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Croatia osiguranje d.d.
Quarterly Report • Oct 28, 2025
2087_10-q_2025-10-28_99c644cb-275c-4d62-b3ee-f22d80fe93fd.pdf
Quarterly Report
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UNCONSOLIDATED UNAUDITED QUARTERLY REPORT, FOR THE PERIOD 1 January 2025 – 30 September 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 | |
| MANAGEMENT REPORT 10 | |
| NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD I-IX 2025 16 | |
| MANAGEMENT BOARD STATEMENT 29 |
I. UNAUDITED FINANCIAL STATEMENTS
| Annex 1 | ISSUER'S GENERAL DATA | |
|---|---|---|
| Reporting period: | 1.1.2025 to 30.9.2025 | |
| Year: | 2025 | |
| Quarter: | 3 | |
| Quarterly financial statements | ||
| Registration number (MB): 03 | 3276147 Issuer's home Member State code: | |
| Entity's registration number 08 | 30051022 | |
| Personal identification number (OIB): | 187994862 LEI: 74780000M0GHQ1VXJU | 20 |
| Institution code: | 199 | |
| Name of the issuer: CROA | ATIA osiguranje d.d. | |
| Postcode and town: | 10 000 ZAGREB | |
| Street and house number: Vatros | slava Jagića 33 | |
| E-mail address: info@d | crosig.hr | |
| Web address: www.c | orosig.hr | |
| Number of employees (end of the reporting period): | 1 | |
| Consolidated report: KN | (KN-not consolidated/KD-consolidated) | |
| Audited: RN | (RN-not audited/RD-audited) | |
| Names of subsidiaries (according to | o IFRS): Registered office: | MB: |
| _ | ||
| Dealth arise form | N (7/5-7N-) | |
| Bookkeeping firm: | No (Yes/No) (name of the bookkeeping firm) | |
| name and surname of the contact person) | ||
| Telephone: 072 00 | ||
| E-mail address: izdava | [email protected] | |
| Audit firm: (name | of the audit firm) | |
| Certified auditor: | and surname) | |
| (1141110 | , |
STATEMENT OF COMPREHENSIVE INCOME
(STATEMENT OF PROFIT OR LOSS)
For the period: 1.1.2025 - 30.9.2025
| Cumulative | Quarter | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Item number | Sum 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 | ||||
| 001 | 002 + 003 + 004 |
I | Income from insurance contracts | 5.372.875 | 318.454.785 | 323.827.660 | 5.241.275 | 363.316.174 | 368.557.449 | 1.755.416 114.263.627 116.019.043 | 1.712.399 | 131.801.391 | 133.513.790 | ||
| 002 | 1 | General measurement model | 5.281.435 | 2.138.122 | 7.419.557 | 5.165.915 | 2.161.800 | 7.327.715 | 1.737.224 | 721.296 | 2.458.520 | 1.688.504 | 778.432 | 2.466.936 | |
| 003 | 2 | Variable fee approach | 91.440 | 0 | 91.440 | 75.360 | 0 | 75.360 | 18.192 | 0 | 18.192 | 23.895 | 0 | 23.895 | |
| 004 | 3 | Premium allocation approach | 0 | 316.316.663 | 316.316.663 | 0 | 361.154.374 | 361.154.374 | 0 113.542.331 113.542.331 | 0 | 131.022.959 | 131.022.959 | |||
| 005 | 006+007+… .+012 |
II | Expenditure from insurance contracts | -2.104.347 | -295.488.063 | -297.592.410 | -2.852.388 | -322.062.091 | -324.914.479 | -876.993 -107.822.101 -108.699.094 | -888.189 -117.941.230 -118.829.419 | ||||
| 006 | 1 | Claims incurred | -652.260 | -193.803.910 | -194.456.170 | -566.115 | -217.782.378 | -218.348.493 | -193.177 | -72.845.833 | -73.039.010 | -187.352 | -77.480.708 | -77.668.060 | |
| 007 | 2 | Commissions | -368.530 | -31.300.842 | -31.669.372 | -571.855 | -36.465.284 | -37.037.139 | -142.108 | -11.724.912 | -11.867.020 | -202.226 | -13.015.484 | -13.217.710 | |
| 008 | 3 | Other expenses related to the sale of insurance | 0 | -31.464.175 | -31.464.175 | 0 | -33.502.255 | -33.502.255 | 0 | -11.092.569 | -11.092.569 | 0 | -11.664.114 | -11.664.114 | |
| 009 | 4 | Other insurance service expenses | -1.342.588 | -43.212.448 | -44.555.036 | -1.288.203 | -47.011.198 | -48.299.401 | -436.180 | -14.469.699 | -14.905.879 | -438.860 | -16.064.947 | -16.503.807 | |
| 010 | 5 | Depreciation of insurance acquisition costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| 011 | 6 | Losses and reversal of losses on onerous contracts |
21.564 | 813.501 | 835.065 | 13.031 | 487.688 | 500.719 | 38.897 | -84.472 | -45.575 | 5.316 | -816.019 | -810.703 | |
| 012 | 7 | Change in liabilities for claims incurred | 237.467 | 3.479.811 | 3.717.278 | -439.246 | 12.211.336 | 11.772.090 | -144.425 | 2.395.384 | 2.250.959 | -65.067 | 1.100.042 | 1.034.975 | |
| 013 | 014 + 015 | III | Net result of (passive) reinsurance contracts | 1 | -8.297.377 | -8.297.376 | -1 | -18.105.337 | -18.105.338 | 37 | -2.146.221 | -2.146.184 | 0 | -4.394.898 | -4.394.898 |
| 014 | 1 | Income from (passive) reinsurance contracts | 0 | 36.739.641 | 36.739.641 | 0 | 35.479.892 | 35.479.892 | 0 | 16.866.200 | 16.866.200 | 0 | 15.503.052 | 15.503.052 | |
| 015 | 2 | Expenditure from (passive) reinsurance contracts |
1 | -45.037.018 | -45.037.017 | -1 | -53.585.229 | -53.585.230 | 37 | -19.012.421 | -19.012.384 | 0 | -19.897.950 | -19.897.950 | |
| 016 | 001 + 005 + 013 |
IV | Result from insurance contracts | 3.268.529 | 14.669.345 | 17.937.874 | 2.388.886 | 23.148.746 | 25.537.632 | 878.460 | 4.295.305 | 5.173.765 | 824.210 | 9.465.263 | 10.289.473 |
| 017 | 018 + 023 + 024 + 025 + 026 + 027 + 031 + 032 + 033 +034 |
V | Net investment result | 9.922.195 | 39.888.538 | 49.810.733 | 4.501.536 | 37.889.780 | 42.391.316 | 3.131.713 | 8.819.898 | 11.951.611 | -1.503.085 | 6.361.313 | 4.858.228 |
| 018 | 019 + 020 + 021 + 022 |
1 | Net result from investment in land and buildings | 0 | 3.003.995 | 3.003.995 | 0 | 999.478 | 999.478 | 0 | 993.945 | 993.945 | 0 | 295.013 | 295.013 |
| 019 | 1.1. | Rental gains/losses (net) | 0 | 3.003.995 | 3.003.995 | 0 | 1.075.778 | 1.075.778 | 0 | 993.945 | 993.945 | 0 | 371.313 | 371.313 | |
| 020 | 1.2. | Realised gains/losses (net) from property not for own use |
0 | 0 | 0 | 0 | -76.300 | -76.300 | 0 | 0 | 0 | 0 | -76.300 | -76.300 | |
| 021 | 1.3. | Unrealised gains/losses (net) from property not for own use |
