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Insurer Triglav Nearly Doubles H1 Profit

Ljubljana, 31 August (STA) - The insurance group Skupina Triglav generated a net profit of EUR 34.1m in the first half of the year, which is 90% more than in the same period last year. It expects to surpass the planned net profit of EUR 54m for the year, the company announced after Tuesday's session of the supervisory board.

The group's profit before tax amounted to EUR 49m, up 101% year-on-year.

The core company, Zavarovalnica Triglav, which is Slovenia's top insurer, increased its half year pre-tax profit by 41% y/y to EUR 44.2m. Net profit for the period rose by 20% to EUR 30.4m.

The insurer managed to increase profit despite the negative impact of the financial crisis by focusing on its core insurance business, following a straightforward risk management policy, a proper reinsurance policy and by applying other measures to alleviate the impact of the crisis, the company said in a statement.

"The results by Skupina Triglav demonstrate a reinforcement of its position as a leading financial and insurance institution in the region," the statement reads.

Members of the group generated EUR 549.9m in gross insurance and reinsurance premiums, of which EUR 396m was contributed by the controlling company.

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