AI Terminal
Croatia osiguranje d.d.
Interim / Quarterly Report • Jul 29, 2025
2087_ir_2025-07-29_d79e8160-8a9b-4826-8d97-c1a595ca8957.pdf
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
CONSOLIDATED UNAUDITED HALF-YEAR REPORT, FOR THE PERIOD 1 January 2025 – 30 June 2025
Zagreb, July 2025
This document is a translation of the original Croatian version and is intended to be used for informational purposes only. While every effort has been made to ensure the accuracy and completeness of the translation, please note that the Croatian original is binding.
CONTENT
| I. | UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 3 | |
|---|---|---|
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4 | ||
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) 6 | ||
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 8 | ||
| CONSOLIDATED STATEMENT OF CASH FLOWS – indirect method 9 | ||
| II. | MANAGEMENT REPORT 10 | |
| III. | NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE | |
| PERIOD I-VI 2025 15 | ||
| MANAGEMENT BOARD STATEMENT 29 |
I. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
| Annex 1 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| ISSUER'S GENERAL DATA | |||||||||||
| Reporting period: | 1.1.2025 30.6.2025 to |
||||||||||
| Year: | 2025 | ||||||||||
| Quarter: | 2 | ||||||||||
| Quarterly financial statements | |||||||||||
| Registration number (MB): 03276147 |
Issuer's home HR Member State |
||||||||||
| 080051022 Entity's registration number |
|||||||||||
| Personal identification number 26187994862 (OIB): |
LEI: 74780000M0GHQ1VXJU20 |
||||||||||
| 199 Institution code: |
|||||||||||
| Name of the issuer: CROATIA osiguranje d.d. | |||||||||||
| 10 000 Postcode and town: |
ZAGREB | ||||||||||
| Street and house number: Vatroslava Jagića 33 | |||||||||||
| E-mail address: [email protected] | |||||||||||
| Web address: www.crosig.hr | |||||||||||
| Number of employees 3971 (end of the reporting period): |
|||||||||||
| KD Consolidated report: |
(KN-not consolidated/KD-consolidated) KN |
KD | |||||||||
| Audited: RN |
(RN-not audited/RD-audited) RN |
RD | |||||||||
| Names of subsidiaries (according to IFRS): | Registered office: | MB: | |||||||||
| CROATIA PREMIUM d.o.o. | ZAGREB | 01885880 | |||||||||
| CROATIA NEKRETNINE d.o.o. | ZAGREB | 04570243 | |||||||||
| AUTO MAKSIMIR VOZILA d.o.o. | ZAGREB | 01804812 | |||||||||
| CROATIA OSIGURANJE DD | MOSTAR | 20097647 | |||||||||
| MILENIJUM OSIGURANJE A.D. | BEOGRAD | 7810318 | |||||||||
| CROATIA OSIGURANJE A.D. - ZA ŽIVOTNA OSIG. | SKOPJE | 05920922 | |||||||||
| CROATIA OSIGURANJE A.D. - ZA NEŽIVOTNA OSIG. | SKOPJE | Da 06479570 |
|||||||||
| CROATIA OSIGURANJE MIROVINSKO DRUŠTVO D.O.O. | ZAGREB | 01731742 | |||||||||
| RAZNE USLUGE D.O.O. - U LIKVIDACIJI | ZAGREB | 01892037 | |||||||||
| CROATIA - TEHNIČKI PREGLEDI D.O.O. | ZAGREB | 01450930 | |||||||||
| PBZ CROATIA OSIGURANJE DD | ZAGREB | 01583999 | |||||||||
| CO ZDRAVLJE D.O.O. | ZAGREB | 04837550 | |||||||||
| STRMEC PROJEKT d.o.o. | ZAGREB | 02586649 | |||||||||
| AGROSERVIS STP d.o.o. | VIROVITICA | 01233033 | |||||||||
| KOREQT d.o.o. | ZAGREB | 081353961 | |||||||||
| Yes No |
|||||||||||
| No Bookkeeping firm: |
(Yes/No) | ||||||||||
| Contact person: Jelena Matijević | (name of the bookkeeping firm) | ||||||||||
| (only name and surname of the contact person) Telephone: 072 00 1884 |
|||||||||||
| E-mail address: [email protected] | |||||||||||
| Audit firm: (name of the audit firm) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS) For the period: 1.1.2025 - 30.6.2025
| in EUR | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | Cumulative Previous accounting period Current accounting period |
Quarter Previous accounting period Current accounting period |
||||||||||||
| number | elements | Identifier | Item | Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total |
| 001 | 002 + 003 + 004 |
I | Income from insurance contracts | 6.637.091 | 244.701.069 | 251.338.160 | 7.191.609 | 277.899.816 | 285.091.425 | 3.312.539 127.046.081 130.358.620 | 3.625.992 143.733.753 | 147.359.745 | |||
| 002 | 1 | General measurement model | 6.306.677 | 2.420.690 | 8.727.367 | 6.783.746 | 2.270.803 | 9.054.549 | 3.162.470 | 1.209.321 | 4.371.791 | 3.407.600 | 1.170.014 | 4.577.614 | |
| 003 | 2 | Variable fee approach | 330.414 | 0 | 330.414 | 407.863 | 0 | 407.863 | 150.069 | 0 | 150.069 | 218.392 | 0 | 218.392 | |
| 004 | 3 | Premium allocation approach | 0 | 242.280.379 | 242.280.379 | 0 | 275.629.013 | 275.629.013 | 0 125.836.760 125.836.760 | 0 142.563.739 | 142.563.739 | ||||
| 005 | 006+007+….+ 012 |
II | Expenditure from insurance contracts |
-3.663.666 | -223.094.481 | -226.758.147 | -5.386.188 | -240.662.078 | -246.048.266 | -1.885.818 -117.497.184 -119.383.002 | -2.670.187 -127.545.554 | -130.215.741 | |||
| 006 007 |
1 2 |
Claims incurred Commissions |
-873.891 -1.195.059 |
-141.061.258 -22.868.758 |
-141.935.149 -24.063.817 |
-985.232 -1.666.853 |
-161.284.593 -27.479.069 |
-162.269.825 -29.145.922 |
-392.968 -612.159 |
-75.155.398 -11.737.505 |
-75.548.366 -12.349.664 |
-543.467 -878.133 |
-85.896.274 -14.202.971 |
-86.439.741 -15.081.104 |
|
| 008 | 3 | Other expenses related to the sale | 0 | -25.197.411 | -25.197.411 | 0 | -27.649.617 | -27.649.617 | 0 | -14.200.257 | -14.200.257 | 0 | -14.976.291 | -14.976.291 | |
| 009 | 4 | of insurance Other insurance service expenses |
-1.664.716 | -35.180.933 | -36.845.649 | -1.671.782 | -37.934.740 | -39.606.522 | -847.819 | -17.720.449 | -18.568.268 | -876.975 | -19.237.986 | -20.114.961 | |
| Depreciation of insurance | |||||||||||||||
| 010 | 5 | acquisition costs Losses and reversal of losses on |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 011 | 6 | onerous contracts | -125.261 | 1.081.291 | 956.030 | -294.548 | 1.100.157 | 805.609 | 12.611 | 355.038 | 367.649 | -161.437 | 925.316 | 763.879 | |
| 012 | 7 | Change in liabilities for claims incurred |
195.261 | 132.588 | 327.849 | -767.773 | 12.585.784 | 11.818.011 | -45.483 | 961.387 | 915.904 | -210.175 | 5.842.652 | 5.632.477 | |
| 013 | 014 + 015 | III | Net result of (passive) reinsurance contracts |
-24.419 | -6.445.186 | -6.469.605 | -28.855 | -14.943.697 | -14.972.552 | -12.230 | -3.937.934 | -3.950.164 | -14.517 | -4.914.146 | -4.928.663 |
| 014 | 1 | Income from (passive) reinsurance contracts |
0 | 22.241.662 | 22.241.662 | 0 | 22.711.958 | 22.711.958 | 0 | 11.444.251 | 11.444.251 | 0 | 14.835.290 | 14.835.290 | |
| 015 | 2 | Expenditure from (passive) reinsurance contracts |
-24.419 | -28.686.848 | -28.711.267 | -28.855 | -37.655.655 | -37.684.510 | -12.230 | -15.382.185 | -15.394.415 | -14.517 | -19.749.436 | -19.763.953 | |
| 016 | 001 + 005 + 013 |
IV | Result from insurance contracts | 2.949.006 | 15.161.402 | 18.110.408 | 1.776.566 | 22.294.041 | 24.070.607 | 1.414.491 | 5.610.963 | 7.025.454 | 941.288 | 11.274.053 | 12.215.341 |
| 017 | 018 + 023 + 024 + 025 + 026 + 027 + 031 + 032 + 033 +034 |
V | Net investment result | 8.795.052 | 23.711.218 | 32.506.270 | 7.889.713 | 31.986.596 | 39.876.309 | 4.102.098 | 13.742.337 17.844.435 |
4.051.281 | 20.634.695 | 24.685.976 | |
| 018 | 019 + 020 + 021 + 022 |
1 | Net result from investment in land and buildings |
23.702 | 7.458.904 | 7.482.606 | 33.803 | 9.207.874 | 9.241.677 | 21.018 | 3.907.398 | 3.928.416 | 19.148 | 5.131.073 | 5.150.221 |
| 019 | 1.1. | Rental gains/losses (net) | 4.960 | 7.453.598 | 7.458.558 | 33.803 | 8.662.873 | 8.696.676 | 2.276 | 3.907.397 | 3.909.673 | 19.148 | 4.586.072 | 4.605.220 | |
| 020 | 1.2. | Realised gains/losses (net) from property not for own use |
18.742 | 5.306 | 24.048 | 0 | 545.001 | 545.001 | 18.742 | 1 | 18.743 | 0 | 545.001 | 545.001 | |
| 021 | 1.3. | Unrealised gains/losses (net) from property not for own use |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 022 | 1.4. | Depreciation of land and buildings not occupied by an undertaking for its own activities |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 023 | 2 | Interest revenue calculated using | 6.206.399 | 9.486.406 | 15.692.805 | 5.327.626 | 10.636.393 | 15.964.019 | 3.034.486 | 4.687.540 | 7.722.026 | 2.597.333 | 5.513.100 | 8.110.433 | |
| 024 | 3 | the effective interest rate method Other interest income |
0 | 40.707 | 40.707 | 0 | 0 | 0 | 0 | 11.659 | 11.659 | 0 | 0 | 0 | |
| 025 | 4 | Dividend income | 395.295 | 5.712.943 | 6.108.238 | 1.294.346 | 9.334.062 | 10.628.408 | 321.638 | 5.655.719 | 5.977.357 | 955.846 | 8.559.851 | 9.515.697 | |
| 026 | 5 | Unrealised gains/losses (net) from financial assets at fair value through profit or loss |
848.756 | 750.610 | 1.599.366 | 1.530.372 | 3.714.578 | 5.244.950 | 143.066 | -40.694 | 102.372 | 721.547 | 1.950.004 | 2.671.551 | |
| 027 | 028 + 029 + 030 |
6 | Realised gains/losses | 214.491 | 1.123.738 | 1.338.229 | 129.387 | 2.926.387 | 3.055.774 | 311.322 | 230.587 | 541.909 | 180.211 | 2.219.005 | 2.399.216 |
| 028 | 6.1. | Realised gains/losses (net) from financial assets at fair value through profit or loss |
417.247 | 2.021.870 | 2.439.117 | 372.457 | 1.559.896 | 1.932.353 | 311.322 | 1.470.268 | 1.781.590 | 303.390 | 1.337.275 | 1.640.665 | |
| 029 | 6.2. | Realised gains/losses (net) from financial assets at fair value through other comprehensive income |
-202.756 | -898.132 | -1.100.888 | -89.971 | 1.366.491 | 1.276.520 | 0 | -1.239.681 | -1.239.681 | -123.179 | 881.505 | 758.326 | |
