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Insurers collected EUR 2bn in premiums last year, profit lower

Ljubljana, 10 July (STA) - Insurance companies operating in Slovenia posted EUR 2.03bn in gross written premiums last year, or 4.5% more than in 2016, cracking the EUR 2bn threshold for the first time. Combined net profit was down by 10% to EUR 125m due to higher claims.

The figures come from the annual report was presented on Tuesday by Gorazd Čibej, the acting head of the Insurance Supervision Agency, who said that the sector was stable and that it was meeting all requirements regarding capital adequacy.

Čibej confirmed that the industry had handled the crisis well and that it had made a smooth transition to the new regulatory system Solvency II.

A total of 13 insurers operated on the Slovenian market last year, collecting EUR 1.54bn in gross property insurance premiums, up 3.1% year-on-year, and EUR 486m in gross life insurance premiums (+4.9%).

Zavarovalnica Triglav was the largest insurer in property insurance (45.5% market share) and life insurance (30.7%), while Vzajemna was the leader in supplementary health insurance (43%).

The only two reinsurance companies, Sava Re and Triglav Re, collected a total of EUR 277m in gross premiums, which is 4.5% more than in 2016. They increased their total net profit by around 5% to EUR 39.3m.

The capital adequacy of insurance companies was 229%, and of reinsurance companies 281%. "The insurance sector is well capitalised," Čibej said.

Total investments by insurance companies stood at EUR 6.75bn at the end of 2017, up 2% compared to the end of 2016, while investments by reinsurers amounted to EUR 814.5m or 10% more year-on-year.

Pension funds last year collected EUR 71m in gross premiums, with the largest one being Skupna Pokojninska Družba (a 48% market share), followed by Pokojninska Družba A (36%) and Sava Pokojninska Družba (15%).

All three funds operated in the black and had a capital adequacy of 151%.

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