MISSION AND VISION

The Agram Concern

On the initiative of Euroherc insurance JSC Zagreb, 14 independent companies operating on the territory of the Republic of Croatia and Bosnia and Herzegovina (so called member companies) concluded an Association Agreement in July 2000 within the framework of the Agram Concern on mutual business cooperation based on common business interests, compliance with the provisions of company law and good business practices. Most of the companies participating in the Association Agreement were established with the private capital of their managers and board members.

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 related 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 between 2000 and 2021, the number of member companies of the Agram Concern has changed, so that at the end of 2021 it consists of 20 member companies located in the Republic of Croatia, Bosnia and Herzegovina, Italy and Austria.

Business operations of Agram Concern in 2021.

In 2021, the Agram Concern generated a total revenue of 5.58 billion HRK or 741.80 million EUR, representing an increase of 13% or HRK 622.85 million (82.72 million EUR) compared to 2020.

The total number of employees is 4.676, which is 70 employees more compared to 2020.

The total profit before tax of the Agram Concern for 2021 amounts to 466.87 million HRK or 61.31 million EUR, which is an increase of 7% compared to 2020.

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 73.64 million HRK or 9.78 million EUR, which is an increase of 24% compared to 2020. Second, net earnings from the operation of testing stations (or so called MOT stations) for the inspection of motor vehicles (more than 760 thousand regular inspections of motor vehicles at 58 testing (MOT) centers for the inspection of motor vehicles were performed) amounted to 110.20 million HRK or 14.63 million EUR (an annual ROI of 18.1%), which is an increase of 4.2% compared to 2020 (this increase being the usual and steady business performance in each of the last 20 years).

Total assets of the Agram Concern amounts to 18.35 billion HRK or 2.44 billion EUR at the end of 2021 with owner’s equity of 5.79 billion HRK or 769.61 million EUR. Total assets in 2021 increased by 989.82 million HRK or 131.45 million EUR (5.7% compared to the previous year), and owner’s equity increased by 211.36 million HRK or 28.07 million EUR (+3.8% compared to the previous year).

The law firm Grgić & Partners from Zagreb Legal represents the member companies of the Concern in legal matters since 2002 for business operations in the territory of the Republic of Croatia and Republic of Austria, and the law firm Martinović & Partners from Mostar for business operations in the territory of Bosnia and Herzegovina.

www.grgic-partneri.hr i  www.martinovic-partneri.ba

 The Agram EEIG

The member companies of the Agram Concern – as well as affiliated companies – 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 business; financing the purchases of motor vehicles and equipment through leasing facilities; 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 juridical bodies of the Agram EEIG consist of: (a) the Assembly, consisting of the members 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 shall 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 Group – 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 3.71 billion HRK or 493.53 million EUR in 2021, representing an increase of 381.23 million HRK or 11.5% compared to the previous year (2020: 3.33 billion HRK). Particular emphasis should be placed on the last five years during which members of the Agram Group achieved a significant revenue growth in the amount of 1.33 billion HRK or 56.1% – from 2.38 billion HRK in 2016 to 3.71 billion HRK in 2021.

In 2021, the members of the Agram Group achieved a total premium income of 3.64 billion HRK or 484.73 million EUR, which is an increase of 402,51 million HRK or 12.4% compared to the previous year (2020: 3.23 billion HRK).

Member companies of the Agram Group achieved a total premium income of 3.11 billion HRK or 414.07 million EUR at the insurance market in the Republic of Croatia which is an increase of 373.98 million HRK or 13.7% compared to the previous year (2020: HRK 2.73 billion HRK) thus placing first in the ranking order of the overall insurance market in the Republic of Croatia with a share of 26.2% (2020: 25.6%), placing first in the non-life insurance market with a share of 31.3% (2020: 29.1%) and placing first as well in the motor third party liability insurance market with a share of 52.0% (2020: 47.7%).

In the territory of Bosnia and Herzegovina, member companies of the Agram Group amounted a total premium income of 139.35 million convertible marks or 71.25 million EUR, an increase of 7.42 million convertible marks or 5.6% compared to the previous year (2020: 131.92 million convertible marks), thus taking the first position in the total insurance market with a share of 22.2% (2020: 22.9%), the first position in the non-life insurance market with a share of 31.2% (2020: 28, 8%) and the first position in the motor third party liability insurance market with a share of 29.5% (2020: 30.6%).

