12 May 2023
Solvency and Financial Condition Report of the Sava Insurance Group for 2022
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 accordance with the requirements of the Slovenian and EU insurance regulations, Sava Re hereby releases the Solvency and Financial Condition Report of the Sava Insurance Group for 2022 (Group SFCR), as adopted by Sava Re’s management board with the consent of the supervisory board. The Group SFCR is accompanied by an independent auditor’s assurance report with limited assurance issued by the audit firm Deloitte Revizija d.o.o., in accordance with the Decision on the Additional Audit Review of Insurance Companies and Additional Auditor’s Report (Official Gazette of the Republic of Slovenia No 9/2016, as amended by Official Gazette of the Republic of Slovenia No 161/2021) issued by the Insurance Supervision Agency in accordance with the Slovenian Insurance Act.
The Group SFCR provides detailed information on the Group’s governance system, 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 measured at fair value under Solvency II to demonstrate the Group’s solvency. In addition, it provides information on capital management and the level of eligible own funds, the solvency capital requirement and the solvency ratio.
The Sava Insurance Group uses the standard formula for calculating its capital adequacy under Solvency II. This shows that the Group is well capitalised as at 31 December 2022, with a high solvency ratio of 183% (31 December 2021: 198%). The solvency ratio decreased as a result of developments in the financial markets, in particular rising interest rates and inflation. This resulted in a lower value of the investment portfolio and higher claims provisions due to claims inflation. The effect of the decrease in the value of investments on own funds was partially offset by a decrease in the best estimate technical provisions due to an upward shift in the risk-free interest rate curve.
The solvency ratio is also in line with the Group’s internal rules and within the optimal range of 180% to 220%, which will support the Group’s strategy for 2020–2022.
The Group SFCR is attached hereto.
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