Business News

Zavarovalnica Triglav Nine-Month Profit Up 5.4% to EUR 50.5m

Ljubljana, 30 November (STA) - The group around insurer Zavarovalnica Triglav reported on Friday a EUR 50.5m net profit for the first nine months of the year, a 5.4% year-on-year increase. Gross premiums amounted to EUR 732.1m, which is a 5.4% decrease on the same period last year.

The insurer attributes the drop in premiums to a strategic focus on profitability, unfavourable market conditions and the economic crisis.

The unaudited report states that the group's permanent impairments of financial assets totalled EUR 35.5m in the fist nine months.

Pre-tax profit stood at EUR 62.6m, while the combined ratio - a measure of profitability in core insuranceoperations - reached 91.8%, which supervisors labelled favourable.

The net profit of the parent company stood at EUR 39.2m, up 12% year-on-year, while pre-tax profit was down 2% to EUR 50.1m.

The core company contributed EUR 513.5m to the group's gross premiums. Its combined ratio was 85.4%.

The total assets of the Triglav Group as at 30 November 2012 stood at EUR 3.13bn, which is 6% more than at the end of 2011.

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