LJUBLJANA (Slovenia), April 5 (SeeNews) – Slovenian reinsurer Sava Re d.d. [LJE:POSR] plans to pay a gross dividend of 0.95 euro ($1.07) per share, up 18.8% on the regular dividend distributed in 2018, it said.
The company plans to distribute a total of 14.7 million euro as dividend, or 34.23% of its 2018 net profit, Sava Re said in a statement on Thursday.
“Based on the 10% dividend growth proposed in the dividend policy, the 2019 dividend would total 0.88 euro per share; the proposal of the management and supervisory boards for a higher, 0.95 euro, dividend per share is supported by the fact that the group’s 2018 net profit target has been exceeded,” the company noted.
The proposed record date is June 13 and the proposed dividend payment date is June 14.
The company’s dividend policy provides for a 10% annual dividend growth, while the dividend payout must not exceed 40% of the group’s net profit for the year.
Sava Re said late on Thursday its consolidated net profit increased 38.3% year-on-year to 43 million euro ($48.3 million) in 2018, citing audited data.
For 2019, the group is planning a 4.5% rise in income, as well as growth from the completed acquisitions in the Croatian insurance market and the Slovenian asset management market, it said in the statement.
($ = 0.89051 euro)