| 030 | 6.3. | Other realised gains/losses (net) | 0 | 0 | 0 | -153.099 | 0 | -153.099 | 0 0 |
0 | 0 | 225 | 225 | ||
| 031 | 7 | Net impairment / reversal of impairment of investments |
-5.494 | 40.372 | 34.878 | 57.218 | 233.324 | 290.542 | 285 | -129.222 | -128.937 | 9.954 | -88.916 | -78.962 | |
| 032 | 8 | Net exchange rate differences | 224.840 | 638.244 | 863.084 | -675.249 | -2.919.673 | -3.594.922 | 92.404 | 176.096 | 268.500 | -591.585 | -2.088.929 | -2.680.514 | |
| 033 | 9 | Other income from investments | 946.980 | 186.135 | 1.133.115 | 263.215 | 174.549 | 437.764 | 208.109 | 132.871 | 340.980 | 193.159 | 89.969 | 283.128 | |
| 034 | 10 | Other expenditure from investments |
-59.917 | -1.726.841 | -1.786.758 | -71.005 | -1.320.898 | -1.391.903 | -30.230 | -889.617 | -919.847 | -34.332 | -650.462 | -684.794 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS) For the period: 1.1.2025 - 30.6.2025
| in EUR | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | Cumulative | Quarter | |||||||||||||||
| number | elements | Identifier | Item | Previous accounting period | Current accounting period | Previous accounting period | Current accounting period | |||||||||||
| Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total | |||||||
| 035 | 036 + 037 + 038 |
VI | Net financial expenditure from insurance and (passive) reinsurance contracts |
-2.501.023 | -2.648.810 | -5.149.833 | -2.265.650 | -2.938.505 | -5.204.155 | -571.467 | -1.409.506 | -1.980.973 | -729.419 | -1.325.597 | -2.055.016 | |||
| 036 | 1 | Net financial income/expenditure from insurance contracts |
-2.501.023 | -3.111.423 | -5.612.446 | -2.265.650 | -3.446.871 | -5.712.521 | -571.467 | -1.619.093 | -2.190.560 | -729.419 | -1.549.055 | -2.278.474 | ||||
| Net financial income/expenditure | ||||||||||||||||||
| 037 | 2 | from (passive) reinsurance contracts |
0 | 462.613 | 462.613 | 0 | 508.366 | 508.366 | 0 | 209.587 | 209.587 | 0 | 223.458 | 223.458 | ||||
| 038 | 3 | Change of liability for investment contracts |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 039 | VII | Other income | 10.565 | 18.776.474 | 18.787.039 | 154.338 | 23.070.485 | 23.224.823 | -211 | 9.881.220 | 9.881.009 | 12.610 | 12.602.079 | 12.614.689 | ||||
| 040 | VIII | Other operating expenses | -168.018 | -24.106.432 | -24.274.450 | -212.965 | -32.745.228 | -32.958.193 | -116.990 | -11.914.293 | -12.031.283 | -139.540 | -18.424.745 | -18.564.285 | ||||
| 041 | IX | Other financial expenses | -28.899 | -865.570 | -894.469 | -31.448 | -860.650 | -892.098 | -9.297 | -444.090 | -453.387 | -15.731 | -350.374 | -366.105 | ||||
| 042 | X | Share of profit of companies consolidated using equity method, net of tax |
0 | 728.575 | 728.575 | 0 | 732.729 | 732.729 | 0 | 328.531 | 328.531 | 0 | 329.515 | 329.515 | ||||
| 043 | 001+005+0 13+016+01 7+035+039 +040+041+ 042 |
XI | Profit or loss of the accounting period before tax (+/-) |
9.056.683 | 30.756.857 | 39.813.540 | 7.310.554 | 41.539.468 | 48.850.022 | 4.818.624 | 15.795.162 | 20.613.786 | 4.120.489 | 24.739.626 | 28.860.115 | |||
| 044 | 045 + 046 | XII | Tax on profit or loss | -1.492.092 | -4.726.316 | -6.218.408 | -1.093.919 | -5.763.848 | -6.857.767 | -770.269 | -2.100.919 | -2.871.188 | -579.032 | -3.328.854 | -3.907.886 | |||
| 045 | 1 | Current tax expense | -1.436.775 | -4.712.612 | -6.149.387 | -1.256.901 | -7.265.977 | -8.522.878 | -703.865 | -2.136.281 | -2.840.146 | -742.945 | -4.854.219 | -5.597.164 | ||||
| 046 | 2 | Deferred tax expense/ income | -55.317 | -13.704 | -69.021 | 162.982 | 1.502.129 | 1.665.111 | -66.404 | 35.362 | -31.042 | 163.913 | 1.525.365 | 1.689.278 | ||||
| 047 | 043+ 044 | XIII | Profit or loss of the accounting period after tax (+/-) |
7.564.591 | 26.030.541 | 33.595.132 | 6.216.635 | 35.775.620 | 41.992.255 | 4.048.355 | 13.694.243 | 17.742.598 | 3.541.457 | 21.410.772 | 24.952.229 | |||
| 048 | 1 | Attributable to owners of the parent | 7.556.777 | 26.007.228 | 33.564.005 | 6.213.393 | 35.730.076 | 41.943.469 | 4.042.854 | 13.681.787 | 17.724.641 | 3.540.161 | 21.382.780 | 24.922.941 | ||||
| 049 | 2 | Attributable to non-controlling interest |
7.814 | 23.313 | 31.127 | 3.242 | 45.544 | 48.786 | 5.501 | 12.456 | 17.957 | 1.296 | 27.992 | 29.288 | ||||
| 050 | 051 + 056 | XIV | Other comprehensive income | 1.889.200 | 21.008.554 | 22.897.754 | 2.889.914 | 47.319.959 | 50.209.873 | -307.926 | 6.722.005 | 6.414.079 | 2.019.636 | 24.942.890 | 26.962.526 | |||
| 051 | 052 + 053 + 054 + 055 |
1 | Items that will not be reclassified to statement of profit or loss |
1.645.416 | 19.321.288 | 20.966.704 | 5.184.324 | 47.558.435 | 52.742.759 | 850.305 | 6.613.151 | 7.463.456 | 3.448.572 | 26.019.478 | 29.468.050 | |||
| 052 | 1.1. | Net change in fair value of equity securities (OCI) |
2.006.605 | 23.562.547 | 25.569.152 | 6.322.346 | 57.998.091 | 64.320.437 | 1.036.958 | 8.064.819 | 9.101.777 | 4.205.575 | 31.731.070 | 35.936.645 | ||||
| 053 | 1.2. | Actuarial gains/losses on defined benefit pension plans |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 054 | 1.3. | Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 055 | 1.4. | Tax | -361.189 | -4.241.259 | -4.602.448 | -1.138.022 | -10.439.656 | -11.577.678 | -186.653 | -1.451.668 | -1.638.321 | -757.003 | -5.711.592 | -6.468.595 | ||||
| 056 | 057 + 058 + + 063 |
2 | Items that are, or may be, reclassified to statement of profit or loss |
243.784 | 1.687.266 | 1.931.050 | -2.294.410 | -238.476 | -2.532.886 | -1.158.231 | 108.854 | -1.049.377 | -1.428.936 | -1.076.588 | -2.505.524 | |||
| 057 | 2.1. | Net change in fair value of debt securities (OCI) |
1.541.471 | 1.159.585 | 2.701.056 | 1.766.842 | -97.021 | 1.669.821 | 305.071 | 907.960 | 1.213.031 | 2.637.139 | 2.581.550 | 5.218.689 | ||||
| 058 | 2.2. | Exchange rate differences from translation of foreign operations |
-28.408 | 23.570 | -4.838 | -47.190 | -23.277 | -70.467 | -30.903 | 10.865 | -20.038 | 10.826 | 29.041 | 39.867 | ||||
| 059 | 2.3. | Effects of hedging instruments | 0 | 0 | 0 | -627 | -31.434 | -32.061 | 0 | 0 | 0 | -627 | -31.434 | -32.061 | ||||
| 060 | 2.4. | Net financial income/expenditure from insurance contracts |
-1.226.624 | 1.025.421 | -201.203 | -4.323.804 | -654.980 | -4.978.784 | -1.644.809 | -1.056.940 | -2.701.749 | -4.417.642 | -4.443.826 | -8.861.468 | ||||
| 061 | 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | -278.768 | -278.768 | 0 | 512.423 | 512.423 | 0 | 193.844 | 193.844 | 0 | 583.400 | 583.400 | ||||
| 062 | 2.6. | Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 063 | 2.7. | Tax | -42.655 | -242.542 | -285.197 | 310.369 | 55.813 | 366.182 | 212.410 | 53.125 | 265.535 | 341.368 | 204.681 | 546.049 | ||||
| 064 | 047+ 050 | XV | Total comprehensive income | 9.453.791 | 47.039.095 | 56.492.886 | 9.106.549 | 83.095.579 | 92.202.128 | 3.740.429 | 20.416.248 | 24.156.677 | 5.561.093 | 46.353.662 | 51.914.755 | |||
| 065 | 1 | Attributable to owners of the parent | 9.443.659 | 47.013.907 | 56.457.566 | 9.103.721 | 83.049.917 | 92.153.638 | 3.733.916 | 20.403.111 | 24.137.027 | 5.562.516 | 46.326.953 | 51.889.469 | ||||
| 066 | 2 | Attributable to non-controlling interest |
10.132 | 25.188 | 35.320 | 2.828 | 45.662 | 48.490 | 6.513 | 13.137 | 19.650 | -1.423 | 26.709 | 25.286 | ||||
| 067 | XVI | Reclassification adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
As at: 30.6.2025
| in EUR | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | Identifier | Item | Last day of the preceding business year | At the reporting date of the current period | ||||
| number | elements | Life | Non-life | Total | Life | Non-life | Total | ||
| 001 | 002+003 | I | INTANGIBLE ASSETS | 95.507 | 24.435.268 | 24.530.775 | 90.904 | 25.237.532 | 25.328.436 |
| 002 003 |
1 2 |
Goodwill Other intangible assets |
0 95.507 |
3.466.503 20.968.765 |
3.466.503 21.064.272 |
0 90.904 |
3.466.503 21.771.029 |
3.466.503 21.861.933 |
|
| 004 | 005+006+007 | II | TANGIBLE ASSETS | 3.306.035 | 122.512.933 | 125.818.968 | 3.575.788 | 123.094.170 | 126.669.958 |
| 005 | 1 | Land and buildings occupied by an undertaking | 2.340.062 | 58.705.556 | 61.045.618 | 2.363.647 | 58.663.211 | 61.026.858 | |
| for its own activities | |||||||||
| 006 | 2 | Equipment | 174.651 | 20.585.406 | 20.760.057 | 157.967 | 21.561.916 | 21.719.883 | |
| 007 | 3 | Other tangible assets and inventories | 791.322 | 43.221.971 | 44.013.293 | 1.054.174 | 42.869.043 | 43.923.217 | |
| 008 | 009+010+014 | III | INVESTMENTS | 448.280.023 | 1.050.541.428 | 1.498.821.451 | 452.001.562 | 1.176.963.638 | 1.628.965.200 |
| Investments in land and buildings not | |||||||||
| 009 | A | occupied by an undertaking for its own | 2.693.941 | 149.765.245 | 152.459.186 | 2.832.559 | 150.892.239 | 153.724.798 | |
| activities Investments in subsidiaries, associates and |
|||||||||
| 010 | 011+012+013 | B | joint ventures | 0 | 9.868.536 | 9.868.536 | 0 | 9.701.265 | 9.701.265 |
| 011 | 1 | Shares and holdings in subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | |
| 012 | 2 | Shares and holdings in associates | 0 | 841.326 | 841.326 | 0 | 925.569 | 925.569 | |
| 013 | 3 | Shares and holdings in joint ventures | 0 | 9.027.210 | 9.027.210 | 0 | 8.775.696 | 8.775.696 | |
| 014 | 015+020+025 | C | Financial assets | 445.586.082 | 890.907.647 | 1.336.493.729 | 449.169.003 | 1.016.370.134 | 1.465.539.137 |
| 016 + 017 + 018 | |||||||||
