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10 October 2025

AM Best affirms 'A' ratings on Sava Re, outlook stable

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

On 9 October 2025, following its regular annual rating review, the rating agency AM Best (the Agency) issued its ratings on Sava Re:

“AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Pozavarovalnica Sava d.d. (Sava Re) (Slovenia), the operating holding company of the Sava Insurance Group. The outlook of these Credit Ratings (ratings) is stable.

“The ratings reflect Sava Re’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).”

Commenting on its assessment of the Company’s balance sheet, the Agency states: “Sava Re’s strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), liquid investment portfolio, prudent reserving and good internal capital generation collectively contribute to an overall balance sheet strength assessment of very strong. Additionally, the company exhibits low reliance on reinsurance and sound financial flexibility, with access to both equity and debt markets.”

Assessing the Company’s operating performance, the Agency notes: “Sava Re’s strong operating performance assessment is supported by consistent operating profits over the past years driven by sound life and non-life underwriting performance, supplemented by healthy investment incomes. At year-end 2024, the company’s return on equity (ROE) was 14.2% (2023: 11.6%), as calculated by AM Best, and its combined ratio was 90.7% (2023: 92.7%), also as calculated by AM Best. For the first half of 2025, Sava Re reported a strong net profit of EUR 57.7 million and a combined ratio of 86.0%.” Source: AM Best press release

The full AM Best press release and other information on the ratings is available at https://news.ambest.com/PR/PressContent.aspx?altsrc=186&RefNum=36575.