CROATIA Osiguranje, 1Q2018: net profit up by 50% y-o-y

Adris group's insurance arm, CROATIA Osiguranje, posted a net profit of HRK 101.5 million (~EUR 13.7 million) in 1Q2018, up 50% y-o-y. Its consolidated GWP went up by 7% y-o-y, to HRK 1.10 billion (~EUR 148.6 million).

The company remained the leader on Croatia's insurance market with an overall market share of 34.6%, up 0.1 pp from last year.

In a letter to investors, the Management Board of CROATIA osiguranje commented on the unaudited results for 1Q: The current process of organizational and process transformation of business brings visible changes in business results. CROATIA osiguranje continuously carries out a series of activities to offer a modern and competitive portfolio in a very demanding environment. With digitization and projects that continuously raise the level of operational efficiency of the company, one of the key transformation poles is to improve corporate culture and working environment. The incentivization system was improved, a talent and career management process was implemented, and significant resources were invested in employee training. Enhanced organizational climate directly influences motivation, sharing best practices within the company, and delivering top-notch services to its clients. It is the management of overall customer experience that is the next step in creating the company's distinctive and competitive advantage.

1 EUR = 7.388659 Kuna - HRK (March 31st, 2018)

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