| 015 | + 019 | 1 | Financial assets at amortised cost | 149.266.891 | 290.185.401 | 439.452.292 | 112.270.896 | 247.721.589 | 359.992.485 |
| 016 | 1.1 | Debt financial instruments | 110.128.970 | 134.622.409 | 244.751.379 | 80.590.634 | 135.095.498 | 215.686.132 | |
| 017 | 1.2 | Deposits with credit institutions | 36.644.834 | 117.767.009 | 154.411.843 | 29.822.757 | 85.962.055 | 115.784.812 | |
| 018 | 1.3. | Loans | 2.493.087 | 26.490.264 | 28.983.351 | 1.857.505 | 26.664.036 | 28.521.541 | |
| 019 | 1.4. | Other | 0 | 11.305.719 | 11.305.719 | 0 | 0 | 0 | |
| 021 + 022 + 023 | Financial assets at fair value through other | ||||||||
| 020 | + 024 | 2 | comprehensive income | 254.192.498 | 538.912.029 | 793.104.527 | 265.986.901 | 612.960.876 | 878.947.777 |
| 021 | 2.1 | Equity financial instruments | 18.497.994 | 173.198.109 | 191.696.103 | 33.459.992 | 234.733.389 | 268.193.381 | |
| 022 | 2.2 | Debt financial instruments | 235.694.504 | 365.713.920 | 601.408.424 | 232.526.909 | 378.227.487 | 610.754.396 | |
| 023 | 2.3. | Units in investment funds | 0 | 0 | 0 | 0 | 0 | 0 | |
| 024 | 2.4. | Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| 026 + 027+…. | Financial assets at fair value through profit | ||||||||
| 025 | +030 | 3 | and loss account | 42.126.693 | 61.810.217 | 103.936.910 | 70.911.206 | 155.687.669 | 226.598.875 |
| 026 | 3.1 | Equity financial instruments | 0 | 502.273 | 502.273 | 810.941 | 608.605 | 1.419.546 | |
| 027 | 3.2 | Debt financial instruments | 0 | 0 | 0 | 9.949.900 | 49.724.000 | 59.673.900 | |
| 028 | 3.3. | Units in investment funds | 41.980.602 | 60.783.192 | 102.763.794 | 59.656.031 | 103.962.080 | 163.618.111 | |
| 029 | 3.4. | Derivative financial instruments | 0 | 20.843 | 20.843 | 494.334 | 1.392.984 | 1.887.318 | |
| 030 | 3.5 | Other | 146.091 | 503.909 | 650.000 | 0 | 0 | 0 | |
| 031 | 032 + 036 +040 | IV | ASSETS FROM INSURANCE CONTRACTS | 30.830 | 14.998.944 | 15.029.774 | 41.316 | 12.129.457 | 12.170.773 |
| 032 | 034+035+036 | 1 | General measurement model | 30.830 | 12.612.714 | 12.643.544 | 41.316 | 12.129.457 | 12.170.773 |
| 033 | 1.1. | - Assets for remaining coverage | 30.830 | -1.262.308 | -1.231.478 | 51.414 | -1.199.035 | -1.147.621 | |
| 034 | 1.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 035 | 1.3. | - Assets from claims incurred | 0 | 13.875.022 | 13.875.022 | -10.098 | 13.328.492 | 13.318.394 | |
| 036 | 037+038+039 | 2 | Variable fee approach | 0 | 0 | 0 | 0 | 0 | 0 |
| 037 | 2.1. | - Assets for remaining coverage | 0 | 0 | 0 | 0 | 0 | 0 | |
| 038 | 2.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 039 | 2.3. | - Assets from claims incurred | 0 | 0 | 0 | 0 | 0 | 0 | |
| 040 | 041 +042 +043 | 3 | Premium allocation approach | 0 | 2.386.230 | 2.386.230 | 0 | 0 | 0 |
| 041 | 3.1. | - Assets for remaining coverage | 0 | 4.370.994 | 4.370.994 | 0 | 0 | 0 | |
| 042 | 3.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 043 | 3.3. | - Assets from claims incurred | 0 | -1.984.764 | -1.984.764 | 0 | 0 | 0 | |
| 044 | V | ASSETS FROM REINSURANCE CONTRACTS | 4 | 59.140.685 | 59.140.689 | 4.461 | 70.584.200 | 70.588.661 | |
| 045 | 046 +047 | VI | DEFERRED AND CURRENT TAX ASSETS | 538.672 | 13.982.410 | 14.521.082 | 487.171 | 11.438.908 | 11.926.079 |
| 046 | 1 | Deferred tax assets | 538.672 | 7.879.778 | 8.418.450 | 487.171 | 7.903.451 | 8.390.622 | |
| 047 048 |
2 VII |
Current tax assets OTHER ASSETS |
0 5.228.485 |
6.102.632 54.706.991 |
6.102.632 59.935.476 |
0 8.942.708 |
3.535.457 57.093.063 |
3.535.457 66.035.771 |
|
| 049 | 050 +051 +052 | 1 | CASH AT BANK AND IN HAND | 939.795 | 7.837.061 | 8.776.856 | 1.359.911 | 9.305.757 | 10.665.668 |
| 050 | 1.1 | Funds in the business account | 547.067 | 7.727.162 | 8.274.229 | 959.543 | 9.104.716 | 10.064.259 | |
| 051 | 1.2 | Funds in the account of assets covering liabilities | 392.509 | 0 | 392.509 | 400.148 | 0 | 400.148 | |
| from life insurance contracts | |||||||||
| 052 | 1.3 | Cash in hand | 219 | 109.899 | 110.118 | 220 | 201.041 | 201.261 | |
| 053 | 2 | Fixed assets held for sale and discontinued operations |
0 | 273.867 | 273.867 | 0 | 263.484 | 263.484 | |
| 054 | 3 | Other | 4.288.690 | 46.596.063 | 50.884.753 | 7.582.797 | 47.523.822 | 55.106.619 | |
| 055 | 001+004+008+0 | VIII | TOTAL ASSETS | 457.479.556 | 1.340.318.659 | 1.797.798.215 | 465.143.910 | 1.476.540.968 | 1.941.684.878 |
| 056 | 31+044+045+04 | IX | OFF-BALANCE SHEET ITEMS | 1.761.345 | 47.386.120 | 49.147.465 | 2.406.014 | 51.996.381 | 54.402.395 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) As at: 30.6.2025
| in EUR | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | Identifier | Item | Last day of the preceding business year | At the reporting date of the current period | ||||
| number | elements | Life | Non-life | Total | Life | Non-life | Total | ||
| 057 | 058+061+062+0 66+067+071+07 |
X | CAPITAL AND RESERVES | 82.658.315 | 676.297.531 | 758.955.846 | 90.808.160 | 714.660.078 | 805.468.238 |
| 058 | 059 +060 | 1 | Subscribed capital | 5.881.322 | 72.414.820 | 78.296.142 | 5.881.322 | 72.414.820 | 78.296.142 |
| 059 | 1.1 | Paid in capital - ordinary shares | 5.881.322 | 72.414.820 | 78.296.142 | 5.881.322 | 72.414.820 | 78.296.142 | |
| 060 | 1.2 | Paid in capital - preference shares | 0 | 0 | 0 | 0 | 0 | 0 | |
| 061 | 2 | Premium on shares issued (capital reserves) | 0 | 90.448.275 | 90.448.275 | 0 | 90.448.275 | 90.448.275 | |
| 062 | 063 +064 +065 | 3 | Revaluation reserves | 246.216 | 110.451.453 | 110.697.669 | 5.915.340 | 150.368.906 | 156.284.246 |
| 063 | 3.1 | Land and buildings | 9.739 | 20.736.313 | 20.746.052 | 9.739 | 20.566.172 | 20.575.911 | |
| 064 | 3.2 | Financial assets | 236.477 | 89.693.162 | 89.929.639 | 5.906.228 | 129.812.191 | 135.718.419 | |
| 065 | 3.3 | Other revaluation reserves | 0 | 21.978 | 21.978 | -627 | -9.457 | -10.084 | |
| 066 | 4 | Financial reserves from insurance contracts | 20.294.705 | 7.160.131 | 27.454.836 | 16.538.856 | 7.042.139 | 23.580.995 | |
| 067 | 068+069+070 | 5 | Reserves | 11.317.678 | 41.965.240 | 53.282.918 | 11.317.678 | 41.965.240 | 53.282.918 |
| 068 | 5.1. | Legal reserves | 294.066 | 3.702.116 | 3.996.182 | 294.066 | 3.702.116 | 3.996.182 | |
| 069 | 5.2. | Statutory reserve | 1.003.040 | 18.455.600 | 19.458.640 | 1.003.040 | 18.455.600 | 19.458.640 | |
| 070 | 5.3. | Other reserves | 10.020.572 | 19.807.524 | 29.828.096 | 10.020.572 | 19.807.524 | 29.828.096 | |
| 071 | 072+073 | 6 | Retained profit or loss brought forward | 31.914.426 | 305.836.672 | 337.751.098 | 44.941.571 | 316.690.622 | 361.632.193 |
| 072 | 6.1. | Retained profit | 31.914.426 | 305.836.672 | 337.751.098 | 44.941.571 | 316.690.622 | 361.632.193 | |
| 073 | 6.2. | Loss brought forward (-) | 0 | 0 | 0 | 0 | 0 | 0 | |
| 074 | 075+076 | 7 | Profit or loss for the current accounting period | 13.003.968 | 48.020.940 | 61.024.908 | 6.213.393 | 35.730.076 | 41.943.469 |
| 075 | 7.1. | Profit for the current accounting period | 13.003.968 | 48.020.940 | 61.024.908 | 6.213.393 | 35.730.076 | 41.943.469 | |
| 076 | 7.2. | Loss for the current accounting period (-) | 0 | 0 | 0 | 0 | 0 | 0 | |
| 077 | XI | SUBORDINATE LIABILITIES | 0 | 0 | 0 | 0 | 0 | 0 | |
| 078 | XII | MINORITY INTEREST | 133.095 | 348.875 | 481.970 | 137.408 | 341.630 | 479.038 | |
| 079 | 080+084+088 | XIII | LIABILITIES FROM INSURANCE CONTRACTS | 356.485.969 | 503.003.799 | 859.489.768 | 347.943.109 | 545.962.859 | 893.905.968 |
| 080 | 081+082+083 | 1 | General measurement model | 343.966.988 | 13.704.578 | 357.671.566 | 334.510.913 | 13.581.611 | 348.092.524 |
| 081 | 1.1. | - Liabilities for remaining coverage | 332.115.703 | 13.183.272 | 345.298.975 | 319.478.498 | 13.053.978 | 332.532.476 | |
| 082 | 1.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 083 | 1.3. | - Liabilities for claims incurred | 11.851.285 | 521.306 | 12.372.591 | 15.032.415 | 527.633 | 15.560.048 | |
| 084 | 085+086+087 | 2 | Variable fee approach | 12.518.981 | 0 | 12.518.981 | 13.432.196 | 0 | 13.432.196 |
| 085 | 2.1. | - Liabilities for remaining coverage | 10.586.775 | 0 | 10.586.775 | 11.816.041 | 0 | 11.816.041 | |
| 086 | 2.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 087 | 2.3. | - Liabilities for claims incurred | 1.932.206 | 0 | 1.932.206 | 1.616.155 | 0 | 1.616.155 | |
| 088 | 089 +090 +091 | 3 | Premium allocation approach | 0 | 489.299.221 | 489.299.221 | 0 | 532.381.248 | 532.381.248 |
| 089 | 3.1. | - Liabilities for remaining coverage | 0 | 133.914.872 | 133.914.872 | 0 | 153.901.269 | 153.901.269 | |
| 090 | 3.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 091 | 3.3. | - Liabilities for claims incurred | 0 | 355.384.349 | 355.384.349 | 0 | 378.479.979 | 378.479.979 | |
| 092 | XIV | LIABILITIES FROM REINSURANCE | 19.999 | 6.619.022 | 6.639.021 | 0 | 2.987.701 | 2.987.701 | |
| 093 | XV | LIABILITY FOR INVESTMENT CONTRACTS | 0 | 0 | 0 | 0 | 0 | 0 | |
| 094 | 095+096 | XVI | OTHER PROVISIONS | 490.651 | 7.373.390 | 7.864.041 | 406.010 | 7.909.862 | 8.315.872 |
| 095 | 1 | Provisions for pensions and similar obligations | 377.801 | 7.045.762 | 7.423.563 | 389.951 | 7.582.234 | 7.972.185 | |
| 096 | 2 | Other provisions | 112.850 | 327.628 | 440.478 | 16.059 | 327.628 | 343.687 | |
| 097 | 098+099 | XVII | DEFERRED AND CURRENT TAX LIABILITIES | 3.999.791 | 33.720.920 | 37.720.711 | 5.643.682 | 41.958.482 | 47.602.164 |
| 098 099 |
1 2 |
Deferred tax liability Current tax liability |
3.775.203 224.588 |
