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Croatia osiguranje d.d.
Quarterly Report • Apr 30, 2025
2087_10-q_2025-04-30_3bb8fb46-ea3f-4ffc-b94f-99651685344f.pdf
Quarterly Report
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UNCONSOLIDATED UNAUDITED QUARTERLY REPORT, FOR THE PERIOD 1 January 2025 – 31 March 2025
Zagreb, April 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 FINANCIAL STATEMENTS 3 | ||
|---|---|---|
| STATEMENT OF COMPREHENSIVE INCOME 4 | ||
| STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) 6 | ||
| STATEMENT OF CHANGES IN EQUITY 8 | ||
| STATEMENT OF CASH FLOWS – indirect method 9 |
||
| II. | QUARTERLY MANAGEMENT REPORT 10 | |
| III. | NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD I-III 2025 16 | |
| MANAGEMENT BOARD STATEMENT 27 |
I. UNAUDITED FINANCIAL STATEMENTS
| Annex 1 | |
|---|---|
| ISSUER'S GENERAL DATA | |
| Reporting period: | 1.1.2025 31.3.2025 to |
| Year: | 2025 |
| Quarter: | 1 |
| Quarterly financial statements | |
| Registration number (MB): 03276147 |
Issuer's home HR Member State |
| 080051022 Entity's registration number |
|
| Personal identification number 26187994862 (OIB): |
74780000M0GHQ1VXJU20 LEI: |
| 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 2392 (end of the reporting period): |
|
| Consolidated report: KN |
(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: |
| Yes | |
| Bookkeeping firm: No |
No (Yes/No) |
| Contact person: Jelena Matijević | (name of the bookkeeping firm) |
| Telephone: 072 00 1884 | (only name and surname of the contact person) |
| E-mail address: [email protected] | |
| Audit firm: | |
| (name of the audit firm) Certified auditor: |
|
| (name and surname) |
STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS) For the period: 1.1.2025 - 31.3.2025
| Cumulative | in EUR Quarter |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | elements Identifier | Item | Previous accounting period Current accounting period |
Previous accounting period Current accounting period |
|||||||||||
| number | 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 | 1.839.709 | 98.011.255 | 99.850.964 | 1.777.603 111.779.077 113.556.680 1.839.709 98.011.255 99.850.964 | 1.777.603 111.779.077 113.556.680 | ||||||||
| 002 | 1 | General measurement model | 1.783.205 | 703.856 | 2.487.061 | 1.757.582 | 662.610 | 2.420.192 1.783.205 | 703.856 | 2.487.061 | 1.757.582 | 662.610 | 2.420.192 | |||
| 003 | 2 | Variable fee approach | 56.504 | 0 | 56.504 | 20.021 | 0 | 20.021 | 56.504 | 0 | 56.504 | 20.021 | 0 | 20.021 | ||
| 004 | 3 | Premium allocation approach | 0 | 97.307.399 | 97.307.399 | 0 111.116.467 111.116.467 | 0 97.307.399 97.307.399 | 0 111.116.467 111.116.467 | ||||||||
| 005 | 006+007+…. +012 |
I I | Expenditure from insurance contracts | -455.942 -87.092.184 -87.548.126 -1.048.189 -95.083.676 -96.131.865 | -455.942 -87.092.184 -87.548.126 -1.048.189 -95.083.676 -96.131.865 | |||||||||||
| 006 | 1 | Claims incurred | -337.225 -54.646.891 -54.984.116 | -250.582 -65.267.451 -65.518.033 | -337.225 -54.646.891 -54.984.116 | -250.582 -65.267.451 -65.518.033 | ||||||||||
| 007 | 2 | Commissions | -103.405 | -9.456.410 | -9.559.815 | -171.828 -11.172.189 -11.344.017 | -103.405 -9.456.410 -9.559.815 | -171.828 -11.172.189 -11.344.017 | ||||||||
| 008 | 3 | Other expenses related to the sale of insurance |
0 | -8.755.903 | -8.755.903 | 0 -10.105.723 -10.105.723 | 0 -8.755.903 -8.755.903 | 0 -10.105.723 -10.105.723 | ||||||||
| 009 | 4 | Other insurance service expenses | -454.399 -14.367.414 -14.821.813 | -405.582 -15.225.838 -15.631.420 | -454.399 -14.367.414 -14.821.813 | -405.582 -15.225.838 -15.631.420 | ||||||||||
| 010 | 5 | Depreciation of insurance acquisition costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| 011 | 6 | Losses and reversal of losses on onerous contracts |
-8.889 | 513.888 | 504.999 | 2.370 | 660.430 | 662.800 | -8.889 | 513.888 | 504.999 | 2.370 | 660.430 | 662.800 | ||
| 012 | 7 | Change in liabilities for claims incurred | 447.976 | -379.454 | 68.522 | -222.567 | 6.027.095 | 5.804.528 | 447.976 | -379.454 | 68.522 | -222.567 | 6.027.095 | 5.804.528 | ||
| 013 | 014 + 015 | III | Net result of (passive) reinsurance contracts |
1 | -2.646.918 | -2.646.917 | 0 | -9.135.590 | -9.135.590 | 1 -2.646.918 -2.646.917 | 0 | -9.135.590 | -9.135.590 | |||
| 014 | 1 | Income from (passive) reinsurance contracts | 0 | 9.464.592 | 9.464.592 | 0 | 6.732.198 | 6.732.198 | 0 | 9.464.592 | 9.464.592 | 0 | 6.732.198 | 6.732.198 | ||
| 015 | 2 | Expenditure from (passive) reinsurance contracts |
1 -12.111.510 -12.111.509 | 0 -15.867.788 -15.867.788 | 1 -12.111.510 -12.111.509 | 0 -15.867.788 -15.867.788 | ||||||||||
| 016 | 001 + 005 + 013 |
I V | Result from insurance contracts | 1.383.768 | 8.272.153 | 9.655.921 | 729.414 | 7.559.811 | 8.289.225 1.383.768 | 8.272.153 | 9.655.921 | 729.414 | 7.559.811 | 8.289.225 | ||
| 017 | 018 + 023 + 024 + 025 + 026 + 027 + 031 + 032 + 033 +034 |
V | Net investment result | 3.619.892 | 8.720.221 | 12.340.113 | 2.828.230 | 8.972.874 | 11.801.104 3.619.892 | 8.720.221 12.340.113 | 2.828.230 | 8.972.874 11.801.104 | ||||
| 018 | 019 + 020 + 021 + 022 |
1 | Net result from investment in land and buildings |
0 | 1.005.087 | 1.005.087 | 0 | 326.422 | 326.422 | 0 | 1.005.087 | 1.005.087 | 0 | 326.422 | 326.422 | |
| 019 | 1.1. | Rental gains/losses (net) | 0 | 1.005.087 | 1.005.087 | 0 | 326.422 | 326.422 | 0 | 1.005.087 | 1.005.087 | 0 | 326.422 | 326.422 | ||
| 020 | 1.2. | Realised gains/losses (net) from property not for own use |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| 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 the effective interest rate method |
2.488.424 | 4.428.226 | 6.916.650 | 2.012.569 | 4.703.723 | 6.716.292 2.488.424 | 4.428.226 | 6.916.650 | 2.012.569 | 4.703.723 | 6.716.292 | |||
| 024 | 3 | Other interest income | 0 | 29.048 | 29.048 | 0 | 0 | 0 | 0 | 29.048 | 29.048 | 0 | 0 | 0 | ||
| 025 | 4 | Dividend income | 73.657 | 1.453.118 | 1.526.775 | 338.500 | 2.314.206 | 2.652.706 | 73.657 | 1.453.118 | 1.526.775 | 338.500 | 2.314.206 | 2.652.706 | ||
| 026 | 5 | Unrealised gains/losses (net) from financial assets at fair value through profit or loss |
682.183 | 763.636 | 1.445.819 | 789.934 | 1.752.059 | 2.541.993 | 682.183 | 763.636 | 1.445.819 | 789.934 | 1.752.059 | 2.541.993 | ||
| 027 | 028 + 029 + 030 |
6 | Realised gains/losses | -97.784 | 893.151 | 795.367 | -52.332 | 705.570 | 653.238 | -97.784 | 893.151 | 795.367 | -52.332 | 705.570 | 653.238 | |
