Business News

Insurer Sava Re reports 26% higher Jan-Sep profit

Ljubljana, 20 November (STA) - Insurance group Sava Re, Slovenia's second largest, reported a net profit of EUR 47.6 million for the nine months to the end of September, an increase of 26.4% year-on-year, as gross written premiums rose by 12.4% to EUR 527.1 million.

The unaudited financial report, filed with the Ljubljana Stock Exchange, shows the group's operating revenue rising by 16.4% year-on-year to EUR 489.5 million.

However, the release posted with it also said that after the reporting date, "an increased risk was observed relating to potential additional negative effects of the Covid-19 pandemic" on the group's operations. Due to the pandemic, the shareholders' meeting has been cancelled.

The growth in profit, operating revenue and premiums is attributed in great part to the acquisition of insurer Vita, consolidated in the group accounts as of 31 May 2020.

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