Ljubljana - In the first nine months of the year, the Sava insurance group generated EUR 548.8 million in operating revenue, up 11.1% year-on-year, and a net profit of EUR 57.2 million, or 20.3% more compared to the same period last year, show the unaudited results released on Friday.

The operating revenue represents 80% of the full-year target for 2021, while the net profit represents 108% of the target.

In the January-September period, the group collected EUR 578.1 million in gross premiums, up 9.1% year-on-year, with the growth being largely driven by life insurance business in Slovenia (55.4% growth).

This is due to the group acquiring the life insurer Vita last year, which contributed EUR 74.3 million in gross premiums written during the period, the report says.

The group also posted growth in premiums in the international reinsurance segment (9.7% growth) and in the Slovenian non-life segment (4.4%).

The growth was also "driven by the good performance of the pensions and asset management segment as a result of strong sales of financial products by the group's non-insurance companies and favourable trends in financial markets."

The net expense ratio improved by 1.2 percentage points year-on-year, significantly supported by growth in life insurance business.