MISSION AND VISION
The Agram Concern
The contracting parties have agreed that each member company of the Agram Concern will retain its legal as well as economic and business independence. Furthermore, in accordance with the provisions of the Association Agreement, all member companies of the Agram Concern are independent of each other, have equal rights in all aspects of their business activities, and are not linked to each other in any way by a joint management agreement. Therefore, business cooperation between the member companies of the Agram Concern is based solely on the provisions of the respective Association Agreement and other possible legal matters for which the member companies are required to enter into separate legal agreements.
In the period from 2000 to the end of 2023, the number of member companies has changed (new member companies joined and some old ones left the Association Agreement), so that by the end of 2023 the Agram Concern has 20 member companies based in the Republic of Croatia, Bosnia and Herzegovina, the Republic of Italy and the Republic of Austria.
Business operations of Agram Concern in 2023.
In 2023, member companies of the Agram Concern generated a total revenue of 901.19 million EUR, representing an increase of +11.7% or 94.62 million EUR compared to 2022.
The total number of employees 4.741, which is 42 employees more compared to the year 2022.
The total profit before tax of member companies of the Agram Concern for 2023 amounts to 66.68 million EUR, which is an increase of +6.9% compared to 2022.
The current year is marked by two things in particular. First, revenues from the lease of business premises owned by member companies of the Agram Concern amounted to 25 million EUR which is an increase of 6.3% compared to 2022. Second, net earnings from the operation of testing stations (or so-called MOT stations) for the inspection of motor vehicles (more than 835 thousand regular inspections of motor vehicles at 69 testing (MOT) centers for the inspection of motor vehicles were performed) amounted to 15.56 million EUR (with an annual ROI of +19.2%) which is an increase of +2.8% compared to 2022 (this increase being the usual and steady business performance in each of the last 20 years).
Total assets of member companies of the Agram Concern amounted to 2.60 billion EUR at the end of 2023 with owner’s equity of 880.63 million EUR. Total assets in 2023 increased by 62 million EUR i.e., +2.5% more compared to the previous year, while the owner’s equity increased by 88.69 million EUR which is +11.2% more compared to the previous year.
Since 2002, legal representation of the member companies of the Agram Concern has been provided by the law firm Grgić & Partners from Zagreb – for business operations in the Republic of Croatia and in the Republic of Austria – and the law firm Martinović & Partners from Mostar for business operations in Bosnia and Herzegovina.
The Agram EEIG
The member companies of the Agram Concern – as well as those who are not members – which have started business activities or established a legal entity on the territory of other EU member states, initiated the establishment of the Agram European Economic Interest Grouping at the end of 2021.
Agram EEIG consists of 14 member companies operating in the Republic of Croatia, the Republic of Austria and the Republic of Italy. The head office of Agram EEIG is located in Zagreb (registration number 081413269) and all legal bodies of Agram EEIG have their seat in Zagreb.
The business purpose of the establishment of the Agram EEIG is included in the list of business activities for which it is authorized according to the decision of the Commercial Court in Zagreb, court decision number Tt-21/57205-2 dated 12-19-2021, namely: promoting the general business interests of its members; structuring the process of procuring goods and services for the needs of its members to ensure that they are in line with their business objectives and to enable the procurement of such goods and services in the capacity of a “major procurer”, which increases the overall business efficiency of its members; providing media exposure to enable joint promotional services to its members and achieve a synergistic effect; assisting its members in establishing policies and recommendations regarding the overall business environment and outlook for each member; providing market research services and market analysis to its members; assisting its members in organizational and educational efforts (e.g. introduction and adoption of new techniques) and in business matters by organizing conferences and seminars and establishing contacts with consultants and experts; establishing international connections and cooperation and promoting the reputation of its members at home and abroad; cooperating with scientific and professional organizations and institutions at home and abroad to develop and improve the business interests of its members.
The business activity of the member companies of Agram EEIG includes the following activities: all types of private insurance (non-life and life); banking; financing the acquisition of motor vehicles and equipment through leasing contracts; sales and service of motor vehicles as an authorized dealer for VW, Opel, Chevrolet, KIA and Mazda and as an independent service for all types of passenger cars and repairs of all types of damaged vehicles; management of technical inspection stations for motor vehicles; development, construction and leasing of business premises; all types of medical services; catering and tourism business; other types of financial intermediation; management of own property and other activities.
Agram EEIG legal bodies and business management
The legal bodies of the Agram EEIG consist of: (a) the Assembly, consisting of the representatives of the member companies working together, (b) the Board of Directors, consisting of a President and three Vice-Presidents, (c) the Executive Directors, and (d) the Advisors to the Board of Directors and the Associated Experts.
The Agram EEIG is governed by the Board of Directors and is represented independently and individually by the Chairman of the Board of Directors and the Vice Presidents. The Managing Directors perform the duties assigned to them by the Chairman of the Board of Directors or the Vice Presidents within the competence of the Board of Directors. The Statute of the Agram EEIG sets the annual membership fee of each member and the annual contribution for financing the operations of the Agram EEIG.
Agram Group
Five insurance companies – former and current members of the Agram Concern – based in the Republic of Croatia (three companies) and Bosnia and Herzegovina (two companies), operate as the Agram Group.
