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31 July 2019

Standard & Poor’s Affirm “A” Credit Rating of Sava Re d.d. and Zavarovalnica Sava, d.d. (Outlook Stable)

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, hereby announces the following:

Following their regular annual review in July 2019, Standard & Poor’s have affirmed the financial strength rating “A” (excellent) of Sava Re d.d. and Zavarovalnica Sava, d.d., with the medium-term outlook being stable.

The credit rating agency believes that in the past few years, Sava Insurance Group materially solidified the performance of its Slovenian business, as well as significantly expanded into insurance markets of the Adria region. Its reinsurance business has remained stable, and performed better than the industry. The credit rating agency also sees positively that the Group solidified its domestic competitive position with the acquisition of Sava Infond d.o.o., an asset management company.

Positive underwriting results allow the Group to post continued growth of net profit, translating into an adequate return on equity. According to the credit rating agency, this stable profitable performance, in combination with its very strong capital position, remains the key strength of the Sava Insurance Group.