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The insurance market made a record profit for the 9th month of this year

2023-12-25 16:02:00, Aktualitet CNA

The insurance market made a record profit for the 9th month of this year

Illustrative photo

The data of the Financial Supervision Authority (AMF) show that the profit of the insurance market in the country reached the value of 2.6 billion lek or about 25 million euros.

The market's net profit has increased by 54% compared to the same period a year ago. In particular, the third quarter of the year has brought a significant increase in profits by 1.4 billion ALL, from approximately 1.2 billion ALL that had been the profit for the entire first 6 months of the year.

Although most of the profits come from the Non-Life insurance market, the highest rate of their growth in the last two years is being recorded in the Life insurance market. The companies reported net profits in the amount of 288 million lek, this figure is 94% higher compared to the same period a year ago.

The increase in profit in the Life insurance market has come in parallel from the increase in net premium earned, but also from the decrease in net expenses for claims paid. Net premiums earned increased by 28%, primarily due to increased market volume and gross written premiums.

Meanwhile, net expenses for paid claims are down significantly by 17% compared to a year ago.

On the other hand, even this year companies are continuing to increase operating expenses, but at somewhat slower rates compared to last year. Net operating expenses increased by 18% and continue to be very large compared to the value of claims paid. In 9 months, the operating expenses reached almost 800 million ALL, 5.3 times more in relation to the net expenses for claims.

Financial results in significant improvement for the 9-month period last year were also marked by the largest segment of the market, that of Non-Life insurance. According to the AMF, the net profit of companies in this market increased to ALL 2.31 billion, 50% more compared to the same period a year ago.

A very important impact on the growth of profits this year is given by the improvement of the result from investments. For the 9-month period, the net result from investments reached 1.13 billion ALL, an increase of 300% compared to the same period last year.

Meanwhile, the technical result (result related to insurance activity) is increasing, but in smaller proportions, by 17.7% compared to a year ago.

Net earned premiums, which constitute the main basis of insurers' income, have increased by 9% compared to the 9th month of 2022. On the other hand, net claims paid have also increased by 7.8% compared to a year ago. Meanwhile, the expenses of the activity have also increased by 7% compared to the 9th month of the previous year./Monitor