Croatian Adriatic osiguranje Group saw 14% increase in GWP, but a lower profitability in 3Q

The Adriatic osiguranje Group reported a net profit of HRK 64.08 million (EUR 8.66 million) in 3Q2019, down by 13.0% y-o-y. GWP reached HRK 539.7 million (EUR 72.9 million), increasing by almost 14% y-o-y.

In the first nine months of the year, 854,893 insurance policies were concluded, of which 49.92% for compulsory motor third party liability insurance. Motor lines also accounted for the largest shares in the GWP portfolio (over 51% MTPL and almost 20% Motor Hull)

In the structure of total revenues, which amounted to HRK 561.57 million in the third quarter of 2019, the share of earned premium accounts for 90.38%. Financial income accounts for the remaining share of 9.6%. The Group's total expenses throughout the period amounted to HRK 505.27 million, with claims expenses and operating expenses accounting for the largest share of the total.

Besides its parent company, Adriatic osiguranje d.d., the group consists of other two companies: Tehnomobil Real Estate Ltd. and AUTOCENTAR VRBOVEC d.o.o. as subsidiaries. ADRIATIC Osiguranje dd (ex. JADRANSKO osiguranje) has also 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.



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