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11 June 2025

S&P upgrades Sava Re and Zavarovalnica Sava to 'A+', outlook stable

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 (“Sava Re”, “Pozavarovalnica Sava” or the “Company”), makes the following announcement:

Today, S&P Global Ratings (the “Agency”) published revised credit ratings for Sava Re d.d. and Zavarovalnica Sava d.d. on its website www.spglobal.com/en, raising their long-term issuer credit and financial strength ratings to “A+” with a stable outlook. In addition, the Agency raised its ratings for two of Sava Re’s junior subordinated bonds from “BBB+” to “A-”.

According to the Agency, this upgrade follows Slovenia’s upgrade from “AA-” to “AA” (with a stable outlook), which was announced on Friday, 6 June 2025. In its rationale, the Agency cited Slovenia’s strong and resilient economy, which positively influenced Sava Re’s financial strength and credit ratings, given that the Republic of Slovenia is a significant shareholder.

In raising its ratings, the Agency also considered the favourable operating performance of the Sava Insurance Group in 2024 and the first quarter of 2025, its strong balance sheet and capital levels, and its potential for profitable growth due to positive dynamics in Slovenia and international markets between 2025 and 2027.

The stable outlook reflects the Agency’s expectation that the Group will maintain comparably strong operating results and continue to expand profitably both domestically and internationally, while also sustaining robust capitalisation over the next two years.