 

 

 MEMBERS OF CONCERN AGRAM

Agram Group

skriveni toggl
EUROHERC insurance JSC Zagreb

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 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 31.12.2021 the Company employs 1,223 employees out of which 879 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 2021, the Company generated 1.50 billion HRK or 200.13 million EUR in revenue, which is an increase of 83.22 million HRK or 5.9% compared to the previous year (2020: 1.42 billion HRK) and profit before taxation of 152.12 million HRK or 20.24 million EUR with an increase of 1.29 million HRK or 0.9% compared to the previous year (2020: 150.83 million HRK).

Out of total revenue, 1.48 billion HRK or 197.17 million EUR refers to premium income which represents growth of 140.55 million HRK or 10.5% compared to the previous year (2020: 1.34 billion HRK) and a share of 12.5% in the total insurance market (2020: 12.1%), 16.6% in non-life insurance market (2020: 16.2%) and 26.2% in motor third party liability insurance market (2020: 26.5%).

Based on the above stated numbers, the Company ranks second in the overall insurance market and non-life insurance market and first in the motor third party liability insurance market with 619,137 insurance policies issued and insurance premium income of 792.06 million HRK (2020: 715.78 million HRK) or 105.37 million EUR (2020: 95.22 million EUR) representing a growth of 10.7% or 76.27 million HRK.

As of 31.12.2021 the Company’s assets amounted to 4.02 billion HRK or 534.54 million EUR which is an increase of 57.41 million HRK or 1.4% compared to the previous year (2020: 3.96 billion HRK) while the 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 190%. The Company’s own funds amount to 2.03 billion HRK or 269.99 million EUR, while the required solvency capital amounts to 1.07 billion HRK or 142.48 million EUR.

www.euroherc.hr

ADRIATIC insurance JSC Zagreb

The company was founded in 1991 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 of the shares up to 94% of the total number of 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 2019 in the Republic of Italy through a branch.

The Company's operations are conducted through branches situated in own business premises in Zagreb and other regional centres in Croatia and Italy, with 577 mostly own selling points. As of 31.12.2021 the Company employs 955 employees, 701 of whom 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 2021, the Company generated 1.19 billion HRK or 158.84 million EUR in revenue, which is an increase of 289.77 million HRK or 32.0% compared to the previous year (2020: 904.22 million HRK) and profit before taxation of 85.86 million HRK or 11.42 million EUR with an increase of 1.44 million HRK or 1.7% compared to the previous year (2020: 84.42 million HRK).

Out of total revenue, 1.22 billion HRK or 162.70 million EUR refers to premium income which is higher by 221.23 million HRK or 22.1% compared to the previous year (2020: 1.0 billion HRK) and a share of 10.3% in the total insurance market (2020: 9.0%), 13.7% in non-life insurance market (2020: 11.9%) and 25.3% in motor third party liability insurance market (2020: 21.1%).

Based on the above stated numbers, the Company ranks fourth in the overall insurance market, third in the non-life insurance market and second in the motor third party liability insurance market with 510,238 insurance policies issued and insurance premium income of 764.56 million HRK (2020: 571.38 million HRK) or 101.71 million EUR (2020: 76.01 million EUR) representing a growth of 33.8% or 193.18 million HRK.

As of 31.12.2021 the Company’s assets amounted to 2.8 billion HRK or 372.94 million EUR which is an increase of 259.12 million HRK or 10.2% compared to the previous year (2020: 2.54 billion HRK) with the significant amount of equity reflected in the solvency ratio of 177%. The Company’s own funds amount to 1.27 billion HRK or 168.48 million EUR, while the required solvency capital amounts to 715.91 million HRK or 95.24 million EUR.

www.adriatic-osiguranje.hr

Agram Life insurance JSC Zagreb

The company was established in 1997 exclusively founded 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 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 19.98% 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 31.12.2021 the Company employs 139 employees out of which 97 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 2021, the Company generated 477.95 million HRK or 63.58 million EUR in revenue, which is a decrease of 18.69 million HRK or -3.8% compared to the previous year (2020: 496.65 million HRK) and profit before taxation of 19.72 million HRK or 2.62 million EUR with a decrease of 14.56 million HRK or -42.5% compared to the previous year (2020: 34.29 million HRK).

