Insurance profits reach Sk1.4 billion

THE INSURANCE sector in Slovakia generated a combined profit of Sk1.4 billion (€35 million) in 2003, with 17 firms posting a profit and 11 ending in the red, the private news agency SITA wrote.

According to a report by the Financial Market Office, Allianz-Slovenská Poisťovňa made the largest profit, Sk860 million (€22 million), followed by Kooperativa, which closed the year with a profit of Sk357 million (€9 million).

On the other hand, Aegon Levensverzekering reported the highest loss - Sk183 million (€5 million).

As of December 31, 2003, 27 insurance firms and one branch of a foreign insurer were operating on the Slovak market. Of these firms, 17 offered universal, seven life, and four non-life insurance services.

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