Slovenian SAVA Re Group posts EUR 10.3 million net profit in 1H

13 September 2012 — Vlad BOLDIJAR
sava_reSAVA Re Group recorded a profit at the half-year of EUR 10.3 million, representing an increase of over 61% year-on-year, while, the reinsurance company SAVA Re, ended the first half of 2012 with a net profit of EUR 4.6 million, up 8.6% over the same period last year.

In the first half 2012, the SAVA Re Group wrote EUR 158.5 million in gross premiums, up 6.7% compared to last year. The largest absolute growth was generated by the largest companies in the Group, SAVA Reinsurance Company and Zavarovalnica TILIA. Sava Reinsurance Company grew premiums written by 10.3% "as a result of expanding its international portfolio by 33.0%. This growth is mostly derived from Asian markets. The largest premium decline was experienced by the Kosovan and Macedonian non-life insurers - in both as a result of excluding major loss-making policyholders from the portfolio" companies officials say.

At the same time, the SAVA Re Group recorded consolidated gross claims paid of EUR 62.9 million, a decrease of 0.3% yoy. This decline is mainly due to a lowering in claims in the Serbian company SAVA osiguranje (by 34.8%) and the Slovenian company Zavarovalnica TILIA (3.7%). "In the Serbian insurer, this decline is a combined result of limiting growth in motor TPL over that past two years, improved claims management and enhanced fraud prevention. In Zavarovalnica TILIA, improved claims figures were also due to better claims management as well as a result of a favorable loss development".

See the Unaudited Financial Report of the SAVA Re Group and SAVA Reinsurance Company for the six months to 30 June 2012.

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