Gross operating costs

Total consolidated gross operating costs of the Triglav Group reached EUR 286.4 million and were 2% lower than the year before. Gross operating costs for non-life insurance came to EUR 190.8 million (index 98), in the life-insurance segment they amounted to EUR 37.2 million (index 99), in health insurance they totalled EUR 6.9 million (index 85) and in non-insurance activities, they were EUR 51.6 million (index 97).

Acquisition costs (fees and charges) totalled EUR 30.9 million and increased by 7% over the preceding year. The costs of the acquisition of goods sold amounted to EUR 24.5 million and were 10% lower than the year before, while depreciation costs were EUR 11.6 million and went up 3% compared to 2010. Labour costs totalling EUR 136.2 million, or 4% less than in 2010, accounted for the majority of operating costs (46.1%). Costs of services provided by natural persons totalled EUR 3.0 million, representing a decrease of 20%, while other operating costs remained at the same level as the year before (EUR 89.2 million).

Total insurance business gross operating costs (EUR 234.6 million) decreased by 2% from 2010. The increase in insurance business operating costs was the same as the growth of gross written premium. The share of insurance business operating costs in gross written premium was thus 23.7%, which is the same as in 2010.

In total insurance business gross operating costs, broken down by functional groups, the costs of insurance contract acquisition accounted for 55.6%, or 0.4 percentage points more than in the preceding year, followed by 11.5% in assessment costs (11.4% in 2010), 1.9% in expenses arising from asset management (the same as in 2010), while other operating expenses represented 30.9%, down 0.6 percentage points compared to the year before.

Gross operating costs by nature

 

in EUR

   

 

Gross operating expenses

Index

Structure

Natural type of costs

2011

2010

2009

2011/2010

2010/2009

2011

1. Acquisition costs (fees and charges)

30,926,417

28,872,958

31,309,074

107

92

10.5%

2. Cost of goods sold

24,487,665

27,122,451

24,423,372

90

111

8.3%

3. Depreciation of operating assets

11,598,595

11,231,762

12,497,195

103

90

3.9%

4. Labour costs

136,195,600

141,905,945

144,138,700

96

98

46.1%

     - wages and salaries

96,152,794

99,924,116

101,302,896

96

99

32.5%

     - social security and pension insurance costs

22,652,065

22,772,526

23,662,385

99

96

7.7%

      - other labour costs

17,390,741

19,209,303

19,173,419

91

100

5.9%

5. Costs of services provided by natural persons other than SPs together with pertaining taxes

3,043,158

3,783,322

3,793,934

80

100

1.0%

6. Other operating costs

89,237,493

89,253,813

81,341,661

100

110

30.2%

     - costs of entertainment,advertising,trade shows

17,482,936

17,864,671

16,535,312

98

108

5.9%

     - costs of material and energy 

9,929,943

9,673,483

9,288,991

103

104

3.4%

     - maintenance costs

8,527,111

8,780,727

9,017,548

97

97

2.9%

     - reimbursement of labour-related costs

4,885,484

5,796,068

4,884,354

84

119

1.7%

     - costs of intellectual and personal services

3,817,644

2,768,653

3,272,132

138

85

1.3%

     - costs not related to performance, excluding insurance

2,623,521

3,754,571

3,287,102

70

114

0.9%

     - costs of services - transport and communications

5,096,185

5,340,285

5,199,290

95

103

1.7%

     - costs for insurance premiums

2,002,248

1,850,330

1,722,507

108

107

0.7%

     - payment transaction costs and banking services

3,980,632

4,096,357

4,117,482

97

99

1.3%

     - rents

7,692,983

6,532,582

6,739,159

118

97

2.6%

     - costs of services of professional training

1,040,200

1,070,049

891,383

97

120

0.4%

     - other costs of services

22,158,606

21,726,037

16,386,401

102

133

7.5%

TOTAL operating costs

295,488,928

302,170,251

297,503,936

98

102

100.0%

Consolidation eliminations

-9,090,898

-9,031,929

-9,001,966

101

100

 

TOTAL

286,398,030

293,138,322

288,501,970

98

102

 

 

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