Members of the Agram Group generated total revenue of 633.40 million EUR in 2023, which is an increase of 70.33 million EUR or +12.5% compared to the previous year (2022: 563.07 million EUR). Particular emphasis should be placed on the last five years during which member companies of the Agram Group achieved a significant revenue growth in the amount of 241.92 million EUR or an increase of +61.8% – from 391.48 million EUR in 2018 to 633.40 million EUR in 2023.
In 2023, the member companies of the Agram Group achieved a total premium income of 587.79 million EUR, which is an increase of 71.43 million EUR or +13.8% compared to the previous year (2022: 516.36 million EUR).
At the insurance market in the Republic of Croatia, the member companies of the Agram Group achieved a total premium income of 498.80 million EUR in the year 2023, which is an increase of 59.12 million EUR or +13.4% compared to the previous year (2022: 439.67 million EUR), thus placing them first in the ranking order of the overall insurance market in the Republic of Croatia with a share of 28.1% (2022: 25.9%), placing them first in the non-life insurance market with a share of 31.7% (2022: 30.2%) and placing them first in the motor third party liability insurance market with a share of 53.4% (2022: 53,0%).
In the territory of Bosnia and Herzegovina, member companies of the Agram Group achieved a total premium income of 88.99 million EUR or 174.06 million convertible marks, an increase of 24.07 million convertible marks or +16% compared to the previous year (2022: 149.99 million convertible marks), thus taking the first position in the total insurance market with a share of 23.1% (2022: 22.1%), the first position in the non-life insurance market with a share of 28.7% (2022: 27.7%) and the first position in the motor third party liability insurance market with a share of 31.2% (2022: 29.7%).
The American ambassador W. R. Kohorst visited Agram Concern
The Ambassador of the United States of America to the Republic of Croatia, H.E. William Robert Kohorst, visited Agram Concern on June 13, 2018. H.E. Ambassador Kohorst and his colleague Sarah Groen, Head of the Political and Economic Section of the American Embassy in Zagreb, were received by the management of Agram Concern and their closest associates, who introduced the guests to the business system and activities of Agram companies in three countries: Croatia, Bosnia and Herzegovina and Austria.
The business results, investment policy and plans for the future development of the Agram Concern were then presented to the guests. The business climate and the state and prospects of the Croatian economy in general were also discussed. H.E. Ambassador Kohorst listened to the views of the representatives of the Agram Concern with interest and was satisfied with what he had seen. In an atmosphere of mutual understanding, he wished the Agram Concern and all its employees continued business success. H.E. Ambassador Kohorst expressed the opinion that Croatia needs more optimism, pride and confidence, which are exactly the characteristics of the Agram Concern.
MEMBERS OF CONCERN AGRAM
A FUTURE INSPIRED BY KNOWLEDGE
AGRAM ACADEMIA is an educational center of excellence located in Kutjevo Castle, intended for continuous professional development of its participants, transfer of knowledge and exchange of experiences as well as the fundamental corporate values of the Agram Concern, with special emphasis on the acquisition of knowledge and skills in the field of insurance.
The curriculum of Agram Academia aims not only to quickly and efficiently respond to the professional needs of employees in accordance with the requirements of the dynamic market, but to influence and increase society’s awareness about the importance and need for insurance services additionally strengthening the evolution and growth of the insurance profession as well.
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Agram Group
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EUROHERC insurance JSC Zagreb
The company was founded in 1992 exclusively with the capital of private persons. Today, the company's shareholders are former and current directors and members of the Management Board (managers) holding more than 75% of the total number of shares (the rest of the shares is held by member companies of the Agram Group). The largest single shareholder holds 15% of the total number of shares. Since its inception, the company has been successfully operating on the insurance market in the Republic of Croatia, and since 2017 in the Republic of Austria through a branch (FOE - freedom of establishment) and since 2020 in the Republic of Italy (FOS - freedom of services).
The Company's operations are conducted through branches situated in own business premises in Zagreb and other regional centres in Croatia and Austria, with 649 mostly own selling points. As of 31.12.2023 the Company employs 1.161 employees out of which 814 are in the Sales Department.
From the very beginning, the company has strived to adapt to the market conditions and to better its competitors as well as to introduce innovations in order to offer its policyholders and injured parties the highest quality of insurance coverage and financial protection.
In 2023, the Company generated 247.60 million EUR in revenues, which is an increase of 25.90 million EUR or +11.7% compared to the previous year (2022: 221.70 million EUR) and profit before taxation of 20.10 million EUR with a decrease of 0.96 million EUR or -4.5% compared to the previous year (2022: 21.06 million EUR).
Out of the total revenues, 228.89 million EUR refers to the premium income which is higher by 24.95 million EUR or +12.2% compared to the previous year (2022: 203.94 million EUR) and a share of 13.1% in the total insurance market (2022: 12.0%), market share of 16.0% in non-life insurance market (2022: 15.0%) and market share of 25.40% in motor third party liability insurance market (2022: 26.0%).
Based on the above stated numbers, the Company ranks second in the overall insurance market and non-life insurance market. With 611.742 insurance policies issued and insurance premium income of 128.72 million EUR (2022: 110.83 million EUR) which is an increase of 16.1% or 17.89 million EUR, the Company places second also in the motor third party liability insurance market.
As of 31.12.2023 the Company’s assets amounted to 542.39 million EUR, a decrease of 1.06 million EUR or -0.2% compared to the previous year (2022: 543.45 million EUR) while the owner’s equity of the Company reached almost the double of what is legally required as the minimum owner’s equity resulting in the solvency ratio of +246%. The Company’s own funds amount to 308.89 million EUR, while the required solvency capital amounts to 125.45 million EUR.