| 028 | 6.1. | Realised gains/losses (net) from financial assets at fair value through profit or loss |
104.972 | 551.602 | 656.574 | 67.559 | 220.650 | 288.209 | 104.972 | 551.602 | 656.574 | 67.559 | 220.650 | 288.209 | ||
| 029 | 6.2. | Realised gains/losses (net) from financial assets at fair value through other comprehensive income |
-202.756 | 341.549 | 138.793 | 33.208 | 484.920 518.128 |
-202.756 | 341.549 | 138.793 | 33.208 | 484.920 | 518.128 | |||
| 030 | 6.3. | Other realised gains/losses (net) | 0 | 0 | 0 | -153.099 | 0 | -153.099 | 0 | 0 | 0 | -153.099 | 0 | -153.099 | ||
| 031 | 7 | Net impairment / reversal of impairment of investments |
16.256 | 198.036 | 214.292 | 51.862 | 353.655 | 405.517 | 16.256 | 198.036 | 214.292 | 51.862 | 353.655 | 405.517 | ||
| 032 | 8 | Net exchange rate differences | 126.739 | 466.220 | 592.959 | -229.270 | -823.203 | -1.052.473 | 126.739 | 466.220 | 592.959 | -229.270 | -823.203 | -1.052.473 | ||
| 033 | 9 | Other income from investments | 354.804 | 13.664 | 368.468 | -51.791 | 5.552 | -46.239 | 354.804 | 13.664 | 368.468 | -51.791 | 5.552 | -46.239 | ||
| 034 | 10 | Other expenditure from investments | -24.387 | -529.965 | -554.352 | -31.242 | -365.110 | -396.352 | -24.387 | -529.965 | -554.352 | -31.242 | -365.110 | -396.352 |
STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS) For the period: 1.1.2025 - 31.3.2025
| Item | elements Identifier | Cumulative | Quarter | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| number | Sum | 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 |
-1.151.090 | -897.312 | -2.048.402 -1.019.860 | -1.211.075 | -2.230.935 -1.151.090 | -897.312 -2.048.402 -1.019.860 | -1.211.075 | -2.230.935 | ||||||
| 036 | 1 | Net financial income/expenditure from insurance contracts |
-1.151.090 | -1.081.454 | -2.232.544 -1.019.860 | -1.428.931 | -2.448.791 -1.151.090 -1.081.454 -2.232.544 -1.019.860 | -1.428.931 | -2.448.791 | ||||||||
| 037 | 2 | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 184.142 | 184.142 | 0 | 217.856 | 217.856 | 0 | 184.142 | 184.142 | 0 | 217.856 | 217.856 | |||
| 038 | 3 | Change of liability for investment contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 039 | VII | Other income | 756 | 1.212.873 | 1.213.629 | 779 | 1.218.890 | 1.219.669 | 756 | 1.212.873 | 1.213.629 | 779 | 1.218.890 | 1.219.669 | |||
| 040 | VIII | Other operating expenses | -29.917 | -3.567.946 | -3.597.863 | -25.158 | -2.301.096 | -2.326.254 | -29.917 -3.567.946 -3.597.863 | -25.158 | -2.301.096 | -2.326.254 | |||||
| 041 | I X | Other financial expenses | -7.252 | -302.887 | -310.139 | -6.908 | -303.314 | -310.222 | -7.252 | -302.887 | -310.139 | -6.908 | -303.314 | -310.222 | |||
| 042 | X | Share of profit of companies consolidated using equity method, net of tax |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 043 | 001+005+ 013+016+ 017+035+ 039+040+ 041+042 |
XI | Profit or loss of the accounting period before tax (+/-) |
3.816.157 | 13.437.102 | 17.253.259 | 2.506.497 | 13.936.090 | 16.442.587 3.816.157 13.437.102 17.253.259 | 2.506.497 13.936.090 16.442.587 | |||||||
| 044 | 045 + 046 | XII | Tax on profit or loss | -686.908 | -2.154.377 | -2.841.285 | -445.742 | -1.737.587 | -2.183.329 | -686.908 -2.154.377 -2.841.285 | -445.742 | -1.737.587 | -2.183.329 | ||||
| 045 | 1 | Current tax expense | -686.908 | -2.157.117 | -2.844.025 | -445.742 | -1.743.258 | -2.189.000 | -686.908 -2.157.117 -2.844.025 | -445.742 | -1.743.258 | -2.189.000 | |||||
| 046 | 2 | Deferred tax expense/ income | 0 | 2.740 | 2.740 | 0 | 5.671 | 5.671 | 0 | 2.740 | 2.740 | 0 | 5.671 | 5.671 | |||
| 047 | 043+ 044 | XIII | Profit or loss of the accounting period after tax (+/-) |
3.129.249 | 11.282.725 | 14.411.974 | 2.060.755 | 12.198.503 | 14.259.258 3.129.249 11.282.725 14.411.974 | 2.060.755 12.198.503 14.259.258 | |||||||
| 048 | 1 | Attributable to owners of the parent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 049 | 2 | Attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 050 | 051 + 056 | XIV Other comprehensive income | 1.713.581 | 14.156.963 | 15.870.544 | 2.849.361 | 22.094.621 | 24.943.982 1.713.581 14.156.963 15.870.544 | 2.849.361 22.094.621 24.943.982 | ||||||||
| 051 | 052 + 053 + 054 + 055 |
1 | Items that will not be reclassified to statement of profit or loss |
795.111 | 12.708.137 | 13.503.248 | 1.735.752 | 21.538.957 | 23.274.709 | 795.111 12.708.137 13.503.248 | 1.735.752 21.538.957 23.274.709 | ||||||
| 052 | 1.1. | Net change in fair value of equity securities (OCI) |
969.647 | 15.497.728 | 16.467.375 | 2.116.771 | 26.267.021 | 28.383.792 | 969.647 15.497.728 16.467.375 | 2.116.771 26.267.021 28.383.792 | |||||||
| 053 | 1.2. | Actuarial gains/losses on defined benefit pension plans |
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 | ||||
| 055 | 1.4. | Tax | -174.536 | -2.789.591 | -2.964.127 | -381.019 | -4.728.064 | -5.109.083 | -174.536 -2.789.591 -2.964.127 | -381.019 | -4.728.064 | -5.109.083 | |||||
| 056 | 057 + 058 + + 063 |
2 | Items that are, or may be, reclassified to statement of profit or loss |
918.470 | 1.448.826 | 2.367.296 | 1.113.609 | 555.664 | 1.669.273 | 918.470 | 1.448.826 | 2.367.296 | 1.113.609 | 555.664 | 1.669.273 | ||
| 057 | 2.1. | Net change in fair value of debt securities (OCI) |
-72.203 | 32.067 | -40.136 -1.148.756 | -2.890.927 | -4.039.683 | -72.203 | 32.067 | -40.136 -1.148.756 | -2.890.927 | -4.039.683 | |||||
| 058 | 2.2. | Exchange rate differences from translation of foreign operations |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 059 | 2.3. | Effects of hedging instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 060 | 2.4. | Net financial income/expenditure from insurance contracts |
1.192.288 | 2.200.118 | 3.392.406 | 2.506.816 | 3.591.158 | 6.097.974 1.192.288 | 2.200.118 | 3.392.406 | 2.506.816 | 3.591.158 | 6.097.974 | ||||
| 061 | 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | -464.949 | -464.949 | 0 | -22.418 | -22.418 | 0 | -464.949 | -464.949 | 0 | -22.418 | -22.418 | |||
| 062 | 2.6. | Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 063 | 2.7. | Tax | -201.615 | -318.410 | -520.025 | -244.451 | -122.149 | -366.600 | -201.615 | -318.410 | -520.025 | -244.451 | -122.149 | -366.600 | |||
| 064 | 047+ 050 | XV | Total comprehensive income | 4.842.830 | 25.439.688 | 30.282.518 | 4.910.116 | 34.293.124 | 39.203.240 4.842.830 25.439.688 30.282.518 | 4.910.116 34.293.124 39.203.240 | |||||||
| 065 | 1 | Attributable to owners of the parent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| 0 | 0 | 0 | 0 | ||||||||||||||
