Sava Re Group Reports Unaudited Consolidated Earnings Results for the Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Full Year 2016
November 18, 2016 at 04:06 am
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Sava Re Group reported unaudited consolidated earnings results for the nine months ended September 30, 2016. The consolidated net profit fell 1.6% to EUR 22.6 million (USD 23.9 million) in the first nine months of 2016. Premium growth was fuelled mainly by Slovenian non-life insurance business which expanded by 2.4%, and non-Slovenian insurance business which rose 4.0%. This growth was partly offset by a moderate year-on-year decline in reinsurance premiums of 0.6% and Slovenian life insurance premiums, which dropped 0.8%. Gross premiums written were EUR 390.549 million against EUR 384.593 million a year ago. Net premiums earned were EUR 343.769 million against EUR 334.899 million a year ago. Profit before tax was EUR 27.811 million against EUR 27.026 million a year ago. Annualized return on equity was 10.2% against 11.2% a year ago. As on date, book value per share was EUR 19.11 against EUR 17.38 for the same period a year ago. Basic and diluted earnings per share were EUR 1.43 against EUR 1.39 per share a year ago. Net cash from operating activities was EUR 41.721 million against EUR 32.536 million a year ago. Purchase of intangible assets was EUR 0.408 million against EUR 0.433 million a year ago. Purchase of property and equipment, financed from was EUR 6.52 million against EUR 1.367 million a year ago.
For 2016, the company expects consolidated gross premiums written to be EUR 487.9 million, net profit to be EUR 33.4 million and annualized return on equity to be 11.6%.
Pozavarovalnica Sava dd (or Sava Reinsurance Plc), also known as Sava Re dd, is a Slovenia-based reinsurance undertaking. It operates as a parent company of Sava Re Group, which comprises direct insurance and pension undertakings. The Companyâs activities are divided into four segments: Reinsurance operations, Non-life insurance operations, Life insurance operations and Other business segment. The Reinsurance operations segment comprises treaty and facultative arrangements for intra-group clients and insurance and reinsurance partners worldwide. The Non-life insurance operations segment supports local markets with non-life insurance products and customer oriented services. The Life insurance operations segment is focused on life protection and saving products, including pension schemes. The Other business segment comprises operations of the Companyâs non-insurance subsidiaries. Sava Re Group operates through subsidiaries in Slovenia, Croatia, Serbia, Macedonia, Montenegro and Kosovo.
Sava Re Group Reports Unaudited Consolidated Earnings Results for the Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Full Year 2016