Out of total revenue, 400.36 million HRK or 53.26 million EUR refers to premium income which is an increase of 12.19 million HRK or 3.1% compared to the previous year (2020: 388.16 million HRK) and a share of 3.4% in the overall insurance market (2020: 3.6%) and 10.7% in the life insurance market (2020: 11.4%). Based on total insurance premium written, the Company ranks tenth in the overall insurance market and fourth in the life insurance market.

As of 31.12.2021 the Company’s assets amounted to 2.4 billion HRK or 319.30 million EUR which is a decrease of 66.25 million HRK or 2.7% compared to the previous year (2020: 2.47 billion HRK) with the significant amount of equity reflected in the solvency ratio of 185%. The Company’s own funds amount to 695.86 million HRK or 92.57 million EUR, while the required solvency capital amounts to 376.72 million HRK or 50.12 million EUR.

www.agramlife.hr

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 19.79% 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 31.12.2021 the Company employs 374 employees out of which 264 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 2021, the Company generated 66.31 million convertible marks or 33.90 million EUR in revenue, with an increase of 3.87 million convertible marks or 6.2% compared to the previous year (2020: 62.43 million convertible marks) and profit before taxation of 12.12 million convertible marks or 6.20 million EUR with increase of 1.90 million convertible marks or 18.6% compared to the previous year (2020: 10.22 million convertible marks).

Out of total revenue, 64.68 million convertible marks or 33.07 million EUR refers to premium income which is an increase of 2.30 million convertible marks or 3.7% compared to the previous year (2020: 62.39 million convertible marks) and a share of 10.4% in the overall insurance market (2020: 10.9%), 15.3% in the non-life insurance market (2020: 14.2%) and 13.8% in motor third party liability insurance market (2020: 14.3%).

Based on the above stated numbers, the Company ranks third in the overall insurance market, second in the non-life insurance market and second in the motor third party liability insurance market with 125,585 insurance policies issued and insurance premium income of 39.80 million convertible marks (2020: 38.51 million convertible marks) or 20.35 million EUR (2020: 19.69 million EUR) representing a growth of 3.3% or 1.29 million convertible marks.

As of 31.12.2021 the Company’s assets amounted to 111.10 million convertible marks or 56.81 million EUR which is an increase of 9.85 million convertible marks or 9.7% compared to the previous year (2020: 101.25 million convertible marks).

www.euroherc.ba

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 (Adriatic insurance JSC Zagreb) holds 19.98% 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 273 mostly own selling points. As of 31.12.2021 the Company employs 422 employees out of which 327 are in the Sales Department.

Since inception, 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 2021, the Company generated 72.52 million convertible marks or 37.08 million EUR in revenue, with an increase of 3.13 million convertible marks or 4.5% compared to the previous year (2020: 69.38 million convertible marks) and profit before taxation of 7.24 million convertible marks or 3.70 million EUR with increase of 0.52 million convertible marks or 7.7% compared to the previous year (2020: 6.72 million convertible marks).

Out of total revenue, 74.66 million convertible marks or 38.17 million EUR refers to premium income which is an increase of 5.13 million convertible marks or 7.4% compared to the previous year (2020: 69.54 million convertible marks) and a share of 11.9% in the overall insurance market (2020: 12.0%), 16.0% in the non-life insurance market (2020: 14.6%) and 15.7% in motor third party liability insurance market (2020: 16.3%).

Based on the above stated numbers, the Company is market leader in the overall insurance market as well as non-life insurance market and motor third party liability insurance market with 143,978 insurance policies issued and insurance premium income of 45.50 million convertible marks (2020: 43.97 million convertible marks) or 23.26 million EUR (2020: 22.48 million EUR) representing a growth of 3.5% or 1.53 million convertible marks.

As of 31.12.2021 the Company’s assets amounted to 116.49 million convertible marks or 59.56 million EUR which is an increase of 8.21 million convertible marks or 7.6% compared to the previous year (2020: 108.28 million convertible marks).

www.adriatic.ba

Other members Agram EEIG

skriveni toggl
Agram TIS LLC Zagreb

Agram TIS LLC is 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 279 employees and generates annual revenue in 2021 in the amount of 314.55 million HRK or 41.80 million EUR and a profit before taxation in the amount of 15.43 million HRK or 2.06 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 270,000 mandatory technical inspections per year. Annual revenue resulting from the management of testing centres for technical inspections of motor vehicles (MOT stations) amounts to 117.03 million HRK and has been continuously growing achieving annual indices above 104.3.

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 estate amounts to 43.15 million HRK or 5.73 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 38.6 million HRK.

