STATISTICS: Slovak Rep., 1H2018: consolidated net profit EUR 86 million, down 4% y-o-y

Slovak insurers have reported GWP worth EUR 1.13 billion in 1H2018, 4.46% up y-o-y. At the same time, claims paid have increased by almost 13% y-o-y, to EUR 649.2 million.

In profitability terms, as Julia CILLIKOVA, Member of the Board of Supervisors and Management Board of the National Bank of Slovakia, Director Regulatory and Risk Management Methodology Department told XPRIMM, "the gain of insurance companies decreased in the first half of 2018 by 4% comparing to the same period in 2017; net profit reached EUR 86 million. Annualized ROA slightly increased to 2,49% while the SCR ratio which was at the same level (201%) as at the end of the year 2017."

Life insurance saw an almost EUR 17 million decline in GWP (-3.28% y-o-y), while on the non-life side the GWP volume increased by 11,6%, to EUR 617.3 million. In absolute terms, half of the non-life premiums growth was provided by the motor insurance lines. On the other hand, "the combined ratio slightly worsened and reached 101,7% due to increased losses," said CILLIKOVA commenting on the motor insurance evolution in the first half of the year.

Although except for some sudden stormy rains causing floods at the beginning and during the summer Slovakia was not affected by any extreme weather events, claims paid for property insurance increased by 63.8%, to EUR 39 million, while GWP went up by only 2.33%, to EUR 140.7 million.

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