20 May 2021

Q1 2021 results: Net profit reaches €23.5m and 44.3% of full-year 2021 target

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:

At its regular meeting yesterday, the Sava Re supervisory board was presented with the unaudited financial results of the Sava Insurance Group and Sava Re for the period January–March 2021.

In the first quarter of 2021, the Sava Insurance Group generated EUR 177.9 million in operating revenue and a net profit of EUR 23.5 million. The Sava Insurance Group’s operating revenue and net profit represented 26.0% and 44.3%, respectively, of the full-year 2021 target. Covid-19 effects had no significant negative impact on Group operations in the period.  The growth in profits is the result of past acquisitions and positive developments in all operating segments. Management expects that the Group’s planned annual profit will be achieved but, due to increased risk faced by the Group, remains cautious about making forecasts on how profits are going to develop over the next quarters.


Gross premium growth of 9%

In the first quarter, the Group wrote EUR 215.2 million in gross premiums, up 9% year on year. The growth in gross premiums written was entirely driven by Slovenian life business (128.5% growth), where the Group grew through the acquisition of Vita, which contributed EUR 26.9 million in gross premiums written to the Group in this quarter.

The Group’s operating revenue increased by 18.2% in the first quarter. Apart from Vita’s impact discussed above, a marginal effect came from the lower year-on-year change in unearned premiums in the first quarter due to a smaller volume of FoS (freedom of services) business in the reporting period. In addition, the pensions and asset management segment performed better as the result of favourable trends in financial markets.

Better cost-efficiency and continued benefits from lower loss frequency in motor business

The net expense ratio improved by 3 p.p. year on year, chiefly because of the inclusion of Vita in the Group. Profitability improved as the result of both a better expense ratio and a more favourable claims experience thanks to a lower loss rate in motor business.

Portfolio structure resilient to financial market volatility

The return on the investment portfolio of 1.4% in the first quarter of 2021 was flat year on year. The portfolio of predominantly highly rated government and corporate bonds continues to demonstrate its resilience in the face of financial market volatility. The key goal of the Group’s investment policy is to maintain low volatility and a high level of security of assets supporting obligations arising from insurance contracts, as well as to ensure high liquidity and risk diversification.

Strategy focus

Current trends are positive, and the Sava Insurance Group continues working hard on its key focus areas as outlined in the 2020–2022 strategy.

Digital transformation & placing the customer at the centre

Regarding its major strategic focus areas, the Group companies have continued developing customer-centric solutions based on both perceived needs in the Group and global innovation trends. In response to the changed operating circumstances due to Covid-19, many activities focused on remote solutions to offer customers a number of different communication channels. Besides improving access to services, the companies put much effort into customising services and improving user experience. Key areas of development include omni-channel communication, online solutions, business intelligence, self-care solutions, and enhanced personal consulting and customer relationships.

IT transformation

IT transformation projects involved the replacement of the central investment management system at Zavarovalnica Sava and Sava Re, which is scheduled to be completed for the remaining Group companies in 2021. Regarding core business systems, the replacement of two systems for the portfolio of former Ergo in Croatia was completed in 2020. In 2021, the replacement of the core business solution at the Croatian branch of Zavarovalnica Sava is planned, with preparatory activities also underway at Zavarovalnica Sava and Sava Re. Regarding business reporting, we are working on upgrades and redesigns to align with regulations, current business needs and our customer-centric orientation. At the beginning of the second quarter of 2021, setting up cyber security systems 24/7 (SOC) was completed in most Group companies. The core companies were equipped in the final quarter of 2020. IT infrastructure and solutions are being upgraded to the extent necessary to support strategic projects.

Sustainable development

The Sava Insurance Group adopted a sustainable development strategy for 2020–2022, stepping onto the path of introducing ESG criteria into business and decision-making processes. Accordingly, during the strategic period, the focus will be on implementing these criteria in a number of areas: investment management, insurance and reinsurance underwriting, development of insurance services and purchasing. As regards investment management, on 10 March 2021, the Group posted on its website a sustainability-related disclosure on its policy of integration of sustainability risks in investment decision-making, the integration of sustainability risks into remuneration policies and a principal adverse impact statement, in accordance with Regulation (EU) 2019/2088 on sustainability-related disclosure in the financial services sector. In line with its adopted strategy, the Group is active in social responsibility projects, with particular emphasis on corporate volunteerism.


The documents “Unaudited financial report of the Sava Insurance Group and financial statements of Sava Re d.d. for the period January–March 2021” and “Presentation of 1–3/2021 results” are attached below.



Financial report for 1–3/2021

Presentation of 1–3/2021 results


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