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 | ||
| 023 | 2 | Interest revenue calculated using the effective interest rate method |
6.637.113 | 12.621.949 | 19.259.062 | 5.669.151 | 14.042.392 | 19.711.543 | 1.833.457 | 3.913.921 | 5.747.378 | 1.794.362 | 4.281.631 | 6.075.993 | |
| 024 | 3 | Other interest income | 0 | 79.417 | 79.417 | 0 | 0 | 0 | 0 | 38.710 | 38.710 | 0 | 0 | ||
| 025 | 4 | Dividend income | 1.165.963 | 21.437.064 | 22.603.027 | 2.016.967 | 18.863.189 | 20.880.156 | 770.668 | 2.639.684 | 3.410.352 | 722.621 | 1.142.054 | 1.864.675 | |
| 026 | 5 | Unrealised gains/losses (net) from financial assets at fair value through profit or loss |
1.715.844 | 2.681.994 | 4.397.838 | 551.927 | 2.021.179 | 2.573.106 | 893.290 | 1.980.813 | 2.874.103 | -924.588 | -1.664.113 | -2.588.701 | |
| 027 | 028 + 029 + 030 |
6 | Realised gains/losses | 19.106 | 1.729.283 | 1.748.389 | -2.964.109 | 5.522.408 | 2.558.299 | -185.049 | 605.729 | 420.680 | -3.089.235 | 2.600.042 | -489.193 |
| 028 | 6.1. | Realised gains/losses (net) from financial assets at fair value through profit or loss |
496.533 | 2.978.046 | 3.474.579 | 1.693.202 | 4.469.337 | 6.162.539 | 89.622 | 956.176 | 1.045.798 | 1.325.006 | 2.913.344 | 4.238.350 | |
| 029 | 6.2. | Realised gains/losses (net) from financial assets at fair value through other comprehensive income |
-477.427 | -1.248.763 | -1.726.190 | -893.526 | 1.053.071 | 159.545 | -274.671 | -350.447 | -625.118 | -803.555 | -313.302 | -1.116.857 | |
| 030 | 6.3. | Other realised gains/losses (net) | 0 | 0 | 0 | -3.763.785 | 0 | -3.763.785 | 0 | 0 | 0 | -3.610.686 | 0 | -3.610.686 | |
| 031 | 7 | Net impairment / reversal of impairment of investments |
104.698 | 179.233 | 283.931 | 93.597 | 557.767 | 651.364 | 81.453 | 114.657 | 196.110 | 11.507 | 252.034 | 263.541 | |
| 032 | 8 | Net exchange rate differences | -79.238 | -176.981 | -256.219 | -790.332 | -2.954.356 | -3.744.688 | -270.527 | -823.199 | -1.093.726 | 3.012 | -42.285 | -39.273 | |
| 033 | 9 | Other income from investments | 440.605 | 88.816 | 529.421 | 90.933 | 213.287 | 304.220 | 41.518 | 6.485 | 48.003 | 86.104 | 183.407 | 269.511 | |
| 034 | 10 | Other expenditure from investments | -81.896 | -1.756.232 | -1.838.128 | -166.598 | -1.375.564 | -1.542.162 | -33.097 | -650.847 | -683.944 | -106.868 | -686.470 | -793.338 |
STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS)
For the period: 1.1.2025 - 30.9.2025
| O | Cumul | ative | Quarter | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| tem number | Sum | Identifier | Item | Previo | us accounting p | eriod | Curre | nt accounting p | eriod | Previo | us accounting | period | Curre | nt accounting p | period |
| elements | 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 | -1.861.390 | -3.086.608 | -4.947.998 | -1.997.522 | -3.273.827 | -5.271.349 | -384.569 | -1.102.844 | -1.487.413 | -505.116 | -1.064.834 | -1.569.95 |
| 036 | 1 | Net financial income/expenditure from insurance contracts | -1.861.390 | -3.706.201 | -5.567.591 | -1.997.522 | -3.890.960 | -5.888.482 | -384.569 | -1.353.771 | -1.738.340 | -505.116 | -1.284.742 | -1.789.8 | |
| 037 | 2 | Net financial income/expenditure from (passive) reinsurance contracts | 0 | 619.593 | 619.593 | 0 | 617.133 | 617.133 | 0 | 250.927 | 250.927 | 0 | 219.908 | 219.90 | |
| 038 | 3 | Change of liability for investment contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| 039 | VII | Other income | 1.160 | 4.342.695 | 4.343.855 | 3.139 | 4.922.510 | 4.925.649 | 819 | 952.725 | 953.544 | 660 | 1.204.903 | 1.205.5 | |
| 040 | VIII | Other operating expenses | -157.048 | -10.551.354 | -10.708.402 | -111.814 | -9.332.981 | -9.444.795 | -75.429 | -5.359.455 | -5.434.884 | -17.928 | -1.664.829 | -1.682.7 | |
| 041 | IX | Other financial expenses | -22.387 | -935.195 | -957.582 | -23.539 | -953.778 | -977.317 | -7.820 | -316.530 | -324.350 | -8.875 | -331.271 | -340.1 | |
| 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 |
ΧI | Profit or loss of the accounting period before tax (+/-) | 11.151.059 | 44.327.421 | 55.478.480 | 4.760.686 | 52.400.450 | 57.161.136 | 3.543.174 | 7.289.099 | 10.832.273 | -1.210.134 | 13.970.545 | 12.760.4 |
| 044 | 045 + 046 | XII | Tax on profit or loss | -1.871.470 | -4.197.839 | -6.069.309 | -582.637 | -6.074.991 | -6.657.628 | -525.821 | -841.228 | -1.367.049 | 330.094 | -2.327.419 | -1.997.3 |
| 045 | 1 | Current tax expense | -1.871.470 | -4.206.042 | -6.077.512 | -797.112 | -7.970.594 | -8.767.706 | -525.821 | -843.955 | -1.369.776 | 330.094 | -2.598.210 | -2.268.1 | |
| 046 | 2 | Deferred tax expense/ income | 0 | 8.203 | 8.203 | 214.475 | 1.895.603 | 2.110.078 | 0 | 2.727 | 2.727 | 0 | 270.791 | 270.7 | |
| 047 | 043+ 044 | XIII | Profit or loss of the accounting period after tax (+/-) | 9.279.589 | 40.129.582 | 49.409.171 | 4.178.049 | 46.325.459 | 50.503.508 | 3.017.353 | 6.447.871 | 9.465.224 | -880.040 | 11.643.126 | 10.763.0 |
| 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 | -678.820 | 35.536.819 | 34.857.999 | 7.872.447 | 72.030.507 | 79.902.954 | -2.438.728 | 14.871.708 | 12.432.980 | 3.249.148 | 24.825.126 | 28.074.2 |
| 051 | 052 + 053 + 054 + 055 |
1 | Items that will not be reclassified to statement of profit or loss | 1.512.955 | 34.285.351 | 35.798.306 | 7.950.503 | 71.186.751 | 79.137.254 | -132.461 | 14.964.063 | 14.831.602 | 2.766.179 | 23.628.316 | 26.394.4 |
| 052 | 1.1. | Net change in fair value of equity securities (OCI) | 1.845.067 | 41.811.404 | 43.656.471 | 9.695.735 | 86.813.111 | 96.508.846 | -161.538 | 18.248.857 | 18.087.319 | 3.373.389 | 28.815.020 | 32.188.4 | |
| 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 | -332.112 | -7.526.053 | -7.858.165 | -1.745.232 | -15.626.360 | -17.371.592 | 29.077 | -3.284.794 | -3.255.717 | -607.210 | -5.186.704 | -5.793.9 | |
| 056 | 057 + 058 ++ 063 |