ADRIATIC insurance JSC Zagreb
The Company's operations are conducted through branches situated in own business premises in Zagreb and other regional centres in Croatia and Italy, with 562 mostly own selling points. As of 31.12.2023 the Company employs 1.036 employees of which 731 are in the Sales Department.
From the very beginning, the company has strived to adapt to the market conditions and to better its competitors as well as to introduce innovations in order to offer its policyholders and injured parties the highest quality of insurance coverage and financial protection.
In 2023, the Company generated 228.59 million EUR in revenues, which is an increase of 34.08 million EUR or +17.5% compared to the previous year (2022: 194.51 million EUR) and profit before taxation of 4.10 million EUR with a decrease of 1.26 million EUR or – 23.5% compared to the previous year (2022: 5.36 million EUR). The decrease in profit before taxation is primarily the result of a conservative approach to the Italian insurance market, i.e., an increase in technical provisions for Italy of almost 17.5 million EUR.
Out of total revenues, 216.04 million EUR refers to the premium income, which is an increase of 34.17 million EUR or +18.8% compared to the previous year (2022: 181.87 million EUR) and a share of 12.0% in the total insurance market (2022: 10.7%), market share of 14.7% in non-life insurance market (2022: 14.0%) and market share of 28.0% in motor third party liability insurance market (2022: 27.0%).
Based on the above stated numbers, the Company ranks third in the overall insurance market as well as non-life insurance market. With 563.489 insurance policies sold and insurance premium income of 142.10 million EUR (2022: 117.75 million EUR), representing a growth of 20.7% or 24.35 million EUR, the Company ranks first in the motor third party liability insurance market.
As of 31.12.2023 the Company’s assets amounted to 417.60 million EUR which is an increase of 10.92 million EUR or +2.7% compared to the previous year (2022: 406.68 million EUR) with the significant amount of owner’s equity well above the required, reflected in the solvency ratio of +150%. The Company’s own funds amount to 192.73 million EUR, while the required solvency capital amounts to 128.40 million EUR.
Agram Life insurance JSC Zagreb
The company was founded in 1997 exclusively with the capital of private persons. Today, the company's shareholders are former and current directors and members of the Management Board (managers) holding 44% of the total number of shares while the rest of the 56% of shares is held by member companies of the Agram Group. The largest single shareholder (Euroherc Insurance JSC Zagreb) holds 19.96% of the total number of shares. Since its inception, the company has been successfully operating on the insurance market in the Republic of Croatia.
The Company's operations are conducted through branches situated in own business premises in Zagreb and other regional centres in Croatia, with 20 mostly own selling points. As of 31.12.2023 the Company employs 136 employees out of which 92 are in the Sales Department.
From the very beginning, the Company’s philosophy being specialized in the insurance of persons, has been based on the adaptation to the market conditions and outreaching its competitors through innovative and recognizable products in order to offer its policyholders the highest quality of insurance coverage and financial protection.
In 2023, the Company generated 64.87 million EUR in revenues, a decrease of 1.72 million EUR or -2.6% compared to the previous year (2022: 66.59 million EUR) and profit before taxation of 8.20 million EUR, representing a growth of 5.14 million EUR or +168% compared to the previous year (2022: 3.06 million EUR).
Out of total revenues, 53.87 million EUR refers to premium income which is an increase of 0.01 million EUR or +0.02% compared to the previous year (2022: 53.86 million EUR) and a share of 3.1% in the overall insurance market (2022: 3.2%) and a share of 12.4% in the life insurance market (2022: 11.0%). Based on the above stated numbers, the Company ranks tenth in the overall insurance market and fourth in the life insurance market.
As of 31.12.2023, the Company’s assets amounted to 304.44 million EUR with the significant amount of equity reflected in the solvency ratio of +168%. The Company’s own funds amount to 97.84 mil. EUR, while the required solvency capital amounts to 58.52 million EUR.
EUROHERC insurance JSC Sarajevo
The company was founded in 1992 exclusively with the owner’s capital of private persons. Today, the Company's shareholders are former and current directors and members of the Management Board (managers) holding more than 75% of the total number of shares (the rest is held by member companies of the Agram Group). The largest single shareholder (Euroherc Insurance JSC Zagreb) holds 10.32% of the total number of shares. Since its inception, the company has been successfully operating on the insurance market in Bosnia and Herzegovina.
The Company's operations are conducted through branches situated in own business premises in Sarajevo and other regional centres in Bosnia and Herzegovina, with 100 mostly own selling points. As of 31.12.2023 the Company employs 400 employees out of which 296 are in the Sales Department.
Since its beginnings, the company has strived to adapt to the market conditions and to better its competitors as well as to introduce innovations in order to offer its policyholders and injured parties the highest quality of insurance coverage and financial protection.
In 2023, the Company generated 81.71 million convertible marks or 41.78 million EUR in revenues, with an increase of 8.23 million convertible marks or +11.2% compared to the previous year (2022: 73.48 million convertible marks) and profit before taxation of 9.33 million convertible marks or 4.77 million EUR representing increase of 0.05 million convertible marks or +0.5% compared to the previous year (2022: 9.28 million convertible marks).
