Business News

KD Group Aims at Leading Insurance Position in Balkans

Ljubljana, 10 June (STA) - Financial holding KD Group aims at becoming the biggest insurance holding in Slovenia and the Balkans by 2015 through the merger of life insurer KD Življenje and insurer Adriatic Slovenica that is to be carried out this year, the holding's chairman Matjaž Gantar said Monday, presenting KD Group's 2012 results.

The merger is to increase disposable capital from EUR 87m to EUR 134m, with a surplus of disposable capital at EUR 24m, according to KD Group CEO Aljoša Tomaž.

KD Group generated EUR 2.6m in net profit in the first quarter of the year, 54% more than in the same period in 2012. Operating revenues were 1% lower at EUR 88.1m.

Total assets increased from EUR 831.2m at the end of 2012 to EUR 842.9m at the end of March.

According to Adriatic Slovenica chairman Gabrijel Škof, who is also deputy CEO of KD Group, the insurer grew faster than the Slovenian market last year, and its market share increased from 12.7% to 13.2%.

Adriatic Slovenica collected EUR 269.2m in premiums in 2012 and EUR 90.1m in the first quarter of this year, which is 4% more year-on-year.

Jacob Westerlaken, KD Group executive director and Adriatic Slovenica management board member, stressed at the presentation that Adriatic Slovenica was adapting to the needs of the clients and was the first to offer signing insurance policies through smart phones.

KD Življenje generated EUR 987,000 in net profit in the first three months of 2013, which is 72.5% more year-on-year, said the company's chairman Matija Šenk.

Mutual fund management company KD Skladi doubled its quarterly profit over the first three months of last year to EUR 450,000.

According to the fund manager's board member Luka Podlogar, the company ranks second biggest in Slovenia with a 20.4% market share, and all of its mutual funds closed positively last year and most have positive yields also in 2013.

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