Pozavarovalnica Sava dd : Sava Re Group Delivers Excellent First Quarter Results
May 18, 2017 at 09:09 am EDT
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Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Market in Financial Instruments Act, Sava Re, d.d., Dunajska 56, 1000 Ljubljana hereby announces the following:
In its regular session earlier today, the supervisory board of Sava Re, d.d. was presented with the unaudited financial results of the Sava Re Group and Sava Re, d.d. for the first quarter of 2017.
The Sava Re Group had a successful first quarter 2017. Gross premiums written increased by 4.2 per cent year on year to € 159.9 million. Premium growth was contributed by Slovenian non-life insurance business (4.1 per cent growth) and Slovenian life insurance business (8.0 per cent growth). High growth rates were also achieved by non-Slovenian non-life insurance business (10.1 per cent) and non-Slovenian life insurance business (13.9 per cent). As soft market conditions persist in global reinsurance markets, there was a minor drop in reinsurance premiums (of 1.0 per cent). Thus the Group wrote 32.4 per cent of total Group premiums planned for 2017.
In the first three months of 2017, the Sava Re Group generated a net profit of € 9.2 million, an increase of 29.0 per cent year on year. This improvement was mainly driven by a benign development of Slovenian non-life insurance business, but also due to an improved performance of Slovenian reinsurance and life insurance operations. The results of the non-Slovenian businesses were marginally weaker. On the Group level, there was a year-on-year improvement in the net expense ratio, the net incurred loss ratio and consequently also in the combined ratio. There was also a minor improvement in the return on the investment portfolio compared to the same period last year.
Attached hereto is the document 'Unaudited Financial Report of the Sava Re Group and Financial Statements of Sava Re, d.d., for the Three Months to 31 March 2016'.
Pozavarovalnica Sava d.d. published this content on 18 May 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 May 2017 13:08:27 UTC.
Original documenthttp://www.sava-re.si/en/media-centre/news/1538/sava-re-group-delivers-excellent-first-quarter-results/
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Pozavarovalnica Sava dd (or Sava Reinsurance Plc), also known as Sava Re dd, is a Slovenia-based reinsurance undertaking. It operates as a parent company of Sava Re Group, which comprises direct insurance and pension undertakings. The Company's activities are divided into four segments: Reinsurance operations, Non-life insurance operations, Life insurance operations and Other business segment. The Reinsurance operations segment comprises treaty and facultative arrangements for intra-group clients and insurance and reinsurance partners worldwide. The Non-life insurance operations segment supports local markets with non-life insurance products and customer oriented services. The Life insurance operations segment is focused on life protection and saving products, including pension schemes. The Other business segment comprises operations of the Company's non-insurance subsidiaries. Sava Re Group operates through subsidiaries in Slovenia, Croatia, Serbia, Macedonia, Montenegro and Kosovo.