Out of total revenue, 78.40 million convertible marks or 40.08 million EUR refers to premium income which is an increase of 9.28 million convertible marks or +13.4% compared to the previous year (2022: 69.10 million convertible marks) and a share of 10.4% in the overall insurance market (2022: 10.2%), share of 13.6% in the non-life insurance market (2022: 13.4%) and a share of 10.1% in motor third party liability insurance market (2022: 14.1%).
Based on the above stated numbers, the Company ranks fourth in the overall insurance market, third in the non-life insurance market and third in the motor third party liability insurance market with 143.735 insurance policies issued and insurance premium income of 48.54 million convertible marks (2022: 42.5 million convertible marks) or 24.82 million EUR (2022: 21.71 million EUR) representing a growth of +14.3% or 6.07 million convertible marks.
As of 31.12.2023, the Company’s assets amounted to 130.33 million convertible marks or 66.64 million EUR which is an increase of 7.97 million convertible marks or +6,0% compared to the previous year (2022: 122.98 million convertible marks).
ADRIATIC insurance JSC Sarajevo
The company was founded in 1994 exclusively with the owner’s capital of private persons. Today, the Company's shareholders are former and current directors and members of the Management Board (managers) holding more than 13% of the total number of shares while the rest of the 95% of shares is held by member companies of the Agram Group. The largest single shareholder (Euroherc Insurance JSC, Zagreb) holds 19,87% of the total number of shares. Since its inception, the company has been successfully operating on the insurance market in Bosnia and Herzegovina.
The Company's operations are conducted through branches situated in own business premises in Sarajevo and other regional centres in Bosnia and Herzegovina, with 259 mostly own selling points. As of 31.12.2023 the Company employs 434 employees out of which 343 are in the Sales Department.
From the very beginning, the Company’s philosophy being specialized in the insurance of persons, has been based on the adaptation to the market conditions and outreaching its competitors through innovative and recognizable products in order to offer its policyholders the highest quality of insurance coverage and financial protection.
In 2023, the Company generated 98.88 million convertible marks or 50.55 million EUR in revenues, with an increase of 15.37 million convertible marks or +18.4% compared to the previous year (2022: 83.51 million convertible marks) and profit before taxation of 8.78 million convertible marks or 4.49 million EUR with increase of 0.69 million convertible marks or +8.5% compared to the previous year (2022: 8.09 million convertible marks).
Insurance premium income in the year 2023 is 95.67 million convertible marks or 48.91 million EUR which is an increase of +18.3% or 14.81 million convertible marks compared to the previous year (2022: 80.87 million convertible marks), and a share of 12.9% in the overall insurance market (2022: 11.9%), a share of 15.1% in the non-life insurance market (2022: 14.1%) and a share of 16.5% in motor third party liability insurance market (2022: 15.6%).
Based on the above stated numbers, the Company ranks second in the overall insurance market as well as non-life insurance market and motor third party liability insurance market with 159.914 insurance policies issued and insurance premium income of 55.06 million convertible marks (2022: 46.78 million convertible marks) or 28.15 million EUR (2022: 23.92 million EUR) representing a growth of +17.7% or 8.28 million convertible marks.
As of 31.12.2023., the Company’s assets amounted to 143.20 million convertible marks or 73.22 million EUR which is an increase of 14.75 million convertible marks or +11.5% compared to the previous year (2022: 128.45 million convertible marks).
Other members Agram EEIG
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Agram TIS LLC Zagreb
Agram TIS LLC seated in Zagreb was founded by private persons, who are still 100% shareholders of the Company which is having years-long experience in providing technical inspection of motor vehicles, development, construction and leasing of business facilities, their maintenance as well as catering and tourism. The Company employs 266 employees and generates annual revenues in 2023 in the amount of 40.85 million EUR and a profit before taxation in the amount of 1.53 million EUR.
The Company operates 15 testing centres for the technical inspection of motor vehicles (so called MOT stations) in the Republic of Croatia and performs 290 thousand mandatory technical inspections per year. Annual revenue resulting from the management of testing centres for technical inspections of motor vehicles (MOT stations) amounts to 16.95 million EUR and has been continuously growing achieving annual indices above 103.8.
Revenues stemming from the core business operations are further invested in business real estates which are then being leased to various lessees and remaining under the management of the Company. The total area of leased premises amounts to 46 thousand square meters which are located in Karlovac, Zagreb, Sisak, Bjelovar and Slavonski Brod. The annual income from the lease of business real estates amounts to 6.14 million EUR.
In addition to its core business operations, the Company also manages 45 catering facilities that complement Company’s other business operation resulting in higher level of customer satisfaction. Such activities generate the annual revenue in the amount of 7.55 million EUR.
As part of the catering business, there is also a hotel business operation situated in the Hotel Kutjevo Castle, which bears the label Heritage Hotel, and the park in front of the Castle bears the label of a protected monument of park architecture and covers 15 thousand square meters.
Hotel Kutjevo Castle disposes of 55 beds, restaurant, coffee bar, gym and wellness centre as well as two conference rooms with a capacity for 50 and 30 people thus enabling education and seminars for employees and at the same time providing additional benefits to the development of business operations.
In 2020, Business and Sports Centre Agram was completed and put into operation at Radnička street 180, Zagreb (with a total investment of 33.20 million EUR). This facility covers an area of 21.720 square meters and consists of a business part intended for business lease and a sports area called Agram Club being a centre of business gatherings and sports recreation.
