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SI

Income statement

v EUR
Sava Insurance Group
Sava Re
EUR
1-12/2019
1-12/2018
1-12/2019
1-12/2018
Net earned premiums
548,040,035
504,669,701
137,446,312
133,740,178
Gross premiums written
598,526,157
546,299,539
166,528,931
151,636,216
Written premiums ceded to reinsurers and co-insurers
-36,146,607
-26,942,852
-26,361,308
-18,407,793
Change in gross unearned premiums
-19,266,582
-11,415,695
-7,440,552
454,952
Change in unearned premiums, reinsurers’ and co-insurers’ shares
4,927,067
-3,271,291
4,719,241
56,803
Income from investments in subsidiaries and associates
2,717,909
0
36,947,895
33,558,455
Other income
2,717,909
0
36,947,895
33,558,455
Investment income
20,273,977
20,385,617
7,075,808
4,840,665
Interest income
14,016,424
16,459,186
3,463,383
3,589,693
Other investment income
6,257,553
3,926,431
3,612,425
1,250,972
Net unrealised and realised gains on investments of life insurance policyholders who bear the investment risk
23,278,584
0
0
0
Other technical income
12,736,452
15,758,511
3,785,460
3,651,029
Commission income
4,291,946
3,634,682
3,063,492
2,530,359
Other technical income
8,444,506
12,123,829
721,968
1,120,671
Other income
27,693,576
14,549,676
804,538
701,331
Net claims incurred
-399,191,460
-320,760,586
-94,118,562
-76,604,633
Gross claims paid, net of income from recourse receivables
-392,032,235
-342,556,518
-86,983,721
-82,687,678
Reinsurers’ and co-insurers’ shares
10,559,367
12,460,118
6,938,323
6,495,334
Change in the gross claims provision
-23,869,642
9,913,517
-19,076,010
-1,719,136
Change in the provision for outstanding claims, reinsurers’ and co-insurers’ shares
6,151,050
-577,703
5,002,847
1,306,847
Change in other technical provisions
46,506,883
13,207,584
-777,682
-268,920
Change in technical provisions for policyholders who bear the investment risk
-12,825,182
15,962,680
0
0
Expenses for bonuses and rebates
227,917
288,628
128,731
-811
Operating expenses
-186,955,234
-178,131,437
-50,458,512
-47,563,317
Acquisition costs
-65,793,677
-58,372,509
-35,723,768
-34,848,052
Change in deferred acquisition costs
2,908,414
1,598,536
-1,267,334
43,433
Other operating expenses
-124,069,971
-121,357,464
-13,467,410
-12,758,699
Expenses for investments in associates andimpairment losses on goodwill
-54,721
-151,130
0
-4,020,539
Impairment loss on goodwill
0
-94,906
0
-4,020,539
Loss arising out of the investment in the equity-accounted associate company
-54,721
-56,224
0
0
Expenses for financial assets and liabilities
-1,707,664
-3,187,907
-892,197
-2,383,820
Impairment losses on financial assets not at fair value through profit or loss
0
-1,943,975
0
-1,943,974
Interest expense
-682,017
-28,445
-495,157
0
Other investment expenses
-1,025,647
-1,215,487
-397,040
-439,846
Net unrealised and realised losses on investments of life insurance policyholders who bear the investment risk
0
-6,630,921
0
0
Other technical expenses
-15,435,751
-17,825,983
-425,566
-348,355
Other expenses
-4,561,305
-2,873,861
-289,185
-279,399
Profit or loss before tax
60,744,016
55,260,572
39,227,041
45,021,864
Income tax expense
-10,549,428
-12,248,723
-645,328
-3,154,368
Net profit or loss for the period
50,194,588
43,011,849
38,581,713
41,867,497
Net profit or loss attributable to owners of the controlling company
49,977,170
42,790,617
-
-
Net profit or loss attributable to non-controlling interests
217,418
221,232
-
-
Earnings per share (basic and diluted)
3.22
2.76
2,37
2,70
The income statement for 2018 included netted exchange differences for investment income and expenses, other technical income and expenses, and unrealised and realised gains and losses on investments of life insurance policy holders who bear the investment risk.

The notes to the financial statements in sections from 17.4 to 17.10 form an integral part of these financial statements.