Slovak Rep., SLASPO: Less GWP but more profits during 2020

15 March 2021 — Andrei Victor
The YE2020 preliminary figures on insurance activity published by SLASPO (the proffesional association of Slovak insurers) show that the insurers active on local market (domestic and EU branches) generated during last year less premiums, but they were more profitable.

Thus, according to the published statistics local insurers and and branches of EU/EEA country enterprises generated during 2020 aggregate GWP of EUR 2.5 billion, 2.38% less y-o-y (vs. EUR 2.56 billion a year before). Of this total, life GWP accounted for EUR 1.23 billion (-4.35% y-o-y), while non-life business totaled EUR 1.27 billion (down by 0.39% y-o-y).

In terms of claims, the aggregate value (life and non-life, summed-up) amounted to EUR 1.98 billion (vs. EUR 2.16 billion in 2019). Life indemnities decreased by 8.25% y-o-y to EUR 602.7 million, while payments related to general insurance subclasses amounted EUR 1.37 billion (-8.66% y-o-y).

In terms of profitability, aggregate gross market profit increased by 8.54% y-o-y to EUR 271.32 million. At the sametime, the YE2020 after tax profit was EUR 197.75 million vs.EUR 182.67 million a year before.

It is worth mention that the technical result improved significantly to EUR 114.4 million (vs -95.4 million a year before due to increases reported in life insurance to EUR 25.5 million (vs. -EUR 149.4 million in 2019), while in non-life LoBs it totaled EUR 86.5 million (vs. EUR 47.7 million a year before).

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