In 2018, life insurance increased 7.4% YoY, non-life insurance increased by 5.4%, while total GWP increased 5.8%. Net income increased by 29.3%.
As Croatia Osiguranje published their 2018 preliminary results, we are bringing you some key takes from the report. According to it, the company observed a 5.8% YoY increase in total GWP, amounting to HRK 3.3bn. Of that,
Croatia Osiguranje GWPs (2015 – 2018) (HRK m)
Furthermore, written premiums amounted to HRK 2.9bn, which represents a 7.9% increase and 79.8% of the total revenue.
When observing the company’s expenses, Claims amounted to 1.6bn which is an increase of 6.6%, amounting for roughly half of the total expenses. Note that non-life insurance observed an increase in claims of 2.5%, while life insurance observed an increase in claims of 19.4%.
Moreover, Acquisition cost accounted for 36.7% of the total expenses amounting to HRK 1.2bn (+5%).
In 2018, Croatia Osiguranje recorded a net income of HRK 327.2m, which represents a 29.3% increase.
Croatia Osiguranje Net Income (2015 – 2018) (HRK m)
Note that in January 2019, according to the GWP Development Report in Croatia, Croatia Osiguranje (together with Croatia Osiguranje Kredita) continues to account for roughly one third of the market share.