Grawe Osiguranje reports RSD 169 million profit

Grawe Osiguranje has once again showed that it is one of the leading profit-makers the Serbian insurance market. Its net profit of RSD 169 million (about EUR 1.6 million) accounts for 30.3% of the profits generated by the entire insurance sector in Serbia, amounting to RSD 558 million, although Grawe's market share is only 3.5 percent, the insurance company announced.

The balance sheet of Grawe Osiguranje in Serbia grew 10.5 percent last year, reaching the level of about EUR 100 million. Christof Cetl, chairman of the Managing Board of that insurance company, said that Grawe Osiguranje had additionally strengthened its position among successful insurance companies in Serbia in that way.

According to the data provided by the National Bank of Serbia (NBS), regardless of unstable economic trends, the insurance industry, as well as its life insurance sector, registered a growth in 2011. Life insurance is increasing its share in the total premium from 16.5 to 17.4 percent, which represents a positive progress in the market of Serbia and points to a higher trust of citizens in the insurance market and their greater readiness for that type of savings.

- The 2011 data show positive tendencies in the life insurance sector, although it is underdeveloped by European criteria. Life insurance in Serbia has a great potential, and I believe there is a lot of room to develop life insurance in Serbia in the following period - Mr. Cetl concluded.