Business News

Insurer Tilia Reports Small Profit

Ljubljana, 07 April (STA) - Insurer Zavarovalnica Tilia generated a net profit of EUR 820,000 on premiums of EUR 72.2m in 2009, the company said on Wednesday.

Tilia chairman Andrej Kavsek said that cost cutting helped the insurer finish in the black in the face of stiff competition and difficult economic conditions.

Accordingly, life insurance premiums fell by 4.8%, although property insurance premiums rose by 7.8%.

Tilia's total premiums rose by 5.8%, which is more than the average growth on the market, which stood at 2.8%. Its market share among composite insurers rose to 4.8%.

"We managed to keep a suitable rate of growth despite the crisis," Kavsek said, adding that the insurer that works within the Sava Re insurance group plans to continue expanding this year.

"We continue to be predominantly a property insurer, although our goal is to increase the share of life insurance."

Much like other insurers, Tilia saw last year a significant increase in payouts, which rose by 11.3% to EUR 40.9m.

For this year the insurer plans an 11% increase in premiums to EUR 81m. Payouts are expected to rise by 9.5%.

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