DUNAV Osiguranje gives up its Bosnian life insurance business

Bosnian subsidiary of the Serbian DUNAV Osiguranje said it plans to give up its life insurance business, remaining active in non-life insurance only, reports SeeNews quoting a company document filed with the Banja Luka Exchange Stock.

The plan will be submitted for approval to the extraordinary shareholders' meeting scheduled for February 26. According to market sources, DUNAV's life insurance business will be transferred to the local subsidiary of the Austrian GRAWE, the operation being already approved by AZORS, the Insurance Agency of Republika Srpska.

Life insurance holds a small share of DUNAV's business in Bosnia & Herzegovina. Life insurance GWP totaled EUR 0.17 million, while non-life premiums amounted to EUR 6.12 million in the first half of 2019. Per comparison, GWP by the GRAWE unit domiciled in Republic of Srpska amounted in the same period to EUR 4.63 million. Most probably the small dimension was one of the reasons behind DUNAV's decision to sell its life insurance business.

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