30.717.321 3.003.599 |
34.492.524 3.228.187 |
4.386.907 1.256.775 |
39.622.239 2.336.243 |
44.009.146 3.593.018 |
|
| 100 | 101+102+…+105 | XVIII | FINANCIAL LIABILITIES | 1.003.707 | 48.388.208 | 49.391.915 | 1.522.206 | 94.709.198 | 96.231.404 |
| 101 | 1 | Loan liabilities | 0 | 1.407.480 | 1.407.480 | 0 | 1.256.964 | 1.256.964 | |
| 102 | 2 | Liabilities for issued financial instruments | 0 | 0 | 0 | 0 | 0 | 0 | |
| 103 104 |
3 4 |
Liabilities for derivative financial instruments Liability for unpaid dividend |
216.246 1.761 |
600.864 216.738 |
817.110 218.499 |
627 1.390 |
31.434 46.071.499 |
32.061 46.072.889 |
|
| 105 | 5 | Other financial liabilities | 785.700 | 46.163.126 | 46.948.826 | 1.520.189 | 47.349.301 | 48.869.490 | |
| 106 | 107+108+109 | XIX | OTHER LIABILITIES | 12.688.029 | 64.566.914 | 77.254.943 | 18.683.335 | 68.011.158 | 86.694.493 |
| 107 | 1 | Liabilities for disposal and discontinued operations | 0 | 875 | 875 | 0 | 1.752 | 1.752 | |
| 108 | 2 | Accruals and deferred income | 2.538.369 | 23.592.223 | 26.130.592 | 2.730.624 | 20.589.228 | 23.319.852 | |
| 109 | 3 | Other liabilities | 10.149.660 | 40.973.816 | 51.123.476 | 15.952.711 | 47.420.178 | 63.372.889 | |
| 110 | 057+077+078+0 79+092+093+09 |
XX | TOTAL LIABILITIES | 457.479.556 | 1.340.318.659 | 1.797.798.215 | 465.143.910 | 1.476.540.968 | 1.941.684.878 |
| 4+097+100+106 | |||||||||
| 111 | XXI | OFF-BALANCE SHEET ITEMS | 1.761.345 | 47.386.120 | 49.147.465 | 2.406.014 | 51.996.381 | 54.402.395 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period: 1.1.2025 - 30.6.2025
| u eurima | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Attributable to owners of the parent | |||||||||||
| Item number |
Item | Paid in capital (ordinary and preference shares) |
Premium on shares issued |
Revaluation reserves |
Financial reserves from insurance contracts |
Capital reserves (legal, statutory, other) |
Retained profit or loss brought forward |
Profit/loss for the year |
Total capital and reserves |
Attributable to non controlling interests* |
Total capital and reserves |
| I. | Balance as at 1 January of the previous year | 78.296.142 | 90.448.275 | 47.301.688 | 44.129.212 | 53.278.877 | 392.575.916 | 58.380.781 | 764.410.891 | 746.611 | 765.157.502 |
| 1. | Change in accounting policies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2. | Correction of errors from prior periods | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| II. | Balance as at 1 January of the previous year (restated) | 78.296.142 | 90.448.275 | 47.301.688 | 44.129.212 | 53.278.877 | 392.575.916 | 58.380.781 | 764.410.891 | 746.611 | 765.157.502 |
| III. | Comprehensive income or loss for the previous year | 0 | 0 | 65.062.634 | -16.674.376 | 0 | 0 | 61.024.908 | 109.413.166 | 53.212 | 109.466.378 |
| 1. | Profit or loss for the period | 0 | 0 | 0 | 0 | 0 | 0 | 61.024.908 | 61.024.908 | 63.376 | 61.088.284 |
| 2. | Other comprehensive income or loss for the previous year |
0 | 0 | 65.062.634 | -16.674.376 | 0 | 0 | 0 | 48.388.258 | -10.164 | 48.378.094 |
| 2.1. | Unrealised gains or losses on tangible assets (land and buildings) |
0 | 0 | 6.971.864 | 0 | 0 | 0 | 0 | 6.971.864 | 3.080 | 6.974.944 |
| 2.2. | Unrealised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | 52.854.556 | 0 | 0 | 0 | 0 | 52.854.556 | -37 | 52.854.519 |
| 2.3. | Realised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | 5.198.324 | 0 | 0 | 0 | 0 | 5.198.324 | 0 | 5.198.324 |
| 2.4. | Net financial income/expenditure from insurance contracts | 0 | 0 | 0 | -17.246.523 | 0 | 0 | 0 | -17.246.523 | -14.042 | -17.260.565 |
| 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 0 | 0 | 572.147 | 0 | 0 | 0 | 572.147 | 835 | 572.982 |
| 2.6. | Other changes in equity unrelated to owners | 0 | 0 | 37.890 | 0 | 0 | 0 | 0 | 37.890 | 0 | 37.890 |
| IV. | Transactions with owners (previous period) | 0 | 0 | -1.666.653 | 0 | 4.041 | -54.824.818 | -58.380.781 -114.868.211 | -317.853 | -115.186.064 | |
| 1. | Increase/decrease in subscribed capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2. | Other contributions by owners | 0 | 0 | 0 | 0 | 0 | 5.137 | 0 | 5.137 | -289.961 | -284.824 |
| 3. | Payment of share in profit/dividend | 0 | 0 | 0 | 0 | 0 | -81.049.412 | -33.824.493 -114.873.905 | -28.021 | -114.901.926 | |
| 4. | Other distribution to owners | 0 | 0 | -1.666.653 | 0 | 4.041 | 26.219.457 | -24.556.288 | 557 | 129 | 686 |
| V. | Balance on the last day of the previous year reporting period |
78.296.142 | 90.448.275 | 110.697.669 | 27.454.836 | 53.282.918 | 337.751.098 | 61.024.908 | 758.955.846 | 481.970 | 759.437.816 |
| VI. | Balance as at 1 January of the current year | 78.296.142 | 90.448.275 | 110.697.669 | 27.454.836 | 53.282.918 | 337.751.098 | 61.024.908 | 758.955.846 | 481.970 | 759.437.816 |
| 1. | Change in accounting policies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2. | Correction of errors from prior periods | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| VII. | Balance as at 1 January of the current year (restated) | 78.296.142 | 90.448.275 | 110.697.669 | 27.454.836 | 53.282.918 | 337.751.098 | 61.024.908 | 758.955.846 | 481.970 | 759.437.816 |
| VIII. | Comprehensive income or loss for the year | 0 | 0 | 54.084.010 | -3.873.841 | 0 | 0 | 41.943.469 | 92.153.638 | 48.490 | 92.202.128 |
| 1. 2. |
Profit or loss for the period | 0 0 |
0 0 |
0 54.084.010 |
0 -3.873.841 |
0 0 |
0 0 |
41.943.469 0 |
41.943.469 50.210.169 |
48.786 -296 |
41.992.255 50.209.873 |
| Other comprehensive income or loss for the year Unrealised gains or losses on tangible assets (land and |
|||||||||||
| 2.1. | buildings) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2.2. | Unrealised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | 55.233.183 | 0 | 0 | 0 | 0 | 55.233.183 | -30 | 55.233.153 |
| 2.3. | Realised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | -1.046.649 | 0 | 0 | 0 | 0 | -1.046.649 | 0 | -1.046.649 |
| 2.4. | Net financial income/expenditure from insurance contracts | 0 | 0 | 0 | -4.286.839 | 0 | 0 | 0 | -4.286.839 | 25 | -4.286.814 |
| 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 0 | 0 | 412.998 | 0 | 0 | 0 | 412.998 | -288 | 412.710 |
| 2.6. | Other changes in equity unrelated to owners | 0 | 0 | -102.524 | 0 | 0 | 0 | 0 | -102.524 | -3 | -102.527 |
| IX. | Transactions with owners (current period) | 0 | 0 | -8.497.433 | 0 | 0 | 23.881.095 | -61.024.908 | -45.641.246 | -51.422 | -45.692.668 |
| 1. | Increase/decrease in subscribed capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2. | Other contributions by owners | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3. | Payment of share in profit/dividend | 0 | 0 | 0 | 0 | 0 | 0 | -45.641.124 | -45.641.124 | -51.426 | -45.692.550 |
| 4. | Other transactions with owners | 0 | 0 | -8.497.433 | 0 | 0 | 23.881.095 | -15.383.784 | -122 | 4 | -118 |
| X. | Balance on the last day of the current year reporting period |
78.296.142 | 90.448.275 | 156.284.246 | 23.580.995 | 53.282.918 | 361.632.193 | 41.943.469 | 805.468.238 | 479.038 | 805.947.276 |
CONSOLIDATED STATEMENT OF CASH FLOWS – indirect method
For the period: 1.1.2025 - 30.6.2025
| in EUR | |||||
|---|---|---|---|---|---|
| Item number |
Sum elements | Identifier | Item | Current business period |
Same period of the previous year |
| 001 | 002+018+035 + 036 | I | CASH FLOW FROM OPERATING ACTIVITIES | 10.787.382 | 85.038.219 |
| 002 | + 037 | 1 | Cash flow before changes in operating assets and liabilities | 25.657.298 | 25.614.649 |
| 003 | 003+004 | 1.1 | Profit/loss of the accounting period | 41.992.255 | 33.595.132 |
| 004 | 005+006+…+017 | 1.2 | Adjustments: | -16.334.957 | -7.980.483 |
| 005 | 1.2.1 | Depreciation of property and equipment | 5.827.705 | 5.613.652 | |
| 006 | 1.2.2 | Amortization of intangible assets | 2.244.750 | 2.159.272 | |
| 007 | 1.2.3 | Loss from impairment of intangible assets | 0 | 46.358 | |
| 008 | 1.2.4 | Other financial cost | 0 | 0 | |
| 009 | 1.2.5 | Impairment and gains/losses on fair valuation | -5.544.052 | -1.638.096 | |
| 010 | 1.2.6 | Interest expenses | 892.098 | 886.723 | |
| 011 | 1.2.7 | Interest income | -15.964.019 | -15.733.512 | |
| 012 | 1.2.8 | Profit from the sale of branch | 0 | 0 | |
| 013 | 1.2.9 | Share in profit of associates | -732.729 | -728.575 | |
| 014 | 1.2.10 | Equity-settled share-based payment transactions | 0 | 0 | |
| 015 | 1.2.11 | Cost of income tax | 6.857.767 | 6.218.408 | |
| 016 | 1.2.12 | Profit/loss from the sale of tangible assets (including land and buildings) | -101.988 | 49.715 | |
| 017 | 1.2.13 | Other adjustments | -9.814.489 | -4.854.428 | |
| 018 | 019+020+…+034 | 2 | Increase/decrease in operating assets and liabilities | -40.690.000 | 52.194.577 |
| 019 | 2.1 | Increase/decrease in financial assets at fair value through other comprehensive income | -22.207.133 | 61.099.481 | |
| 020 | 2.2 | Increase/decrease in financial assets at fair value through statement of profit or loss | -117.422.286 | 9.562.797 | |
| 021 | 2.3 | Increase/decrease in financial assets at amortised cost | 78.618.891 | -112.976 | |
| 022 | 2.4 | Increase/decrease in assets/liabilities from insurance contracts | 32.296.389 | -16.243.115 | |
| 023 | 2.5 | Increase/decrease in assets/liabilities from reinsurance contracts | -14.586.549 | -2.437.763 | |
| 024 | 2.6 | Increase/decrease in tax assets | 2.595.003 | -3.478.013 | |
