SAVA Re's H1 net profit up by 19.4% y-o-y

Slovenian SAVA Re Group announced a 19.4% y-o-y increase in net profit , to EUR 17.1 million, for the first half of 2017, mostly due to good performance in the non-life business.

"This improvement was mainly driven by the favorable development of Slovenian non-life insurance business. Compared to the same period last year, there was a moderate deterioration in the results of international business due to an increased number of losses", SAVA Re representatives pointed out in a press release.

In terms of GWP, SAVA Re reported a 6.0% growth rate to EUR 297.8 million, "which is 60.2% of the premiums planned for the 2017 year", while net earned premiums increased 1.9% to EUR 230.3 million .

"Premium growth was achieved in all operating segments. The highest growth rate (11.0%) was achieved by foreign-sourced direct non-life and life insurance business. The largest premium growth in absolute terms was posted by the Slovenian non-life insurance segment".

Per business lines, the non-life subclasses generated GWP of about EUR 194.9 million (+6.8% y-o-y), life insurance - EUR 46.1 million (+6.2% y-o-y), reinsurance activity - EUR 56.8 million (+3.4%).

Consolidated paid claims rose 17.6% on the year to EUR 149.3 million euro in the first half, the annualised ROE was 11.1% (vs. 9.7%), while the non-life combined ratio improved to 94.2% (vs. 96.2% a year before) - "which is 0.4 percentage points above the plan".

The assets managed by the company stood at EUR 1.71 billion vs. EUR 1.67 billion at the end of 2016.

At the end of June 2017, SAVA Re had 2,425 full-time employees compared with 2,488 employees a year before. Of this total, 1,288 were employed by the Slovenian insurer Zavarovalnica SAVA, 347 - SAVA nezivotno osiguranje (the Serbian non-life insurer), 196 - SAVA osiguruvanje (the Macedonian subsidiary).

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