Business News

Modra Zavarovalnica pension insurer generates record profit of EUR 12.2m

Ljubljana, 22 June (STA) - Pension insurer Modra Zavarovalnica, which is owned by the state's KAD pension management fund, generated EUR 12.2 million in net profit last year, a new record for the company. KAD has nonetheless decided to honour the call by the Agency for Insurance Supervision and not pay out dividends this year.

Overriding the proposal of Modra Zavarovalnica's management and supervisory board to reallocate EUR 9.7 million in distributable profit to other profit reserves, KAD decided at Monday's shareholders assembly to leave it undistributed.

The assembly discussed the business report which shows that premiums paid into mutual pension funds reached EUR 106.5 million in 2019, an increase of 8.1% on 2018.

The company had 289,000 clients at the end of the last year, and paid out monthly instalments to over 28,000 pensioners

The value of assets managed increased to slightly over EUR 1.7 billion by the end of the year.

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