| 025 | 2.7 | Increase/decrease in receivables | 0 | 0 | |
| 026 | 2.8 | Increase/decrease in investments in real estate | -1.242.082 | -648.053 | |
| 027 | 2.9 | Increase/decrease in property for own use | 0 | 0 | |
| 028 | 2.10 | Increase/decrease in other assets | -3.319.585 | -1.758.779 | |
| 029 | 2.11 | Increase/decrease in liabilities from investment contracts | 0 | 0 | |
| 030 031 |
2.12 2.13 |
Increase/decrease in other provisions Increase/decrease in tax liabilities |
451.831 -4.807.906 |
-1.706.746 2.823.324 |
|
| 032 | 2.14 | Increase/decrease in financial liabilities | -506.123 | 2.430.746 | |
| 033 | 2.15 | Increase/decrease in other liabilities | 12.250.290 | 3.343.033 | |
| 034 | 2.16 | Increase/decrease in accruals and deferred income | -2.810.740 | -679.359 | |
| 035 | 3 | Income tax paid | -3.379.904 | -15.435.596 | |
| 036 | 4 | Interest received | 18.571.579 | 16.556.351 | |
| 037 | 5 | Dividend received | 10.628.409 | 6.108.238 | |
| 038 | 039+040+…+045 | II | CASH FLOW FROM INVESTING ACTIVITIES | -6.894.496 | -9.756.041 |
| 039 | 1 | Cash receipts from the sale of tangible assets | 113.401 | 51.251 | |
| 040 | 2 | Cash payments for the purchase of tangible assets | -3.940.546 | -5.839.609 | |
| 041 | 3 | Cash receipts from the sale of intangible assets | 0 | 45.257 | |
| 042 | 4 | Cash payments for the purchase of intangible assets | -3.067.351 | -2.259.702 | |
| 043 | 5 | Cash receipts from the sale of branches, associates and joint ventures | 0 | 0 | |
| 044 | 6 | Cash payments for the purchase of branches, associates and joint ventures | 0 | -1.753.238 | |
| 045 | 7 | Cash receipts and payments based on other investing activities | 0 | 0 | |
| 046 | 047+048++057 | III | CASH FLOW FROM FINANCING ACTIVITIES | -1.967.267 | -66.843.780 |
| 047 | 1 | Cash receipts resulting from the increase of initial capital | 0 | 0 | |
| 048 | 2 | Cash receipts from issuing redeemable preference shares | 0 | 0 | |
| 049 | 3 | Cash receipts from short-term and long-term loans received | 0 | 0 | |
| 050 | 4 | Cash receipts from sales of own shares | 0 | 0 | |
| 051 | 5 | Cash receipts from exercise of share options | 0 | 0 | |
| 052 | 6 | Cash payments relating to redeemable preference shares | 0 | 0 | |
| 053 | 7 | Cash payments for the repayment of short-term and long-term loans received | -154.297 | -30.400 | |
| 054 | 8 | Cash payments for the redemption of own shares | 0 | 0 | |
| 055 | 9 | Cash payments for interest | -29.793 | -190 | |
| 056 | 10 | Cash payments for dividend | -51.426 | -65.027.707 | |
| 057 | 11 | Cash payments for rental obligations | -1.731.751 | -1.785.483 | |
| 058 | 001+038+046 | IV | NET CASH FLOW | 1.925.619 | 8.438.398 |
| 059 | V | EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS | -36.807 | 148.583 | |
| 060 | 058+059 | VI | NET INCREASE/DECREASE OF CASH AND CASH EQUIVALENTS | 1.888.812 | 8.586.981 |
| 061 062 |
1 2 |
Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period |
8.776.856 10.665.668 |
23.196.824 31.783.805 |
|
| 060+061 |
II. MANAGEMENT REPORT
In the period observed, total income from insurance contracts at the Group level amounted to EUR 285.1m and increased by 13.4 percent compared to the same period of the previous year. The total nonlife insurance income amounted to EUR 277.9m and increased by 13.6 percent. Total life insurance income increased by 8.4 percent and amounted to EUR 7.2m.
Total expenditure from insurance contracts in the period observed at the Group level amounted to EUR 246m and increased by 8.5 percent compared to the same period of the previous year. The total nonlife insurance expenditure amounted to EUR 240.7m and increased by 7.9 percent. Total life insurance expenditure increased by 47 percent and amounted to EUR 5.4m.
Total net result from insurance contracts in the period observed at the Group level amounted to EUR 24.1m and increased by 32.9 percent compared to the same period of the previous year while the total net profit of the Group amounted to EUR 42m and increased by 25 percent compared to the same period of the previous year.
Total assets of the Group as at 30 June 2025 amounted to EUR 1.9 billion, representing an increase of 8 percent compared to 31 December 2024.
Liabilities from insurance contracts as at 30 June 2025 amounted to EUR 893.9m, which represents an increase of 4 percent compared to 31 December 2024.
Unaudited consolidated financial statements for the half-year of the 2025 will be available on the web sites of CROATIA osiguranje d.d., Zagreb Stock Exchange and Officially appointed mechanism for the central storage of regulated information.
Significant business events in the reporting period
Croatia osiguranje Q2 2025: strong profit growth, new digital breakthroughs and strengthening of the health segment
The digital business segment continues to show positive results. The premium generated from the total digital business grew by 18 percent compared to the same period last year, and the number of clients using the Moja Croatia mobile application increased by 23 percent.
Croatia's digital brand LAQO achieved premium growth of 21 percent compared to the same period last year. LAQO also introduced a new 100% digital property insurance product, thus continuing to expand its product portfolio.
Significant strides in the digitalization of services continue. A new digital process for tracking motor vehicle damage has been introduced in the Moja Croatia mobile application. New functionalities for independently selecting specialist examination appointments under health insurance policies have also been introduced. Moja Poslovna Croatia, a new web portal for business users, has also been launched.
Croatia poliklinika, including the revenues of Osijek-based Medros and Dubrovnik-based Marin Med, recorded a 49 percent increase in revenue compared to the same period last year. The team of doctors and medical staff has increased by 35 percent. The strategic goal of providing superb medical services throughout the country is achieved through top-grade medical teams and the most modern technologies available in nine cities in Croatia.
Croatia's Spektar benefits package continues to show excellent results. May marked the second anniversary of the program, and research shows that the program has become highly recognizable both in the market (55%) and among Croatia osiguranje clients (73%). More than 316,000 users are currently included in Spektar.
Croatia osiguranje has once again met the high standards for the Poslodavac Partner certificate. This recognition confirms the company's commitment to building a quality HR system and creating an excellent work environment.
At the annual awards ceremony of the CX.hr portal, the customer support team of Croatia osiguranje won the first prize in the categories "best user experience" and "best team spirit".
Valuable communication awards were also won. Croatia poliklinika "Ispravi se" campaign was declared the best in the world in the category of creative digital outdoor advertising at the World Out of Home Organization congress in Mexico City. At the Communications Days, Croatia Insurance won the awards for the Paviljon Hrvatska 2074: Look into the Future and Easybook projects and LAQO for the long-term effectiveness of Pavlo Pauq.
The Management and the Supervisory Board proposed to the General Assembly dividend payment to holders of ordinary and preference shares from the net profit achieved in 2024, in the total amount of EUR 45,771,324.44, or EUR 106.52 per share (ordinary and preference), and the General Assembly adopted the same decision on June 5, 2025. Croatia osiguranje d.d. has been operating successfully in the past years, with a growing level of profit and high capital adequacy rates, both at the Company level and at the Group level, and it is expected that during the year 2025 the capital adequacy should be maintained above the level of 200%.
Geopolitical and macroeconomic situation, conflicts and challenges
The beginning of 2025 was marked by the moves of the US administration led by Donald Trump and the reaction of the financial markets to these moves. Overall, after a negative -4.6% in the first quarter, the first half of 2025 was marked by the overall growth of the US stock market of 5.5% (measured by the S&P 500 index), while European stocks continued to grow from the first quarter (5.2%) to a final total increase of 6.7% (measured by the EuroStoxx 600 index).
Domestic and regional markets recorded an increase in the value of stocks with a simultaneous increase in volatility. The total growth since the beginning of the year stands at an impressive 24.8% (measured by the Adriaprime index, which is a composite index of the stock markets of Croatia and Slovenia).
The above shows that the initial shock on the markets after the announcement of the introduction of tariffs in April 2025 on products from almost all world economies, with a special emphasis on China, was only short-lived. However, as there are still high geopolitical risks in the world caused by numerous conflicts, primarily the Russian-Ukrainian war, conflicts in the Middle East that had a special escalation in June through attacks on Iranian nuclear and military facilities and were followed by Iranian missile strikes on the territory of Israel, tensions related to Taiwan, further developments of the "tariff war", etc. , the high volatility of market movements is expected to continue in the coming period.
