4 April 2019

Proposed dividend for Sava Re shareholders

Pursuant to the rules of the Ljubljana Stock Exchange d.d., Ljubljana and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana makes the following announcement:

In its meeting of 3 April 2019, the supervisory board of Sava Re d.d. approved the audited annual report of the Sava Re Group and Sava Re d.d. 2018 and the proposed agenda for the convocation of the 35th general meeting of shareholders of Sava Re d.d. to be published on 8 April 2019.

The supervisory and management boards have prepared a draft resolution for the general meeting to the effect that shareholders be paid a dividend of EUR 0.95 gross per share, in total EUR 14,722,811.20, or 34.23% of the 2018 net profit of the Sava Re Group. The proposed dividend represents an 18.8% increase compared to the dividend paid in 2018. 

Sava Re continues to follow its dividend policy adopted in the strategic plan for the period 2017–2019 published on 23 November 2017. The Company’s dividend policy provides for a 10% annual dividend growth, while the dividend payout must not exceed 40% of the Group’s net profit for the year. The Company prepares its annual dividend proposal, taking into consideration the solvency position, required capitalisation under rating agencies’ models, the own risk and solvency assessment and new projects that are to support the Group’s long-term strategic goals and development.

Based on the 10% dividend growth proposed in the dividend policy, the 2019 dividend would total EUR 0.88 per share; the proposal of the management and supervisory boards for a higher, EUR 0.95, dividend per share is supported by the fact that the Group’s 2018 net profit target has been exceeded. Although the 2018 performance is strong, we will continue to pursue long-term dividend growth and an adequate dividend yield, taking into account the risks faced by the industry and the global economy. By pursuing a stable dividend growth, we will also be able to pay an adequate dividend in years when the Group’s results are below target. Another important aspect of the Sava Re Group strategy is the Group’s growth, both organic and acquisitions-based. For 2019, the Group is planning a 4.5% rise in income, as well as growth from the completed acquisitions in the Croatian insurance market and the Slovenian asset management market. Both organic and acquisitions-based growth engage additional capital, which improves capital utilisation and the Group’s profitability.

Sava Re d.d. has applied the KDD rules in setting the record date and the dividend payment date for 2018. Accordingly, the proposed record date is 13/06/2019 and the proposed dividend payment date is 14/06/2019.

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