DUNAV Osiguranje's gross profit almost doubled in 2019, the best result in the last three decades

5 March 2020 — Daniela GHETU
In 2019, the year when it has celebrated 45 years of business under its current name, Serbian market's leader DUNAV Osiguranje recorded the best results in the last 30 years of its operations, Mirko PETROVIC, President of the Board, said at the Kopaonik Business Forum.

According to PETROVIC's statements, quoted by Blic, the Company had a gross profit of EUR 29.1 million in 2019, 97% up y-o-y, while GWP reached EUR 210 million, 7% over the 2018 result, showing an acceleration of growth, from 3.1% in 2018 vs. 2017.

PETROVIC also emphasized that DUNAV Osiguranje's assets volume increased significantly, from EUR 240 million in 2018, to EUR 294 million in 2019. The most liquid part of this overall volume amounts to EUR 250 million, increasing by 22% as compared with 2018.

"The total return on equity is over 22% and this has been an extremely successful year. We have maintained our market share, which is around 27%, confirming the leading position of the company in the Serbian insurance market," said PETROVIC. He also stressed out that DUNAV's life insurance business outpaced the market growth almost four times: while the life insurance market grew by about 5% y-o-y, the company's life GWP went up by 19%.

The positive evolution of the company was reflected by the AM Best rating agency's decision to upgrade, in AUgusr 2019, the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to "bbb-" from "bb+". The outlook of the Credit Ratings is stable.

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