2 | Items that are, or may be, reclassified to statement of profit or loss | -2.191.775 | 1.251.468 | -940.307 | -78.056 | 843.756 | 765.700 | -2.306.267 | -92.355 | -2.398.622 | 482.969 | 1.196.810 | 1.679.7 |
| 057 | 2.1. | Net change in fair value of debt securities (OCI) | 3.280.790 | 6.480.408 | 9.761.198 | 1.430.224 | 7.930 | 1.438.154 | 3.593.796 | 5.950.197 | 9.543.993 | 424.103 | 229.324 | 653.4 | |
| 058 | 2.2. | Exchange rate differences from translation of foreign operations | 0 | 0 | 0 | 0 | 20.429 | 20.429 | 0 | 0 | 0 | 0 | 0 | ||
| 059 | 2.3. | Effects of hedging instruments | 0 | 0 | 0 | -728 | -23.549 | -24.277 | 0 | 0 | 0 | -101 | -3.291 | -3.3 | |
| 060 | 2.4. | Net financial income/expenditure from insurance contracts | -5.953.686 | -5.168.815 | -11.122.501 | -1.524.686 | 480.215 | -1.044.471 | -6.406.316 | -6.566.132 | -12.972.448 | 164.847 | 1.282.229 | 1.447.0 | |
| 061 | 2.5. | Net financial income/expenditure from (passive) reinsurance contracts | 0 | 218.210 | 218.210 | 0 | 538.874 | 538.874 | 0 | 505.950 | 505.950 | 0 | -53.184 | -53.1 | |
| 062 | 2.6. | Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| 063 | 2.7. | Tax | 481.121 | -278.335 | 202.786 | 17.134 | -180.143 | -163.009 | 506.253 | 17.630 | 523.883 | -105.880 | -258.268 | -364.1 | |
| 064 | 047+ 050 | XV | Total comprehensive income | 8.600.769 | 75.666.401 | 84.267.170 | 12.050.496 | 118.355.966 | 130.406.462 | 578.625 | 21.319.579 | 2.369.108 | 36.468.252 | 38.837.3 | |
| 065 | 1 | Attributable to owners of the parent | 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 | 0 | 0 | 0 | 0 | ||
| 067 | XVI | Reclassification adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
As at: 30.9.2025
| Item | Sum | Identifier | Item | the preceding bu | rting date of the cu | ||||
|---|---|---|---|---|---|---|---|---|---|
| number | elements | INTANOIDI E ACCETO | Life | Non-life | Total | Life | Non-life | Total | |
| 001 | 002+003 | 1 | INTANGIBLE ASSETS Goodwill | 0 | 14.907.112 | 14.907.112 | 0 | 15.422.431 | 15.422.43 |
| 002 | 2 | Other intangible assets | 0 | 14.907.112 | 14.907.112 | 0 | 15.422.431 | 15.422.4 | |
| 004 | 005+006+0 | II | TANGIBLE ASSETS | 1.874 | 61.542.730 | 61.544.604 | 1.874 | 62.258.463 | 62.260.33 |
| 005 | 07 | 1 | Land and buildings occupied by an | 0 | 23.930.245 | 23.930.245 | 0 | 24.164.876 | 24.164.87 |
| 006 | 2 | undertaking for its own activities Equipment | 1.865 | 2.912.594 | 2.914.459 | 1.865 | 3.115.733 | 3.117.59 | |
| 007 | 3 | Other tangible assets and inventories | 9 | 34.699.891 | 34.699.900 | 9 | 34.977.854 | 34.977.80 | |
| 008 | 009+010+0 14 |
III | INVESTMENTS | 359.032.108 | 955.185.980 | 1.314.218.088 | 353.697.305 | 1.082.645.639 | 1.436.342.9 |
| 009 | Α | Investments in land and buildings not occupied by an undertaking for its own activities | 0 | 34.914.492 | 34.914.492 | 0 | 35.042.369 | 35.042.36 | |
| 010 | 011+012+0 13 |
В | Investments in subsidiaries, associates and joint ventures | 0 | 111.010.290 | 111.010.290 | 0 | 112.410.290 | 112.410.29 |
| 011 | 1 | Shares and holdings in subsidiaries | 0 | 107.294.051 | 107.294.051 | 0 | 108.694.051 | 108.694.0 | |
| 012 | 2 | Shares and holdings in associates | 0 | 0 | 0 | 0 | 0 | ||
| 013 | 3 | Shares and holdings in joint ventures | 0 | 3.716.239 | 3.716.239 | 0 | 3.716.239 | 3.716.23 | |
| 014 | 015+020+0 25 |
С | Financial assets | 359.032.108 | 809.261.198 | 1.168.293.306 | 353.697.305 | 935.192.980 | 1.288.890.2 |
| 015 | 016 + 017 + 018 + 019 |
1 | Financial assets at amortised cost | 123.310.340 | 256.795.197 | 380.105.537 | 60.464.093 | 212.224.871 | 272.688.96 |
| 016 | 1.1 | Debt financial instruments | 105.793.328 | 123.443.252 | 229.236.580 | 52.853.522 | 115.144.502 | 167.998.02 | |
| 017 | 1.2 | Deposits with credit institutions | 15.935.471 | 56.370.628 | 72.306.099 | 6.561.283 | 25.308.164 | 31.869.4 | |
| 018 | 1.3. | Loans | 1.581.541 | 65.675.598 | 67.257.139 | 1.049.288 | 71.772.205 | 72.821.4 | |
| 019 | 1.4. | Other | 0 | 11.305.719 | 11.305.719 | 0 | 0 | ||
| 020 | 021 + 022 + 023 + 024 |
2 | Financial assets at fair value through other comprehensive income | 202.181.919 | 492.823.908 | 695.005.827 | 233.179.460 | 588.372.321 | 821.551.7 |
| 021 | 2.1 | Equity financial instruments | 18.497.994 | 173.198.059 | 191.696.053 | 36.833.381 | 261.288.107 | 298.121.4 | |
| 022 | 2.2 | Debt financial instruments | 183.683.925 | 319.625.849 | 503.309.774 | 196.346.079 | 327.084.214 | 523.430.2 | |
| 023 024 |
2.3. 2.4. |
Units in investment funds Other | 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 | 60.053.752 | 134.595.788 | 194.649.5 |
| 026 | 7 000 | 3.1 | Equity financial instruments | 0 | 502.273 | 502.273 | 788.711 | 689.281 | 1.477.9 |
| 020 | 3.1 | Debt financial instruments | 0 | 0 | 0 | 17.453.869 | 41.668.323 | 59.122.1 | |
| 028 | 3.3. | Units in investment funds | 33.393.758 | 58.615.068 | 92.008.826 | 41.599.961 | 91.161.824 | 132.761.7 | |
| 029 | 3.4. | Derivative financial instruments | 0 | 20.843 | 20.843 | 211.211 | 1.076.360 | 1.287.5 | |
| 030 | 3.5 | Other | 146.091 | 503.909 | 650.000 | 0 | 0 | ||
| 031 | 032 + 036 +040 |
IV | ASSETS FROM INSURANCE CONTRACTS | 30.830 | 14.998.944 | 15.029.774 | 61.141 | 11.874.734 | 11.935.8 |
| 032 | 034+035+0 36 |
1 | General measurement model | 30.830 | 12.612.714 | 12.643.544 | 61.141 | 11.874.734 | 11.935.8 |
| 033 | 1.1. | - Assets for remaining coverage | 30.830 | -1.262.308 | -1.231.478 | 61.141 | -1.164.672 | -1.103.5 | |
| 034 | 1.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | ||
| 035 | 037+038+0 | 1.3. | - Assets from claims incurred | 0 | 13.875.022 | 13.875.022 | 0 | 13.039.406 | 13.039.4 |
| 036 | 39 | 2 | Variable fee approach | 0 | 0 | 0 | 0 | 0 | |
| 037 | 2.1. | - Assets for remaining coverage | 0 | 0 | 0 | 0 | 0 | ||
| 038 | 2.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | ||