Total assets of the Company as of 31.12.2023 amounted to 113.96 million EUR.
EuroDaus JSC Split
Euro Daus JSC is located in Split. Its shareholders are members of the Agram Group, with Adriatic Insurance JSC, Zagreb as the largest individual shareholder (19.96%) followed by Agram Life Insurance JSC, Zagreb (19.92%) and Euroherc Insurance JSC, Zagreb (19.34%). Euro Daus JSC, Split is a Company with a rich past and experience in providing technical inspection of motor vehicles, sale and servicing of motor vehicles, repairs of all types of vehicles as well as the construction of business facilities for the purpose of leasing to third parties. The Company employs 115 employees and in the year 2023 achieved annual income of 30.94 million EUR and a pre-tax profit of 1.02 million EUR.
The Company operates 16 testing centres for the technical inspection of motor vehicles (so called MOT stations) in the Republic of Croatia and performs 310 thousand mandatory technical inspections per year. Annual revenue resulting from the management of testing centres for technical inspections of motor vehicles (MOT stations) amounts to 15.02 million EUR and has been continuously growing achieving annual indices above 103.9.
The activity of selling new and used vehicles (more than 600 vehicles sold), car service activity and repairs of damaged vehicles make the Company Euro Daus JSC, Split a recognizable brand in Dalmatia. Annual revenue from the sale of vehicles and car services amounts to 14.76 million EUR.
The Company invests in real estate and generates annual lease income in the amount of 4.29 million EUR.
The Company's real estate portfolio includes the Business and Shopping Centre Eurodom – finished by the end of 2016 with an investment of more than 73 million EUR – which consists of a 12-storey business tower (16.000 m2) and shopping centre on the ground floor + 4 levels (18.000 m2) with 3 underground floors as garage (723 garage parking spaces). The annual income from the lease of Business and Shopping Centre Eurodom in 2023 amounted to 3.44 million EUR (with an annual return on investment of 3.4%) with a tendency of significant growth in the year 2024.
Total assets of the Company as of 31.12.2023 amount to 131.15 million EUR.
Agram leasing LLC Zagreb
The company was founded in 2002 under the name Euroleasing LLC, Zagreb and is 100% owned by member companies of the Agram Group – Agram TIS LLC, Zagreb (19.78%), Euroherc Insurance JSC, Zagreb (9.89%) and Adriatic Insurance JSC, Zagreb (9.89%) being the largest shareholders. In 2020, the Company changed its name to Agram leasing LLC, Zagreb to further emphasize the affiliation to the Agram Group and accent the recognizability of the Agram brand.
For over 20 years, the company has been successfully providing services of financial and operating lease in the Republic of Croatia. Through its 25 branches, the company is branded as the lessor of new as well as used personal and commercial motor vehicles.
Agram leasing LLC, Zagreb is the Company which offers its clients a fast, high-quality and individual approach creating the synergy with the insurance companies – members of the Agram Group - Euroherc Insurance JSC, Zagreb and Adriatic Insurance JSC, Zagreb. It currently employs 20 highly motivated and skilled employees.
Through its clear and distinctive business strategy and operating activity regarding conclusion of new leasing contracts, the Company managed to conclude 2.981 new leasing contracts in 2023, thus ranking seventh in the overall leasing market consisting of 15 companies providing leasing services. In terms of the number of active operating and financial leasing contracts, the Company ranked sixth at the end of the business year 2023 with a total of 12.531 active contracts, the value of which amounted to 77.71 million EUR. In 2023, the Company generated a profit before taxation in the amount of 2.55 million EUR which is an increase of 0.36 million EUR or +16.4% compared to the previous year (2022: 2.19 million EUR).
Total assets of the Company as of 31.12.2023 amounted to 93.69 million EUR which is an increase of 1.52 million EUR or +1.6% compared to the previous year (2022: 92.17 million EUR).
Agram Banka JSC Zagreb
Agram bank JSC, Zagreb was founded in 1994 under the name Kreditna banka Zagreb JSC. The bank is 99.8% owned by member companies of the Agram Group, the largest shareholders being Adriatic Insurance JSC, Zagreb (19,98%) Euroherc Insurance JSC, Zagreb (19.97%) and Agram Life Insurance JSC, Zagreb (19.86%).
The Company operates on the territory of the Republic of Croatia through 6 branches and 23 field offices with a total of 187 employees as of 31.12.2023. The Bank operates as a commercial bank extending its services in the field of wholesale and retail banking.
The business development strategy of the Bank's sales network is closely related to the business development strategy of other member companies of the Agram Group, resulting in business premises in which the Bank operates being owned by the Bank or other member companies of the Agram Group.
Agram Bank JSC, Zagreb offers its clients a wide variety of financial services ranging from savings and credit to other financial services as well as cross-selling of life and non-life insurance products.
The bank has its business accounts opened in the most famous foreign banks, as well as correspondent relations with many other world banks.
The Bank's assets amounted to 600.84 million EUR placing it at the eleventh place of the Croatian banking system comprising the total of twenty banks.
The Bank's regulatory capital amounts to 61.19 million EUR with the high capital adequacy ratio of 19.11%.
In 2023, the Bank generated 25.89 million EUR in revenues and profit before taxation of 10.01 million EUR, which is an increase of 2.6 million EUR or +35.1% (2022: 7.41 million EUR) with a corresponding return on equity of 13.71%.
