In 2019, Sava Insurance Group has recorded an overall turnover of 598.526 million EUR (670.265 million USD), increasing by 9.6% compared to the previous financial year. The incurred losses amounted to 399.191 million EUR (447.038 million USD), compared to 320.760 million EUR (366.883 million USD), that is a rise of 24.4% over 12 months.
The combined ratio is consistent with the group’s initial forecasts as it was established at 93.8% by the end of 2019 compared to 92.9% in 2018. The net profit has significantly increased by 16.7% reaching EUR 50.195 million (USD 56.211 million). With an improvement of 0.7 points, the return on equity (ROE) stands at 13.8%.
Sava Re d.d., a reinsurance company, has made a turnover of 166.5 million EUR (186.5 million USD) in 2019 compared to 151.6 million EUR (173.3 million USD) in 2018; thus rising by 9.8% in only one year.
The incurred losses have sharply increased by 22.8%, as it registered 76.604 million EUR (87.619 million USD) in 2018 compared to 94.118 million EUR (105.399 million USD) in 2019. Consequently, the combined ratio decreased by 10.9 points to 101.7%. Ultimately, the net profit decreased by 7.8%, and was established at 38.581 million EUR (43.205 million USD).
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