Insurer CSOB Pojistovna makes record profit of CZK 2.153bn in 2022

by   CIJ News iDesk III
2023-09-15   15:28

Insurer CSOB Pojistovna generated a record net profit of Kc2.153bn in 2022, up 22 percent yr/yr, performing well particularly in car insurance, home and household insurance and industrial insurance, the company said in its annual report.

The growth in profit was driven by new contracts as well as increases in insured amounts for existing contracts in response to rising inflation, according to the company.

The insurer managed to increase its market share by 0.3 percentage points yr/yr to 8.8 percent, said board chairman Jiri Strelicky. It achieved a market share of 9.4 percent in non-life insurance and 7.3 percent in life insurance.

With more than 1.5 million clients, the company claims to be the fourth largest insurer in the Czech Republic.

Billed premiums increased by 5.8 percent yr/yr to Kc14.5bn. Compared to 2021, the volume of life insurance decreased by a tenth to Kc4.212bn, while non-life insurance increased by 14 percent to Kc10.288bn.

The insurer handled 271,652 claims last year, 14 percent more than a year earlier.

The average number of employees increased by 45 to 787 last year.

After a one-year hiatus, shareholders will again receive dividends, amounting to the 2022 profit, the company said.

CSOB Pojistovna is a unit of the CSOB group which belongs to Belgium's KBC Group NV.

Source: CSOB Pojistovna and CTK