Back

16 May 2025

Solvency and Financial Condition Report of the Sava Insurance Group for 2024

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 2024 (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 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 56/2016, and its amendments, Nos 161/2021, 116/2023 and 101/2024) 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 2024, with a high solvency ratio of 208% (31 December 2023: 191%). The increase in the solvency ratio of 17 percentage points is mainly due to growth in the Group’s eligible own funds to cover its solvency capital requirement, a development primarily driven by strong business performance, favourable investment valuations and the issuance of new subordinated debt in October 2024.

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

Attachment:

Group SFCR 2024