| 039 | 041 +042 | 2.3. | - Assets from claims incurred | 0 | 0 | 0 | 0 | 0 | |
| 040 | +043 | 3 | Premium allocation approach | 0 | 2.386.230 | 2.386.230 | 0 | 0 | |
| 041 | 3.1. | - Assets for remaining coverage | 0 | 4.370.994 | 4.370.994 | 0 | 0 | ||
| 042 | 3.2. | - Assets for insurance acquisition cash flows | 0 | - | |||||
| 043 044 |
3.3. V |
- Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS | 1 | -1.984.764 53.497.827 |
-1.984.764 53.497.828 |
0 | 66.949.738 | 66.949.7 | |
| 045 | 046 +047 | VI | DEFERRED AND CURRENT TAX ASSETS | 552.495 | 10.578.327 | 11.130.822 | 552.495 | 6.190.729 | 6.743.2 |
| 046 | 1 | Deferred tax assets | 552.495 | 6.190.729 | 6.743.224 | 552.495 | 6.190.729 | 6.743.2 | |
| 047 | 2 | Current tax assets | 0 | 4.387.598 | 4.387.598 | 0 | 0 | ** = :- | |
| 048 | 050 054 | VII | OTHER ASSETS | 226.222 | 30.830.225 | 31.056.447 | 608.558 | 30.935.247 | 31.543.8 |
| 049 | 050 +051 +052 |
1 | CASH AT BANK AND IN HAND | 209.548 | 1.014.661 | 1.224.209 | 608.558 | 1.883.927 | 2.492.4 |
| 050 | 302 | 1.1 | Funds in the business account | 0 | 1.014.661 | 1.014.661 | 0 | 1.883.927 | 1.883.9 |
| 051 | 1.2 | Funds in the account of assets covering liabilities from life insurance contracts | 209.548 | 0 | 209.548 | 608.558 | 0 | 608.5 | |
| 052 | 1.3 | Cash in hand | 0 | 0 | 0 | 0 | 0 | ||
| 053 | 2 | Fixed assets held for sale and discontinued operations | 0 | 0 | 0 | 0 | 0 | ||
| 054 | 004.004.0 | 3 | Other | 16.674 | 29.815.564 | 29.832.238 | 0 | 29.051.320 | 29.051.3 |
| 055 | 001+004+0 08+031+04 |
VIII | TOTAL ASSETS | 359.843.530 | 1.141.541.145 | 1.501.384.675 | 354.921.373 | 1.276.276.981 | 1.631.198.3 |
| 056 | UDTU3 1±04 | IX | OFF-BALANCE SHEET ITEMS | 1.399.439 | 43.333.601 | 44.733.040 | 1.805.569 | 42.616.125 | 44.421.6 |
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
As at: 30.9.2025
| 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 |
in EUR Total |
|---|---|---|---|---|---|---|---|---|---|
| 057 | 058+061+062+0 66+067+071+07 |
X | CAPITAL AND RESERVES | 62.023.654 | 596.349.352 | 658.373.006 | 74.074.147 | 669.064.195 | 743.138.342 |
| 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 | ||
| 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 | 11.023.266 | 159.881.182 | 170.904.448 |
| 063 | 3.1 | Land and buildings | 0 | 6.673.633 | 6.673.633 | 0 | 6.596.134 | 6.596.134 | |
| 064 | 3.2 | Financial assets | 2.877.628 | 90.648.699 | 93.526.327 | 11.023.863 | 153.304.358 | 164.328.221 | |
| 065 | 3.3 | Other revaluation reserves | 0 | 0 | 0 | -597 | -19.310 | -19.907 | |
| 066 | 4 | Financial reserves from insurance contracts |
10.986.709 | 7.123.609 | 18.110.318 | 9.736.466 | 7.959.743 | 17.696.209 | |
| 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 | 31.937.366 | 250.069.476 | 282.006.842 |
| 072 | 6.1. | Retained profit | 20.403.653 | 232.058.966 | 252.462.619 | 31.937.366 | 250.069.476 | 282.006.842 | |
| 073 | 6.2. | Loss brought forward (-) | 0 | 0 | 0 | 0 | 0 | ||
| 074 | 075+076 | 7 | Profit or loss for the current accounting | 10.556.664 | 55.016.110 | 65.572.774 | 4.178.049 | 46.325.459 | 50.503.508 |
| 075 | 7.1. | period Profit for the current accounting period |
10.556.664 | 55.016.110 | 65.572.774 | 4.178.049 | 46.325.459 | 50.503.508 | |
| 076 | 7.2. | Loss for the current accounting period (-) | 0 | 0 | 0 | 0 | 0 | ||
| 077 | XI | SUBORDINATE LIABILITIES | 0 | 0 | 0 | 0 | 0 | ||
| 078 | XII | MINORITY INTEREST LIABILITIES FROM INSURANCE |
0 | 0 | 0 | 0 | 0 | ||
| 079 | 080+084+088 | XIII | CONTRACTS | 289.080.613 | 424.258.545 | 713.339.158 | 264.501.368 | 478.513.351 | 743.014.719 |
| 080 | 081+082+083 | 1 | General measurement model | 284.797.271 | 8.397.337 | 293.194.608 | 260.956.921 | 8.928.429 | 269.885.350 |
| 081 | 1.1. | - Liabilities for remaining coverage | 274.382.306 | 8.154.302 | 282.536.608 | 248.737.692 | 8.583.624 | 257.321.316 | |
| 082 | 1.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | ||
| 083 | 1.3. | - Liabilities for claims incurred | 10.414.965 | 243.035 | 10.658.000 | 12.219.229 | 344.805 | 12.564.034 | |
| 084 | 085+086+087 | 2 | Variable fee approach | 4.283.342 | 0 | 4.283.342 | 3.544.447 | 0 | 3.544.447 |
| 085 | 2.1. | - Liabilities for remaining coverage | 2.357.008 | 0 | 2.357.008 | 1.951.572 | 0 | 1.951.572 | |
| 086 | 2.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | ||
| 087 | 2.3. | - Liabilities for claims incurred | 1.926.334 | 0 | 1.926.334 | 1.592.875 | 0 | 1.592.875 | |
| 088 | 089 +090 +091 | 3 | Premium allocation approach | 0 | 415.861.208 | 415.861.208 | 0 | 469.584.922 | 469.584.922 |
| 089 | 3.1. | - Liabilities for remaining coverage | 0 | 102.584.921 | 102.584.921 | 0 | 120.501.260 | 120.501.260 | |
| 090 | 3.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | ||
| 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 |
349.083.662 2.689.601 |
349.083.662 2.689.601 |
|
| 093 | XV | LIABILITY FOR INVESTMENT CONTRACTS |
0 | 0 | 0 | 0 | 0 | ||
| 094 | 095+096 | XVI | OTHER PROVISIONS | 367.392 | 5.378.348 | 5.745.740 | 365.261 | 5.546.739 | 5.912.000 |
| 095 | 1 | Provisions for pensions and similar obligations | 367.392 | 5.050.720 | 5.418.112 | 365.261 | 5.219.111 | 5.584.372 | |
| 096 | 098+099 | 2 | Other provisions | 0 | 327.628 | 327.628 | 0 | 327.628 | 327.628 |
| 097 098 |
XVII 1 |
DEFERRED AND CURRENT TAX Deferred tax liability |
3.043.391 3.043.391 |
23.089.920 22.932.237 |
26.133.311 25.975.628 |
5.354.126 4.557.014 |
37.016.678 36.843.137 |
42.370.804 41.400.151 |
|
| 099 | 2 | Current tax liability | 0 | 157.683 | 157.683 | 797.112 | 173.541 | 970.653 | |
| 101+102+…+10 | |||||||||
| 100 | 5 | XVIII | FINANCIAL LIABILITIES | 218.046 | 39.411.577 | 39.629.623 | 2.437.981 | 41.064.506 | 43.502.487 |
| 101 | 1 | Loan liabilities | 0 | 0 | 0 | 0 | 0 | ||
| 102 | 2 | Liabilities for issued financial instruments | 0 | 0 | 0 | 0 | 0 | ||
