4 March 2022

Unaudited FY 2021 business results: Sava Insurance Group closes a remarkable year, generating a record-breaking EUR 76.2 million in after-tax profit

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 regular session yesterday, the Sava Re supervisory board was presented with the unaudited financial results of the Sava Insurance Group and Sava Re for 2021.

In 2021, the Sava Insurance Group generated EUR 732.7 million in operating revenue, up 7.6% year on year. The after-tax profit of EUR 76.2 million is a remarkable 35.1% increase over the previous year and significantly better than planned. Return on equity was 15.8%, a full 3.8 p.p. above the target return set in the 2020–2022 strategy.


All operating segments contributed to the Group’s better profitability

Evidencing broad-based performance strength, all of the Group’s operating segments closed the year 2021 with a profit. The growth in the Group’s profits were driven by the non-life business, thanks to a relatively benign claims environment in Slovenia, by improved performance in the reinsurance business due to less claims, and by the Group’s pensions and asset management segments, due to strong sales, as well as favourable financial market conditions. The growth in profit is also driven by the full-year inclusion of Vita, which consolidated the position of the Sava Insurance Group as the second-largest provider of life insurance products in the Slovenian market.

Gross premiums written up 7.4%

In 2021, the Group wrote EUR 729.9 million in gross premiums, a notable increase of 7.4% over the previous year. The growth in gross premiums was mainly supported by the Slovenian life insurance business (40.0% growth) due to the acquisition of Vita in 2020, but growth in the Group’s premium volume was also achieved by the reinsurance business (5.0% growth), and international non-life and life insurance businesses (4.9% and 2.8% growth, respectively). Within the Slovenian non-life segment, there was a 5.1% increase in premium in the domicile Slovenian market, although total premium of the segment declined due the phasing out FoS business operations. 

Continued robust performance of pensions and asset management

Last year, the Group’s strong sales efforts and favourable financial market trends resulted in growth in the value of accumulation fund assets under management by a significant 24.2%, to over EUR 1.5 billion in assets. As a result, the Group significantly strengthened (by 29.0%) operating revenue in this operating segment, as well, with a EUR 5.6 million pre-tax profit, almost tripling the segment’s pre-tax results.

Favourable loss result

Net claims incurred dropped by 4.2% year on year. The reinsurance segment managed to post a lower incurred loss ratio despite major claims, as the largest loss events in 2021 were such that the portfolio significantly benefited from favourably placed reinsurance protection. The motor business as part of the Slovenian non-life segment enjoyed similarly favourable claims development. Net claims incurred of this segment also declined thanks to discontinued FoS business and lower provisions in 2021. This has led to a significant improvement in the Group’s net incurred loss ratio, which stood at 55.6% in 2021.

Cost-efficiency further improved

The growth in operating revenue and streamlined operations have resulted in a decline in the 2021 net expense ratio to 29.0%, a further improvement of 0.5 p.p. The largest contribution to more efficient operations came from the Slovenian life insurance segment on account of the full-year inclusion of the Vita business.

Dividends paid out again in 2021

The solvency of Sava Re remained at a high level, despite the difficult situation in the first year of the Covid-19 pandemic; therefore, despite the regulatory restrictions last year, the Company managed to demonstrate its capital strength and paid its shareholders dividends totalling EUR 13.2 million, or EUR 0.85 per share. 2021 was also a remarkable year for the Sava Re share price, which rose by 51% and closed the year at EUR 27.90. The share price reflected the Group’s excellent financial performance in the last years and successful achievements of its strategy.

1.8% return on the investment portfolio

In a low interest rate environment, the return on the investment portfolio was 1.8% in 2021, 0.2 p.p. higher than the previous year and 0.3 p.p. above target. 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, as well as to ensure high liquidity and risk diversification.

Digital transformation and placing the customer at the centre

In addition to producing record financial results, the Sava Insurance Group has continued to make very solid progress on its strategy of developing into a customer-centric, modern, digital, community-minded and sustainability-oriented insurance Group. During two-thirds of the strategy period, it has developed multi-channel communications, improved its online and other self-service solutions, and introduced electronic customer communications. It also continues to develop and deploy artificial intelligence in the claims process and online sales. The Group places great emphasis on personalisation of its services and the customer experience, personal consultations, as well as the overall customer relationship.

Commitment to global principles of sustainable business

The Group has also made important steps towards further improved sustainability. Notable are the adoption of its sustainability investment policy and becoming a signatory to the Principles for Responsible Investment and the United Nations Global Compact. In the middle of the year, sustainability-related disclosures pertaining to its investment processes were posted on its website.

“A” credit ratings reaffirmed

Last year again, the Group’s strong capitalisation and solvency was affirmed by the “A” (excellent/strong) ratings, awarded by S&P Global Ratings and AM Best. The reaffirmed credit ratings attest to the Group’s solid capital structure and liquidity, its consistent performance, and its prudent risk management.


The documents “Unaudited financial statements for 2021” and “Presentation of unaudited results for 2021” are attached.



Unaudited financial statements for 2021

Presentation of unaudited results for 2021




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