19 May 2022

Q1 2022 results: Net profit reaches €16.8m and 27.9% of 2022 annual 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 January–March 2022.

In the first quarter of 2022, the Sava Insurance Group generated EUR 177.8 million in operating revenue and a net profit of EUR 16.8 million. The Sava Insurance Group’s operating revenue and net profit represented 25.4% and 27.9%, respectively, of the full-year 2022 targets. Annualised return on equity was 13.3%. The year-on-year decline in net profit reflects the return to normal post-Covid claims frequency in motor business (especially in Slovenia). Financial market volatility had no material impact on the Group’s profit, while asset and equity positions were mainly affected by movements in bond prices.


Gross premiums written up 7.7%

In the first quarter, the Group wrote EUR 231.7 million in gross premiums, up by 7.7% year on year. The growth in gross premiums was mainly driven by Slovenian insurance business (9% growth), reflecting better sales especially in the motor segment, and the different premium dynamics of major clients. In terms of absolute premium growth, contributions came from reinsurance operations, fuelled by the higher prices of reinsurance covers, and the international non-life segment as a result of organic growth in the non-Slovenian markets.

The Group’s first-quarter operating revenue remained at the year-on-year level, mainly due to the underwriting dynamics of large policies, as most premium payments of major policyholders were deferred to subsequent periods of the year.


The Group’s net expense ratio remained at 27.4%, unchanged year on year. The first-quarter expense ratio was 3.6 p.p. below the lower end of the range planned for the full year, mainly because of faster-than-planned growth in life revenue and expenses planned for major projects run by the Slovenia-based insurance companies that did not occur in the first quarter but are expected to occur in the coming quarters.

Financial market impacts on the investment portfolio

The investment portfolio totalled EUR 1,526.8 million and generated a return of 1.3% in the first quarter of 2022, slightly below the year-on-year figure. Financial market developments did not have a material impact on the profit for the first quarter, but they did affect the amount of the investment portfolio. The movement in the risk-free interest rate and credit spreads had a downward effect on the bond portfolio. At the end of the quarter, investment-grade assets accounted for a full 82.6% of fixed-rate investments. In line with its strategy, the Sava Insurance Group continues to increase its proportion of ESG investments, which stood at 12.6% as at 31 March 2022.

Digital transformation & placing the customer at the centre

Work continued on implementing and upgrading remote digital solutions for customers to optimise the user experience, especially on websites. Key development activities with the implementation of a multichannel communication management solution (COCOS) continued in several Sava Insurance Group companies, with an emphasis on the management of processes that span through several organisational units and integration of additional connected communication channels. The SavaNet portal was launched and upgraded, now containing data on Zavarovalnica Sava and Sava Pokojninska. The addition of Sava Infond data is planned for 2022. The first paperless business communication processes were implemented in the Group, and additional business communication processes will be integrated going forward.

IT overhaul

As part of IT overhaul projects for the core insurance software, implementation work continued on the IT solution supporting insurance operations in the Croatian branch of Zavarovalnica Sava and on the IT solution for reinsurance operations. Work also continued on development objectives related to the consolidation of data warehouses and the integration of extended additional data sources into them. In terms of infrastructure, the Group ensured ongoing support to various development projects and upgraded the monitoring of projects, IT operation and development processes, and other supportive IT management processes while improving the efficiency of infrastructure support. Information security projects also continued. Due to the increased risk of cyber attacks, the Group upgraded the control environment, further reducing the risk of infrastructure being compromised.

Sustainable development

In January 2022, the management board of Sava Re adopted the Sava Insurance Group Guidelines for Responsible Underwriting of Environmental, Social and Governance Risks in the Non-life Segment to minimise exposure to ESG risks when underwriting non-life insurance. The first quarter of 2022 was mainly devoted to reporting in line with EU regulation – that is, the taxonomy – and regular annual sustainability reporting. A strong emphasis was placed on corporate volunteering, which is to become a year-round activity of the Heart for the World initiative.


With the improved Covid-19 situation, the Sava Insurance Group’s operations are returning to pre-pandemic normalcy. The combined ratio of 90.8% achieved in the first quarter of this year shows that the Group’s profitability remains favourable both compared to the pre-pandemic period and compared to the planned combined ratio of 94%. Thus, the Sava Insurance Group also achieved a higher return on equity in this period than planned in this strategic period and in the annual business plan.


The documents Unaudited Financial Report of the Sava Insurance Group and Financial Statements of Sava Re d.d. for January–March 2022 and Presentation of Results 1–3/2022 are attached below.



Financial report for 1–3/2022

Presentation of results 1–3/2022


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