SERBIA: Milenijum osiguranje achieved strong growth in 2023

23 April 2024 — Marina MAGNAVAL

In 2023, Milenijum osiguranje achieved strong growth and business results, and ranked at the very top of insurance companies in terms of service quality, business stability and client trust, the company said.

GWP increased by almost 20% and amounted to RSD 5.1 billion (~EUR 43.53 million). Such premium growth is a trend from several years. For example, GWP last year was almost twice as high as in 2015, when it amounted to RSD 2.5 billion.

According to Ljubisa Veljkovic, president of the Executive Board, Milenijum osiguranje achieved exceptional business results, such as capital adequacy, guarantee capital, coverage of reserves, among others, all of which are far above the average on the local market. Promptness in claim settlement is more than 97%, which puts the company at the very top among competitors, the president of the Executive Board emphasized.

The results of Milenijum osiguranje in the past eight years speak for themselves:

• The capital adequacy is 316%, which is far above the non-life insurance market average of around 215%, according to the latest NBS data. In other words, according to the company’s financial reports for the year 2023, Millenijum osiguranje has RSD 1.7 billion more funds than required by law as a guarantee of solvency.

• The guarantee capital of the Company amounts to RSD 2.5 billion and is RSD 2.1 billion higher than that provided by law.

• GWP recorded continuous growth and amounted to RSD 5.1 billion in 2023, which is almost twice as much compared to 2015.

• Significant growth of balance sheet assets was achieved. In the period from 2015 to 2023, the company increased the value of its assets by RSD 5.7 billion, or 166%: from RSD 3.4 billion in 2015 to RSD 9.1 billion in 2023.

• The Company's net combined ratio is 94%.

• Promptness in claim settlement, i.e. processing and payment of compensation is 97.1%, and here Millenijum osiguranje is among the leading companies on the domestic market.

• Technical reserves from 2015 to 2023 recorded an increase of RSD 2.8 billion, i.e. 109%. From RSD 2.5 billion in 2015 to RSD 5.3 billion in 2023.

• The coverage of technical reserves increased from 100.5% in 2015 to 142.2% in 2023, which is an important indicator of the company's financial stability, the statement says.

*EUR 1 = RSD 117.17 (31.12.2023)

EUR 1 = RSD 119.88 (01.01.2016)