Also, given the high uncertainty of future price movements (especially energy and transport prices), further inflationary pressures are possible.
The American FED further reduced the prospects for the growth of the American economy in 2025 from 1.7% (estimated in the first quarter) to 1.4%, while the expectations of the inflation rate were raised to 3% by the end of 2025 (measured by the consumer basket index; CPI Index). Despite the worse forecasts regarding the expectations of key economic indicators, the US Central Bank still shows no intention to lower interest rates, so the reference interest rates remain at the levels as in December 2024.
Unlike the US FED, the European Central Bank has reduced reference interest rates on four occasions since the beginning of the year (by a total of 1 p.p.), thus demonstrating further efforts to suppress current inflation. The consequence of the reduction in interest rates in the Eurozone was also slightly reflected in the Croatian bond market, which has shown a slight growth of 0.6% since the beginning of the year (measured by the CROBIS TR index).
Investors are still inclined to increased demand for euros - the EUR/USD exchange rate has increased by more than 12% since the beginning of the year. At the same time, the value of gold has increased by 26% since the beginning of the year (measured by the spot price of gold in the USA), which is additionally caused by the weakening of the dollar, in which the value of gold is standardly expressed.
In addition to significant geopolitical risks and the pervasiveness of climate change risks, cyber-attack risks are also on the rise, supported, among other things, by the development of new technologies such as artificial intelligence, all of which are creating an uncertain environment for market entities to operate. Despite this, the Group's operations have proven resilient to various stressful circumstances thanks to its high capitalization, or solvency, as demonstrated by the latest ORSA results. The Group's SCR ratio as of 31.03.2025 is a high 224%, and even in stressful circumstances, the Group would likely continue to operate in accordance with regulatory requirements.
Significant events after the end of the reporting date
There were no significant events after the balance sheet date.
Expected development in the future
Inflationary pressures in the Republic of Croatia are decelerating much slower than expected. Accordingly, inflation forecasts measured by the harmonized indicator (HIPC) have been corrected on several occasions and the current estimate of inflation is 3.6% for 2025.
Unemployment continues to fall (unemployment survey could fall below 5%) and wage growth, which could amount to around 10% per year, driven by the effects of wage decompression in relation to the increase in the minimum wage, as well as the continuation of higher demand for workers and the "alignment" of wages with wage increases in the public sector.
Among the other effects that will have an impact on the insurance market is the stricter lending policy prescribed by the CNB, which came into force on July 1, 2025.
The non-life insurance market continues to record a very solid premium growth of ten percent, but with a noticeable slowdown in the last few months. This applies in particular to voluntary comprehensive motor vehicle insurance and additional health insurance, but the trend is expected to spill over to other types of insurance. Depending on the further development of inflation related to services and prices of automobile parts, there will potentially be a tightening of competition.
Life insurance premiums are currently below last year's level. Given the uncertainty in the capital markets, it is difficult for insurers to offer an attractive product and the question is in which direction the market will move if the uncertainty continues. Accordingly, no changes are expected in the current trends in life insurance in the short term.
Research and development activities
The Group continuously monitors environmental events and invests in market research, directs and supports the activities of affiliated companies that are in the function of organic growth and recognition of business opportunities and realization of new acquisitions. Given the increase in global uncertainty and risk, the Group will consider potential new business opportunities much more strictly.
Description of the most significant risks and uncertainties
In relation to the most significant risks and uncertainties which were described in the audited financial statements for the year 2024, in the period observed there were no significant changes in relation to the risks to which the Group is exposed in the course of its business, except as described in the chapter Significant business events in the reporting period.
Zagreb, 29 July 2025
| Member of the Management Board | President of the Management Board |
|---|---|
| Luka Babić | Davor Tomašković |
| Member of the Management Board | Member of the Management Board |
| Robert Vučković | Vesna Sanjković |
III. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD I-VI 2025
1. GENERAL INFORMATION
The Group consolidated the following entities as at 30 June 2025:
| 30 June 2025 | ||||
|---|---|---|---|---|
| Group | Activity | Shares directly held by parent (%) |
Shares held by the Group (%) |
Shares held by non controlling interests (%) |
| Subsidiaries registered in Croatia which are consolidated: |
||||
| Croatia premium d.o.o., Zagreb | Real estate business | 100.00 | 100.00 | - |
| M teh d.o.o. - |
Equipment rental | 100.00 | 100.00 | - |
| Croatia Nekretnine d.o.o., Zagreb | Real estate business | 100.00 | 100.00 | |
| Razne usluge d.o.o. (u likvidaciji) | - | 100.00 | 100.00 | - |
| AUTO MAKSIMIR VOZILA d.o.o. | Insurance agency | 100.00 | 100.00 | - |
| KOREQT d.o.o. | Trade brokerage | 100.00 | 100.00 | - |
| - KOREQT DISTRIBUCIJA d.o.o. |
Insurance distribution | 100.00 | 100.00 | - |
| Strmec projekt d.o.o | Real estate business | 100.00 | 100.00 | - |
| Consulting and | ||||
| CO Zdravlje d.o.o. | services | 100.00 | 100.00 | - |
| - CROATIA Poliklinika, Zagreb |
Healthcare | - | 100.00 | - |
| - POLIKLINIKA MARIN MED |
Healthcare | - | 100.00 | - |
| - Ustanova za zdravstvenu njegu MARIN MED PLUS |
Healthcare | - | 100.00 | - |
| - MARIN MED ZADAR d.o.o. u likvidaciji |
Healthcare | - | 100.00 | - |
| - MEDROS d.o.o. |
Healthcare | - | 100.00 | - |
| Croatia-Tehnički pregledi d.o.o., Zagreb | MOT* | 100.00 | 100.00 | - |
| - Herz d.d., Požega |
MOT | - | 100.00 | - |
| - Slavonijatrans-Tehnički pregledi d.o.o., Sl. Brod |
MOT | - | 76.00 | 24.00 |
| - STP Pitomača, Pitomača |
MOT | 100.00 | ||
| - STP Blato |
MOT | - | 100.00 | - |
| - Autoprijevoz d.d. |
MOT | - | - 20.88 |
|
| - | 79.12 | |||
| - Crotehna d.o.o., Ljubuški |
MOT | - | 100.00 | - |
| - | Technical examination | |||
| Tia auto d.o.o. | and analysis of motor | - | 100.00 | - |
| vehicles | ||||
| Croatia osiguranje mirovinsko društvo | Fund management | 100.00 | 100.00 | - |
| d.o.o., Zagreb | ||||
| Subsidiaries registered abroad which are | ||||
| consolidated | ||||
| Milenijum osiguranje a.d.o., Beograd | Insurance | 100.00 | 100.00 | - |
| Croatia osiguranje d.d., Mostar | Insurance | 97.12 | 97.12 | 2.88 |
| Croatia remont d.d., Čapljina - |
MOT Technical examination |
- | 100.00 | - |
| - Auto inspekt d.o.o. | and analysis of motor vehicles |
- | 100.00 | - |
| - Croauto d.o.o., Mostar |
MOT | - | 100.00 | - |
| - Skadenca d.o.o. | Insurance agency | - | 100.00 | - |
| Croatia osiguranje d.d., non-life insurance | ||||
| company, Skopje | Insurance | 100.00 | 100.00 | - |
| Croatia osiguranje d.d., life insurance | ||||
| company, Skopje | Insurance | 95.00 | 100.00 | - |
*MOT – Motor vehicle examination stations
In consolidation, the equity method is used for the valuation of investments in associates Agroservis - STP d.o.o., Virovitica (37%) and joint venture PBZ CROATIA osiguranje d.d. (50.0%).
The following is a summary of financial information for PBZ CROATIA osiguranje d.d. for the last year for which the annual financial statements have been adopted and which have been presented for the Group using the equity method.
| Summary statement of financial position | 31 December 2024 |
|---|---|
| in EUR'000 | |
| Financial assets | 17,325 |
| Cash and cash equivalents | 527 |
| Other assets | 1,638 |
| Total assets | 19,490 |
| Liabilities | 1,436 |
| Capital and reserves | 18,054 |
| Total equity and liabilities | 19,490 |
| Summary financial information | 31 December 2024 |
| in EUR'000 | |
| Opening balance of net assets at 1 January 2024 | 18,099 |
| Profit for the period | 2,756 |
| Dividends | (2,800) |
| Closing balance of net assets | 18,055 |
| Share in profit of joint venture @ 50% | 9,027 |
| Carrying amount | 9,027 |
CROATIA osiguranje d.d., Zagreb, Vatroslava Jagića 33 (parent company) is registered in the Court Register of the Commercial Court in Zagreb, Republic of Croatia, under the Company's Court Reg. No. ("MBS") 080051022 and PIN ("OIB") 26187994862. The Company's principal activity is non-life and life insurance business together with activities that are related to insurance activities and reinsurance business in the non-life insurance segment. Among other important activities, the Group also carries out activities of pension fund management, technical examinations and providing medical services of clinics.
CROATIA osiguranje d.d. is majorly owned by ADRIS GRUPA d.d., Rovinj and is included in the consolidated financial statements of ADRIS GRUPA d.d. which are available on the website of ADRIS GRUPA d.d.
The average number of employees of the Group during the current period is 3,937.
Supervisory Board and Management Board
According to the Company Act, Insurance Act and the Articles of Association of the Company the Company's bodies are: the General Assembly, the Supervisory Board and the Management Board. Obligations and responsibilities of the members of these bodies are determined by the mentioned acts.
Members of the Supervisory Board are:
| President |
|---|
| Vice President |
| Member |
| Member |
| Member |
| Member |
| Member |
Members of the Management Board are:
| Davor Tomašković | President |
|---|---|
| Robert Vučković | Member |
| Luka Babić | Member |
| Vesna Sanjković | Member |
Basis for preparation and consolidation
Financial statements are prepared in accordance with the Capital Market Act (Official Gazette 65/18, 17/20, 83/21, 151/22 and 85/24), International Accounting Standard 34 – Interim Financial Reporting, Rules of the Zagreb Stock Exchange and the Ordinance on the contents and structure of issuers interim reports and on the form and manner of their submission to the Croatian Financial Services Supervisory Agency, which is issued by the Croatian Financial Services Supervisory Agency.
Half-year financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2024. The Group's annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Annual Financial Report for 2024, for the purpose of understanding the information published in the notes to the financial statements prepared for the half-year of the 2025, is available on the company's official website, the official website of the Zagreb Stock Exchange and the Croatian Financial Services Supervisory Agency's Official Register.
Financial statements are prepared by using the accrual principle which is the underlying accounting assumption. Economic events are recognized when they occurred and are reported in financial statements for the period in which they occurred by using the underlying accounting principle of going concern.
Consolidated financial statements comprise the Company and its subsidiaries (together 'the Group'). All significant intragroup transactions and balances are eliminated.
Financial statements for the half-year of the 2025 have not been audited.
Presentation currency
Group's financial statements are prepared in the euros as the presentation currency.
Use of estimates and judgements
Preparation of financial statements in conformity with IFRS requires the Management Board to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, and information available at the date of preparation of financial statements, the results of which form the basis of making the judgements about carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes of accounting estimates are recognised from the period in which an estimate is revised and in future periods, if the change also affects them.
During the current reporting period, the Group applied the following significant judgments for the first time:
Separation of embedded derivatives from Virtual Power Purchase Agreements (VPPA)
The embedded derivatives represented by the electricity swaps are components of the VPPA contracts and determining whether such derivatives should be separated from the host contracts involves significant judgement. This includes an assessment of the terms and conditions of the VPPA contracts and the characteristics of the embedded derivatives.
