of mass loss events. The latter increased over 2016; in the first nine months of 2017, they amounted to EUR 25 million (EUR 19 million in 2016). The Group's combined ratio of 95.3% (2016: 95.0%) was favourable despite the increase in the claims ratio and at the level of its average target strategic value.
"In the first nine months of 2017, the Group not only operated profitably and safely but was also financially strong, as confirmed by high credit ratings. The challenging conditions in capital markets have continued, in addition to an increased number of mass loss events recorded this year. Taking into account the business conditions anticipated until the end of the year, we estimate that our annual plan will be achieved", said Andrej SLAPAR, President of the Management Board of Zavarovalnica TRIGLAV.