ZM chairman Drago Cotar said the insurer was pleased with the results given the tough conditions on the market. He admitted that a lack of major natural disasters has been an important factor in the strong results.

Cotar expects that, barring extreme weather disasters, the insurer will finish the year with a net profit of around EUR 12m.

The earnings announcement comes as Slovenia's second largest bank, NKBM, is seek bids for its 51% stake in ZM. NKBM set 7 November as the date for binding bids.

Three potential bidders are reportedly conducting due diligence at the insurer: Austria's Grawe insurance group, Slovenian financial group KD Group and reinsurer Pozavarovalnica Sava, which is already the second-largest owner of ZM with a 48.7% stake. Only the latter has indicated it would definitely be bidding.

"Regardless of who buys the stake, we expect that it will nurture our potential in the insurance market and utilise our know-how as well as maintain the high degree of social responsibility...for which our company is known," Cotar said in response to the bidding process.