Komercni pojistovna net profit up 67% to CZK 654.1m in 2021

Insurer Komercni pojistovna, part of the Komercni banka financial group, saw its net profit rise by 67 percent to CZK 654.1m last year according to Czech accounting standards, the insurer announced.

Gross billed premiums amounted to Kc7.343bn, a drop from Kc7.5bn in 2020. Life insurance saw an annual decrease of 3.7 percent to Kc6.681bn, while non-life insurance grew by 17.3 percent to Kc663m due to property insurance, said the company.

"2021 was a difficult year but KB Pojistovna achieved very good resuls," said Gael Loaec, CEO and board chairman of KB Pojistovna.

In non-life and life risks insurance products, the company recorded up to a double-digit rise, which shows it is going in the right direction, he added.

Claim settlement costs increased to CZK 6.6bn from 2020's CZK 4.7bn.

Owner's equity reached CZK 1.298bn, a drop of 60 percent yr/yr.

Komercni pojistovna uses the KB Pojistovna trademark for marketing communication. It has been active on the market for 26 years.

Source: Komercni pojistovna and CTK