Montenegro’s insurance sector recorded a 38.7% decline in its core operating result during the first half of 2026, despite higher operating revenue, as expenses increased at a faster pace. Nine comparable insurers generated €62.65 million in operating revenue, representing a 9.9% increase from the previous year. Operating expenses, however, rose 13.8%, putting pressure on operating profitability.
Combined net profit declined 3.4% to €7.12 million, with the overall result supported by a 24.4% increase in earnings from financial investments. Lovćen osiguranje generated the highest operating revenue among the insurers, at approximately €15.8 million, followed by Sava osiguranje with €11.1 million. Sava osiguranje increased its net profit by 41.7% to €1.81 million. Revenue at Wiener Städtische life insurance rose 20.2% to approximately €7.3 million, while its profit increased 71.9% to around €970,000. Both Uniqa companies recorded losses during the period.
Uniqa’s non-life insurer reported a loss of approximately €528,000, compared with a profit of €326,000 a year earlier. Its life insurer recorded a loss of around €90,000, reversing a previous profit of €21,000. The sector’s results show differing profitability outcomes despite overall revenue growth, with higher operating expenses weighing on core earnings while stronger financial investment results supported total net profit.
