Ljubljana, 06 March (STA) - The Sava insurance group, Slovenia's second largest, saw its business volume grow by 14% last year to break the one billion euro mark as net profit rose by 36% to just shy of EUR 88 million in what is a new record.
In a regulatory filing preceding the company's news conference on Thursday, Sava said the exceptional results were driven by both the insurance service result and the finance result.
The business volume growth was driven mainly by growth in non-life and life gross written premiums. In the non-life business, the growth was generated by higher prices and organic business growth, and the life business was boosted by strong sales of new policies and top-up premiums to existing policies. Business volume increased in all segments, outperforming the targets.
The non-life business expanded by 17% in Slovenia and by 18% internationally, while the life insurance business grew by 9% at home and by 16% in international markets.
Through this growth, the group increased its share of the Slovenian market by 1.1 percentage points to 31.2%.
The pensions and asset management segment posted 19% growth in a favourable financial market environment.
The insurance service result was just shy of EUR 109 million, an increase of EUR 25 million as a result of revenue growth and relatively more favourable claims experience.
Although the impact of severe weather events in 2024 was similar in absolute terms to the year before, other segments saw more favourable claim developments. As a result, the group's loss ratio improved by 1.4 percentage points.
