Business News

Reinsurer Sava Re Reports EUR 6.6M Loss for 9 Months

Ljubljana, 30 November (STA) - Reinsurer Sava Re reported a loss of EUR 6.6m for the first nine months of the year. It blamed the loss on payouts related to the summer storms.

The group said that it was unable to make up for the higher payouts with financial revenues since financial markets were still frail and returns low.

Investments abroad had generated positive returns and will be the focus in the coming period, the company said in Monday's statement posted on the website of the Ljubljana Stock Exchange.

Gross premiums for the first three quarters stood at EUR 117.8m, an increase of 16.2% on last year. Payouts meanwhile stood at EUR 75.6m, which is 9% less than last year.

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