Total assets amounted to HRK 13.4 billion (ca. EUR 1.8 billion), representing an increase of 4.7% compared to end-December 2019.
Aggregate FY2020 GWP totaled HRK 3.24 billion (ca. EUR 430 million), which represents a decrease of 2% compared to previous year. Gross written premium of non-life insurance amounted to HRK 2.69 billion which represents an increase by 1.1% y-o-y, while life GWP decreased by 14.7% y-o-y and amounted to HRK 551.1 million.
Earned premium for the reporting period amounted to HRK 2.97 billion, which represents 81% of total income and a decrease of 0.8% compared 2019. Revenue from investment fell by 6.9% to HRK 487.7 million in 2020 and represented 13.3% of total income.
FY 2020 net claims incurred represent 58.4% of total expenses and amounted to HRK 1.92 billion (13.5% more y-o-y). Acquisition and administration costs totaled HRK 1.15 billion (down by 4.3% y-o-y) , representing 35.1% of total expenses of the Group, while investment expenses amounted to HRK 127.1 million (down by 3.9% y-o-y), and represent almost 4% of total expenses: "An increase of net claims incurred is primary caused by one-time expenses in the amount of HRK 100 million, such as claims caused by earthquake and decision of the Supreme Court of the Republic of Croatia on increase of orientation criteria and amounts for immaterial claims", as the insurer mentioned in a statement.
Founded in 1884, CROATIA Osiguraje is the largest and oldest insurer in Croatia - with the government as majority stackeholder until 2014. Currently, CROATIA osiguranje is owned by the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry. At the international level, CROATIA Osiguranje operates in Bosnia and Herzegovina, Slovenia, Serbia and Macedonia.
20508 views