Special hospital Agram Zagreb
Special hospital Agram started its activity in 1998 as Polyclinic Sunce in Zagreb, Jarun. Since 2004 it has been a part of the Agram Group - 100% of the shares are held by the member companies of the Agram Group, with the largest shareholder being Agram Life Insurance JSC, Zagreb with a 50% share. It is the synergy with the largest shareholder together with the significant investments of more than 68.90 million EUR that have created one of the leading private healthcare systems in Croatia, focusing on preventive medicine, interdisciplinary treatment approach and medical excellence.
Today, Specialty hospital Agram, Zagreb is the leading private healthcare system in Croatia with more than 259 full-time employees, including 73 full-time specialists and sub-specialists, among them 13 PhDs and MMeds, providing services in 7 modern clinics - in Zagreb, Split, Zadar, Rijeka, Osijek, Slavonski Brod and Varaždin, as well as a branch in Sarajevo (Bosnia and Herzegovina) with a total area of 10.800 m2.
In total, it provides more than 2 million health services annually to more than 120.000 clients and performs more than 50.000 complete physical examinations annually. This makes Special Hospital Agram an important player contributing to the improvement of health services and quality of life in Croatia and Bosnia and Herzegovina.
Knowledge and technology are a necessary condition for providing the highest quality health services to clients. For this reason, Special Hospital Zagreb has state-of-the-art medical equipment, such as 4 CT units, of which Siemens Somatom Force-dual source CT stands out as unique in the region, 5 MR units, including Siemens Magnet Lumina 3T, as well as more than 50 ultrasound units, 7 units for gastro- and colonoscopy, etc.
In 2023, Special hospital Agram, Zagreb - together with the Sarajevo branch - generated total revenues of 21.61 million EUR, an increase of +14.8% compared to previous year (18.82 million EUR in the year 2022).
During 2018, another step was taken in the development and expansion of activities in the field of general surgery and in 2021 in the field of cardiovascular surgery. The surgical department has a cardiovascular room and an integrated operating room. The cardiovascular room is designed for performing diagnostic and therapeutic interventions in the field of interventional cardiology and radiology and is equipped with a modern Siemens Artis zee system. The integrated operating room is equipped with the Karl Storz system and a special "Laminar Air Flow" air conditioning system, making it one of the most modern and safest operating rooms in the region.
Today, the Department of Surgery offers one-day and laparoscopic surgical procedures in the field of general abdominal, plastic, gynaecological, ENT, orthopaedic and other surgical specialties. The hospital also has a special area for post-operative recovery (the so-called recovery room) and accommodation and stay of patients in luxurious apartments. Today, Special Hospital Agram, Zagreb is a unique private health care system in the region, able to provide effective prevention, rapid diagnosis, interventions and surgical treatments for a wide range of patients in one place and in one day.
The Special Hospital Zagreb is a teaching base of the Faculty of Medicine of the Croatian Catholic College and a cooperating institution of the Croatian Olympic Committee.
Agram yachting LLC Zadar
The company was founded in 2005 with headquarters in Zadar and is 100% owned by member companies of the Agram Group, largest shareholder being Euroherc Insurance JSC, Zagreb (48.57%).
The Company employs 7 employees in 2023, and generates total revenue in the amount of 1.88 million EUR which is a decrease of 0.62 million EUR or -24.8% (2022: 2.5 million EUR).
The net profit in 2023 amounts to 0.13 million EUR.
Agram yachting LLC, Zadar rents exclusive yachts as part of its tourism activities. Motor yacht Heesen Yachts 4400 (length 44 m) provides an exceptional experience and luxury sailing at the highest level.
Agram Invest JSC Zagreb
Agram Invest is a joint stock company for investing, consulting and investment management founded in 2007 and 100% owned by private persons. The largest single shareholder holds 18.4% of shares.
The company is an institutional investor acting as market maker, buying and selling securities for its own account and actively investing in various asset classes like stocks, fixed income instruments, FX, strategic equity positions and REPO transactions.
In 2023, the Company generated revenues of 2.64 million EUR, with a profit before taxation of 0.15 million EUR.
Since its inception, the Company generated over 80 million EUR in revenue with a pre-tax profit of 17.02 million EUR.
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MEDORA hotels JSC Podgora
Medora Hotels and Resorts JSC is a hotel complex on the Makarska Riviera with 313 accommodation units with over 1.000 beds and over 100.000 overnight stays per year.
In addition to the Medora Auri Hotel, it also includes the Medora Orbis Camp with 29 luxury cabins and 50 campsites, the Podgorka Hotel and the Borak Apartments. The company's real estate covers an area of over 51.000 m2.
Hotel Medora Auri is a recognised destination with guest ratings up to 9.1 in 2022. They have received numerous awards and recognitions (2019 TUI Blue Star, 2018 Holiday Check Award, 2018 TUI Blue Star, 2017 - 2019 Travelife GOLD certificate and numerous others).
Camp Medora Orbis is the best rated camp in the Republic of Croatia, with a rating of 9.5.
In 2023, the Company generated revenues of 11.75 million EUR, an increase of 2.02 million EUR or +20.7% (2022: 9.73 million EUR) and profit before tax of 2.04 million EUR, which corresponds to an increase of 0.66 million EUR or +47,8% (2022: 1.38 million EUR).
