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Business news in Slovenia

Sava insurance group net profit increases by 48% in Q1

Ljubljana, 17 May (STA) - The turnover of insurance group Sava increased by 18.4% to EUR 307.8 million in the first quarter of 2024 compared to the same period last year, with growth recorded in all operating segments. The group's net profit went up by 48.3% to EUR 29.8 million, shows a report published on Friday.

The year-on-year increase in turnover was primarily driven by growth in gross written premiums, which rose by 18.3% to EUR 301 million.

In the property insurance segment they went up by 17.9% in the group's EU markets and by 18% in non-EU markets. The life insurance numbers went up 23.1% in the EU markets and 12.3% in the non-EU markets. Moreover, the reinsurance segment also increased, by 15.8%.

"Growth was achieved through price adjustments, as well as a further solid increase in the number of policies sold. With revenue growth of 18.7%, the pensions and asset management segment also performed strongly."

When it comes to net profit growth, the increase was the result of higher insurance revenue and "a very favourable claims experience in the reinsurance and non-life segments, with no major losses or CAT events, which are normally expected each year and therefore factored into the group's annual business plan," reads the group's press release.

As a result, the incurred claims in the first quarter of the year remained at approximately the same level year-on-year, and the combined ratio rose to 83.8%. The group does not expect it to stay at such a high level by the end of the year.

"Despite an extremely favourable first quarter, the group remains exposed to major losses and increased loss frequency, as well as financial market volatility, all of which may affect the development of the group's results as the year unfolds," they said.

In addition to Slovenia, the group is present in Croatia, Serbia, North Macedonia, Montenegro and Kosovo.

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