Sava Re Group has published its unaudited results for year 2018. Gross premiums reached 546.3 million EUR (624.8 million USD), exceeding thus the forecasts.
Turnover, driven by the important growth of direct insurance, earns 5.6%.
The reinsurance activity, generated by Sava Re Company d.d., recorded, however, a slight decrease at 151.6 million EUR (173.4 million USD) compared to 153.2 million EUR (183.5 million USD) one year earlier.
This decline is accounted for by the group's cautious and selective underwriting policy. The net result of the group rose from 38.3% at 43 million EUR (49 million USD).
Over the same period, the combined ratios of Sava Re Group and Sava Re Company d.d improved by 1.5 and 2.2 points at 92.9% and 90.9% respectively.
These good results have impacted the financial strength ratings [4] of both AM Best and Standard & Poor's which have been upgraded to "A".
The group that acquired three companies in 2018, is considering three additional agreements in 2019 to support its growth.
Read also | Sava Re, 2017 results [5]