Ljubljana - Zavarovalnica Triglav, Slovenia's largest insurance company, posted a group net profit of EUR 45.3 million in the first six months of the year, down 4% on the same period last year. Total revenue rose by 11% to EUR 861.2 million.

Gross written premiums were up 9% to EUR 797.2, as gross premiums paid rose by 15% to EUR 398.1 million, according to the company's unaudited business report released on Thursday.

The combined ratio, an insurance industry benchmark, remained broadly flat at 89.5%.

The company says it achieved these results despite "challenging business conditions" such as growing inflationary pressure and negative investment returns.

"In addition to the consequences of the Covid-19 pandemic, this year has been marked by a worsening macroeconomic situation with high growth in general inflation and an unfavourable situation in international financial markets," CEO Andrej Slapar was quoted as saying.

"The half-year results confirm the robustness of our business model and the resilience of our underwriting activities and the group's solvency position in the face of a deteriorating economic situation," he said.

The company maintains its end-year profit guidance for now, but Slapar pointed out that "the risks related to the realisation of the target annual profit have increased significantly due to negative influences from the business environment."