Ljubljana, 30 May (STA) - Sava Re reinsurance group generated EUR 7.8m in net profit in the first three months of 2013, which is double that of last year's first quarter and comes despite the fact that premiums collected were down 7% to EUR 85.8m, the company said on Thursday.
The decline in premiums collected is the result of a planned downscaling in Slovenia and abroad, since several non-profitable contracts have not been extended, the company said.
Also affecting revenues is the downgrade by rating firm Standard & Poor's in 2012.
While premiums in property insurance decreased, premiums from life insurance rose by 3.3% in Q1.
Damages paid out in the first quarter increased by 12.5% to EUR 32.7m, mostly on the account of higher damages paid out abroad.
The core company saw its premiums drop by almost 10% to around EUR 53m in the January-March period. Net profit in the quarter tripled to EUR 5.1m.