A Dream Year for Domestic Shareholders – Croatia Osiguranje Distributes Another 116.37 Euros

The dream dividend year for shareholders of Croatian companies continues. The latest positive surprise came from Croatia Osiguranje, which pleasantly surprised its shareholders back in mid-January. As announced on the Zagreb Stock Exchange by our largest insurer, the Management and Supervisory Board proposed to the General Assembly the payment of a dividend from retained earnings from 2022 in the total amount of 16.04 million euros, or 37.35 euros per ordinary and preferred share, and the payment of a dividend from last year’s net profit in the total amount of 33.9 million euros, or 79.02 euros per share. In total, this amounts to a dividend of 116.37 euros.

This is already the second dividend from Croatia Osiguranje this year, so shareholders can expect a total of 267.64 euros this year. Recall that the company announced a payment of 65 million euros to its shareholders on January 19, or 151.27 euros per share. The funds were found in retained earnings from 2015 to 2018, and the dividend was paid on March 18. At that time, the company explained this decision by excellent financial indicators – continuously high capitalization, despite disruptions in financial markets, periods of high inflation, and natural disasters.

– The entry of the Republic of Croatia into the eurozone has further positively contributed to this indicator – they emphasized in January from CO.

Stock Price Unchanged

– Capital adequacy at the end of September was 337 percent at the parent level, 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 percent at the parent level and above 270 percent at the consolidated level) – they communicated at that time from the leading insurer.

The April dividend was also explained by successful business operations in recent years, a growing level of profit, and high capital adequacy rates, both at the Company level and at the Group level, and it is expected that during 2024, capital adequacy should be maintained above the level of 200 percent. The announcement of the second dividend did not cause a price spike – after 3:30 PM, regular shares of Croatia Osiguranje recorded a turnover of 17,850 euros at a price of 1,190 euros, the same as the previous trading day. There was no trading in preferred shares.

According to data from the Zagreb Stock Exchange, so far this year, 14 companies have announced dividend payments, of which in four cases the dividend was voted on at the shareholders’ assembly. Along with the January dividend from Croatia Osiguranje, the dividend payment was also confirmed by the shareholders of Jadroagent at eight euros per share, which will be paid on April 26. Istarska Kreditna Banka will pay 15 euros per share on April 18, while Hrvatska Poštanska Banka will pay 2.61 euros per share on June 24.