| 103 104 |
3 4 |
Liabilities for derivative financial instruments Liability for unpaid dividend |
216.246 0 |
600.864 212.811 |
817.110 212.811 |
1.970 0 |
33.280 404.763 |
35.250 404.763 |
|
| 105 | 5 | Other financial liabilities | 1.800 | 38.597.902 | 38.599.702 | 2.436.011 | 40.626.463 | 43.062.474 | |
| 106 | 107+108+109 | XIX | OTHER LIABILITIES | 5.110.434 | 46.862.219 | 51.972.653 | 8.188.490 | 42.381.911 | 50.570.401 |
| 1 | Liabilities for disposal and discontinued operations |
0 | 0 | 0 | 0 | 0 | |||
| 107 | |||||||||
| 108 | 2 | Accruals and deferred income | 2.393.708 | 20.943.503 | 23.337.211 | 3.112.452 | 17.851.091 | 20.963.543 | |
| 109 110 |
057+077+078+0 79+092+093+09 |
3 XX |
Other liabilities TOTAL LIABILITIES |
2.716.726 359.843.530 |
25.918.716 1.141.541.145 |
28.635.442 1.501.384.675 |
5.076.038 354.921.373 |
24.530.820 1.276.276.981 |
29.606.858 1.631.198.354 |
STATEMENT OF CHANGES IN EQUITY
For the period: 1.1.2025 - 30.9.2025
| Attributable to owners of the parent | in EUR | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Item number |
Item | Paid in capital (ordinary and preference |
Premium on shares issued |
Revaluation reserves |
Financial reserves from insurance |
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 |
| shares) | contracts | ||||||||||
| 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 | |
| 2. | Correction of errors from prior periods | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| II. III. |
Balance as at 1 January of the previous year (restated) Comprehensive income or loss for the previous year |
78.296.142 0 |
90.448.275 0 |
46.921.341 56.481.440 |
31.352.306 -13.241.988 |
53.278.877 0 |
317.257.942 0 |
46.879.800 65.572.774 |
664.434.683 108.812.226 |
0 0 |
664.434.683 108.812.226 |
| 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 | |
| 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 | |
| 2. | Other contributions by owners | 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. | Other distribution to owners | 0 | 0 | -3.202.821 | 0 | 4.041 | 16.254.089 | -13.055.307 | 2 | 0 | |
| V. | Balance on the last day of the previous year reporting period |
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 |
| VI. | 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 | |
| 2. | Correction of errors from prior periods | 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 | 80.317.063 | -414.109 | 0 | 0 | 50.503.508 | 130.406.462 | 0 | 130.406.462 |
| 1. | Profit or loss for the period | 0 | 0 | 0 | 0 | 0 | 0 | 50.503.508 | 50.503.508 | 0 | 50.503.508 |
| 2. | Other comprehensive income or loss for the year | 0 | 0 | 80.317.063 | -414.109 | 0 | 0 | 0 | 79.902.954 | 0 | 79.902.954 |
| 2.1. | Unrealised gains or losses on tangible assets (land and buildings) |
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 | 80.447.367 | 0 | 0 | 0 | 0 | 80.447.367 | 0 | 80.447.367 |
| 2.3. | Realised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | -130.827 | 0 | 0 | 0 | 0 | -130.827 | 0 | -130.827 |
| 2.4. | Net financial income/expenditure from insurance contracts | 0 | 0 | 0 | -855.985 | 0 | 0 | 0 | -855.985 | 0 | -855.985 |
| 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 0 | 0 | 441.876 | 0 | 0 | 0 | 441.876 | 0 | 441.876 |
| 2.6. | Other changes in equity unrelated to owners | 0 | 0 | 523 | 0 | 0 | 0 | 0 | 523 | 0 | 523 |
| IX. | Transactions with owners (current period) | 0 | 0 | -9.612.575 | 0 | 0 | 29.544.223 | -65.572.774 | -45.641.126 | 0 | -45.641.126 |
| 1. | Increase/decrease in subscribed capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 2. | Other contributions by owners | 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 | 0 | -45.641.124 |
| 4. X. |
Other transactions with owners Balance on the last day of the current year reporting period |
0 78.296.142 |
0 90.448.275 |
-9.612.575 170.904.448 |
0 17.696.209 |
0 53.282.918 |
29.544.223 282.006.842 |
-19.931.650 50.503.508 |
-2 743.138.342 |
0 0 |
743.138.342 |
STATEMENT OF CASH FLOWS – indirect method For the period: 1.1.2025 - 30.9.2025
| Item | Current business | Same period of the | |||
|---|---|---|---|---|---|
| number | Sum elements | Identifier | Item | period | previous year |
| 001 | 002+018+035 + 036 + 037 | I | CASH FLOW FROM OPERATING ACTIVITIES | 56.179.352 | 130.729.420 |
| 002 | 003+004 | 1 | Cash flow before changes in operating assets and liabilities | 20.470.629 | 16.396.472 |
| 003 | 1.1 | Profit/loss of the accounting period | 50.503.508 | 49.409.171 | |
| 004 | 005+006++017 | 1.2 | Adjustments: | -30.032.879 | -33.012.699 |
| 005 | 1.2.1 | Depreciation of property and equipment | 3.600.106 | 3.851.514 | |
| 006 | 1.2.2 | Amortization of intangible assets | 2.532.990 | 2.949.490 | |
| 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 | -3.255.791 | -4.826.263 | |
| 010 | 1.2.6 | Interest expenses | 977.317 | 957.581 | |
| 011 | 1.2.7 | Interest income | -19.711.543 | -19.338.479 | |
| 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 | 6.657.628 | 6.069.309 | |
| 016 | 1.2.12 | Profit/loss from the sale of tangible assets (including land and buildings) | 17.358 | 91.888 | |
| 017 | 1.2.13 | Other adjustments | -20.850.944 | -22.767.739 | |
| 018 | 2 | Increase/decrease in operating assets and liabilities | 1.153.597 | ||
| 019 | 019+020+…+034 | 2.1 | Increase/decrease in financial assets at fair value through other comprehensive income | -30.094.103 | 91.940.184 55.204.073 |
| 020 | 2.2 | Increase/decrease in financial assets at fair value through statement of profit or loss | -98.899.762 | -9.664.280 | |
| 021 | 2.3 | Increase/decrease in financial assets at amortised cost | 106.512.270 | 65.930.349 | |
| 022 | 2.4 | Increase/decrease in assets/liabilities from insurance contracts | 31.724.987 | -17.361.664 | |