As part of the catering business, there is also a business hotel operation situated in the Hotel Kutjevo Castle, categorized as Hotel Heritage, 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 Agram was completed and put into operation at Radnička cesta 180, Zagreb (with a total investment of 250.00 million HRK or 33.20 million EUR). This facility covers an area of 21,720 square meters and consists of a business premises 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 31.12.2021 amounted to 906.30 million HRK or 120.36 million EUR.

 

EuroDaus JSC Split

Euro Daus JSC based in Split - held by members of the Agram Group, with Euroherc insurance JSC (19.14%) and Adriatic insurance JSC (19.94%) being the largest individual shareholders – 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 166 people and achieved an annual income of 291.52 million HRK or 38.72 million EUR in 2021 and a pre-tax profit of 9.41 million HRK or 1.25 million EUR.

The Company operates 17 testing centres for the technical inspection of motor vehicles (so-called MOT stations) in the Republic of Croatia and performs 310,000 mandatory technical inspections per year. Annual revenue resulting from the management of testing centres for technical inspections of motor vehicles (MOT stations) amounts to 123.34 million HRK and has been continuously growing achieving annual indices above 103.8.

The activity of selling new and used vehicles (more than 1,000 vehicles sold), car service activity and repairs of damaged vehicles make the company Euro Daus a recognizable brand in Dalmatia. Annual revenue from the sale of vehicles and car services amounts to 107.37 million HRK.

The Company invests in real estate and generates annual lease income in the amount of 22.23 HRK million or 2.95 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 550.00 million HRK or 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 2021 amounted to 13.86 million HRK or 1.84 million EUR (with an annual return on investment of 2.50%) with a tendency of significant growth in 2022.

Total assets of the Company as of 31.12.2021 amounts to 985.43 mil. HRK or 130.87 mil. EUR.

Agram leasing LLC Zagreb

The Company was founded in 2002 under the name Euroleasing LLC and is 100% owned by member companies of the Agram Group – Agram TIS LLC (19.78%), Euroherc insurance JSC (9.89%) and Adriatic insurance JSC (9.84%) being the largest shareholders. In 2020, the Company changed its name to Agram leasing LLC to further emphasize the affiliation to the Agram Group and accent the recognizability of the Agram brand.

For 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 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 and Adriatic insurance JSC. It currently employs 19 highly motivated and skilled employees.

Through its clear business strategy and operating activity regarding conclusion of new leasing contracts, the Company managed to conclude 3,170 new leasing contracts in 2021, thus ranking sixth 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 2021 with a total of 9,212 active contracts, the value of which amounted to 436.00 million HRK or 57.91 million EUR. In 2021, the company generated a profit before taxation in the amount of 9.41 million HRK or 1.25 million EUR.

Total assets of the Company as of 31.12.2021 amounted to 518.90 million HRK or 68.91 million EUR.

Agram Banka JSC Zagreb

Agram Banka 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 Euroherc insurance JSC (19.98%), Adriatic insurance JSC (19.97%) and Agram life insurance JSC (19.96%).

The Company operates on the territory of the Republic of Croatia through 6 branches and 23 field offices with a total of 188 employees as of 31.12.2021. 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 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 4.30 billion HRK or 570 million EUR putting it at the tenth place of the Croatian banking system comprising the total of twenty banks.

The Bank's regulatory capital amounts to 454 million HRK, while the high total capital ratio of 21.52%.

In 2021, the Bank generated 160.2 million HRK or 21.2 million EUR in revenue and profit before taxation of 50.24 million HRK or 6.67 million EUR with a return on equity of 9.24%.

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 with a 50% share. It is the synergy with the largest shareholder together with the significant investments of more than 500 million HRK or 66.40 million EUR that led to formation of one of the leading private healthcare systems in Croatia, focusing on preventive medicine, interdisciplinary treatment approach and medical excellence.

Today, Special hospital Agram Zagreb is the largest private healthcare system in Croatia with more than 270 full-time employees, including 78 full-time specialists and sub-specialists, including 10 Doctors of Science, 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 1.7 million health services annually to more than 130,000 clients and performs more than 44,000 medical examinations annually. This makes Special hospital Agram an important market operator 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 Agram 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 Magnetom Lumina 3T, as well as more than 40 ultrasound units, 6 units for gastro- and colonoscopy, etc.