The Group made an assessment and concluded that the economic risks and characteristics of these embedded derivatives are not closely related to the underlying host contracts. Consequently, the Group separately recognized these embedded derivatives as derivative financial instruments – electricity swaps.
Fair value measurement of electricity swaps
The fair values of the electricity swaps generally cannot be measured based on quoted prices in active markets, therefore the Group uses other valuation techniques, in particular the discounted cash flow (DCF) models. The inputs to these models are taken from observable market data where possible, but also a significant degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as production volumes, long-dated electricity prices, credit risk or wind or solar capture profiles. Changes in assumptions relating to these inputs could affect the reported fair values.
Accounting policies
Accounting policies and measurement methods which are used in the preparation of financial statements for the reporting period are the same as those which are used for preparation of the audited financial statements for the year 2024, except as stated below.
The Group entered into a Virtual Power Purchase Agreements (VPPAs) as a buyer and therefore have applied the following accounting policies for the first time:
Purchases of Guarantees of origin (GoO)
The Group considers the VPPA contracts as hybrid contracts, and the GoO component within the VPPA contract is considered a "host" contract for the delivery of a non-financial item (GoO) to the customer, while the cash-settled electricity component is reported as an "embedded derivative" in the form of a commodity swap (difference between the contracted price and the market price of cash-settled electricity).
While the embedded derivatives are separately recognised under IFRS 9, the residual non-financial host component of the contract is accounted by the Group as a purchase contract to receive the GoO from the seller of the VPPA contract and are recognized in profit or loss.
Derivative financial instruments and hedge accounting
The embedded derivatives separated from the VPPA contracts represent electricity swaps that are used by the Group to hedge the price risk of forecast physical purchases of electricity. The Group does not enter into these electricity swaps for speculative purposes.
The electricity swaps are initially recognised on the date on which the respective VPPA contracts are concluded and initially measured at nil (due to their non-optional nature) in accordance with IFRS 9. The electricity swaps are subsequently measured at fair value.
The Group has designated the electricity swaps as hedging instruments in cash flow hedge relationships to hedge the exposure to variability in highly probable forecast transactions that is attributable to the electricity price risk associated with the highly probable forecast transactions.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedge relationship meets the hedge effectiveness requirements.
Given their designation within cash flow hedge relationships, the Group presents the electricity swaps as Financial assets at fair value through other comprehensive income when their fair value is positive, or Financial liabilities – liabilities for derivative financial instrumentswhen their fair value is negative.
Accounting for cash flow hedges
The effective portion of the gain or loss on the electricity swaps is presented as the Effects of hedging instruments within Other comprehensive income, and is further accumulated in the cash flow hedge reserve, i.e. Other revaluation reserves, presented within Revaluation reserves. Any ineffective portion of the gain or loss on the electricity swaps is recognised immediately in profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
The Group uses the electricity swaps as hedges of its exposure to volatility in the spot electricity prices arising from highly probable future purchases of electricity.
The cash flow hedge reserve accumulated in equity is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. This is generally when the hedged future cash flows are recognized as items of income or expense.
This reclassification adjustment affects the same line items of profit or loss as those that are affected by the hedged items (Electricity expenses).
If a cash flow hedge relationship is discontinued, the cash flow hedge reserve remains in equity if the hedged future cash flows are still expected to occur. Once the hedged cash flows occur, the respective amount of the cash flow hedge is reclassified to profit or loss in the same period. However, if the hedged future cash flows are no longer expected to occur, the cash flow hedge reserve will be immediately reclassified to profit or loss.
Related party transactions
On 4 April 2025, the Supervisory Board of Croatia osiguranje d.d. approved transactions between Croatia osiguranje d.d. and Adris grupa d.d., which relate to the acquisition of direct equity interests through the purchase and sale of shares in Pozavarovalnice Sava d.d. and Professio Energia d.d. Croatia osiguranje d.d. and Adris grupa d.d., as the majority shareholder of Croatia osiguranje d.d., have signed two agreements for more efficient management within the Group. Croatia osiguranje d.d. purchased and acquired a total of 838,197 shares of Pozavarovalnice Sava d.d. from Adris grupa d.d., which constitute 4.87% of the Issuer's share capital. It is also concluded an agreement by which Adris grupa d.d. purchased and acquired a total of 567,193 ordinary shares of Professio Energia d.d. from Croatia osiguranje d.d., representing 19.9985% of the registered share capital of that company. By implementing these agreements, all shares of Professio Energia d.d. previously held by Croatia osiguranje d.d. will transfer to the ownership of Adris grupa d.d., while Croatia osiguranje d.d. will become the owner of shares in Pozavarovalnice Sava d.d. that were previously owned by Adris grupa d.d.
Apart from the above, in the current reporting period, there were usual related party transactions of goods and services.
Seasonality of business activities
Group's operations are not seasonal.
Segment reporting
The Group's reporting segments comprise the life insurance segment and the non-life insurance segment. The description of segments as well as allocation of costs between segment of life insurance and non-life insurance, capital and reserves and assets described in the annual financial statements for 2024, have not changed. There were no significant intersegmental revenues and expenses in the period observed.
Earnings per share
| 1 January-30 | 1 January-30 June | ||
|---|---|---|---|
| June 2024 | 2025 | ||
| in EUR | in EUR | ||
| Profit for the year attributable to the Company's shareholders | 33,564,005 | 41,943,469 | |
| Weighted average of ordinary shares | 420,947 | 420,947 | |
| Earnings per share attributable to the Company's shareholders | |||
| Basic and diluted earnings per share in EUR | 79.7 | 99.6 |
Fair value
Fair value is the amount that should be received for an asset sold or paid to settle a liability in an arm's length transaction between market participants at the value measurement date. Fair value is based on quoted market prices, where available. If market prices are not available, fair value is estimated by using discounted cash flow models or other appropriate pricing techniques. Changes in assumptions on which the estimates are based, including discount rates and estimated future cash flows, significantly affect the estimates. Therefore, at this point the estimated fair value cannot be certainly achieved from the sale of a financial instrument.
The fair value of investments at amortised cost is presented below:
| 30 June 2025 | 31 December 2024 | |||||
|---|---|---|---|---|---|---|
| Net book value |
Fair value | Difference | Net book value |
Fair value | Difference | |
| in EUR | in EUR | in EUR | in EUR | in EUR | in EUR | |
| Debt securities |
215,686,132 | 197,690,870 | (17,995,262) | 244,751,379 | 232,907,729 | (11,843,650) |
| Loans | 28,521,541 | 29,298,084 | 776,543 | 40,289,070 | 40,289,078 | 8 |
| Deposits | 115,784,812 | 116,510,126 | 725,314 | 154,411,843 | 154,411,843 | - |
| 359,992,485 | 343,499,080 | (16,493,405) | 439,452,292 | 427,608,650 | (11,843,642) |
Methods of assessment or assumptions in determining fair value
For measuring the fair value, the Group takes into account the IFRS fair value hierarchy rules that reflect the significance of inputs used in the assessment process. Each instrument is assessed individually and in detail. The levels of the fair value hierarchy are determined on the basis of the lowest level and the input data that are important for determining the fair value of the instrument.
The table below analyses financial instruments carried at fair value using the valuation method. Different levels have been defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices or interest rates information) or indirectly (that is, derived from prices or interest rates) (Level 2).
• Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
The Group's assets measured at fair value as at 30 June 2025 are presented as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| in EUR | in EUR | in EUR | in EUR | |
| Property for own use | - | - | 61,026,858 | 61,026,858 |
| Investment property | - | - | 153,724,798 | 153,724,798 |
| Equity securities | 246,667,252 | 11,194,000 | 10,332,129 | 268,193,381 |
| Debt securities | 470,507,429 | 140,246,967 | - | 610,754,396 |
| Financial assets at fair value through | 717,174,681 | 151,440,967 | 10,332,129 | 878,947,777 |
| other comprehensive income | ||||
| Equity securities | 1,419,546 | - | - | 1,419,546 |
| Debt securities | 39,774,100 | 19,899,800 | - | 59,673,900 |
| Investment funds | 67,576,827 | 96,041,284 | - | 163,618,111 |
| Derivative financial instruments | - | 1,887,318 | - | 1,887,318 |
| Financial assets at fair value through profit or loss |
108,770,473 | 117,828,402 | - | 226,598,875 |
| Total assets at fair value | 825,945,154 | 269,269,369 | 225,083,785 | 1,320,298,308 |
The Group's assets measured at fair value as at 31 December 2024 are presented as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| in EUR | in EUR | in EUR | in EUR | |
| Property for own use | - | - | 61,045,618 | 61,045,618 |
| Investment property | - | - | 152,459,186 | 152,459,186 |
| Equity securities | 160,879,067 | - | 30,817,036 | 191,696,103 |
| Debt securities | 440,112,926 | 161,295,498 | - | 601,408,424 |
| Financial assets at fair value through other comprehensive income |
600,991,993 | 161,295,498 | 30,817,036 | 793,104,527 |
| Equity securities | 502,273 | - | - | 502,273 |
| Investment funds | 13,265,122 | 89,498,672 | - | 102,763,794 |
| Derivative financial instruments | - | 20,843 | - | 20,843 |
| Other | - | 650,000 | - | 650,000 |
| Financial assets at fair value through profit or loss |
13,767,395 | 90,169,515 | - | 103,936,910 |
| Total assets at fair value | 614,759,388 | 251,465,013 | 244,321,840 | 1,110,546,241 |
The Group has adopted IFRS 13, pursuant to which it is required to disclose the fair value hierarchy of financial assets that are not measured at fair value as well as a description of valuation techniques and inputs used.
Financial liabilities, which are not valued at fair value through profit and loss account, are recorded at amortised cost. The Management Board believes that, due to fact that interest rate of these instruments is in line with market rates, the carrying value of these instruments is not significantly different from their fair value.
The fair value of deposits, loans and financial liabilities are estimated on the basis of inputs that are not commercially available rates, and are therefore classified as Level 3, or by using publicly available rates published by the Croatian national bank (for the Company's loans) and would therefore be classified as Level 2 in the fair value hierarchy. Investments with available market prices and classified in the portfolio of investments in debt securities valued at amortised cost are classified as Level 1.
The fair values of cash and cash equivalents and other receivables, i.e. other assets do not differ significantly from their carrying amounts due to the short-term nature of these financial instruments. Fair value is determined based on Level 2 inputs for cash and cash equivalents and based on Level 3 inputs for other receivables, i.e. other assets.
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. The fair value of financial instruments that are classified as Level 3 is determined by using discontinued cash flow techniques or other valuation techniques by using relevant observable market data, information about current business and estimation of issuer's future business of the financial asset in question. There was no significant increase or decrease in the value of the parameters that would affect the change in the fair value of financial assets classified in Level 3 fair value.
Apart from the sales of equity securities, there have been no significant reclassifications of financial assets at fair value through profit or loss from Level 1 and Level 2 to Level 3 and vice versa in statement of financial position.
The fair value of investment property is derived primarily by applying a sales comparison and income approach, and sometimes lacking information on market parameters by applying the cost method, depending on a particular property.
The fair value of the property for own use was carried out primarily by applying the income method.
The most significant inputs in the valuations were prices or rental income per square meter, generated based on comparable properties in the immediate vicinity and then adjusted by differences in key characteristics.
