Business News

Reinsurer Sava Re Reports Solid Increase in Profit

Ljubljana, 31 August (STA) - The reinsurance group Save Re reported a little below EUR 4m in net profit for the first half of the year, up 46% on the same period last year, while profit at the core company trebled to EUR 4.2m.

Gross premiums at the group, which in addition to Pozavarovalnica Sava has nine insurance companies based in Slovenia and the countries of the former Yugoslavia, rose 1.2% year-on-year to EUR 143.6m.

The growth in premiums was generated by Slovenian insurance company Tilia and Kosovo property insurance Illyria, while some subsidiaries in Serbia, Macedonia and Croatia recorded a fall in premiums income.

The core company Pozavarovalnica Sava collected EUR 81m in gross premiums in the first six months of 2011, which is 0.2% less than in the same period last year.

The decrease was due to reduced proportional covers of Slovenian cedents, which is in line with the company's plans, a release from the company reads.

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