Croatia osiguranje (CROS) Q4 2024 earnings summary

Executive summary

• Total income from insurance contracts rose 13.5% year-over-year to EUR 448.8m, with non-life up 13.4% and life up 20.2%.

• Net profit increased 39.9% year-over-year to EUR 65.6m, reflecting recovery from prior-year weather-related losses.

• Total assets as of 31 Dec 2024 were EUR 1.5bn, down 0.7% from the previous year.

• Liabilities from insurance contracts decreased 2.6% year-over-year to EUR 713.3m.

Financial highlights

• Net result from insurance contracts doubled to EUR 25.4m from EUR 11.8m year-over-year.

• Operating cash flow was EUR 172.5m, a significant improvement from negative EUR 93.2m in the prior year.

• Dividend payments in 2024 totaled over EUR 115m, including additional payouts from retained earnings and 2023 profit.

• Investments in subsidiaries increased by EUR 56.5m, notably in healthcare and digital platforms.

Outlook and guidance

• 2025 market growth expected to moderate, with focus on digital insurance, product expansion, and efficiency.

• Inflation in Croatia accelerated to ~5% in early 2025, potentially impacting forecasts.

• Life insurance expected to remain stable in 2025, mirroring 2024 levels.