Information on measurements of the fair value of investment property using significant inputs that are not available on the market (Level 3) is published in the financial statements for 2024.
Intangible assets
In the period observed, intangible assets increased by EUR 798 thousand, and this represents the net effect of increasing intangible assets due to additional investments in the observed period and reduction of intangible assets due to amortization. The Group capitalized the costs of net salaries in the amount of EUR 52.9 thousand, the costs of contributions from salaries in the amount of EUR 15.2 thousand, the costs of taxes and surcharges from salaries in the amount of EUR 10.5 thousand, the costs of contributions to salaries in in the amount of EUR 10.1 thousand and other employee costs in the amount of EUR 1.3 thousand.
Financial assets and financial liabilities
The structure of financial assets as at 30 June 2025 and 31 December 2024 was as follows:
| 30 June 2025 | ||||
|---|---|---|---|---|
| Financial assets at amortised cost |
Financial assets at fair value through other comprehensive income |
Financial assets at fair value through profit and loss account |
Total | |
| in EUR | in EUR | in EUR | in EUR | |
| Shares Shares, listed |
- | 267,964,738 | 1,419,546 | 269,384,284 |
| Shares, not listed | - | 228,643 | - | 228,643 |
| - | 268,193,381 | 1,419,546 | 269,612,927 | |
| Debt securities | ||||
| Government bonds | 209,661,692 | 478,600,836 | - | 688,262,528 |
| Corporate bonds | 2,812,633 | 111,255,660 | - | 114,068,293 |
| Treasury bills | 3,211,807 | 20,897,900 | 59,673,900 | 83,783,607 |
| 215,686,132 | 610,754,396 | 59,673,900 | 886,114,428 | |
| Derivative financial instruments | ||||
| Currency option | - | - | - | - |
| Currency forward contracts | - | - | 1,887,318 | 1,887,318 |
| - | - | 1,887,318 | 1,887,318 | |
| Investment funds | ||||
| Open-ended investment funds | - | - | 154,760,521 | 154,760,521 |
| Open-ended investment funds - assets for coverage of unit-linked products |
- | - | 8,857,590 | 8,857,590 |
| - | - | 163,618,111 | 163,618,111 | |
| Loans and receivables | ||||
| Deposits with credit institutions | 115,784,812 | - | - | 115,784,812 |
| Loans | 28,521,541 | - | - | 28,521,541 |
| 144,306,353 | - | - | 144,306,353 | |
| 359,992,485 | 878,947,777 | 226,598,875 | 1,465,539,137 |
| Financial assets at amortised cost |
Financial assets at fair value through other comprehensive income |
Financial assets at fair value through profit and loss account |
Total | |
|---|---|---|---|---|
| in EUR | in EUR | in EUR | in EUR | |
| Shares | ||||
| Shares, listed | - | 191,467,461 | 502,273 | 191,969,734 |
| Shares, not listed | - | 228,642 | - | 228,642 |
| - | 191,696,103 | 502,273 | 192,198,376 | |
| Debt securities | ||||
| Government bonds | 241,873,522 | 467,006,764 | - | 708,880,286 |
| Corporate bonds | 2,877,857 | 118,428,850 | - | 121,306,707 |
| Treasury bills | - | 15,972,810 | - | 15,972,810 |
| 244,751,379 | 601,408,424 | - | 846,159,803 | |
| Derivative financial instruments | ||||
| Currency option | - | - | 20,843 | 20,843 |
| - | - | 20,843 | 20,843 | |
| Investment funds | ||||
| Open-ended investment funds | - | - | 94,606,525 | 94,606,525 |
| Open-ended investment funds - assets | - | - | 8,157,269 | 8,157,269 |
| for coverage of unit-linked products | ||||
| - | - | 102,763,794 | 102,763,794 | |
| Loans and receivables | ||||
| Deposits with credit institutions | 154,411,843 | - | 650,000 | 155,061,843 |
| Loans | 40,289,070 | - | - | 40,289,070 |
| 194,700,913 | - | 650,000 | 195,350,913 | |
| 439,452,292 | 793,104,527 | 103,936,910 | 1,336,493,729 |
The structure of financial liabilities as at 30 June 2025 and 31 December 2024 was as follows:
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| in EUR | in EUR | |
| Lease liabilities | 45,535,232 | 45,300,327 |
| Loan liabilities | 1,256,964 | 1,407,480 |
| Derivative financial instruments | 32,061 | 817,110 |
| Preference shares | 1,627,500 | 1,627,500 |
| Liability for unpaid dividend | 46,072,888 | 218,498 |
| Other financial liabilities | 1,706,759 | 21,000 |
| 96,231,404 | 49,391,915 |
Share capital and shares
The Company's share capital with a nominal value of EUR 79,924 thousand as at 30 June 2025 is divided among 429,697 shares with a nominal value of EUR 186,00. The shares are marked as follows:
| Number of shares | Nominal amount (in 000 EUR) |
|---|---|
| 307,598 ordinary shares I. emission with ticker CROS-R-A/CROS | 57,213 |
| 113,349 ordinary shares II. emission with ticker CROS-R-A/CROS | 21,083 |
| TOTAL OF ORDINARY SHARES | 78,296 |
| 8,750 preference shares I. emission with ticker CROS-P-A/CROS2 | 1,628 |
| TOTAL OF PREFERENCE SHARES | 1,628 |
| TOTAL OF ORDINARY AND PREFERENCE SHARES | 79,924 |
Each share, ordinary and preference, provides the right to 1 (one) vote at the Company's General Assembly, Due to the guaranteed dividend payment, preference shares are classified as financial liabilities, All shares are paid in full, issued in dematerialized form, are transferable and are managed at the central depository of the Central Depository & Clearing Company.
Liabilities
The structure of Group's liabilities as at 30 June 2025 and 31 December 2024 was as follows:
| 30 June 2025 | |||||
|---|---|---|---|---|---|
| No later than 1 year | 1-5 years More than 5years |
||||
| in EUR | in EUR | in EUR | in EUR | ||
| Other provisions | 1,142,827 | 5,516,053 | 1,656,992 | 8,315,872 | |
| Financial liabilities | 52,254,029 | 12,807,772 | 31,169,603 | 96,231,404 | |
| Other liabilities | 81,762,264 | 3,771,563 | 1,160,666 | 86,694,493 | |
| Total | 135,159,120 | 22,095,388 | 33,987,261 | 191,241,769 |
| 31 December 2024 | |||||
|---|---|---|---|---|---|
| No later than 1 year | 1-5 years | More than 5years | Total | ||
| in EUR | in EUR | in EUR | in EUR | ||
| Other provisions | 818,376 | 5,172,681 | 1,872,984 | 7,864,041 | |
| Financial liabilities | 6,720,356 | 10,918,962 | 31,752,597 | 49,391,915 | |
| Other liabilities | 71,280,082 | 5,058,870 | 915,991 | 77,254,943 | |
| Total | 78,818,814 | 21,150,513 | 34,541,572 | 134,510,899 |
Deferred taxes The Group on 30 June 2025 has recognized deferred tax assets and liabilities. There were no significant changes in deferred tax assets compared to 31 December 2024, while the movement of deferred tax liabilities is shown in the note below:
| in E U R |
|||||||
|---|---|---|---|---|---|---|---|
| d a d La n n i ing bu l d s ie d by oc cu p an ing fo de k rta un r its ow n iv it ies t ac |
d a d La n n i ing bu l d ot s n ie d by oc cu p an ing fo de k rta un r its ow n iv it ies t ac |
ina ia l a F ts nc sse ir v fa lue at a hro h o he t t ug r ive he co mp re ns inc om e |
f Im t o p ac I F R S 1 7 ica ion l t ap p |
ina ia l F nc res erv es fro m ins ura nc e nt ts co rac |
he Ot r |
l To ta |
|
| be De 1 3 ce m r 2 02 3 |
85 6, 8 2, 02 |
8, 62 4, 9 5 5 |
11, 1 7, 9 22 |
( ) 1, 7 3 5 5 |
8, 11, 17 3 0 |
64 4 09 , |
8 24 03 0, 09 , |
| i ica ion las f Re t c s |
- | 62 8 9 3, |
( ) 6, 22 4 |
- | - | ( ) 17, 9 5 4 |
69 4 5 0 , |
| is it ion Ac q u |
- | - | - | - | - | 80 7 5, 7 |
80 7 5, 7 |
| f it o C ha hro h p los e t ng ug ro r s |
( ) 5 3, 4 3 0 |
115 7 03 , |
84 23 4 , |
( ) 13 7, 3 4 1 |
- | 19, 7 7 9 |
( ) 80 3 1, 5 |
| ive inc C ha hro h o he he e t t ng ug r c om p re ns om e |
89 80 1, 4 7 , |
- | 84 12, 1 3 7 7 , |
- | ( ) 3, 3 24 4 05 , |
- | 10 3 4 9, 7 5 2 , |
| ha d i f fer fro lat ion f fo ig ion Ex ate tra t c ng e r en ce s m ns o re n o p era s |
- | - | 5 5 2 |
- | ( ) 1, 3 03 |
- | ( ) 7 5 1 |
| be De 3 1 r 2 02 4 ce m |
8 4, 29 2, 3 7 |
67 6 5, 1 9 5 , |
20 113 4 10 , , |
( ) 8, 69 6 20 |
85 62 4, 9 4 , |
14 2, 014 |
3 4, 4 9 2, 5 24 |
| ha hro h p f it o los C e t ng ug ro r s |
( ) 6, 3 9 5 1 |
6, 81 17 2 |
( ) 82 1, 7, 9 4 3 |
6, 4 17 |
- | ( ) 81 8 10 , |
( ) 69 1, 3, 014 |
| ha hro h o he he ive inc C e t t ng ug r c om p re ns om e |
- | - | 80 11, 3, 7 5 3 |
- | ( ) 6 5 9 2, 25 |
- | 11, 211 4 9 7 , |
| ha d i f fer fro lat ion f fo ig ion Ex ate tra t c ng e r en ce s m ns o re n o p era s |
- | - | ( ) 8 61 1, |
- | - | - | ( 8 61 ) 1, |
| Ju 3 0 ne 20 25 |
4, 25 5, 4 27 |
5, 3 4 4, 23 7 |
87 3 0, 0 3 5 9 , |
( ) 20 2, 27 9 |
6 4, 3 9 3, 20 |
6 13 1, 19 |
6 4 4, 00 9, 14 |
Commitments As at 30 June 2025, the Group's contractual obligations for future investments amount to EUR 27,8m based on binding bids for investments in alternative investment funds.
MANAGEMENT BOARD STATEMENT
Pursuant to article 20 of the Articles of Association of the Company from 31 May 2023 and article 465 of the Capital Market Law (Official Gazette 65/18, 17/20, 83/21, 151/22 and 85/24), the Management Board provides this
STATEMENT
That to the best of our knowledge:
- the set of half-year consolidated unaudited financial statements of the issuer for the period 1 January – 30 June 2025, prepared by using applicable financial reporting standards, gives a true and fair view of assets and liabilities, the financial position, profit or loss of the issuer and the entities included in consolidation,
- the management report presents an objective view of the development and business results and position of the issuer and entities included in consolidation, with description of significant risks and uncertainties to which they are exposed,
Zagreb, 29 July 2025
| Member of the Management Board | President of the Management Board |
|---|---|
| Luka Babić | Davor Tomašković |
| Member of the Management Board | Member of the Management Board |
Robert Vučković Vesna Sanjković