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20 April 2004

Year end results 2003 of Reinsurance Company Sava

Sava Re closed 2003 with a net profit of SIT 1.968.640.000. This high profit was mainly a result of a favourable premiums and claims development, a solid investments return and still relatively low administrative expenses. Gross premiums written grew 9,2% to SIT 18.337.675.000, while gross claims paid increased by 5,2% of SIT 10.698.214.000. The figures are even better if net amounts are compared: net premiums written grew 22% against a just 1% increase on the net claims side.

Two thousand and three was not a year of major claims, which is reflected in the loss ratio of 58,3%, a decrease by 2,2 percentage points from 2002.

The details given are based on unaudited financial statements.