Ljubljana, 22 August (STA) - Zavarovalnica Triglav, Slovenia's largest insurer, saw net profit grow by 659% in January-June, to EUR 75.4 million, even as total business volume and gross written premium declined year-on-year, shows an earnings report released on Thursday.
Total business volume was down by 2% to EUR 943 million, whereas gross written premium dropped by 3% to EUR 868 million.
However, when factoring in the effect of the shortfall in national supplemental health insurance, which was abolished at the end of last year, it recorded a 9% growth in total business volume.
While all the group's business segments performed well, the non-life segment contributed the most to the bottom line.
The group generated over two-thirds of its half-year earnings before tax, totalling EUR 62.1 million, from its insurance business. The non-life segment alone accounted for EUR 52.2 million.
The life segment generated earnings of EUR 9.8 million, while the health segment, after last year's loss, returned to profitability.
The result from investment activities reached EUR 20.8 million, up by nearly half from a year ago, predominantly driven by higher interest income.
Overall claims incurred declined by more than a third to EUR 287 million.
"Following a year marked by one-off events that adversely impacted our results, we anticipated that our business operations would normalise this year... We are pleased that, at the halfway mark, this expectation has proven accurate," CEO Andrej Slapar was quoted as saying.
Halfway into the year, the group assesses that it will exceed its planned annual earnings before tax, projecting a range of EUR 130-150 million.
"This estimate considers the expected business environment through year-end, with [catastrophe insurance claims remaining the most uncertain factor, typically being more intense in the second and third quarters of the year," Slapar said.
