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Insurer Triglav reports 5% quarterly profit growth

Ljubljana, 16 May (STA) - Slovenia's leading insurance group, Triglav, posted a net profit of EUR 23.3m in the first quarter of the year, an increase of 5% year-on-year, as consolidated gross written premium rose 4% to EUR 293m.

The group saw premium growth in all its markets with the average growth in Slovenia at 4% and in other markets at 6%, according to a release from the core company Zavarovalnica Triglav.

Premium in property insurance and health insurance rose by 6%, while life insurance premium decreased by 3%, which the company says is primarily the result of positive one-off events in the first quarter of 2017.

Major catastrophe (CAT) events had no impact on the group's quarterly performance. It paid out EUR 171m in gross claims, an increase of 12% compared to the corresponding period last year.

The increase is attributed mainly on the non-life insurance claims that incurred and were reported in 2017, for which adequate provisions were made and which had been reinsured.

The growth in gross claims paid was also affected by the increase in the health insurance portfolio and claim frequency, which resulted from the changed age structure of insured persons.

The positive results reflect good performance in the company's core business, while the return on the investment worth EUR 3.1bn dropped by 39% compared to 2017.

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