InterCapital remains dedicated to making regional investments more attractive by supporting transparency and liquidity, and we thank our partners for supporting us in achieving this goal.

We are proud to announce that Končar Group renewed its Market Making agreements with InterCapital Securities.

Being a market maker means that InterCapital continuously puts both bid (buy) and ask (sell) orders on KOEI shares at a pre-defined spread. The idea behind this concept is to enable investors to buy or sell the shares (up to a certain size) at any time within a reasonable volatility range.

InterCapital is already an established market maker in Croatia, covering 9 blue-chip companies and 2 ETFs. According to our experience, this service accounts for a significant portion of the shares’ total turnover. Besides that, in 2019, InterCapital reignited market-making in Slovenia after 10 years and currently provides the mentioned services to 7 Slovenian blue chips: Krka, Triglav, Petrol, Telekom Slovenije, Sava Re, Cinkarna Celje, and NLB.

We are proud of having earned the Company’s trust and will do our best to continue providing the best service possible.

To read more about the importance of market-making, click here.

In the 11 months of 2021, GWPs grew by 10.9% YoY. GWPs in non-life insurance grew by 11.7% YoY, while life insurance grew by 8.7% YoY.

Croatian Insurance Bureau published the GWP development for November 2021. In the first 11 months of 2021, GWPs grew by 10.9% YoY (or HRK 1.06bn), continuing the already experienced growth in 2021.

The total amount of collected GWPs was HRK 10.86bn (it should be noted that this number includes insurers that are located in Croatia as well as insurers operating in Croatia but which are based in other EU countries). The aforementioned increase was achieved on the back of strong performance of both the life and non-life insurance sectors.

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

The life segment witnessed solid growth of 8.3% YoY (or HRK 201m) to HRK 2.64bn. The largest Croatian insurance company, Croatia Osiguranje, has a market share of 15.8%, which compared to 17.6% in the same period last year is a decrease of 1.74 p.p.
At the same time, major competitors in the market grew YoY, with the most notable examples being Allianz Croatia, Generali Osiguranje, and Wiener Insurance Group, which had an increase of 1.59 p.p., 1.46 p.p., and 1.46 p.p., respectively. Looking over at absolute numbers, this amounts to an increase of 22.2% YoY for Allianz Croatia (or HRK 73.3m) and an increase of 17.3% YoY for Wiener Insurance Group (or HRK 84.9m).

The largest share of collected GWPs in Croatia however, lies with the Non-life segment, amounting to 75.7%. This segment grew by 11.7% YoY or HRK 861.7m and the total GWPs sold amounted to HRK 8.2bn. Croatia Osiguranje has the largest market share in the Non-life segment of 27.7%, and it grew its Non-life GWPS by 6%, which is below the market average of 12.6%. Several insurers grew by more than 20% YoY, with Generali Osiguranje leading the way with 34% growth, followed by Adriatic Osiguranje with 22.3%, Wiener Insurance Group at 23.5%, and Triglav Osiguranje at 21.9%.

In the Non-life segment, the highest share goes to the insurance against civil liability in respect to the use of motor vehicles (which accounts for 25% of GWPs), which also recorded the largest absolute increase of HRK 340.5m, or 14.2%. The second-largest segment is vehicle insurance (casco policy) which accounts for 12% of total GWPs. With the current increased demand for medical services, as well as the uncertainty with the repayment of loans, both the health insurance and loan insurance increased, by 11.1% (or HRK 65.8m) and 51.3% (or HRK 121.9m) YoY, respectively. On the flip side, the largest relative decrease was in the insurance for legal support, which decreased by 19.3% YoY, or HRK 958.9k.

Croatia Osiguranje accounts for about 24.6% of the market, and the company’s market share decreased by 1.67 p.p. compared to 11M in 2020. When looking at their GWPs, they amounted to 2.67bn, which represents a 4.8% increase YoY. When looking at Croatia Osiguranje’s TTM market share, it amounts to 24.1% and shows a decrease of 1.19 p.p. YoY.

Croatia Osiguranje TTM Market Share (%)

In the period from 22 Feb till 12 Dec 2021 the value of taxable invoices increased by 25.3% YoY amounting to HRK 173.2 bn. The spending amount is 4.6% higher than spending in a comparable period in 2019, yet again indicating positive sentiment. The value of last week’s taxable invoices is up 20.5% YoY and compared to the week before it was up 4.8%.

By looking at the latest announcements from the Tax Administration of the Republic of Croatia, in the period from 22 Feb till 12 Dec 2021, the value of taxable invoices increased by 25.3% YoY amounting to 173.2 bn. This growth in taxable invoices represents positive sentiment in consumption, especially taking into consideration that consumption is 4.6% higher in the comparable period in 2019 (25 Feb – 15 Dec). Taxable invoices in wholesale and retail trade in the period from 22 Feb till 12 Dec grew by HRK 16 bn YoY (an increase of 16.3%) and it is also 6.6% above the value of spending level in this segment in the same period in 2019.

The value of taxable invoices in all segments in the week from 6 Dec to 12 Dec witnessed double-digit growth of 20.5% YoY. Compared to the same week in 2019 consumption growth witnessed an increase of 7.5% beating pre-pandemic spending. In the last week (6 Dec to 12 Dec) the spending in wholesale and retail trade picked up 10.1% YoY. Meanwhile, it is important to note that the value of taxable invoices in accommodation and food in a given week reported a 4x increase – increase of HRK 190.5 bn (amounting to HRK 251.1 bn) when compared to the same week in 2020. Compared to the same week in 2019, taxable invoices in accommodation and food reported a decrease of 6.4%.

The value of taxable invoices in all segments in the week from 6 Dec to 12 Dec 2021, compared to the week before (29 Nov to 5 Dec) was up 2.2%, while the value in wholesale and retail in the same period was up c. 1%. When looking at the value of taxable invoices in accommodation and food service, it increased by 6.2% compared to the week before.

Here you can find the dates for the upcoming events of the regional companies.

Given the current Covid-19 situation, some of these events might be subject to change (postponed or cancelled).