Czech CSOB Pojistovna premiums up 19%, profit down 30% in 2011.

By bne IntelliNews February 13, 2012
The net profit of the fifth largest Czech insurance company CSOB Pojistovna fell by 30% to CZK 578mn (EUR 23mn) in 2011 despite rising premiums, Mediafax news agency reported. The value of collected premiums expanded by 19% to CZK 12.2bn at end-December, outperforming the market that grew by 0.3% to CZK 116.3bn. CSOB Pojistovna boosted premium revenue in the life insurance segment by 30% to CZK 8.19bn and in the non-life segment by 2% to CZK 4.026bn. The insurer's premiums reached CZK 7.28bn in 2011, according to the new methodology of the Czech Insurance Association that takes into account only a tenth of the billed premiums in the area of one-off insurance payments. CSOB Pojistovna is 75% controlled by Belgian insurer KBC Verzekeringen of KBC group. Czech high-street bank CSOB holds the remaining 25%.
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