Members of the Agram Group own 85% of the total number of shares, and the largest individual shareholders are Euroherc Insurance JSC, Zagreb (35.18%) and Adriatic Insurance JSC, Zagreb (22.59%).
Autocentar Agram JSC Zagreb
The company was founded in 1993 under the name Automehanika servisi JSC and since 2020 it has been operating under the name Autocentre Agram JSC, Zagreb and is 100% owned by member companies of the Agram Group, the largest shareholder being Agram TIS LLC (21.72%), Euroherc Insurance JSC, Zagreb (19.79%) and Adriatic Insurance JSC, Zagreb (19.50%).
Through its business operations, the company is intensively interrelated with Autocentre Vrbovec (which is 100% owned by Adriatic Insurance JSC, Zagreb) thus essentially being its integral part or at least its business unit (the director of both entities is the same person).
In 2023, both entities employed 69 employees and generated annual revenues in the amount of 10.93 million EUR which corresponds to an increase of 3.01 million EUR or +38% (2022: 7.92 million EUR) with a pre-tax profit of 1.16 million EUR which is an increase of 0.21 million EUR or +22.1% (2022: 0.95 million EUR).
Business activities of both entities consist of technical inspection of motor vehicles, maintenance and servicing of motor vehicles as well as the sale of used motor vehicles together with spare parts shops and specialized workshops for repairing the bodywork of motor vehicles and thermal paint. The companies provide service for all brands of vehicles, and Autocentre Agram JSC, Zagreb is also an authorized service partner for the Honda brand and a specialized independent service for VW and Škoda brands.
In 2023, the most significant part of revenues in the amount of 3.28 million EUR was generated from the activities of testing centres (so called MOT stations) with 52 thousand technical inspections performed annually coupled with the sale and service of motor vehicles in the amount of 6.49 million EUR.
The total assets of both entities in 2023 amounted to 8.46 million EUR.
EuroAgram GmbH, Wien
The company was founded in 2017 with headquarters in Vienna, Republic of Austria and is 100% owned by Agram TIS LLC, Zagreb.
In 2023, the Company employed 11 employees and generated 0.99 million EUR in total revenue. The activity of the Company is the management and leasing of real estate and the provision of catering services.
EuroAgram LLC, Vienna is direct 100% owner of KFZ Adriatic Zulassungen LLC and Adriatic Makler LLC and the indirect owner of PTH Finanz- und Versicherungsservice LLC, Vexpert LLC and VLS LLC. Companies owned by EuroAgram LLC, Vienna perform the activity of insurance distribution. At the same time, in their field offices the registration of motor vehicles is carried out with more than 20 thousand registered motor vehicles in 2023.
The Company's total assets in 2023 amount to 1.98 million EUR.
Agram Trieste SRL, Trieste
The company Agram TRIESTE SRL, Trieste was founded in 2020 with headquarters in Trieste, Republic of Italy and is 100% owned by a Agram TIS LLC, Zagreb.
The activity of the Company is insurance distribution. By the way of intermediation of insurance services realized in 2023, the Company achieved a strong growth in insurance premium compared to the previous year. The total revenues of the Company in 2023 amounted to 0.68 million EUR.
Other members of Agram Concern
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Agram JSC Ljubuški
Agram JSC Ljubuški with headquarters in Ljubuški, Bosnia and Herzegovina, was founded in 1999 and is 100% owned by the member companies of the Agram Group, the largest shareholders being Euroherc Insurance JSC, Zagreb (40.73%) and Adriatic Insurance JSC, Zagreb (39.52%).
In 2023, the Company employs 158 employees.
The company's activities are technical inspections and registration of motor vehicles, homologation, motor vehicle certification (certificates) and tachograph testing.
The Company's total revenue in 2023 amounted to 10.80 million convertible marks or 5.52 million EUR which is an increase compared to the previous year in the amount of 0.92 million convertible marks or +9.3% (2022: 9.88 million convertible marks) with a pre-tax profit of 1.04 million convertible marks or 0.53 million EUR.
The Company manages 37 modern equipped testing centres (so called MOT stations) for technical inspection of motor vehicles, out of which 30 are located in the Federation of Bosnia and Herzegovina and 7 in Republic Srpska. High standards of building construction and equipment of business facilities, recognizable quality of services and wide availability to customers have put the Company among the leading entities in the field of technical inspections of motor vehicles in Bosnia and Herzegovina.
Total assets of the Company in 2023 amount to 24.29 million convertible marks or 12.42 million EUR.
Agram Invest JSC Mostar
The Company was founded at the end of 2011 with headquarters in Mostar, and is 100% owned by member companies of the Agram Group, the largest shareholders being Agram real estate JSC (42.98%), Euroherc Insurance JSC, Zagreb (13.31%) and Adriatic Insurance JSC, Zagreb (12.45%). The Company employs 27 employees as of 31.12.2023.
The activity of the company is lease and maintenance of business premises and the provision of catering services.
The Company's total revenue in 2023 amounted to 4.31 million convertible marks or 2.20 million EUR with a corresponding increase of 0.61 million convertible marks or +16.5% (2022: 3.70 million convertible marks) and a pre-tax profit of 1.76 million convertible marks or 0.90 million EUR which is an increase of 0.20 million convertible marks or +12.8% compared to the previous year (2022: 1.56 million convertible marks).
