Business News


Triglav Ups Net Profit by 10% in First Half

Ljubljana, 23 August (STA) - The insurance group Zavarovalnica Triglav posted a EUR 45.6m net profit in the first half of 2013, which is 10% more than in the same period last year, Triglav supervisors said after Thursday's session.

Net profit of the parent company, Zavarovalnica Triglav, amounted to EUR 37.5m, which is 50% more than in the first half of 2012.

The group collected EUR 496.4m in gross insurance premiums, which is a 5% drop compared to the same period last year.

The share of gross insurance premiums collected by the parent company stood at EUR 343.8m, which is a 8% drop year-on-year.

The combined ratio of the group stood at 90.8% at the end of the first half, while it was at 84.9% in the parent company.

On the account of higher cost-effectiveness, the Zavarovalnica Triglav group reduced gross operating costs to EUR 142.9m in the first half of 2013.

The supervisory board also endorsed the management's plans to participate in the sale of Croatia Osiguranje, the biggest Croatian insurer, which is expected to be put on sale shortly by the Croatian government.

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