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Reinsurer Sava Reports Half-Year Profit

Ljubljana, 31 August (STA) - Reinsurer Pozavarovalnica Sava generated EUR 1.28m in net profit in the first six months of 2010, compared to a net loss of EUR 6.52m in the same period last year. Net revenues from premiums were down from last year's EUR 61.8m to EUR 56.53m, according to unaudited data.

The group Sava Re posted a net profit of EUR 2.73m in the first half-year, while it recorded a net loss of EUR 15.12m in the same period last year.

The group's net revenues from premiums were up in a year-on-year comparison, from EUR 108.46m to EUR 109.23m, the company said in a press release on Tuesday.

At the beginning of the year, Pozavarovalnica Sava bought 49% stakes in insurers Dukagjini and Dukagjini Life from Kosovo, thus becoming the outright owner of the two companies.

The Slovenian company still needs to provide payment for the property insurer, Dukagjini, before the transaction is fully closed. It is expected to do this in early 2011.

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