Slovenian TRIGLAV Group reports 12% higher Q1 net profit

12 June 2014 — Vlad BOLDIJAR
triglav3For the first quarter of 2014, the TRIGLAV Group booked a net profit of EUR 25.6 million - which is a 12% increase compared to 1Q2013, while the value of gross written premiums decreased 1% to EUR 256.1 million. Zavarovalnica TRIGLAV - the parent entity of the group - recorded a net profit of EUR 19.1 million (4% less y-o-y), while from insurance and co-insurance contracts the company accounts for EUR 180 million.

"Due to unfavorable economic conditions, the economic crisis and the strategic focus on profitability, both the Group and the parent company posted 1% less gross written premium from insurance and co-insurance contracts in the first quarter of 2014", the company noted in 1Q2014 Unaudited Interim Report.

In non-life insurance, the combined ratio of the TRIGLAV Group deteriorated by 8.2% compared to the corresponding period last year and reached 98.5%, whereas the combined ratio of Zavarovalnica TRIGLAV was 99.5%, which is an increase of 15.7%. "The ratios deteriorated mainly as a result of extraordinary loss events in early 2014".  

"We estimate that the TRIGLAV Group and the parent company performed well in the first three months of 2014, which is confirmed by the results achieved. Important steps were made to partially ease the pressure on premiums. The reasons behind this continuing downward trend lie mainly in the challenging economic situation. According to forecasts, conditions in the markets where the Group operates will remain uncertain throughout 2014," said Andrej SLAPAR, President of the Management Board of Zavarovalnica TRIGLAV.

Read the Unaudited Interim Report of Zavarovalnica TRIGLAV and the TRIGLAV Group for the Period from 1 January 2014 to 31 March 2014
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