| 066 | 2 | Attributable to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
As at: 31.3.2025
| in EUR | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | elements Identifier | Item | Last day of the preceding business year | At the reporting date of the current period | ||||
| number | Life | Non-life | Total | Life | Non-life | Total | |||
| 001 | 002+003 | I | INTANGIBLE ASSETS | 0 | 14.907.112 | 14.907.112 | 0 | 15.106.744 | 15.106.744 |
| 002 | 1 | Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | |
| 003 | 2 | Other intangible assets | 0 | 14.907.112 | 14.907.112 | 0 | 15.106.744 | 15.106.744 | |
| 004 | 005+006+0 07 |
I I | TANGIBLE ASSETS | 1.874 | 61.542.730 | 61.544.604 | 1.874 | 60.420.596 | 60.422.470 |
| 005 | 1 | Land and buildings occupied by an undertaking for its own activities |
0 | 23.930.245 | 23.930.245 | 0 | 23.690.008 | 23.690.008 | |
| 006 | 2 | Equipment | 1.865 | 2.912.594 | 2.914.459 | 1.865 | 2.693.701 | 2.695.566 | |
| 007 | 3 | Other tangible assets and inventories | 9 | 34.699.891 | 34.699.900 | 9 | 34.036.887 | 34.036.896 | |
| 009+010+0 | |||||||||
| 008 | 14 | III | INVESTMENTS | 359.032.108 | 955.185.980 1.314.218.088 353.975.862 | 998.582.790 1.352.558.652 | |||
| 009 | A | Investments in land and buildings not occupied by an undertaking for its own activities |
0 | 34.914.492 | 34.914.492 | 0 | 34.902.496 | 34.902.496 | |
| 010 | 011+012+0 13 |
B | Investments in subsidiaries, associates and joint ventures |
0 | 111.010.290 | 111.010.290 | 0 | 111.010.290 | 111.010.290 |
| 011 | 1 | Shares and holdings in subsidiaries | 0 | 107.294.051 | 107.294.051 | 0 | 107.294.051 | 107.294.051 | |
| 012 | 2 | Shares and holdings in associates | 0 | 0 | 0 | 0 | 0 | 0 | |
| 013 | 3 | Shares and holdings in joint ventures | 0 | 3.716.239 | 3.716.239 | 0 | 3.716.239 | 3.716.239 | |
| 014 | 015+020+0 | C | Financial assets | 359.032.108 | 809.261.198 1.168.293.306 353.975.862 | 852.670.004 1.206.645.866 | |||
| 25 | |||||||||
| 015 | 016 + 017 + 018 + 019 |
1 | Financial assets at amortised cost | 123.310.340 | 256.795.197 | 380.105.537 | 96.588.178 | 222.246.464 | 318.834.642 |
| 016 | 1.1 | Debt financial instruments | 105.793.328 | 123.443.252 | 229.236.580 | 76.167.514 | 122.792.943 | 198.960.457 | |
| 017 | 1.2 | Deposits with credit institutions | 15.935.471 | 56.370.628 | 72.306.099 | 19.210.980 | 24.687.622 | 43.898.602 | |
| 018 | 1.3. | Loans | 1.581.541 | 65.675.598 | 67.257.139 | 1.209.684 | 64.709.943 | 65.919.627 | |
| 019 | 1.4. | Other | 0 | 11.305.719 | 11.305.719 | 0 | 10.055.956 | 10.055.956 | |
| 020 | 021 + 022 + 023 + 024 |
2 | Financial assets at fair value through other comprehensive income |
202.181.919 | 492.823.908 | 695.005.827 212.066.809 | 523.249.648 | 735.316.457 | |
| 021 | 2.1 | Equity financial instruments | 18.497.994 | 173.198.059 | 191.696.053 | 22.979.921 | 192.495.393 | 215.475.314 | |
| 022 | 2.2 | Debt financial instruments | 183.683.925 | 319.625.849 | 503.309.774 189.086.888 | 330.754.255 | 519.841.143 | ||
| 023 | 2.3. | Units in investment funds | 0 | 0 | 0 | 0 | 0 | 0 | |
| 024 | 2.4. | Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| 025 | 026 + 027+…. +030 |
3 | Financial assets at fair value through profit and loss account |
33.539.849 | 59.642.093 | 93.181.942 | 45.320.875 | 107.173.892 | 152.494.767 |
| 026 | 3.1 | 0 | 502.273 | 502.273 | 1.481.930 | 557.780 | 2.039.710 | ||
| 027 | 3.2 | Equity financial instruments Debt financial instruments |
0 | 0 | 0 | 0 | 0 | 0 | |
| 028 | 3.3. | Units in investment funds | 33.393.758 | 58.615.068 | 92.008.826 | 43.734.192 | 106.257.070 | 149.991.262 | |
| 029 030 |
3.4. 3.5 |
Derivative financial instruments Other |
0 146.091 |
20.843 503.909 |
20.843 650.000 |
104.753 0 |
359.042 0 |
463.795 0 |
|
| 032 + 036 | ASSETS FROM INSURANCE | ||||||||
| 031 | +040 034+035+0 |
I V | CONTRACTS | 30.830 | 14.998.944 | 15.029.774 | 24.748 | 13.874.056 | 13.898.804 |
| 032 | 36 | 1 | General measurement model | 30.830 | 12.612.714 | 12.643.544 | 24.748 | 12.384.461 | 12.409.209 |
| 033 | 1.1. | - Assets for remaining coverage | 30.830 | -1.262.308 | -1.231.478 | 40.149 | -1.219.330 | -1.179.181 | |
| 034 | 1.2. | - Assets for insurance acquisition cash | 0 | 0 | 0 | 0 | 0 | 0 | |
| flows | |||||||||
| 035 | 1.3. | - Assets from claims incurred | 0 | 13.875.022 | 13.875.022 | -15.401 | 13.603.791 | 13.588.390 | |
| 036 | 037+038+0 39 |
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 | 0 | 0 | 0 | 0 | 0 | 0 | |
| flows | |||||||||
| 039 | 2.3. | - Assets from claims incurred | 0 | 0 | 0 | 0 | 0 | 0 | |
| 040 | 041 +042 | 3 | Premium allocation approach | 0 | 2.386.230 | 2.386.230 | 0 | 1.489.595 | 1.489.595 |
| +043 | |||||||||
| 041 | 3.1. | - Assets for remaining coverage | 0 | 4.370.994 | 4.370.994 | 0 | 3.406.884 | 3.406.884 | |
| 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 | -1.917.289 | -1.917.289 | |
| 044 | V | ASSETS FROM REINSURANCE CONTRACTS |
1 | 53.497.827 | 53.497.828 | 1 | 55.122.799 | 55.122.800 | |
| 045 | 046 +047 | VI | DEFERRED AND CURRENT TAX ASSETS | 552.495 | 10.578.327 | 11.130.822 | 552.495 | 11.418.441 | 11.970.936 |
| 046 | 1 | Deferred tax assets | 552.495 | 6.190.729 | 6.743.224 | 552.495 | 6.190.729 | 6.743.224 | |
| 047 | 2 | Current tax assets | 0 | 4.387.598 | 4.387.598 | 0 | 5.227.712 | 5.227.712 | |
| 048 | VII | OTHER ASSETS | 226.222 | 30.830.225 | 31.056.447 | 4.187.139 | 29.183.881 | 33.371.020 | |
| 049 | 050 +051 | 1 | CASH AT BANK AND IN HAND | 209.548 | 1.014.661 | 1.224.209 | 307.038 | 1.423.548 | 1.730.586 |
| +052 | |||||||||
| 050 | 1.1 | Funds in the business account | 0 | 1.014.661 | 1.014.661 | 0 | 1.423.548 | 1.423.548 | |
| 051 | 1.2 | Funds in the account of assets covering | 209.548 | 0 | 209.548 | 307.038 | 0 | 307.038 | |
| liabilities from life insurance contracts | |||||||||
| 052 | 1.3 | Cash in hand | 0 | 0 | 0 | 0 | 0 | 0 | |
| 053 | 2 | Fixed assets held for sale and | 0 | 0 | 0 | 0 | 0 | 0 | |
| discontinued operations | |||||||||
| 054 | 001+004+0 | 3 | Other | 16.674 | 29.815.564 | 29.832.238 | 3.880.101 | 27.760.333 | 31.640.434 |
| 055 | 08+031+04 | VIII | TOTAL ASSETS | 359.843.530 1.141.541.145 1.501.384.675 358.742.119 1.183.709.307 1.542.451.426 | |||||
| 056 | I X | OFF-BALANCE SHEET ITEMS | 1.399.439 | 43.333.601 | 44.733.040 | 1.473.411 | 49.699.710 | 51.173.121 |
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) As at: 31.3.2025
| Item number |
Sum | elements Identifier | Item | Life | Last day of the preceding business year Non-life |
