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Insurers report profits of €107.1 million

INSURERS operating in the Slovak market reported aggregate profits of €107.1 million in 2008. The Slovak Association of Insurance Companies (SLASPO) revealed preliminary and unaudited results on March 23, the SITA newswire wrote.

INSURERS operating in the Slovak market reported aggregate profits of €107.1 million in 2008. The Slovak Association of Insurance Companies (SLASPO) revealed preliminary and unaudited results on March 23, the SITA newswire wrote.

Out of 22 insurers belonging to SLASPO, 14 reported profits, totalling €117.6 million. Allianz-Slovenská Poisťovňa was the most successful with a preliminary reported profit of €70.87 million.
Eight insurance companies reported losses, totalling €10.51 million. Kontinuita insurance company generated the highest loss, €2.41 million.

The insurance companies clustered in SLASPO wrote premiums worth €2.108 billion last year, based on the unaudited economic results. According to audited results for 2007, companies wrote €1.915 billion in premiums. In a year-on-year (y-o-y) comparison, income from premiums increased by 10.1 percent in 2008.

Allianz-Slovenská Poisťovňa kept its leading position with income from premiums of €660.7 million, followed by Kooperativa, ranked second, with €461 million. Generali Slovensko, created by a merger between Generali and Česká Poisťovňa-Slovensko, came in third with written premiums of €215.2 million.

Premiums for policies other than life insurance accounted for €1.002 billion of the total premiums and had increased by 4.5 percent y-o-y. Car liability insurance premiums were the largest portion of this category.

Eight commercial insurers offer automobile liability insurance. Together they sold policies worth €320.6 million. Allianz was first in the market, with a total of €114.3 million in premiums, followed closely by Kooperativa with €113.5 million. The two companies captured 71 percent on the car liability insurance market.

Accident insurance, provided by 10 insurance companies, represented €308.8 million in premiums. Allianz and Kooperativa did best in this segment, as well.

Life insurance grew dynamically, swelling 15.7 percent on an annual basis to €1.106 billion and thus exceeding the value of premiums written for other types of insurance, According to SITA.
Investment life insurance amounted to €329 million. Twenty-seven percent of this volume was in the hands of ING Životná Poisťovňa.

Commercial output, representing the volume of new insurance policies, constituted €894.1 million, compared with €720.5 million reported a year ago. New non-life insurance policies amounted to €420.1 million and life insurance poliies made up €474 million.

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