The rise in profit was achieved despite a 5% year-on-year drop in collected premiums, which stood at EUR 258.7m.

Gross payouts stood at EUR 153.7m, which is 4% more than in the first quarter of 2012. Meanwhile, operating costs in the same period were down by 2% to EUR 52.4m.

In a statement posted on the website of the Ljubljana Stock Exchange, Triglav said that the group was continuing to realise its strategy of focusing on its core insurance operations and increasing profitability.

The group blamed the drop in collected premiums on the recession, saying that bankruptcies and a reduction in purchasing power of households was continuing to take a toll on demand for insurance products.