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16 May 2025

First-quarter results for 2025: Sava Insurance Group posts strong pre-tax profit of €39m

In accordance with the rules of the Ljubljana Stock Exchange, Ljubljana, and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana, makes the following announcement:

• Business volume up by 6.8% YoY to €328.7m
• Profit before tax of €39.3m
• Return on equity of 17.2%
• Solvency ratio within 211%–217% range
• Moderate claims experience in the period

The Group increased its business volume by 6.8% to EUR 328.7 million, with growth in all operating segments. The main drivers were higher gross written premiums in both the non-life (EU 5.7%, non-EU 15.8%) and life (EU 7.5%, non-EU 12.3%) segments. This growth was due to a further increase in policy sales as well as last year’s rate adjustments. With revenue growth of 21.8%, the pensions and asset management segment also performed very strongly.

As a result of this broad-based growth, the Group posted its highest-ever quarterly pre-tax profit, marking a record-setting start to the year. The net profit for the period amounted to EUR 30.9 million, up by 3.7% compared to the very favourable first quarter last year. The increase in profit was primarily due to higher revenue, whereas the impact of claims remained at the level of the first quarter of last year, resulting in an insurance result EUR 4.1 million higher. Consequently, the combined ratio was very favourable, at 83.7%. However, due to the seasonal nature of natural catastrophes, which statistically occur most frequently in the summer, this ratio is not expected to remain at the current level throughout the year. The finance result, on the other hand, was EUR 2.7 million lower, year on year, due to less favourable stock market movements resulting in the revaluation of financial investments.

The solvency ratio, estimated at between 211% and 217%, shows that the Group remains very well capitalised. The composition of the Solvency Capital Requirement (SCR) by risk category has not changed significantly since the end of 2024. The Solvency and Financial Condition Report of the Sava Insurance Group for 2024 was published on 16 May 2025.

As its business is insurance, the Group remains exposed to major claims and increased loss frequency as the year progresses, as well as to financial market volatility, which may influence performance over the remainder of the year.

Attachments:

Statement of results 1-3 2025

Presentation of results 1-3 2025