20 May 2021
Sava Insurance Group Solvency and financial condition report for 2020
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, 1000 Ljubljana (also the Company) makes the following announcement:
In accordance with the requirements of the Slovenian and EU insurance legislation, Sava Re d.d. hereby releases the “Solvency and financial condition report of the Sava Insurance Group for 2020” (hereinafter: Group SFCR), as adopted by the management board of Sava Re d.d. with the consent of the supervisory board. An independent auditor’s assurance report with limited assurance has been issued to the Group SFCR by the audit firm KPMG in accordance with the “Decision on the additional audit review of insurance companies and additional auditor’s report” (Official Gazette of RS, no. 9/2016) issued by the Insurance Supervision Agency in accordance with the Slovenian Insurance Act (ZZavar-1).
The Group SFCR contains detailed information on the Group’s system of governance, key functions, risk management system and own risk and solvency assessment. It also provides a detailed overview of the Group’s risk profile. The report contains information on the valuation of assets and liabilities, which are valued at fair value under Solvency II, for the purpose of demonstrating the Group’s solvency. Furthermore, the report provides information on capital management and the levels of eligible own funds, the solvency capital requirement and the solvency ratio. The Sava Insurance Group calculates its solvency position using the Solvency II standard formula. This demonstrates its capital adequacy as at 31 December 2020, with a high solvency ratio of 198% (previous year: 220%). The solvency ratio is also aligned with the Group’s internal rules and is within the optimal range (180–220%), which will support the Group’s strategy for the 2020–2022 period and its planned organic and acquisitions-based growth. The main impact on the Group’s risk profile and reason for the decline in the solvency ratio compared to 31 December 2019 is the inclusion of the insurer Vita into the Sava Insurance Group.
The Group SFCR 2020 is attached hereto.
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