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Triglav Group Posts EUR 26.6M Net Profit in 2010

Ljubljana, 29 March (STA) - The group around Slovenia's biggest insurer Zavarovalnica Triglav rebounded from a 2009 loss to make a net profit of EUR 26.6m in 2010. The group plans to boost its net profit to EUR 54m this year, the company said in a press release on Tuesday.

Insurance companies within the group collected a total of EUR 1.01bn in insurance premiums, which is 1% less than in 2009. The core company Zavarovalnica Triglav collected EUR 712m in premiums or 3% less than in 2009.

The group's pre-tax profit last year stood at EUR 46.7m and its net return on equity increased from negative 1.3 in 2009 to positive 5.5. Net return on equity in the core company was meanwhile up from negative 0.4 to positive 6.7.

The company said that its supervisors endorsed today a capital increase in Zavarovalnica Triglav.

The move comes after the company said in December it would ask shareholders to back a capital increase after the Agency for Insurance Supervision told it to shore up core capital.

The insurance regulator said Triglav's share capital had been EUR 11.1m below guarantee fund level on 30 June. Core capital must be raised to the statutory level by 31 August 2011.

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