Business News

Insurer Tilia Generates EUR 1.5m Net Profit in 2010

Ljubljana, 05 May (STA) - Insurer Zavarovalnica Tilia finished 2010 with a net profit of EUR 1.5m on gross premiums of EUR 73.8m. The premiums increased by 2.2% over 2009 and the company's market share grew to 4.9%, the insurer said on Thursday.

Property insurance accounted for 86.2% of Zavarovalinica Tilia's gross premiums in 2010 and life insurance for 13.8%.

Damages paid out by the insurer meanwhile increased by 4.3% year-on-year to EUR 42.7m in 2010.

The company expects to collect EUR 81.5m in gross premiums and pay out EUR 44.7 in gross damages in 2011.

Premiums are planned to increase by 10.4% in 2011 and the market share is expected to stand at 3.7%.

In the first quarter of 2011, the insurer collected EUR 24.5m in gross premiums, 11.4% up year-on-year, and generated a net profit of some EUR 465,000.

Zavarovalnica Tilia presented the results at a launch of a new comprehensive property insurance package MojDom.

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