The Management Board and the Supervisory Board of Croatia osiguranje at separate meetings on Friday established a proposal for a decision on the payment of a dividend of 151.27 euros per share, amounting to a total of 65 million euros.
According to a statement from the insurance company operating within the Adris group, the dividend would be paid from retained earnings to holders of ordinary and preferred shares.
It is also emphasized that the company has been operating successfully in recent years, with a growing level of profit and high capital adequacy ratios, while the company has been continuously highly capitalized, despite disruptions in financial markets, periods of high inflation, and natural disasters. Croatia’s entry into the eurozone has further positively contributed to this indicator, it is added.
The company states that the capital adequacy at the end of September last year at the parent level was 337 percent, or 293 percent at the consolidated level, and although a slight decrease in these ratios is expected at the end of 2023 due to the effects of deferred taxes, it is expected that capital adequacy will remain at very high levels – above 300 at the parent level and above 270 percent at the consolidated level.
Given all of the above, the Management Board believes that it is capable of paying dividends to its shareholders without disrupting the stability of operations and while maintaining a high level of capital adequacy. Accordingly, the Management Board and the Supervisory Board proposed to the General Assembly the payment of a dividend in the total amount of 65 million euros, or 151.27 euros per share, it is stated in the announcement.
The price of the ordinary share of Croatia osiguranje today was the biggest winner on the Zagreb Stock Exchange, with a price jump of 35.5 percent, to 1,220 euros.
