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11 April 2005

Sava Re posts after-tax profit of SIT 1.429.988.000

Gross premiums written were up 16,5 percent (9,3% in 2003) from the previous year, while gross claims paid increased by more than 25% (5,2 in 2003), reaching SIT 13.415.913.000 (EUR 56.166.075). Thanks to favourable reinsurance arrangements, net claims incurred remained on the level of 2003.

As evidenced by the above premium and claims growth rates, the year was one of exceptionally high losses. Nevertheless, the Company managed to achieve its targets.

The details given are based on unaudited financial statements.