Ljubiša Veljković, Executive Board Chairman at Milenijum Osiguranje

Reliable Partner

Following excellent business results in 2017, insurance company Milenijum Osiguranje also recorded successes in the first five months of this year. Contributing to this has been growth in client numbers, growth and development of the sales network, improvements to existing products and the introduction of new ones, as well as the strengthening of balance sheet assets

Ljubiša Veljković Milenijum Osiguranje

In the period ahead, we will continue the professional and responsible development of our operations. In the company’s continuing transformation towards long-term sustainability, the focus remains on insured people and the market, as well as strengthening the market position and increasing operational excellence.

Following successful operations in 2017, Milenijum Osiguranje is continuing its growth trend in premiums for all types of non-life insurance. Total premiums in the first five months of 2018 equate to 1,445 billion dinars, which represents growth of 270 million dinars or 23 per cent compared to the same period of last year.

The premium exceeds the planned total of 12 per cent, while the growth of 23 per cent in the non-life insurance sector testifies to the company’s stable business strategy. Viewed in terms of the structure of the portfolio, the most dynamic growth was recorded in auto-casco insurance – 75 per cent, fire insurance – 65 per cent, and road assistance  – 23 per cent. And the combined ratio – as one of the most important performance indicators in the nonlife insurance segment – is also achieving a positive result.

According to an official report of the National Bank of Serbia, on 30th April this year Milenijum Osiguranje took first place in terms of the promptness of processing auto-liability claims, with 72.8%

During the observed period, capital adequacy and the coverage of technical reserves have fulfilled all regulatory requirements, thus the total solvency and risk profile of Milenijum Osiguranje is fully harmonised.

This business result shows that Milenijum Osiguranje possesses great potential for further stable growth in the Serbian market. The growth recorded in the first months of this year is due to growth in the country’s GDP and a stable economic environment.

We are primarily satisfied due to the fact that we have achieved all goals set in all segments, with a special emphasis on portfolio diversification as the company’s long-term strategy.

Alongside already high-quality potential in terms of personnel, we will secure the carriers of our future growth through constant investments in the educating of staff. We are continuing to develop our sales infrastructure, while alongside that we are also recording dynamic growth in newly- developed sales channels.

Our operations are harmonised with the five-year development plan that we have adopted, so I’m sure these positive trends will continue throughout 2018 and that we will have a positive balance sheet by year’s end, with all the set plans fulfilled.

The previous period was marked by the development of new products and the improvement of several existing ones. We have partially digitalized processes, especially those relating to the online claims reporting, document management and similar processes.

We are constantly advancing the offer of the webshop, so clients currently have at their disposal two products for insuring households, household items and household members, and two in the field of assistance.

Otherwise, our focus on the quality management system’s efficiency in fulfilling the demands of Milenijum Osiguranje clients’ is confirmed by the certificate ISO 9001:2015, while the company is also a holder of a charter for the best-organised claims assessment service for 2016. This is the annual award of the Association for Claims Compensation Law for scientific and expert contributions in the field of claims handling.