Zavarovalnica TRIGLAV: Net profit increased by 10% in 3Q2011

28 November 2011 — Vlad BOLDIJAR
Zavarovalnica TRIGLAV: Net profit increased by 10% in 3Q2011
triglavThe net profit of Zavarovalnica TRIGLAV for the first nine months of this year was EUR 35.0 million, representing an increase of 9.6% compared to the same period of 2010, while the profit before tax amounted to EUR 51.0 million. In non-life insurance, net profit increased by 19% to EUR 31.5 million, whereas in life insurance the company recorded EUR 3.6 million in profit, or 36% less than in 2010.

"A 9.6% profit growth can be considered a very good result, especially as it was achieved in such tight conditions. This good profit was also a consequence of economy measures which helped reduce operating costs by 2.6%", said Matjaz RAKOVEC, President of the Management Board.

In the period from 1 January 2011 to 30 September 2011, Zavarovalnica TRIGLAV booked a total of EUR 548.9 million in gross written premium or 3.2% less than in the same period of 2010. Non-life insurance premium totaled EUR 398 million (-3.4%), while life insurance premium amounted to EUR 150.9 million (-2.6%).

At the same time, Zavarovalnica TRIGLAV recorded EUR 304.8 million in gross claims, or 3.8% more than in 3Q2010.

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