The Company owns an office building in Banja Luka with a total area of 17.1 thousand square meters and an office building in Bihać with an area of 18.4 thousand square meters (of which 1/4 is intended for lease), generating income in the amount of 3.16 mil. convertible marks or 1.62 million EUR from the lease of office premises.
The Company's total assets in 2023 amounted to 74.37 million convertible marks or 38.03 million EUR.
AutoDubrovnik JSC Dubrovnik
The company was founded in 1950 and is 100% owned by member companies of the Agram Group. The largest shareholders are Agram TIS LLC, Zagreb (33.89%), Agram Life Insurance JSC, Zagreb (19.91%), Euroherc Insurance JSC, Zagreb (19.83%) and Adriatic Insurance JSC, Zagreb (19.74%).
The Company is one of the largest motor car centres in the south of Croatia, and in 2023 employs 41 employees. In 2023, the Company generated total revenue in the amount of 6.90 million EUR with an increase of 1.92 million EUR or +39% (2022: 4.98 million EUR). The most significant part of revenue was generated from the sale and service of motor vehicles in the amount of 6.15 million EUR. In 2023, the Company generated a pre-tax profit of 0.13 million EUR.
The Company's operating activities include sale of motor vehicles and spare parts, maintenance and repair of motor vehicles as well as technical inspection of motor vehicles, performing almost 24 thousand of them annually.
The company has long-year experience in the sale and service of motor vehicles including Opel, Chevrolet and Kia brands.
The Company's total assets in 2023 amounted to 6.97 million EUR.
AutoSlavonija JSC Osijek
AutoSlavonija JSC, Osijek is a company based in Osijek, founded in 1957 and 95% owned by member companies of the Agram Group. The largest shareholders are Adriatic Insurance JSC, Zagreb (19.88%), Agram Life Insurance JSC, Zagreb (19.67%) and Euroherc Insurance JSC, Zagreb (19.52%).
In 2023, the Company employed 25 people.
In its 67 years long tradition, the Company has undergone a number of organizational changes and has developed primarily into a Company for technical inspection and registration of motor vehicles.
In 2023, the Company generated total revenue in the amount of 1.58 million EUR which corresponds to an increase of 0.20 million EUR or +14.5% (2022: 1.38 million EUR) and profit before tax of 0.35 million EUR, an increase of 0.07 million EUR or +25% compared to the previous year (2022: 0.28 million EUR).
Through its core business, the Company is primarily focused on the organization and management of its own testing centres (so called MOT stations) for technical inspection of motor vehicles, and in 2023 it performed almost 15 thousand regular technical inspections earning 1.10 million EUR. In addition to its core business, the Company owns business premises for lease and provides real estate management and maintenance services.
The Company's total assets in 2023 amounted to 6.19 million EUR.
Autoservisni centar JSC Varaždin
Autoservice centre JSC, Varaždin is a company based in Varaždin, founded in 1992, 100% owned by member companies of the Agram Group, with Agram TIS LLC, Zagreb being the largest single shareholder (40.82%).
As of 31.12.2023, the Company employs 29 people.
In 2023, the Company had total revenues in the amount of 2.10 million EUR and profit before tax of 0.23 million EUR. The largest part of the revenue amounting to 1.55 million EUR was generated from the management of the Company’s testing station (so called MOT station) for the technical inspection of motor vehicles with over 23 thousand regular technical inspections in 2023. In addition to the management of testing stations for the technical inspection of motor vehicles, the Company also performs maintenance and repair work on motor vehicles.
The Company's total assets in 2023 amounted to 4.70 million EUR.
Agram Academia LLC
Agram Academia LLC is the youngest member of the Concern located in Kutjevo Castle, founded in 2023. It is an educational center of excellence intended for continuous professional development of its participants, transfer of knowledge and exchange of experiences as well as the fundamental corporate values of the Agram Concern, with special emphasis on the acquisition of knowledge and skills in the field of insurance.
The curriculum of Agram Academia aims not only to quickly and efficiently respond to the professional needs of employees in accordance with the requirements of the dynamic market, but to influence and increase society’s awareness about the importance and need for insurance services additionally strengthening the evolution and growth of the insurance profession as well.
A precisely and comprehensively defined educational program, professional consultations and thematic workshops serve to raise the level of knowledge and create a competitive advantage of the Agram Concern with regard to challenging domestic and international markets.
By putting knowledge in focus, Agram Academia is of strategic importance for the entire Agram Concern.
Solvency and Financial Condition Report
CAPITAL INVESTMENTS
Focusing on long-term goals and creating value in the wider environment in which Agram Concern operates are crucial to developing the its business model and improving its business results.
Therefore, one of the Agram Concern’s distinctive features is the reinvestment of new created value in its own business infrastructure. In all major cities of the countries where it operates, the member companies of the Agram Concern own their own business premises with a total area of almost 500.000 m2. All this speaks of the intention of the Agram Concern to continue its business operations in the long run.
In the year 2022, Concern Agram becomes richer for another valuable and imposing investment – Cibona Business Tower, one of the most important symbols of the city of Zagreb. With an additional investment in 2023 worth 10 million euros, the work began on the complete reconstruction of the recognizable business tower, which will provide it with a new gloss and at the same time revitalize the business oasis in the very center of the city of Zagreb.
500.000 m2
Almost 500.000 m2 total area of its own business facilities