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Half-Year Profit of Sava Re Drops by 33% to EUR 12.8M

Ljubljana, 28 August (STA) - The reinsurance group Sava Re posted a EUR 12.8m net profit in the first half of the year, down 33.6% compared to the same period in 2013, according to unaudited data published on Thursday.

The group meanwhile increased its gross premiums by 41.2% to EUR 268.5m, which is almost 60% of the planned amount for the entire year. The growth is mainly a result of the takeover of insurer Zavarovalnica Maribor in July 2013.

Consolidated gross damages in the first six months grew by 49.4% year-on-year to EUR 129.3m, which includes an extraordinary EUR 6m payout related to the damage caused by the February ice storm.

Core company Pozavarovalnica Sava meanwhile posted a EUR 14.8m net profit in the first half, which is 60.9% more than in the same period last year.

The reinsurer collected EUR 82.1m in gross insurance premiums in the period or 5.7% less than in the same period last year. Gross damages were down by 2.5% to EUR 36.6m.

The management has assessed the results as good and announced that the annual plans will be reached.

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