17 May 2024

Solvency and Financial Condition Report of the Sava Insurance Group for 2023

Pursuant to the rules of the Ljubljana Stock Exchange 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 legislation, Sava Re d.d. hereby releases the Solvency and Financial Condition Report of the Sava Insurance Group for 2023 (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., following 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 and its amendments Nos 161/2021 and 116/2023) 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 (SCR) 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 2023, with a high solvency ratio of 191% (31 December 2022: 183%). The solvency ratio improved by 8 percentage points, mainly due to growth in the Group’s eligible own funds to cover the SCR, driven by solid business results and a more favourable valuation of investments.

The solvency ratio is also in line with the Group’s internal rules and within the optimal range of 170% to 210%, which strongly supports the Group’s strategy for 2023–2027.

 

Attachment:

Group SFCR 2023

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