Business News

Triglav Group Profit Down on Lower Premiums, Higher Payouts

Ljubljana, 07 March (STA) - The group around Zavarovalnica Triglav, Slovenia's leading insurer, posted a net profit of EUR 69.9m for 2013, a decline of 5% year-on-year on the back of lower gross written premiums and higher gross claims settled.

Gross written premiums were down 4% to EUR 900.9m and net premiums earned dropped 5% to EUR 837.6m. At the same time gross claims settled inched up 2% to EUR 627.5m, according to unaudited results released on Friday.

The group's combined ratio, an insurance industry benchmark, stood at 91%, an improvement of 3.7 percentage points over 2012.

Return on equity was at 12%, up from 9.3% in the year before.

The core company, meanwhile, posted a net profit that dropped 4% year-on-year to EUR 48.3m, as gross premiums slipped 4% to EUR 605.8m.

The core company's combined ratio was even better than the group's, as it improved by nearly four percentage points to 85.3%.

Despite the stagnant headline figures, the company noted that key benchmarks exceeded the plan for 2013 and reflected a refocus on the core activity.

The bottom line has also been affected by write-downs on financial investments, which almost doubled year-on-year to EUR 28.1m.

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