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Adriatic Slovenica Earnings at EUR 4.6M through April

Ljubljana, 17 June (STA) - Insurer Adriatic Slovenica collected premiums worth EUR 88.7m in the first four months of the year, while it paid out damages worth EUR 61.6m. $The net profit amounted to EUR 4.6m, which means that the annual target of EUR 10m is within reach,$ CEO Gabriel Skof said on Thursday.

Gross profit stood at EUR 6.6m, while premiums increased by 2.2% year-on-year. In the same period, the market share grew at a rate of 1%, Skof told the press in Ljubljana.

Comprehensive car insurance premiums were up by 8%, fire insurance by 15% and other insurance by 11%, including home insurance (by 24%), said executive marketing director Karmen Skoda Pisko.

The company also labelled last year's business results as successful. It collected EUR 261m in premiums, while paying out damages worth EUR 109m. Net profit amounted to EUR 10.5m. "This makes us the top Slovenian insurer," Skof said in a reference to profitability.

The company aims to collect EUR 270m in premiums this year, Skof said, adding that Adriatic Slovenica plans to launch several new insurance products this year.

Slovenians spend less than the average European on personal insurance (life, health and accident insurance), Skof said, while they are at the very top in car insurance. "We're also behind in property insurance, but the situation is improving," he added.

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