Total | Life | At the reporting date of the current period Non-life |
Total |
|---|---|---|---|---|---|---|---|---|---|
| 057 | 058+061+062+0 | X | CAPITAL AND RESERVES | 62.023.654 | 596.349.352 | 658.373.006 | 66.933.769 | 630.642.477 | 697.576.246 |
| 058 | 66+067+071+07 059 +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 | 2.877.628 | 97.322.332 | 100.199.960 | 3.208.120 | 113.492.039 | 116.700.159 |
| 063 | 3.1 | Land and buildings | 0 | 6.673.633 | 6.673.633 | 0 | 6.647.797 | 6.647.797 | |
| 064 | 3.2 | Financial assets | 2.877.628 | 90.648.699 | 93.526.327 | 3.208.120 | 106.844.242 | 110.052.362 | |
| 065 | 3.3 | Other revaluation reserves | 0 | 0 | 0 | 0 | 0 | 0 | |
| 066 | 4 | Financial reserves from insurance contracts |
10.986.709 | 7.123.609 | 18.110.318 | 13.042.298 | 10.049.833 | 23.092.131 | |
| 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 | 20.403.653 | 232.058.966 | 252.462.619 | 31.423.596 | 290.073.767 | 321.497.363 |
| 072 | 6.1. | Retained profit | 20.403.653 | 232.058.966 | 252.462.619 | 31.423.596 | 290.073.767 | 321.497.363 | |
| 073 | 6.2. | Loss brought forward (-) | 0 | 0 | 0 | 0 | 0 | 0 | |
| 074 | 075+076 | 7 | Profit or loss for the current accounting period |
10.556.664 | 55.016.110 | 65.572.774 | 2.060.755 | 12.198.503 | 14.259.258 |
| 075 | 7.1. | Profit for the current accounting period | 10.556.664 | 55.016.110 | 65.572.774 | 2.060.755 | 12.198.503 | 14.259.258 | |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 079 | 080+084+088 | XIII | LIABILITIES FROM INSURANCE CONTRACTS |
289.080.613 | 424.258.545 | 713.339.158 281.006.169 | 433.376.088 | 714.382.257 | |
| 080 | 081+082+083 | 1 | General measurement model | 284.797.271 | 8.397.337 | 293.194.608 277.013.000 | 8.466.738 | 285.479.738 | |
| 081 | 1.1. | - Liabilities for remaining coverage | 274.382.306 | 8.154.302 | 282.536.608 261.524.305 | 8.241.037 | 269.765.342 | ||
| 082 | 1.2. | - Assets for insurance acquisition cash | 0 | 0 | 0 | 0 | 0 | 0 | |
| 083 | 1.3. | flows - Liabilities for claims incurred |
10.414.965 | 243.035 | 10.658.000 | 15.488.695 | 225.701 | 15.714.396 | |
| 084 | 085+086+087 | 2 | Variable fee approach | 4.283.342 | 0 | 4.283.342 | 3.993.169 | 0 | 3.993.169 |
| 085 | 2.1. | - Liabilities for remaining coverage | 2.357.008 | 0 | 2.357.008 | 2.285.169 | 0 | 2.285.169 | |
| 086 | 2.2. | - Assets for insurance acquisition cash flows |
0 | 0 | 0 | 0 | 0 | 0 | |
| 087 | 2.3. | - Liabilities for claims incurred | 1.926.334 | 0 | 1.926.334 | 1.708.000 | 0 | 1.708.000 | |
| 088 | 089 +090 +091 | 3 | Premium allocation approach | 0 | 415.861.208 | 415.861.208 | 0 | 424.909.350 | 424.909.350 |
| 089 | 3.1. | - Liabilities for remaining coverage | 0 | 102.584.921 | 102.584.921 | 0 | 114.461.060 | 114.461.060 | |
| 090 | 3.2. | - Assets for insurance acquisition cash | 0 | 0 | 0 | 0 | 0 | 0 | |
| flows | |||||||||
| 091 092 |
3.3. XIV |
- Liabilities for claims incurred LIABILITIES FROM REINSURANCE |
0 0 |
313.276.287 6.191.184 |
313.276.287 6.191.184 |
0 0 |
310.448.290 3.503.832 |
310.448.290 3.503.832 |
|
| LIABILITY FOR INVESTMENT | |||||||||
| 093 | XV | CONTRACTS | 0 | 0 | 0 | 0 | 0 | 0 | |
| 094 | 095+096 | XVI | OTHER PROVISIONS | 367.392 | 5.378.348 | 5.745.740 | 366.682 | 5.311.956 | 5.678.638 |
| 095 | 1 | Provisions for pensions and similar obligations |
367.392 | 5.050.720 | 5.418.112 | 366.682 | 4.984.328 | 5.351.010 | |
| 096 | 2 | Other provisions | 0 | 327.628 | 327.628 | 0 | 327.628 | 327.628 | |
| 097 | 098+099 | XVII | DEFERRED AND CURRENT TAX | 3.043.391 | 23.089.920 | 26.133.311 | 4.012.907 | 27.124.200 | 31.137.107 |
| 098 | 1 | Deferred tax liability | 3.043.391 | 22.932.237 | 25.975.628 | 3.567.165 | 27.124.200 | 30.691.365 | |
| 099 100 |
101+102+…+10 | 2 XVIII |
Current tax liability FINANCIAL LIABILITIES |
0 218.046 |
157.683 39.411.577 |
157.683 39.629.623 |
445.742 143.828 |
0 38.857.462 |
445.742 39.001.290 |
| 5 | |||||||||
| 101 102 |
1 2 |
Loan liabilities Liabilities for issued financial instruments |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
|
| 103 | 3 | Liabilities for derivative financial instruments | 216.246 | 600.864 | 817.110 | 48.941 | 161.729 | 210.670 | |
| 104 | 4 | Liability for unpaid dividend | 0 | 212.811 | 212.811 | 0 | 397.004 | 397.004 | |
| 105 | 5 | Other financial liabilities | 1.800 | 38.597.902 | 38.599.702 | 94.887 | 38.298.729 | 38.393.616 | |
| 106 | 107+108+109 | XIX | OTHER LIABILITIES | 5.110.434 | 46.862.219 | 51.972.653 | 6.278.764 | 44.893.292 | 51.172.056 |
| 107 | 1 | Liabilities for disposal and discontinued operations |
0 | 0 | 0 | 0 | 0 | 0 | |
| 108 | 2 | Accruals and deferred income | 2.393.708 | 20.943.503 | 23.337.211 | 2.594.462 | 18.984.768 | 21.579.230 | |
| 109 | 3 | Other liabilities | 2.716.726 | 25.918.716 | 28.635.442 | 3.684.302 | 25.908.524 | 29.592.826 | |
| 110 | 057+077+078+0 79+092+093+09 4+097+100+106 |
XX | TOTAL LIABILITIES | 359.843.530 1.141.541.145 1.501.384.675 358.742.119 1.183.709.307 1.542.451.426 | |||||
| 111 | XXI | OFF-BALANCE SHEET ITEMS | 1.399.439 | 43.333.601 | 44.733.040 | 1.473.411 | 49.699.710 | 51.173.121 |
STATEMENT OF CHANGES IN EQUITY For the period: 1.1.2025 - 31.3.2025
| in EUR | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 46.921.341 | 31.352.306 | 53.278.877 | 317.257.942 | 46.879.800 | 664.434.683 | 0 | 664.434.683 |
| 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 | 46.921.341 | 31.352.306 | 53.278.877 | 317.257.942 | 46.879.800 | 664.434.683 | 0 | 664.434.683 |
| III. | Comprehensive income or loss for the previous year | 0 | 0 | 56.481.440 | -13.241.988 | 0 0 |
65.572.774 | 108.812.226 | 0 | 108.812.226 | |
| 1. | Profit or loss for the period | 0 | 0 | 0 | 0 | 0 0 |
65.572.774 | 65.572.774 | 0 | 65.572.774 | |
| 2. | Other comprehensive income or loss for the previous year | 0 | 0 | 56.481.440 | -13.241.988 | 0 0 |
0 | 43.239.452 | 0 | 43.239.452 | |
| 2.1. | Unrealised gains or losses on tangible assets (land and buildings) |
0 | 0 | 2.655.355 | 0 | 0 0 |
0 | 2.655.355 | 0 | 2.655.355 | |
| 2.2. | Unrealised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | 48.627.762 | 0 | 0 0 |
0 | 48.627.762 | 0 | 48.627.762 | |
| 2.3. | Realised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | 5.198.323 | 0 | 0 0 |
0 | 5.198.323 | 0 | 5.198.323 | |
| 2.4. | Net financial income/expenditure from insurance contracts | 0 | 0 | 0 -13.691.473 |
0 0 |
0 | -13.691.473 | 0 | -13.691.473 | ||
| 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 0 | 0 449.485 |
0 0 |
0 | 449.485 | 0 | 449.485 | ||
