ADRIATIC Osiguranje: green light for starting business in Italy

ADRIATIC Osiguranje dd (ex. JADRANSKO osiguranje) has obtained the official approval of IVASS - Insurance Supervisory Authority of the Republic of Italy (Istituto per la Vigilanza sulle Assicurazioni) to start business in the Republic of Italy.

IVASS has entered Adriatic osiguranje dd in the respective registers for the freedom to provide services [FOS] and for the right of establishment [FOE].

The company operationally starts operations after successfully implementing the entire business infrastructure in its own business premises, at the headquarters of the Trieste Branch and in Udine, the Zagreb Stock Exchange said in a statement.

Adriatic osiguranje operates under this name since January 2019, after already being on the Croatian market for 27 years under the name of Jadransko osiguranje dd Zagreb.

Expanding its geographical footprint on other markets of the European Union was, in fact, the main reason for changing the name of the company. The first step of this major business move is the expansion into the neighboring areas of Italy.

In 1H2019, the Company made a net profit of HRK 49.53 million (~EUR 6.72 million), which 7.91% below the net profit recorded in 1H2018. GWP increased in the same period by 14,82% y-o-y, to HRK 368.77 million (~EUR 50 million) while the number of policies sold amounted to 569,942, of which 49.72% are MTPL contracts.

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