20 April 2004
Year end results 2003 of Reinsurance Company Sava
Sava Re closed 2003 with a net profit of SIT 1.968.640.000. This high
profit was mainly a result of a favourable premiums and claims
development, a solid investments return and still relatively low
administrative expenses. Gross premiums written grew 9,2% to SIT
18.337.675.000, while gross claims paid increased by 5,2% of SIT
10.698.214.000. The figures are even better if net amounts are compared:
net premiums written grew 22% against a just 1% increase on the net
claims side.
Two thousand and three was not a year of major claims, which is
reflected in the loss ratio of 58,3%, a decrease by 2,2 percentage
points from 2002.
The details given are based on unaudited financial statements.
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