In a statement released on the Ljubljana Stock Exchange yesterday, Petrol announced the appointment of three Management Board members for a term of office of five years.

Petrol announced that, as of yesterday, Nada Drobne Popović became the President of the Management Board, while the terms of office of Management Board members Matija Bitenc, and Jože Bajuk, will begin on 11 March 2020.

According to media writings, the new Management Board will work on preparing a new strategy for the period until 2025. The strategy is expected to be finished by summertime and will aim at transforming the company from an oil retailer into a full-fledged energy company.  

Note that Mrs. Drobne Popović was the president of the Supervisory Board which terminated the previous Board Member’s mandate back in October. Afterwards she took over the as president of the Management Board and will now officially continue to perform the function for a period of five years.

In January 2020, GWPs rose by 10.5% YoY. GWPs in non-life insurances grew 8.3% YoY, while life insurance soared 20.3% YoY.

In January 2020, GWP’s rose by 10.5% compared to the same period last year. The total amount of GWPs collected reached HRK 1.1bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country).

Total Croatian T12 GWP and Croatia Osiguranje T12 GWP (HRK bn)

The amount of GWPs in non-life insurances, which traditionally account for the biggest portion, grew 8.3% YoY, amounting to HRK 893.9m. Meanwhile, life insurance witnessed an awakening by growing 20.3%. The strong increase came after last year’s decrease of 2.1% caused by a larger number of maturities than there were premiums contracted.

Croatia Osiguranje accounted for 24.88% of the market, showing a 0.38 p.p. decrease when compared to December of 2019. Meanwhile, when compared to January of 2019, Croatia Osiguranje continued their downward trend in market share as they witnessed a decrease of 2.7 p.p.

Croatia Osiguranje T12 Market Share (%)