Slovenian lender Nova Ljubljanska Banka (NLB) said on Thursday that it
does not plan to sell its 28% stake in local pension insurer Skupna
Pokojninska Druzba in response to speculations of a possible divestment.
Slovenia's biggest insurer, Zavarovalnica Triglav, said on Wednesday it
has raised its stake in local pension insurer Skupna Pokojninska Druzba
(SPD) to 66.65% from 30.14% after filing a takeover bid. The
strategic move aims to strengthen Triglav's presence on the Slovenian
pension insurance market and position the company to take advantage of
future growth opportunities there.
The Slovenian insurance market saw a 2.8% y-o-y decrease in GWP at the end of the first three quarters of 2014, to about EUR 1.5 billion. Although the strongest relative decrease rate was recorded on the life insurance side (-4.99%), in fact both life and non-life insurance sectors have lost about EUR 20 million of their total GWP amounts, as compared with 3Q2013.
Slovenia's insurance sector is adequately capitalised to meet the
requirements of the European Solvency II Directive, the Insurance
Supervision Agency said on Monday announcing the results of the stress
Slovenian-based Zavarovalnica TRIGLAV announced its intention to make a takeover bid for all the shares of the local pension insurer Skupna Pokojninska Druzba in an strategy to strengthen its position on this segment of the insurance market.
The Slovenian Finance Ministry has published a proposal for changes to the acts on the financial services tax and the insurance contracts tax, providing for a raise for both taxes from 6.5% to 8.5%, Slovenian Times reports. The higher rates are to enter into force with the start of 2015.
A.M. Best has affirmed the financial strength rating of A- (Excellent)
and the issuer credit rating of "a-" of Pozavarovalnica Sava d.d. (Sava
Re) (Slovenia), the operating holding company of the Sava Re group. The
outlook for both ratings is stable. The ratings of Sava Re
reflect its strong consolidated risk-adjusted capitalisation, good
operating performance and strengthened business profile in the Slovenian
insurance market. A partly offsetting rating factor is Sava Re's
exposure to the challenging operating market conditions in Slovenia.
Slovenian insurers ended 1H2014 with an aggregate GWP of EUR 1.05 billion, 3.2 lower y-o-y. "As expected, the decline in gross written premium is still noticeable and we can expect this trend till the end of this year," Mateja LAMOVSEK, Insurance Analyst with Slovenian Insurance Association told XPRIMM.
Slovenian insurers ended the first quarter of 2014 with GWP of EUR 558 million, 2.5% less than in the same period of 2013. Thus, the downward trend established last year continued. Paid claims also decreased by 5.4%, to EUR 330 million.
Life Insurance in Slovenia, Key Trends and Opportunities to 2017 by Timetric states that "the Slovenian life insurance segment declined at a compound annual growth rate (CAGR) of -1.8% during the review period (2008-2012). This was primarily due to the banking crisis which, by the end of 2012, resulted in recession for Slovenia. However, increased investment in fixed capital creation and a recovery in private consumption managed to bring Slovenia out of recession by the end of 2013. Over the forecast period (2012-2017), the life insurance segment is projected to post a CAGR of 4.2% as the demand for traditional life insurance products, such as term life and annuities, is expected to grow. In addition, the new pension law and the amendments made to the prevalent insurance law in 2013 are further expected to support the segment's growth.
At the end of 2013, the value of gross written premiums reported by the Slovenian insurance companies totaled EUR 1.98 billion, a drop of 3.73% on the year before, the figures recently published by the Slovenian Insurance Association show.
The 3Q2013 results of the Slovenian insurance market brought no surprise, once again confirming the downward trend installed on the Slovenian insurance market in 2012. Thus, local insurers ended the first nine months of 2013 with underwritings of EUR 1.53 billion, 2.2% down as compared with the same period of 2012. The decreasing trend on the life insurance side was once again the main driver of the overall decrease in GWP, while on the non-life segment the business volume decreased by only 0.7% y-o-y.
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