| 2.6. | Other changes in equity unrelated to owners | 0 | 0 | 0 | 0 | 0 0 |
0 | 0 | 0 | 0 | |
| IV. | Transactions with owners (previous period) | 0 | 0 | -3.202.821 | 0 4.041 |
-64.795.323 | -46.879.800 | -114.873.903 | 0 | -114.873.903 | |
| 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 -81.049.412 |
-33.824.493 | -114.873.905 | 0 | -114.873.905 | |
| 4. V. |
Other distribution to owners Balance on the last day of the previous year reporting |
0 78.296.142 |
0 | -3.202.821 90.448.275 100.199.960 |
18.110.318 | 0 4.041 53.282.918 |
16.254.089 252.462.619 |
-13.055.307 65.572.774 |
2 658.373.006 |
0 0 |
2 658.373.006 |
| VI. | period Balance as at 1 January of the current year |
78.296.142 | 90.448.275 100.199.960 | 18.110.318 | 53.282.918 | 252.462.619 | 65.572.774 | 658.373.006 | 0 | 658.373.006 | |
| 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 | 90.448.275 100.199.960 | 18.110.318 | 53.282.918 | 252.462.619 | 65.572.774 | 658.373.006 | 0 | 658.373.006 | |
| VIII. | Comprehensive income or loss for the year | 0 | 0 | 19.962.169 | 4.981.813 | 0 0 |
14.259.258 | 39.203.240 | 0 | 39.203.240 | |
| 1. | Profit or loss for the period | 0 | 0 | 0 | 0 | 0 0 |
14.259.258 | 14.259.258 | 0 | 14.259.258 | |
| 2. | Other comprehensive income or loss for the year | 0 | 0 | 19.962.169 | 4.981.813 | 0 0 |
0 | 24.943.982 | 0 | 24.943.982 | |
| 2.1. | Unrealised gains or losses on tangible assets (land and 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 | 20.387.034 | 0 | 0 0 |
0 | 20.387.034 | 0 | 20.387.034 | |
| 2.3. | Realised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | -424.865 | 0 | 0 0 |
0 | -424.865 | 0 | -424.865 | |
| 2.4. | Net financial income/expenditure from insurance contracts | 0 | 0 | 0 5.000.196 |
0 0 |
0 | 5.000.196 | 0 | 5.000.196 | ||
| 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 0 | 0 -18.383 |
0 0 |
0 | -18.383 | 0 | -18.383 | ||
| 2.6. | Other changes in equity unrelated to owners | 0 | 0 | 0 | 0 | 0 0 |
0 | 0 | 0 | 0 | |
| IX. | Transactions with owners (current period) | 0 | 0 | -3.461.970 | 0 | 0 69.034.744 |
-65.572.774 | 0 | 0 | 0 | |
| 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. 4. |
Payment of share in profit/dividend Other transactions with owners |
0 0 |
0 0 |
-3.461.970 | 0 | 0 0 |
0 0 0 69.034.744 |
0 -65.572.774 |
0 0 |
0 0 |
0 0 |
| X. | Balance on the last day of the current year reporting period |
78.296.142 | 90.448.275 116.700.159 | 23.092.131 | 53.282.918 | 321.497.363 | 14.259.258 | 697.576.246 | 0 | 697.576.246 |
STATEMENT OF CASH FLOWS – indirect method For the period: 1.1.2025 - 31.3.2025
| in EUR | ||||||||
|---|---|---|---|---|---|---|---|---|
| Item number |
Sum elements Identifier |
Item | Current business period |
Same period of the previous year |
||||
| 001 | 002+018+035 + 036 + 037 | I | CASH FLOW FROM OPERATING ACTIVITIES | 2.573.916 | 79.270.048 | |||
| 002 | 003+004 | 1 | Cash flow before changes in operating assets and liabilities | 6.570.872 | 9.519.491 | |||
| 003 | 1.1 | Profit/loss of the accounting period | 14.259.258 | 14.411.974 | ||||
| 004 | 005+006+…+017 | 1.2 | Adjustments: | -7.688.386 | -4.892.483 | |||
| 005 | 1.2.1 | Depreciation of property and equipment | 1.217.871 | 1.293.840 | ||||
| 006 | 1.2.2 | Amortization of intangible assets | 904.119 | 1.019.089 | ||||
| 007 | 1.2.3 | Loss from impairment of intangible assets | 0 | 0 | ||||
| 008 | 1.2.4 | Other financial cost | 0 | 0 | ||||
| 009 | 1.2.5 | Impairment and gains/losses on fair valuation | -2.967.448 | -1.805.480 | ||||
| 010 | 1.2.6 | Interest expenses | 310.222 | 310.140 | ||||
| 011 | 1.2.7 | Interest income | -6.716.292 | -6.945.698 | ||||
| 012 | 1.2.8 | Profit from the sale of branch | 0 | 0 | ||||
| 013 | 1.2.9 | Share in profit of associates | 0 | 0 | ||||
| 014 | 1.2.10 | Equity-settled share-based payment transactions | 0 | 0 | ||||
| 015 | 1.2.11 | Cost of income tax | 2.183.329 | 2.841.285 | ||||
| 016 | 1.2.12 | Profit/loss from the sale of tangible assets (including land and buildings) | -1.227 | 113 | ||||
| 017 | 1.2.13 | Other adjustments | -2.618.960 | -1.605.772 | ||||
| 018 | 019+020+…+034 | 2 | Increase/decrease in operating assets and liabilities | -13.608.562 | 60.299.815 | |||
| 019 | 2.1 | Increase/decrease in financial assets at fair value through other comprehensive income | -18.796.360 | 55.247.839 | ||||
| 020 | 2.2 | Increase/decrease in financial assets at fair value through statement of profit or loss | -56.776.102 | -34.450.623 | ||||
| 021 | 2.3 | Increase/decrease in financial assets at amortised cost | 60.409.325 | 47.712.599 | ||||
| 022 | 2.4 | Increase/decrease in assets/liabilities from insurance contracts | 8.272.041 | -11.679.156 | ||||
| 023 | 2.5 | Increase/decrease in assets/liabilities from reinsurance contracts | -4.334.742 | -94.654 | ||||
| 024 | 2.6 | Increase/decrease in tax assets | -840.114 | -1.872.884 | ||||
| 025 | 2.7 | Increase/decrease in receivables | 0 | 0 | ||||
| 026 | 2.8 | Increase/decrease in investments in real estate | 11.311 | -1.565 | ||||
| 027 | 2.9 | 0 | 0 | |||||
| 028 | 2.10 | Increase/decrease in property for own use Increase/decrease in other assets |
-485.760 | -1.136.249 | ||||
| 029 | 2.11 | Increase/decrease in liabilities from investment contracts | 0 | 0 | ||||
| 030 | 2.12 | -67.102 | -342.770 | |||||
| 031 | 2.13 | Increase/decrease in other provisions Increase/decrease in tax liabilities |
-98.122 | 1.865.077 | ||||
| 032 | 2.14 | Increase/decrease in financial liabilities | -102.342 | 4.916.533 | ||||
| 033 | 2.15 | Increase/decrease in other liabilities | 957.386 | -617.449 | ||||
| 034 | 2.16 | Increase/decrease in accruals and deferred income | -1.757.981 | 753.117 | ||||
| 035 | 3 | -2.557.092 | -1.872.884 | |||||
| 036 | 4 | Income tax paid Interest received |
10.415.992 | 11.196.852 | ||||
| 037 | 5 | Dividend received | 1.752.706 | 126.774 | ||||
| 038 | 039+040+…+045 | I I | CASH FLOW FROM INVESTING ACTIVITIES | -1.207.211 | -11.865.040 | |||
| 039 | 1 | 6.581 | 8.287 | |||||
| 040 | 2 | Cash receipts from the sale of tangible assets | -109.974 | -140.764 | ||||
| 041 | 3 | Cash payments for the purchase of tangible assets | 0 | 0 | ||||
| 042 | 4 | Cash receipts from the sale of intangible assets | -1.103.818 | -634.299 | ||||
| 043 | 5 | Cash payments for the purchase of intangible assets | 0 | 0 | ||||
| 044 | 6 | Cash receipts from the sale of branches, associates and joint ventures Cash payments for the purchase of branches, associates and joint ventures |
0 | 0 | ||||
