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6 March 2026

Financial results for 2025: Sava Insurance Group outperforms annual targets once again

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

• Business volume up 9.5% to €1,133.6m
• Pre-tax profit of €144.0m
• Return on equity of 15.9%
• Solvency ratio within 215%–221% range

The Sava Insurance Group performed exceptionally well in 2025, surpassing all major financial targets.

Strong growth in business volume

The Group increased its business volume to EUR 1,133.6 million, representing growth of 9.5% – almost double the planned rate. This growth and above-plan performance were recorded across all operating segments, with the main contribution coming from gross written premiums in non‑life insurance and reinsurance.

• Non-life insurance: the increase in business volume of 6.3% in the EU markets and 14.9% in the non-EU markets was driven by a higher number of policies sold and higher average premiums.
• Reinsurance: the segment recorded growth by a full 23.2%, resulting from the pursuit of new opportunities in foreign markets and increased participation in existing contracts.
• Life insurance: gross written premiums in the EU market increased by 4.8%, while in the non-EU markets growth reached 13.7%. Sales of both risk and unit-linked policies grew in both markets.
• Pensions and asset management: driven by a 30.8% increase in net inflows and favourable financial market returns, the segment recorded strong growth of 15.0%.

Improved profitability driven by favourable claims experience and revenue growth

In the fourth quarter of 2025, the Group’s operations were again unaffected by major loss events. This enabled the Group to exceed both its annual plan and forecasts published at the time of the third-quarter results announcement.

• Net profit for the year: profit reached EUR 114.1 million, up 29.8% year on year and 35.8% above plan. This marked an important milestone in the Group’s financial performance, as it passed the EUR 100 million net profit threshold for the first time. This exceptional result largely reflects a significantly lower number of natural catastrophes and man-made loss events. In addition, growth in revenue resulting from increased business volume also contributed to the rise in profit.
• Combined ratio: the claims experience was reflected in an exceptionally favourable combined ratio of 87.4%, which was significantly better than in the previous year and below the planned target of under 94%. Cost efficiency also contributed to this improvement, with expenses rising at a slower pace than income, resulting in a lower expense ratio – a component of the combined ratio – compared to 2024.
• ROE: the higher net profit led to an increase in return on equity to 15.9%, exceeding both the previous year’s level by 2.3 percentage points and the Group’s ROE target of more than 11%.

Solvency position remains strong

The Group’s estimated solvency position as at 31 December 2025 shows that the Group is well capitalised, with an estimated solvency ratio in the range of 215% to 221%. This is an improvement on the previous year, mainly due to strong business performance. This level remains well above the regulatory minimum of 100%, and the Group is also well capitalised in accordance with internal criteria.

Excellent credit ratings

In 2025, both credit rating agencies once again acknowledged the Group’s strong performance. S&P Global Ratings upgraded Sava Re to “A+” with a stable outlook mid-year. AM Best reaffirmed its “A” (Excellent) rating with a stable outlook in the autumn.

Share price and dividend

Sava Re’s share price recorded exceptional growth of 66.3% in 2025, outperforming even the strong gains of the previous year. Last year, Sava Re paid a gross dividend of EUR 2.25 per share from 2024 profits, totalling EUR 34.9 million, representing an increase of 28.6% compared to the previous year and a gross dividend yield of 4.0%. The proposed dividend from 2025 profits will be announced on 3 April 2026.

Successful implementation of strategy

The Group continued to pursue its business strategy across all key areas in 2025.

• It upgraded, digitalised and optimised processes and communication with customers, as well as internal processes. This increased the organisation’s efficiency and agility, while enabling stronger synergies and a higher level of digital maturity within the Group.
• It also continued to transform its information technology. A modern core IT system for reinsurance was introduced, the capacities and services of the data centre were upgraded, application solutions were modernised, and information security was strengthened through a centralised Group-wide project.
• In sustainable development, the Group remained committed to its established goals. It advanced its decarbonisation efforts, increased the share of renewable energy consumption and systematically integrated sustainability considerations into product development and investment decisions.

Attachments:

Report on results 2025

Presentation of results 2025