| 023 | 2.5 | Increase/decrease in assets/liabilities from reinsurance contracts | -16.414.620 | -2.884.172 | |
| 024 | 2.6 | Increase/decrease in tax assets | 4.387.598 | -6.987.069 | |
| 025 | 2.7 | Increase/decrease in receivables | 0 | 0 | |
| 026 | 2.8 | Increase/decrease in investments in real estate | -85.518 | -3.083.162 | |
| 027 | 2.9 | Increase/decrease in property for own use | 0 | 0 | |
| 028 | 2.10 | Increase/decrease in other assets | 6.407.930 | 3.262.849 | |
| 029 | 2.11 | Increase/decrease in liabilities from investment contracts | 0 | 0 | |
| 030 | 2.12 | Increase/decrease in other provisions | 166.261 | -930.046 | |
| 031 | 2.13 | Increase/decrease in tax liabilities | -4.437.340 | 7.097.528 | |
| 032 | 2.14 | Increase/decrease in financial liabilities | 3.288.141 | 286.856 | |
| 033 | 2.15 | Increase/decrease in other liabilities | 971.421 | -1.163.598 | |
| 034 | 2.16 | Increase/decrease in accruals and deferred income | -2.373.668 | 2.232.520 | |
| 035 | 3 | Income tax paid | -3.517.396 | -17.300.706 | |
| 036 | 4 | Interest received | 21.334.887 | 21.806.909 | |
| 037 | 5 | Dividend received | 16.737.635 | 17.886.561 | |
| 038 | 039+040+…+045 | II | CASH FLOW FROM INVESTING ACTIVITIES | -6.595.668 | -13.953.839 |
| 039 | 1 | Cash receipts from the sale of tangible assets | 122.304 | 29.021 | |
| 040 | 2 | Cash payments for the purchase of tangible assets | -2.287.018 | -399.095 | |
| 041 | 3 | Cash receipts from the sale of intangible assets | 0 | 103.894 | |
| 042 | 4 | Cash payments for the purchase of intangible assets | -3.030.954 | -2.589.395 | |
| 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 | 0 | |
| 045 | 7 | Cash receipts and payments based on other investing activities | -1.400.000 | -11.098.264 | |
| 046 | 047+048++057 | III | CASH FLOW FROM FINANCING ACTIVITIES | -48.276.626 | -117.204.123 |
| 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 | 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 | -45.771.324 | -114.873.905 | |
| 057 | 11 | Cash payments for rental obligations | -2.505.302 | -2.330.218 | |
| 058 | 001+038+046 | IV | NET CASH FLOW | 1.307.058 | -428.542 |
| 059 | V | EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS | -38.782 | 256.219 | |
| 060 | 058+059 | VI | NET INCREASE/DECREASE OF CASH AND CASH EQUIVALENTS | 1.268.276 | -172.323 |
| 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 | 2.492.485 | 1.490.171 |
II. MANAGEMENT REPORT
In the period observed, total income from insurance contracts amounted to EUR 368.6m and increased by 13.8 percent compared to the same period of the previous year. The total non-life insurance income amounted to EUR 363.3m and increased by 14.1 percent while total life insurance income decreased by 2.4 percent and amounted to EUR 5.2m.
Total expenditure from insurance contracts in the period observed amounted to EUR 324.9m and increased by 9.2 percent compared to the same period of the previous year. The total non-life insurance expenditure amounted to EUR 322.1m and increased by 9 percent. Total life insurance expenditure amounted to EUR 2.9m.
Total net result from insurance contracts in the period observed amounted to EUR 25.5m and has increased by 42.4% compared to the same period of the previous year when it amounted to EUR 17.9m, while the total net profit of the Company amounted to EUR 50.5m and increased by 2.2 percent compared to the same period of the previous year.
Total assets of the Company as at 30 September 2025 amounted to EUR 1.6 billion, which represents an increase of 8.6 percent compared to 31 December 2024.
Liabilities from insurance contracts as at 30 September 2025 amounted to EUR 743m, representing an increase of 4.2 percent compared to 31 December 2024.
Unaudited unconsolidated financial statements for the third 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
Croatia Insurance Q3 2025: revenue and profit growth, with continued business digitalization and expansion of the healthcare segment
The digital business segment continues to grow and deliver positive results. The premium generated from the overall 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 34 percent. Croatia's digital brand LAQO also recorded an excellent result and achieved a premium growth of 19 percent compared to the same period last year.
New steps have also been taken in the field of business digitalization through the application of artificial intelligence, automation and self-care for clients. For example, the new self-care standard in the Moja Croatia application allows clients to track their claims from notification to payment, have the ability to review all their policies and benefits in detail, and order health check-ups through the application completely independently, simply and quickly.
Croatia's Spektar benefits package continues to grow, and in September it was used by more than 340,000 households. Continuous activities, especially through the Moja Croatia application, resulted in above-average growth in new users and household members and a significant increase in the use of benefits in all segments of the program.
Croatia Polyclinic, including the revenues of Osijek's Medros and Dubrovnik's Marin Med, recorded a 40 percent increase in revenues compared to the same period last year. The team of doctors and medical staff increased by 20 percent. The most modern technology and top medical teams in nine cities in Croatia contribute to the realization of the strategic goal of providing top-notch private healthcare services throughout the country. Great interest in private healthcare services prompted a significant expansion of Croatia Polyclinic's capacities in Zagreb and Rijeka. A new branch office was opened in Zagreb in September, and the premises of Croatia Polyclinic in Rijeka were additionally expanded and equipped with new state-of-the-art medical devices.
