Business News

Insurer Tilia Net Profit Up 55%

Ljubljana, 16 February (STA) - Insurer Zavarovalnica Tilia finished 2011 with a net profit of EUR 2.3m, up 55% compared to a year before, according to unaudited results published on Thursday. The insurer's market share reached 3.8%.

The company, which was ranked 7th in terms of official market share in 2010, collected EUR 79.2m in gross insurance premiums, up 6.9% year-on-year and above the market average, which fell by 0.1% in 2011.

Property insurance premiums accounted for 87% of the total premiums, while the remaining 13% came from life insurance.

Tilia's management said encouraging results were partly due to the absence of natural disasters. The sum of damages paid out in 2011 stood at EUR 43.9m, up 3% from 2010.

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