DistantNews
Support us
🇸🇮 Slovenia /Economy & Trade

Sava Re maintains first-quarter profit despite increased claims | Delo (SI) | Tuesday, May 21, 2024, 10:00 AM GMT+3 | Sava Re, Slovenia's second-largest insurance group, maintained its net profit in the first quarter, compensating for a weaker insurance business result with a better investment performance, despite facing more claims than in the same period last year. The insurance group had more claims events than in the beginning of last year. Gallery The first quarter of Sava Re, led by Marko Jazbec, was marked by somewhat worse claims events than in the same period last year. PHOTO: Črt Piksi Insurance group Sava generated a net profit of 31.2 million euros in the first three months of last year, which is one percent more than in the same period last year. The business review shows that the group had a somewhat weaker result from insurance business, which was compensated by a better result from the investment part. The insurance company explained that the first quarter was marked by somewhat worse claims events than in the same period last year, when the claims events were exceptionally favorable. The group also announced this at the beginning of the year. This year, Sava Re plans for about five percent growth in business volume. Net profit is expected to exceed 95 million euros by the end of the year, which is one sixth less than the group achieved last year. The group's plans include the expected volume of claims events, which represents the average... | Src: Delo (SI)

From Delo · () Slovenian

Translated from Slovenian and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Context piece
  • Sava Re maintained its net profit in the first quarter, despite a higher number of claims compared to the previous year.
  • The insurance group compensated for a weaker insurance business result with a stronger investment performance.
  • Sava Re plans for a 5% business volume growth this year, with net profit expected to exceed 95 million euros.

Sava Re, Slovenia's second-largest insurance group, has navigated a challenging first quarter, demonstrating resilience by maintaining its net profit despite an increase in claims. While the insurance business itself saw a less favorable outcome due to higher claims events, the group's robust investment performance effectively offset these difficulties, ensuring a stable financial result.

This outcome aligns with the company's earlier projections, which anticipated a slightly less favorable claims environment this year compared to the exceptionally mild conditions of early 2023. Marko Jazbec, leading Sava Re, has guided the group through this period, focusing on strategic compensation through investments. This adaptability is crucial for an insurance entity operating in a dynamic market.

Looking ahead, Sava Re is optimistic, forecasting a 5% growth in business volume for the current year. The group aims for a net profit exceeding 95 million euros by year-end. This target, while slightly below last year's record, reflects a realistic outlook that incorporates expected claims events and ambitious growth objectives. The group's strategic planning appears sound, balancing operational challenges with investment opportunities to ensure continued success.

About this summary

Originally published by Delo in Slovenian. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog