Largest health insurer back in the black

Slovakia's largest health insurer Všeobecná zdravotná poisťovňa (VšZP) announced a profit of €35 million for last year. The state-owned company, however, is still burdened by a €229 million loss from previous accounting periods and the related negative equity. A revival plan as well as increasing health levies collected from its economically-active policyholders helped it get into the black. The profit will be used to reimburse old commitments and reduce negative equity. The Health Ministry will table a motion to have the state co-finance the insurer's equity with approximately €45 million. The money would be locked away in the state account, however, and the state insurer would not be able to put it to any use without approval from the ministry. VšZP has a market share of 62 percent and together with the privately owned Dôvera and Union collect the mandatory contributions to Slovakia's universal health insurance system.