Croatia osiguranje also expanded its offer of additional health insurance and introduced the new Active Plus package. It is a comprehensive health platform that combines prevention, technology and financial security, and is especially tailored to younger and economical clients focused on quick and simple digital solutions.
A new Collective Agreement has been signed at Croatia osiguranje, confirming the high level of labor and material rights of employees with new increases. The level of rights of Croatia's employees has been significantly above industry standards and above those guaranteed by the Labor Act for years, and Croatia is recognized as one of the most desirable employers on the market. The new Collective Agreement of Croatia osiguranje will be valid for the next three years until 31 August 2028.
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 5 June 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%.
The Croatian Financial Services Supervisory Agency (HANFA) at its session held on 25 July 2025 adopted a decision granting approval to Hana Zoričić to serve as a member of the Supervisory Board of CROATIA osiguranje d.d. for a term of 4 years, starting from 21 September 2025 until 21 September 2029.
On 28 August 2025, the General Assembly of CROATIA osiguranje d.d. was held, at which a Decision was made to elect Erika Zgrablić as a member of the Supervisory Board for a period of 4 years, starting from 12 October 2025, subject to obtaining HANFA approval. At its session held on 29 August 2025, the HANFA Management Board adopted a decision granting approval to Erika Zgrablić to serve as a member of the Supervisory Board of CROATIA osiguranje d.d. for a term of office from 12 October 2025 to 12 October 2029.
Geopolitical and macroeconomic situation, conflicts and challenges
Global financial markets rose in the third quarter, driven primarily by rising demand for artificial intelligence, strong corporate earnings and with the anticipated reduction in interest rates by the U.S. Federal Reserve. The dollar remained slightly lower, supporting emerging markets and raw materials markets.
The US stock market (as measured by the S&P 500 index) recorded a strong 8 percent quarter-onquarter gain due to AI investments and lower interest rates. European stocks (as measured by the EuroStoxx 600 index) rose 3 percent in the quarter, continuing a positive trend seen since the beginning of the year. While global trade tensions have eased somewhat, companies around the world are still adjusting their supply chains to reduce their dependence on the US and China. Despite the optimism, high valuations, inflationary pressures, and geopolitical uncertainties continue to pose potential risks.
Domestic and regional equity markets continue to see strong growth. The total growth since the beginning of the year is as much as 35 percent (measured by the ADRIAprime index, which is a composite index of the stock markets of Croatia and Slovenia). This growth was led by Slovenian stocks, and significant growth was also recorded by most of the Croatian stocks from the composition of the mentioned index.
The US economy showed resilience, with GDP increasing by 3.8 percent in the second quarter on an annual basis, while personal consumption and core inflation remained stable. Although fiscal uncertainty, including the beginning of the government shutdown at the beginning of the fourth quarter, introduced some volatility, market sentiment remained positive. In Europe, the European Central Bank decided not to change interest rates in the third quarter, primarily due to the fact that inflation in August approached the ECB's target rate of 2 percent.
Yields on US bonds recorded a decrease (the market had already calculated a reduction in interest rates by the FED weeks before the decision was made), while yields on European bonds generally recorded a slight increase in the third quarter. Croatian government bonds continued to increase (0.8 percent increase in the CROBIS TR index in the quarter). In Europe, financial markets were also affected by the US administration's decision to impose a 15 percent tariff on products imported into the US from the EU, as well as political instability in France (where a stable ruling majority is still being sought). Consequently, French government bonds had their credit ratings downgraded by leading credit institutions.
The EUR/USD exchange rate remained at a more or less similar level in the quarter (around 1.17). On the other hand, gold continues its strong growth in the year. During the quarter, the price of gold increased by an additional 17 percent (47 percent since the beginning of the year), notably surpassing the 4,000 USD/oz threshold in October. The flight to gold in times of uncertainty, the weakening of the U.S. dollar, and strong purchases by various countries have all contributed to increased demand and, consequently, price increase.
In addition to significant geopolitical risks, caused by numerous conflicts such as the war in Ukraine, the Middle East and other political tensions, and the pervasive presence of climate change risks, the risks of cyber attacks are also increasing, supported, among other things, by the development of new technologies such as artificial intelligence. All of the above contributes to an uncertain environment for market participants. Despite this, the Company's operations have proven to be resilient to various stressful circumstances thanks to its high capitalization, or solvency, as shown by the latest results of the ORSA process. The Company's SCR ratio as of 30.6.2025. is a high 269 percent, and even in stressful circumstances, the Company would likely continue to operate in accordance with all regulatory requirements.
Significant events after the end of the reporting date
There were no significant events after the balance sheet date.
Company branch
In accordance with the Company's decision, for the purpose of more efficient operations, the Company closed its registered branch (Branch Ljubljana) on May 5, 2025. In its legal transactions, the branch operated as CROATIA osiguranje d.d. branch Ljubljana, in the Croatian language, and as CROATIA ZAVAROVANJE d.d. branch Ljubljana, in the Slovenian language.
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 pressures accelerated in the third quarter of 2025, with quarterly inflation for Croatia at 4.5 percent, measured by the harmonized indicator (HIPC). With this rate, Croatia is once again at the top of the European Union in terms of price growth. With this development, it is highly likely that the year will end with an inflation rate of 4 percent, which is at the level of last year's rate.
The government has announced a new increase in the minimum wage for 2026, as well as a goal that the minimum wage will amount to EUR 1,250 gross by 2028. The projection for wage growth for 2025 is still a high 10 percent, and is caused by further expectations of an increase in the minimum wage.
GDP growth at the annual level should be 3.3 percent, but the macroeconomic situation should also deteriorate somewhat, which is reflected in the increase in the government deficit to 2.9 percent of GDP, which is very close to the limit defined by the Maastricht criteria.
The non-life insurance market continues to record very solid premium growth of about ten percent and is likely to end the year with close to double-digit growth. This applies in particular to voluntary comprehensive motor vehicle insurance and additional health insurance, which are driven more significantly by price increases. The real estate market is also achieving solid growth driven by increased construction costs and new prescribed construction benchmark values.
Life insurance premiums are currently slightly below last year's level. Expectations are that the entire market should end at last year's level.
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, 28 October 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-IX 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 2,364.
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 and Member until 20 September 2025
Dr. sc. Hrvoje Šimović Vice President since 21 September 2025
Vitomir Palinec Member Hrvoje Patajac Member
Dr. sc. Zoran Barac Member until 11 October 2025
Pero Kovačić Member
Hana Zoričić Member since 21 September 2025
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 third 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 third 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.
During the current reporting period, the Company applied the following significant judgments for the first time:
Separation of embedded derivative from Virtual Power Purchase Agreement (VPPA)
The embedded derivative represented by the electricity swap is component of the VPPA contract and determining whether such derivatives should be separated from the host contract involves significant judgement. This includes an assessment of the terms and conditions of the VPPA contract and the characteristics of the embedded derivative.
The Company made an assessment and concluded that the economic risks and characteristics of embedded derivative are not closely related to the underlying host contract. Consequently, the Company separately recognized embedded derivative as derivative financial instruments – electricity swap.