| 045 | 7 | Cash receipts and payments based on other investing activities | 0 | -11.098.264 | ||||
| 046 | 047+048++057 | III | CASH FLOW FROM FINANCING ACTIVITIES | -823.639 | -65.846.392 | |||
| 047 | 1 | Cash receipts resulting from the increase of initial capital | 0 | 0 | ||||
| 048 | 2 | 0 | 0 | |||||
| 049 | 3 | Cash receipts from issuing redeemable preference shares | 0 | 0 | ||||
| Cash receipts from short-term and long-term loans received | ||||||||
| 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 | 0 | 0 | ||||
| 054 | 8 | Cash payments for the redemption of own shares | 0 | 0 | ||||
| 055 | 9 | Cash payments for interest | 0 | 0 | ||||
| 056 | 10 | Cash payments for dividend | 0 | -65.000.265 | ||||
| 057 | 11 | Cash payments for rental obligations | -823.639 | -846.127 | ||||
| 058 | 001+038+046 | I V | NET CASH FLOW | 543.066 | 1.558.616 | |||
| 059 | V | EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS | -36.689 | -592.959 | ||||
| 060 | 058+059 | VI | NET INCREASE/DECREASE OF CASH AND CASH EQUIVALENTS | 506.377 | 965.657 | |||
| 061 | 1 | Cash and cash equivalents at the beginning of period | 1.224.209 | 1.662.494 | ||||
| 062 | 060+061 | 2 | Cash and cash equivalents at the end of period | 1.730.586 | 2.628.151 |
II. QUARTERLY MANAGEMENT REPORT
In the period observed, total income from insurance contracts amounted to EUR 113.6m and increased by 13.7 percent compared to the same period of the previous year. The total non-life insurance income amounted to EUR 111.8m and increased by 14 percent while total life insurance income decreased by 3.4 percent and amounted to EUR 1.8m.
Total expenditure from insurance contracts in the period observed amounted to EUR 96.1m and increased by 9.8 percent compared to the same period of the previous year. The total non-life insurance expenditure amounted to EUR 95.1m and increased by 9.2 percent. Total life insurance expenditure amounted to EUR 1m.
Total net result from insurance contracts in the period observed amounted to EUR 8.3m and has decreased compared to the same period of the previous year when it amounted to EUR 9.7m, while the total net profit of the Company amounted to EUR 14.3m and decreased by 1.1 percent compared to the same period of the previous year.
Total assets of the Company as at 31 March 2025 amounted to EUR 1.5 billion, which represents an increase of 2.7 percent compared to 31 December 2024.
Liabilities from insurance contracts as at 31 March 2025 amounted to EUR 714.4m, representing an increase of 0.1 percent compared to 31 December 2024.
Unaudited unconsolidated financial statements for the first quarter 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
Growth of revenues and profit along with continued development of the digital and health segments, and innovation in Cyber insurance
The digital business segment in the first three months of 2025 continues with the positive results. Realized premium from total digital business increased by 24 percent compared to the same period last year, while the number of clients using the Moja Croatia mobile application increased by 35 percent. Croatia's digital brand LAQO achieved premium growth of 24 percent compared to the same period last year. LAQO also held a new LAQOthon, a competition that brought together the best technological ideas focused on sustainability for the third year in a row. AISight, Vineyard Angel, and Optibiomics were declared the winning projects among nearly 200 submissions.
February marked the one-year anniversary of the launch of Koreqt, Croatia's advanced digital platform for comparing and selecting products and services. Koreqt continues to achieve positive results in 2025. The number of active products increased by 52 percent compared to the previous quarter, and the number of clicks to partners increased by 1 percent quarterly.
The digitalization of services continues with a series of advancements and innovations. A new digital process for purchasing comprehensive motor vehicle insurance has been introduced, and new functionalities have been added to the Moja Croatia mobile app for self-scheduling appointments and other services in various healthcare institutions. Photo and video damage assessment is another innovation introduced by Croatia osiguranje. This is an advanced technology that allows users to assess property and vehicle damages via photos and video calls, without the need for an assessor to visit the site. In addition to significantly shortening the assessment and processing time, this innovation has set even higher standards in the accuracy and security of assessments.
Croatia Poliklinika records a 49 percent increase in revenue compared to the same period last year, including the revenues of the Poliklinika Marin Med in Dubrovnik and Medros in Osijek. The team of top doctors and medical staff has increased by 35 percent compared to the same period last year, and the positive trend of patient satisfaction has continued, among which 96 percent are those who emphasize the kindness and commitment of the Croatia Poliklinika staff. Top medical teams and medical services and the most modern technology are available to all residents throughout Croatia in polyclinics in nine cities: Zagreb, Split, Rijeka, Osijek, Varaždin, Zadar, Pula, Koprivnica and Dubrovnik. The "Ispravite se!" campaign was also implemented, attracting significant public attention and encouraging more than 100 thousand citizens to check their posture using interactive BodyScan screens, available in eight Croatian cities.
Croatia's Spektar benefits package continues with excellent results. After a year and a half since its launch, more than 220,000 households have been included in the Spektar packages. The significant increase in the number of households was contributed by the expansion of the program with the Basic package, which rewards the loyalty of clients with a single policy, thus enabling a larger number of clients to access benefits and savings in Spektar.
In March, a new Cyber insurance product was introduced. In developed markets, cyber insurance is the fastest-growing type of insurance, and the introduction of this product is a significant step forward in the domestic insurance market. Croatia osiguranje has become the first insurance company in Croatia to provide entrepreneurs with financial and operational support in dealing with the consequences of cyber-attacks. With simple incident reporting and 24/7 support availability, Croatia's Cyber insurance enables companies to operate more stably in an increasingly challenging digital environment.
