Business News

Sava Re Group Reports 15% Jump in Profit

Ljubljana, 10 March (STA) - Sava Re, the insurance and reinsurance group, collected EUR 386.7m in net premiums last year, up 43% over 2012. Its net profit rose 15.4% to EUR 13.6m.

The group said an important milestone in its operations last year was the acquisition of an outright stake in insurer Zavarovalnica Maribor, with which it became the second-largest insurance group in the region.

In a statement posted on the Ljubljana Stock Exchange, it said the acquisition was a key move in providing for a balanced operating model.

The group plans to see net premiums rise by 15% this year as a result of the effects of the acquisition.

Pozavarovalnica Sava, the reinsurance wing of the group, made a net profit of EUR 14.8m last year, which is 53.7% more than a year earlier.

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