Grawe Osiguranje, the Serbian unit of Austria's Grawe Insurance Group, said its net profit totaled 169 million dinars ($1.98 million/1.5 million euro) in 2011.

The company provided no comparative figure in a statement posted on its website on Thursday but in March last year it said its profit in 2010 amounted to 299 million dinars.

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SERBIA: Grawe Osiguranje 2011 net profit at EUR 1.5 million