Fair value measurement of electricity swaps
The fair value of the electricity swap generally cannot be measured based on quoted prices in active markets, therefore the Company 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-term 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 Company entered into the Virtual Power Purchase Agreement (VPPA) as a buyer and therefore have applied the following accounting policies for the first time:
Purchases of Guarantees of origin (GoO)
The Company considers the VPPA contract as hybrid contract, 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 cashsettled electricity).
While the embedded derivative is separately recognised under IFRS 9, the residual non-financial host component of the contract is accounted by the Company 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 derivative separated from the VPPA contract represents electricity swap that is used by the Company to hedge the price risk of forecast physical purchases of electricity. The Company does not enter into these electricity swaps for speculative purposes.
The electricity swap is initially recognised on the date on which the respective VPPA contract is concluded and initially measured at nil (due to its non-optional nature) in accordance with IFRS 9. The electricity swap is subsequently measured at fair value.
The Company has designated the electricity swap as hedging instrument 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 Company 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 Company will assess whether the hedge relationship meets the hedge effectiveness requirements.
Given their classification within cash flow hedge relationships, the Company 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 instruments when 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 Company 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 costs).
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. Also, an agreement was concluded under 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 stated above, 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:
| 30 September 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 |
167,998,024 | 161,570,377 | (6,427,647) | 229,236,580 | 217,624,087 | (11,612,493) |
| Loans | 72,821,493 | 73,435,227 | 613,734 | 78,562,858 | 76,755,600 | (1,807,258) |
| Deposits | 31,869,447 | 31,869,447 | - | 72,306,099 | 72,306,099 | - |
| 272,688,964 | 266,875,051 | (5,813,913) | 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 30 September 2025 are presented as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| in EUR | in EUR | in EUR | in EUR | |
| Property for own use | - | - | 24,164,876 | 24,164,876 |
| Investment property | - | - | 35,042,369 | 35,042,369 |
| Equity securities | 275,871,510 | 11,596,823 | 10,653,155 | 298,121,488 |
| Debt securities | 453,254,092 | 70,176,201 | - | 523,430,293 |
| Financial assets at fair value through other comprehensive income |
729,125,602 | 81,773,024 | 10,653,155 | 821,551,781 |
| Equity securities | 1,477,992 | - | - | 1,477,992 |
| Debt securities | 52,326,830 | 6,795,362 | - | 59,122,192 |
| Investment funds | 39,669,071 | 93,092,714 | - | 132,761,785 |
| Derivative financial instruments | - | 1,287,571 | - | 1,287,571 |
| Financial assets at fair value through profit or loss |
93,473,893 | 101,175,647 | - | 194,649,540 |
| Total assets at fair value | 822,599,495 | 182,948,671 | 69,860,400 | 1,075,408,566 |
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.
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 515 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 76.1 thousand, the costs of contributions from salaries in the amount of EUR 21.9 thousand, the costs of taxes and surcharges from salaries in the amount of EUR 15.1 thousand, the costs of contributions to salaries in in the amount of EUR 14.5 thousand and other employee costs in the amount of EUR 1.7 thousand.
Financial assets and financial liabilities
The Company's structure of financial assets as at 30 September 2025 and 31 December 2024 was as follows:
30 September 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 |
- | 297,902,890 | 1,477,992 | 299,380,882 |
| Shares, not listed | - | 218,598 | - | 218,598 |
| - | 298,121,488 | 1,477,992 | 299,599,480 | |
| Debt securities | ||||
| Government bonds | 165,173,475 | 382,657,074 | - | 547,830,549 |
| Corporate bonds | 2,824,549 | 111,135,770 | 698705 | 114,659,024 |
| Treasury bills | - | 29,637,449 | 58,423,487 | 88,060,936 |
| 167,998,024 | 523,430,293 | 59,122,192 | 750,550,509 | |
| Derivative financial instruments | ||||
| Currency forward contracts | - | - | 1,287,571 | 1,287,571 |
| - | - | 1,287,571 | 1,287,571 | |
| Investment funds | ||||
| Open-ended investment funds | - | - | 130,872,331 | 130,872,331 |
| Open-ended investment funds - assets for coverage of unit-linked products |
- | - | 1,889,454 | 1,889,454 |
| - | - | 132,761,785 | 132,761,785 | |
| Loans and receivables | ||||
| Deposits with credit institutions | 31,869,447 | - | - | 31,869,447 |
| Loans | 72,821,493 | - | - | 72,821,493 |
| 104,690,940 | - | - | 104,690,940 | |
| 272,688,964 | 821,551,781 | 194,649,540 | 1,288,890,285 | |
| 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 | - | - | 2,256,404 | 2,256,404 |
| for coverage of unit-linked products | ||||
| - | - | 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 30 September 2025 and 31 December 2024 was as follows:
| 30 September 2025 | 31 December 2024 | |
|---|---|---|
| in EUR | in EUR | |
| Lease liabilities | 37,586,222 | 36,951,203 |
| Derivative financial instruments | 35,250 | 817,110 |
| Preference shares | 1,627,500 | 1,627,500 |
| Liability for unpaid dividend | 404,763 | 212,811 |
| Other financial liabilities | 3,848,752 | 20,999 |
| 43,502,487 | 39,629,623 |
Share capital and shares
The Company's share capital with a nominal value of EUR 79,924 thousand as at 30 September 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 30 September 2025 and 31 December 2024 was as follows:
| 30 September 2025 | |||||
|---|---|---|---|---|---|
| No later than 1 year |
1-5 years | More than 5years |
Total | ||
| in EUR | in EUR | in EUR | in EUR | ||
| Other provisions | 303,308 | 4,781,099 | 827,593 | 5,912,000 | |
| Financial liabilities | 6,997,946 | 8,657,096 | 27,847,445 | 43,502,487 | |
| Other liabilities | 45,601,511 | 3,799,597 | 1,169,293 | 50,570,401 | |
| Total | 52,902,765 | 17,237,792 | 29,844,331 | 99,984,888 | |
| 31 December 2024 | |||||
| No later than 1 | 1-5 years | More than | Total | ||
| year | 5years | ||||
| 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 30 September 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 | ||||
|---|---|---|---|---|
| Total | Financial reserves from insurance contracts |
Financial assets at fair value through other comprehensive income |
Derivative financial instruments - cash flow hedging |
Land and buildings occupied by an undertaking for its own activities |
| 16,854,841 | 6,878,571 | 8,696,122 | - | 1,280,148 |
| (375,030) | - | 23,057 | - | (398,087) |
| 9,495,817 | (2,902,548) | 11,815,482 | - | 582,883 |
| 25,975,628 | 3,976,023 | 20,534,661 | - | 1,464,944 |
| (2,110,077) | - | (2,093,065) | - | (17,012) |
| 17,534,600 | (91,489) | 17,630,460 | (4,371) | - |
| 41,400,151 | 3,884,534 | 36,072,056 | (4,371) | 1,447,932 |
Commitments
31 December 2023
31 December 2024
30 September 2025
Utilization of deferred tax liability through profit and loss account
Utilization of deferred tax liability through profit and loss account
Changes through other comprehensive income
Changes through other comprehensive income
As at 30 September 2025, the Company's contractual obligations for future investments amount to EUR 25.9m 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 – 30 September 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, 28 October 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