Business News

Sava Re Posts EUR 1.6M in Nine-Month Profit

Ljubljana, 29 November (STA) - Reinsurer Sava Re recorded a net profit of EUR 1.6m in the first nine months of 2010, while it finished the same period last year with a loss of EUR 6.6m.

The gross premium income fell by 3.8% to EUR 113.4m, which is however still above plans, the company wrote in a press release on the website of the Ljubljana Stock Exchange on Monday.

The decrease in premiums is in line with the company's strategy to reduce the dependence on the Slovenian reinsurance market, the company said after Friday's session of the supervisory board.

Foreign premium income was meanwhile up by 11.1%.

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