In 2021, Special hospital Agram Zagreb, together with the Sarajevo branch, generated total revenues of 131.60 million HRK, or 17.48 million EUR, an increase of 13.5 million HRK compared to 2020 (115.9 million HRK), or 13.5%.

During 2018, another step was taken in the development and expansion of activities in the field of general and laparoscopic day surgery and cardiovascular procedures by creating one of the most modern surgical departments in Zagreb. 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. In addition, the surgical department has a post-operative wing (recovery room) and luxurious apartments for accommodation and stay. Today, Special hospital Agram is the only private healthcare system in the region that is able to offer its clients a wide range of healthcare services, including effective prevention, rapid diagnostics, medical interventions and surgical treatments, in one place and within a single day.

Agram yachting LLC Zadar

The company was founded in 2005 with headquarters in Zadar is 100% owned by member companies of the Agram Group, largest shareholder being Euroherc insurance JSC (48.57%).

The company employs 11 employees in 2021, and generates total revenue in the amount of 14.85 million HRK or 1.97 million EUR.

Agram yachting rents exclusive yachts as part of its tourism activities. The company has two luxury motor yachts: Heesen Yachts 4400 (length 44 m) and Navetta 30 Custom line (length 30 m) which provide an exceptional experience and luxury sailing at the highest level.

www.agram-yachting.hr

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 operates as professional investor trading 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 2021, the Company generated revenue of 26.52 million HRK or 3.53 million EUR with a profit before tax of 16.95 million HRK or 2.25 million EUR.

In its fifteen-year long business history, the Company generated over 570 million HRK in revenue with a pre-tax profit of 120 million HRK or 15.94 million EUR.

MEDORA hotels JSC Podgora

Medora Auri Family Beach Resort 4* is a hotel compound situated in Makarska Riviera with 323 accommodation units that contain over 1,000 beds generating over 110,000 overnight stays a year. It consists of Hotel Medora Auri, Medora Orbis Camp, Hotel Podgorka, Apartments Borak covering an area of over 51,000 m2.

Medora resorts are well-known tourist destinations with Booking.com guest ratings of 9.1 in 2021. They have won numerous awards and recognitions (2019 TUI Blue Star, 2018 Holiday Check award, 2018 TUI Blue Star, 2017 - 2019 Travelife GOLD Certificate and many others).

In 2021, the Company generated revenue of 54.72 million HRK or 7.28 million EUR with a profit before tax of 5.48 million HRK or 0.73 million EUR.

Member companies of the Agram Group hold 85% of the total number of shares, the largest shareholders being Euroherc insurance JSC (35.36%) and Adriatic insurance JSC (22.50%).

www.medorahotels.com

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 Autocentar Agram JSC and is 100% owned by member companies of the Agram Group, the largest shareholder being Agram TIS LLC (21.72%), Euroherc insurance JSC (19.79%) and Adriatic insurance JSC (19.50%).

Through its business operations, the Company is intensively interrelated with Autocentar Vrbovec (which is 100% owned by Adriatic insurance JSC) thus essentially being its integral part or at least its business unit (the director of both entities is the same person).

In 2021, both entities employed 69 employees and generated annual revenues in the amount of 45.55 million HRK or 6.05 million EUR with a pre-tax profit of 3.49 million HRK.

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 Autocentar Agram JSC is also an authorized service partner for the Honda brand and a specialized independent service for VW and Škoda brands.

In 2021, the most significant part of revenues in the amount of 21.05 million HRK was generated from the activities of testing centres (so called MOT stations) with 45.6 thousand technical inspections performed annually coupled with the sale and service of motor vehicles in the amount of 20.30 million HRK.

The total assets of both entities in 2021 amounted to 56.71 million HRK or 7.53 million EUR.

www.acagram.hr and www.acvrbovec.hr

EuroAgram GmbH, Wien

The company was founded in 2017 with headquarters in Vienna, Republic of Austria and is 100% owned by Agram TIS LLC.

In 2021, the Company employed 10 employees and generated 0.91 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 GmbH Wien is direct 100% owner of KFZ Adriatic Zulassungen GmbH and Adriatic Makler GmbH and the indirect owner of PTH Finanz- und Versicherungsservice GmbH, Vexpert GmbH and VLS GmbH. Companies owned by EuroAgram GmbH 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 24 thousand registered motor vehicles in 2021.

The Company's total assets in 2021 amount to 2.40 million EUR.

