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Insurer Tilia Reports All-Time High Profit

Novo mesto, 20 March (STA) - Insurer Tilia, part of the Sava Re group, reported a record-breaking profit of EUR 3.8m for 2013 on Thursday, a rise of 8.5% on the year before. Gross premiums were up 4.7% to EUR 86.6m.

A press release from the Novo mesto-based company said the growth in premiums was above the industry average. The home insurance market saw a 3.6% drop in written gross premiums last year.

Out of the EUR 86.6m in gross written premium collected, Zavarovalnica Tilia generated 10.7% in life insurance and 89.3% in property insurance.

Gross claims factored in rose by 14.3% from 2012 to EUR 50.9m, while net claims dropped 1.3%.

The insurer said its market share among all insurance companies rose by 0.3 percentage points to 4.4%. The share in property insurance was up 0.4 points to 5.4% but remained flat in life insurance at 1.7%.

Tilia's market share among composite insurers, i.e. those that offer life and property insurance, increased by 0.3 percentage points to 5.9%.

The company's combined ratio, an insurance industry benchmark, improved to 93.6% from 95.2% in 2012.

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