In March, Croatia osiguranje and LAQO participated at Money Motion, the largest FinTech conference in Central and Eastern Europe, where Cyber Insurance was also introduced.
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. Several things have contributed to increased volatility in stock markets since the beginning of the year. First, the development of China's DeepSeek shook US technology stocks, which had based their optimism precisely on the development of artificial intelligence. After that, the US took a different geopolitical stance towards Ukraine and Europe compared to those of previous administrations, which resulted in the announcement of increased defense investments by the largest European economies and, consequently, an increase in European stock prices. Overall, the first quarter of US stocks ended in the red -4.6% (looking at the S&P 500 index), while European stocks rose by 5.2% (looking at the EuroStoxx 600 index). However, the biggest shock to the stock market occurred in early April (on the so-called Liberation Day) when the US president announced the introduction of tariffs on products from almost all world economies, with a special emphasis on China. This prompted the announcement of open tariff threats from other countries and the so-called "tariff war" on a global scale. Due to fears of rising prices and a decline in economic activity, global stock indexes experienced a significant drop in value over the next few days (most global stock indexes recorded a drop of over 10% in a short period of time), before the market decline was halted by the announcement of a 90-day postponement of tariffs on all countries except China, but with high volatility remaining.
This move by the US primarily caused instability and uncertainty in world trade, which made financial markets worried about how it would affect inflation and global economic growth. For example, the US FED reduced the growth outlook for the US economy in 2025 from 2.1% to 1.7%, while they also raised the expected inflation rate from 2.5% to 2.7%. It remains to be seen whether the changed expectations will force the US central bank to cut interest rates – they have not had a single cut this year, unlike, for example, the European Central Bank, which has cut its benchmark interest rates three times since the beginning of the year (by a total of 0.75 p.p.).
Stock markets in Croatia and Slovenia have recorded one of the more successful starts to the year, especially the Slovenian stock market, which rose by 21.4% in the first quarter. Of course, the decline in global stock markets also caused a decline in local stock indexes, but overall, the decline was smaller than at the global level.
Announcements of tariff wars and increased volatility in stock markets caused investors to turn to safer investment solutions, so we had an increase in the prices of US government bonds in the first quarter, but after the announcement of tariffs, they also recorded a decline in value. On the other hand, German government bonds first recorded a sharp decline in value (after the announcement of investments of 500 billion euros in infrastructure and defense), only to start rising in price, especially after the announcement of tariffs. Investors are looking for safe investments, and they are currently seeing this in the bonds of European countries.
A similar thing happened with the euro and dollar exchange rate, where investors are abandoning the dollar and increasing demand for euros - the EUR/USD exchange rate has increased by over 10% since the beginning of the year. While the value of gold has increased by approx. 30% since the beginning of the year, which is additionally caused by the weakening of the dollar (in which the value of gold is expressed). Overall, since the beginning of the year, market volatility has increased significantly, stock markets are falling, while investors are looking for options for safer investments.
As for the Company's operations, according to the latest results of the ORSA process, the Company is resilient to various stressful circumstances, thanks to its high capitalization, i.e. solvency. The Company's SCR ratio calculation as at 31 December 2024 amounts to a high 267%, and even in stressful circumstances the Company would probably continue to operate in accordance with regulatory requirements.
Significant events after the end of the reporting date
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). 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%.
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.
Company branch
As at 31 March 2025 the Company has one registered branch (Branch Ljubljana). In its legal transactions, the branch operates as CROATIA osiguranje d.d. branch Ljubljana, in the Croatian language, and as CROATIA ZAVAROVANJE d.d. branch Ljubljana, in the Slovenian language.
In accordance with the Company's decision, for the purpose of more efficient operations, the Company is in the process of closing the Ljubljana branch. The Company will continue to operate in Slovenia with cross-border distribution of insurance based on the freedom to provide services in accordance with legal regulations, which means that CROATIA osiguranje d.d. continues to provide insurance services in registered types of insurance based on the freedom to provide services to all current and future corporate clients in Slovenia.
Purchase of treasury shares
The Company does not own treasury shares, and the General Assembly did not authorise the Company to acquire treasury shares.
Expected development in the future
Inflationary trends continue in the Republic of Croatia, although at a slightly lower intensity than before. According to Eurostat, Croatia still has one of the highest inflation rates in the EU, at 4.4% (HICP). Due to uncertainty about the continuation of the "tariff war", which is currently suspended for 90 days, the Croatian National Bank raised its inflation forecast by 0.2 p.p. and lowered the growth of the Croatian economy by 0.2 p.p.
The non-life insurance market in the first quarter of 2025 continues to record double-digit premium growth, although growth slowed significantly compared to the previous year. This applies in particular to voluntary comprehensive motor vehicle insurance and some health insurance. Similar trends are expected in the next quarter as so far, growth will not stop, but will slow down significantly.
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, it is more likely that this market segment will continue to experience negative trends in the next quarter.
Research and development activities
The Company 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 Company 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 Company is exposed in the course of its business, except as described in the chapter Significant business events in the reporting period.
Zagreb, 30 April 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 FINANCIAL STATEMENTS FOR THE PERIOD I-III 2025
1. GENERAL INFORMATION OF THE COMPANY
CROATIA osiguranje d.d., Zagreb, Vatroslava Jagića 33 (the '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 and reinsurance business in the non-life insurance group.
The Company, within the scope of its business, also performs the following tasks:
- activities of offering the investment fund shares and activities of offering pension programs of voluntary pension funds and pension insurance companies in accordance with the provisions of the law governing the offering of shares of investment funds and the offer of pension programs,
- insurance distribution activities for other insurance companies,
- activities that are directly or indirectly related to insurance activities,
- credit intermediation operations in accordance with the regulations governing credit intermediaries.
Since 2004, the Company's shares have been listed at Official Market of the Zagreb Stock Exchange, Zagreb.
The Company 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 Company during the current period is 2,356.
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:
| Roberto Škopac | President |
|---|---|
| Dr.sc. Željko Lovrinčević | Vice President |
| Vitomir Palinec | Member |
| Hrvoje Patajac | Member |
| Dr. sc. Zoran Barac | Member |
| Pero Kovačić | Member |
| Dr. sc. Hrvoje Šimović | Member |
Members of the Management Board are:
| Davor Tomašković | President |
|---|---|
| Robert Vučković | Member |
| Luka Babić | Member |
| Vesna Sanjković | Member |
Basis for preparation of financial statements
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, the Rules of 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.
Quarterly financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements as at 31 December 2024. The 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 first quarter 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.
Financial statements for the first quarter of the 2025 have not been audited.
Presentation currency
Company's financial statements are prepared in the euros as the functional and 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.
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.
Related party transactions
In the current reporting period, there were usual related party transactions of goods and services.
Seasonality of business activities
Company's operations are not seasonal.
Segment reporting
The Company'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.
