LJUBLJANA (Slovenia), May 29 (SeeNews) - Slovenian insurance group Triglav said on Tuesday its consolidated net profit rose 8.0% on the year to 17.6 million euro ($22 million) in the first quarter of 2012.
In the first three months of 2012, Triglav Group posted a total of 273.4 million euro in insurance and co-insurance premiums, down 3.0% on the respective period last year, it said in a bourse filing.
Profit growth was primarily achieved through good results from the core insurance business, as shown by the improved combined ratio, which decreased by 7.8 percentage points to 84.9% at Group level, the statement said.
Triglav attributed the decrease in insurance premiums booked to weaker demand for certain insurance products due to decreased economic activity, lower exports and imports, new corporate bankruptcies and reduced household spending, among other factors.
The group's parent company, Zavarovalnica Triglav, posted a 7.0% annual gain in net profit to 13.7 million euro through March while premiums came in at 197.9 million euro.