Sava posted Q1 net profit worth EUR 16.8 m, 27.9% of 2022 annual target

24 May 2022 — Andrei Victor
Slovene re/insurance group Sava reported Q1 2022 operating revenue worth EUR 177.8 million (vs. EUR 177.8 million) and a net profit of EUR 16.8 million vs. EUR 23.5 million in Q1 2021.

The company representatives mentioned the Group's operating revenue and net profit represented 25.4% and 27.9%, respectively, of the full-year 2022 targets. At the same time, "the year-on-year decline in net profit reflects the return to normal post-Covid claims frequency in motor business (especially in Slovenia)".

In terms of GWP, Sava wrote EUR 231.7 million in gross premiums, up by 7.7% year on year. The growth in gross premiums was mainly driven by Slovenian insurance business (9% growth), "reflecting better sales especially in the motor segment, and the different premium dynamics of major clients. In terms of absolute premium growth, contributions came from reinsurance operations, fueled by the higher prices of reinsurance covers, and the international non-life segment as a result of organic growth in the non-Slovenian markets".

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