Slovenian domiciled reinsurer Sava Re is anticipating a lower consolidated net profit for 2017 when compared with the previous year, of €31 million (US$36.7mn).
Year-on-year, this represents a decline of €1.9 million (US$2.25mn) from the end of 2016, despite the firm’s expected gross written premiums (GWP) expected to increase by 3% year-on-year, to more than €505 million (US$599mn).
For next year, the reinsurer expects to record a consolidated net profit of between €37 million (US$44mn) and €39 million (US$46mn), on GWP of more than €520 million (US$616mn).
Sava Re expects its reinsurance operations to increase premiums by 7% in 2018, and also make steady entry into new markets.
The firm expects non-life business to expand by 2% next year, while life premiums are expected to decline by 5% as a result of upcoming maturities.
