Business News

Modra zavarovalnica Posts EUR 4.1M Profit in 2013

Ljubljana, 16 May (STA) - Insurance company Modra zavarovalnica, which is a part of the emerging Slovenia Sovereign Holding (SSH), posted a EUR 4.07m net profit last year, which is only one-third of the 2012 profit. At the end of 2013, the insurer managed EUR 1.12m in assets, Modra zavarovalnica said in a press release on Friday.

The insurer generated EUR 22.8m in revenue from insurance premiums last year, while expenses amounted to EUR 17m. Revenue from investments exceeded expenses from investments by EUR 16.2m.

At the end of 2013, Modra zavarovalnica managed EUR 830m in assets collected in mutual pension funds, 115m in assets in reserve funds and EUR 177m of its own financial assets.

Last year the insurer paid out monthly instalments to more than 12,000 pensioners in the total amount of EUR 11.6m. Its market share in supplementary pension insurance has reached 45%, according to the press release.

Modra zavarovalnica was excluded from the state-run KAD fund in 2011 and is defined in the SSH act as a strategic investment as it also manages the mutual pension fund for civil servants.

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