Agram Trieste SRL, Trieste

Agency Agram TRIESTE SRL was founded in 2020 with headquarters in Trieste, Republic of Italy and is 100% owned by a Agram TIS LLC.

The activity of the Company is insurance distribution. By the way of intermediation of insurance services realized in 2021, the Company achieved a strong growth in insurance premium compared to the previous year. The total revenues of the Agency in 2021 amounted to 0.1 million EUR.

 

Other members of Agram Concern

skriveni toggl
Agram JSC Ljubuški

Agram JSC Ljubuški with headquarters in Ljubuški, Bosnia and Herzegovina, was founded in 1999 and is 100% owned by member companies of the Agram Group, the largest shareholders being Euroherc insurance JSC Zagreb (40.73%) and Adriatic insurance JSC Zagreb (39.52%).

Ending 2021, the Company employs 138 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 2021 amounted to 9.65 million convertible marks or 4.93 million EUR with a pre-tax profit of 1.86 million convertible marks or 0.95 million EUR.

The company manages 32 modern equipped testing centres (so called MOT stations) for technical inspection of motor vehicles, out of which 26 are located in the Federation of Bosnia and Herzegovina and 6 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 2021 amount to 21.26 million convertible marks or 11.05 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 (40.56%), Euroherc insurance JSC Zagreb (13.85%) and Adriatic insurance JSC Zagreb (12.95%). The company employs 22 employees as of 31.12.2021.

The activity of the Company is the leasing and maintenance of business premises and the provision of catering services.

The Company's total revenue in 2021 amounted to 3.63 million convertible marks or 1.85 million EUR with a pre-tax profit of 1.45 million convertible marks or 0.74 million EUR.

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 9.5 thousand square meters (of which 1/4 is intended for lease), generating income in the amount of 2.69 mil. convertible marks or 1.37 million EUR from the lease of office premises.

The Company's total assets in 2021 amounted to 73.11 million convertible marks or 37.38 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 (33.89%), Agram Life insurance JSC (19.91%), Euroherc insurance JSC (19.83%) and Adriatic insurance JSC (19.74%).

The Company is one of the largest motor car centres in the south region of Croatia, and in 2021 employes 40 employees. In 2021, the Company generated total revenue in the amount of 29.92 million HRK or 3.97 million EUR. The most significant part of revenue was generated from the sale and service of motor vehicles in the amount of 17.78 million HRK. In 2021, the Company generated a pre-tax profit of 2.24 million HRK.

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 17 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 2021 amounted to 55.51 million HRK or 7.37 million EUR.

AutoSlavonija JSC Osijek

AutoSlavonija JSC is a company based in Osijek, founded in 1957 and 100% owned by member companies of the Agram Group. The largest shareholders are Adriatic insurance JSC (19.88%), Agram Life Insurance JSC (19.67%) and Euroherc Insurance JSC (19.52%).

In 2021, the Company employed 24 people.

In its 65 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 2021, the Company generated total revenue in the amount of 9.55 million HRK or 1.27 million EUR and profit before tax of 1.75 million HRK or quarter of 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 2021 it performed 14,000 regular technical inspections earning 6.40 million HRK. 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 2021 amounted to 34.06 million HRK or 4.52 million EUR.

Autoservisni centar JSC Varaždin

Autoservice centre JSC is a company based in Varaždin, founded in 1992, 100% owned by member companies of the Agram Group, with Agram TIS LLC being the largest single shareholder (40.82%).

As of 31.12.2021, the Company employed 34 people.

In 2021, the Company had total revenues in the amount of 16.49 million HRK or 2.19 million EUR and profit before tax of 2.82 million HRK. The largest part of the revenue amounting to 12.39 million HRK was generated from the management of the Company’s testing stations (so called MOT stations) for the technical inspection of motor vehicles with 22 thousand regular technical inspections in 2021. 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 2021 amounted to 38.81 million HRK or 5.15 million EUR.                                            

Solvency and Financial Condition Report 2021

 

Solvency and
Financial Condition
Report 2021

CAPITAL INVESTMENTS

Focusing on long-term goals and creating additional value in the communities in which it operates are key to developing the system and improving the business results of the Agram Concern.

One of the specifics of the Concern is reinvesting new values in its own infrastructure. In all bigger cities in the countries in which it operates, the Concern has its own business facilities with a total area of almost 500,000 m2. All this confirms that the Concern intends to engage in this business in the long run.

492.000 m2

Almost 500.000 m2 total area of its own business facilities