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Zavarovalnica Maribor Posts Half-Million Loss in 2009

Maribor, 18 March (STA) - Slovenia's second largest insurer, Zavarovalnica, Maribor posted a net loss of EUR 550,000 for 2009, but the company said Thursday this was a relatively good result given the figures for the first half of the year.

According to the insurer, the reduced loss is a result of a drop in the number of payouts in the second half of the year, cost-cutting measures and a 7% growth of gross premium revenue from property insurance.

Zavarovalnica Maribor collected in 2009 EUR 266m in premiums, which is 5.6% more than in the year before, of which property insurance premiums accounted for EUR 199m.

Gross payouts last year stood at EUR 190.2m, almost level compared to 2008. The majority of payouts (EUR 151.1) was related to property damage.

Following a EUR 14m capital injection last autumn, the company's capital now stands at EUR 67.3m. The market share increased last year to 12.8% to make it the second largest insurer in Slovenia.

Chairman Drago Cotar said after today's session of the supervisory board that Zavarovalnica Maribor planned a EUR 10m profit in 2010.

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