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22 August 2025

Half-year 2025 results: Sava Insurance Group delivers 29% growth in pre-tax profit, reaching an outstanding €73.9m

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

• Business volume up 8.1% YoY to €609.5m
• Pre-tax profit of €73.9m
• Return on equity of 16.1%
• Solvency ratio estimated at 211%–217%
• Moderate claims experience

Strong top-line growth across operating segments

The Group expanded business volume by 8.1% to EUR 609.5 million, with growth supported by all operating segments. Non-life insurance delivered 6.1% growth in the EU markets and 15.0% in the non-EU markets, driven by higher policy sales and stronger average premiums. Reinsurance advanced 13.5%, reflecting both new international opportunities and stronger participation in existing contracts. Life insurance premiums grew 2.9% in the EU markets and 12.3% in the non-EU markets. The pension and asset management segment also delivered robust performance, achieving 10.6% growth in net inflows and 15.7% growth in revenue, despite challenging financial market conditions.

Profitability supported by favourable claims experience and revenue growth

Net profit increased 29.7% year-on-year to EUR 57.7 million. This improvement primarily reflects more favourable claims experience in both natural catastrophe and other claims, combined with significant revenue growth of 11.4%. The insurance result increased by EUR 19.9 million, with the combined ratio strengthening to a very favourable 86.0%. The finance result declined by EUR 3.4 million versus the first half of 2024, due to interest costs on newly issued subordinated bonds and lower investment income on assets measured at fair value through profit or loss.

Robust capital position

The solvency ratio remained strong, estimated between 211% and 217%. The composition of the solvency capital requirement (SCR) by risk category is largely unchanged since year-end 2024.

Sava Re rated at “A+”

In June 2025, S&P Global Ratings raised Sava Re’s ratings to “A+” with a stable outlook, reflecting the Group’s solid business performance, strong balance sheet and higher level of capital adequacy, as well as favourable and stable economic conditions in the country.

Outlook

Given the nature of its business, the Sava Insurance Group remains exposed to large claims, potential increases in loss frequency, and financial market volatility, all of which could influence performance in the second half of 2025.

Attachments:

Financial report 1-6 2025

Presentation of results 1-6 2025