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:
| 31 March 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 |
198,960,457 | 187,234,329 | (11,726,128) | 229,236,580 | 217,624,087 | (11,612,493) | ||
| Loans | 75,975,583 | 74,528,793 | (1,446,790) | 78,562,858 | 76,755,600 | (1,807,258) | ||
| Deposits | 43,898,602 | 44,706,968 | 808,366 | 72,306,099 | 72,306,099 | - | ||
| 318,834,642 | 306,470,090 | (12,364,552) | 380,105,537 | 366,685,786 | (13,419,751) |
Methods of assessment or assumptions in determining fair value
For measuring the fair value, the Company 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 Company's assets measured at fair value as at 31 March 2025 are presented as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| in EUR | in EUR | in EUR | in EUR | |
| Property for own use | - | - | 23,690,008 | 23,690,008 |
| Investment property | - | - | 34,902,496 | 34,902,496 |
| Equity securities | 184,886,610 | - | 30,588,704 | 215,475,314 |
| Debt securities | 400,811,504 | 119,029,639 | - | 519,841,143 |
| Financial assets at fair value through other comprehensive income |
585,698,114 | 119,029,639 | 30,588,704 | 735,316,457 |
| Equity securities | 2,039,710 | - | - | 2,039,710 |
| Investment funds | 57,444,878 | 92,546,384 | - | 149,991,262 |
| Derivative financial instruments | - | 463,795 | - | 463,795 |
| Financial assets at fair value through profit or loss |
59,484,588 | 93,010,179 | - | 152,494,767 |
| Total assets at fair value | 645,182,702 | 212,039,818 | 89,181,208 | 946,403,728 |
The Company'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 | - | - | 23,930,245 | 23,930,245 |
| Investment property | - | - | 34,914,492 | 34,914,492 |
| Equity securities | 160,879,017 | - | 30,817,036 | 191,696,053 |
| Debt securities | 394,818,759 | 108,491,015 | - | 503,309,774 |
| Financial assets at fair value through other comprehensive income |
555,697,776 | 108,491,015 | 30,817,036 | 695,005,827 |
| Equity securities | 502,273 | - | - | 502,273 |
| Investment funds | 2,510,154 | 89,498,672 | - | 92,008,826 |
| Derivative financial instruments | - | 20,843 | - | 20,843 |
| Other | - | 650,000 | - | 650,000 |
| Financial assets at fair value through profit or loss |
3,012,427 | 90,169,515 | - | 93,181,942 |
| Total assets at fair value | 558,710,203 | 198,660,530 | 89,661,773 | 847,032,506 |
The Company 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.
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 200 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 Company capitalized the costs of net salaries in the amount of EUR 26.3 thousand, the costs of contributions from salaries in the amount of EUR 7.6 thousand, the costs of taxes and surcharges from salaries in the amount of EUR 5.2 thousand, the costs of contributions to salaries in in the amount of EUR 5.1 thousand and other employee costs in the amount of EUR 0.7 thousand.
Financial assets and financial liabilities
The Company's structure of financial assets as at 31 March 2025 and 31 December 2024 was as follows:
31 March 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 | - | 215,246,722 | 2,039,710 | 217,286,432 |
| Shares, not listed | - | 228,592 | - | 228,592 |
| - | 215,475,314 | 2,039,710 | 217,515,024 | |
| Debt securities | ||||
| Government bonds | 196,147,839 | 365,534,568 | - | 561,682,407 |
| Corporate bonds | 2,812,618 | 109,486,674 | - | 112,299,292 |
| Treasury bills | - | 44,819,901 | - | 44,819,901 |
| 198,960,457 | 519,841,143 | - | 718,801,600 | |
| Derivative financial instruments | ||||
| Currency option | - | - | 37,236 | 37,236 |
| Currency forward contracts | - | - | 426,559 | 426,559 |
| - | - | 463,795 | 463,795 | |
| Investment funds | ||||
| Open-ended investment funds | - | - | 147,793,151 | 147,793,151 |
| Open-ended investment funds - assets for coverage of unit-linked products |
- | - | 2,198,111 | 2,198,111 |
| - | - | 149,991,262 | 149,991,262 | |
| Loans and receivables | ||||
| Deposits with credit institutions | 43,898,602 | - | - | 43,898,602 |
| Loans | 75,975,583 | - | - | 75,975,583 |
| 119,874,185 | - | - | 119,874,185 | |
| 318,834,642 | 735,316,457 | 152,494,767 | 1,206,645,866 |
| 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 | - | 228,592 | - | 228,592 |
| - | 191,696,053 | 502,273 | 192,198,326 | |
| Debt securities | ||||
| Government bonds | 226,391,079 | 370,019,524 | - | 596,410,603 |
| Corporate bonds | 2,845,501 | 118,428,850 | - | 121,274,351 |
| Treasury bills | - | 14,861,400 | - | 14,861,400 |
| 229,236,580 | 503,309,774 | - | 732,546,354 | |
| Derivative financial instruments | ||||
| Currency option | - | - | 20,843 | 20,843 |
| - | - | 20,843 | 20,843 | |
| Investment funds | ||||
| Open-ended investment funds | - | - | 89,752,422 | 89,752,422 |
| Open-ended investment funds - assets | ||||
| for coverage of unit-linked products | - | - | 2,256,404 | 2,256,404 |
| - | - | 92,008,826 | 92,008,826 | |
| Loans and receivables | ||||
| Deposits with credit institutions | 72,306,099 | - | 650,000 | 72,956,099 |
| Loans | 78,562,858 | - | - | 78,562,858 |
| 150,868,957 | - | 650,000 | 151,518,957 | |
| 380,105,537 | 695,005,827 | 93,181,942 | 1,168,293,306 |
The structure of financial liabilities as at 31 March 2025 and 31 December 2024 was as follows:
| 31 December 2025 | 31 December 2024 | ||
|---|---|---|---|
| in EUR | in EUR | ||
| Lease liabilities | 36,406,116 | 36,951,203 | |
| Derivative financial instruments | 210,670 | 817,110 | |
| Preference shares | 1,627,500 | 1,627,500 | |
| Liability for unpaid dividend | 397,004 | 212,811 | |
| Other financial liabilities | 360,000 | 20,999 | |
| 39,001,290 | 39,629,623 |
Share capital and shares
The Company's share capital with a nominal value of EUR 79,924 thousand as at 31 March 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 Company's liabilities as at 31 March 2025 and 31 December 2024 was as follows:
| 31 March 2025 | |||||
|---|---|---|---|---|---|
| No later than 1 year |
1-5 years | More than 5years |
Total | ||
| in EUR | in EUR | in EUR | in EUR | ||
| Other provisions | 342,234 | 4,508,811 | 827,593 | 5,678,638 | |
| Financial liabilities | 3,357,288 | 7,768,938 | 27,875,064 | 39,001,290 | |
| Other liabilities | 46,246,485 | 3,766,472 | 1,159,099 | 51,172,056 | |
| Total | 49,946,007 | 16,044,221 | 29,861,756 | 95,851,984 |
| 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 | 372,101 | 4,550,924 | 822,715 | 5,745,740 | |
| Financial liabilities | 3,134,379 | 6,292,358 | 30,202,886 | 39,629,623 | |
| Other liabilities | 47,031,394 | 4,025,268 | 915,991 | 51,972,653 | |
| Total | 50,537,874 | 14,868,550 | 31,941,592 | 97,348,016 |
Deferred taxes
The Company on 31 March 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 EUR | ||||
|---|---|---|---|---|
| Land and buildings | Financial assets at fair | Financial reserves | ||
| occupied by an | value through other | from insurance | ||
| undertaking for its | comprehensive | contracts | Total | |
| own activities | income | |||
| 31 December 2023 | 1,280,148 | 8,696,122 | 6,878,571 | 16,854,841 |
| Utilization of deferred tax liability through profit and loss account |
(398,087) | 23,057 | - | (375,030) |
| Changes through other comprehensive income | 582,883 | 11,815,482 | (2,902,548) | 9,495,817 |
| 31 December 2024 | 1,464,944 | 20,534,661 | 3,976,023 | 25,975,628 |
| Utilization of deferred tax liability through profit and loss account |
(5,671) | - | - | (5,671) |
| Utilization of deferred tax liability through equity |
- | (754,274) | - | (754,274) |
| Changes through other comprehensive income | - | 4,381,940 | 1,093,742 | 5,475,682 |
| 31 March 2025 | 1,459,273 | 24,162,327 | 5,069,765 | 30,691,365 |
Commitments
As at 31 March 2025, the Company's contractual obligations for future investments amount to EUR 28.9m 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 468 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 quarterly unaudited unconsolidated financial statements of the issuer for the period 1 January – 31 March 2025 prepared by using applicable financial reporting standards, gives a true and fair view of assets and liabilities, the financial position and profit or loss of the issuer,
- the management report presents an objective view of the development and business results and position of the issuer with description of significant risks and uncertainties to which the issuer is exposed.
Zagreb, 30 April 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 |