Business News

Zavarovalnica Maribor Pays Our Record Dividends

Maribor, 19 September (STA) - Zavarovalnica Maribor, Slovenia's no. 2 insurer, will pay out record dividends of EUR 8.7m, or 70 cents per share, the annual general meeting decided on Monday, in effect returning to the two biggest shareholders the bulk of the money they supplied in a recent capital increase.

The dividend it the highest in the company's history. The bulk will be paid to NKBM bank, the majority owner, and reinsurer Sava Re, which among them own nearly all Zavarovalnica Maribor stock.

The two firms, which have for years been vying for control of the insurer, supplied EUR 12.8m in fresh capital in a capital raising in June.

With the capital injection, the insurer complied with the September 2009 demand of the Insurance Market Agency to raise EUR 27m in fresh capital. The first capital hike, worth EUR 14.8m, was carried out in October 2009.

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