Ljubljana, 16 May (STA) - The insurance group Sava saw it net profit rise by 4% to EUR 31 million in the first quarter of the year, as business volume was up by 7% to EUR 329 million. All business segments grew, with the main drivers being gross written premiums in both the non-life and life segments, Sava said on Friday.
In the non-life business, growth was generated by rate increases in 2024 and organic business growth, and in the life business by strong sales of new policies and top-ups of existing policies, Sava said in its quarterly earnings release.
The insurance result was up by EUR 4 million to EUR 34 million, mainly driven by a 12% increase in revenue. Revenue grew in all segments, most notably in the non-life segment.
This led to a rise in the combined ratio to 83.7%. The combined ratio is typically very favourable in the first quarter because of the seasonal nature of natural disasters, which statistically occur most frequently in the summer, Sava said.
The finance result was just over EUR 2 million, down by more than half compared to the first quarter of 2024.
According to Sava, this is mainly due to a lower investment result reflecting lower income from financial investments measured at fair value due to the less favourable developments in the financial markets.
The investment portfolio increased to EUR 1.7 billion. Assets under management were down 1% to EUR 2.9 billion despite positive net inflows from all companies in the pension and asset management segment, as well as from unit-linked funds, owing to unfavourable developments in equity markets.
Net inflows to the funds of the pension and asset management companies grew by 16% compared to the first quarter of 2024.
