Our share | Sava Re

POSR share

Share price

POSR share price performance

LJSE: POSR

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Exchange information

Shares issued

17,219,662

Ticker symbol
POSR

ISIN code
SI0021110513

Stock exchange
Ljubljana Stock Exchange

Bloomberg symbol
POSR SV Equity

Share price performance

Date	Average price	Change in %	Turnover 000 €	Volume

Key indicators

	31 Dec 2020	31 Dec 2021	31 Dec 2022	31 Dec 2023
Share capital (€)	71,856,376	71,856,376	71,856,376	71,856,376
Number of shares	17,219,662	17,219,662	17,219,662	17,219,662
Number of own shares	1,721,966	1,721,966	1,721,966	1,721,966
Ticker symbol	POSR	POSR	POSR	POSR
Number of shareholders	4,248	4,274	4,316	4,376
Closing share price in period (€)	18.50	27.90	22.40	28.00
Market capitalisation (€)	286,707,376	432,385,718	347,148,390	433,935,488
Consolidated net earnings per share (€)	3.63	4.91	4.39	4.16
Consolidated book value per share (€)	29.70	32.53	26.58	37.79
Price-to-book ratio	0.62	0.86	0.84	0.74
Price-to-premium ratio	0.42	0.59	0.45	0.49
Dividend per share for the year ended (€)	0.85	1.50	1.60	1.75

Dividend

Sava Re follows its dividend policy. Generally, we distribute dividends once a year by a resolution of the general meeting of shareholders. Dividends approved in the general meeting are paid to shareholders shown in the share register on the record date.

Dividend payout ratio compared to dividend and earnings per share

2014	1,82	0,55	30
2015	2,02	0,80	37
2016	2,08	0,80	38
2017	2,00	0,80	40
2018	2,76	0,95	34
2019	3,22	0,00	0
2020	3,63	0,85	23
2021	4,91	1,50	31
2022	4,39	1,60	36
2023	4,16	1,75	42

Consolidated earnings per share (basic and diluted)

Dividend paid per share (payment in next year)

Dividend as % of consolidated profit

General meeting resolution	Period	Gross dividend per share (€)	Dividend payment start date
40th general meeting	2023	1.75	12/06/2024
39th general meeting	2022	1.60	21/06/2023
38th general meeting	2021	1.50	12/07/2022
37th general meeting	2020	0.85	10/06/2021
36th general meeting	2019	-	-
35th general meeting	2018	0.95	14/06/2019
34th general meeting	2017	0.80	14/06/2018
33rd general meeting	2016	0.80	20/06/2017
31st general meeting	2015	0.80	29/09/2016
30th general meeting	2014	0.55	14/07/2015
29th general meeting	2013	0.26	25/08/2014

Dividend policy

Sava Re aims to increase its dividend by an average of 10% per year over the period 2023–2027, thus distributing each year between 35% and 45% of the net profit of the Sava Insurance Group. In preparing its annual dividend proposal, the Company will consider:

the estimated surplus of eligible own funds over the solvency capital requirement under Solvency II,
the Group’s own risk and solvency assessment,
the capital models of S&P Global Ratings and AM Best,
the approved annual and strategic plans of the Group and the Company,
new development projects to engage additional capital and
any other relevant circumstances affecting the financial situation of the Company.

Share buy-back

Overview of purchases completed under the buy-back programme (in accordance with Article 4(4) of Regulation (EC) No. 2273/2003)

On the basis of the Slovenian Companies Act (ZGD), the 28th general meeting of shareholders, which took place on 23 April 2014, granted the management board of Sava Reinsurance Company authorisation to acquire own shares. The general meeting authorisation is for acquiring up to a total of 1,721,966 shares, representing 10% of the Company’s share capital, including own shares held by the Company at the date of the authorisation. The general meeting authorisation was valid until 23 April 2017. In accordance with this authorisation, the Company could acquire its own shares in or outside the regulated financial instruments market.

In line with this general meeting authorisation, the Company started repurchasing its shares in July 2014.

Initially, it acquired own shares only on the regulated market, but as of the publication date of the programme on 18 November 2014, the Company made purchases both on the regulated market of financial instruments and outside this market, in line with its general meeting authorisation.

The Company has now bought back the maximum number of shares approved by shareholders.

Share repurchase programme

The share repurchase programme was also posted on the official website of the Ljubljana Stock Exchange through the SEOnet information system.

The share repurchase programme is available to the Company’s shareholders in the secretary’s office at the Company’s headquarters in Ljubljana, Dunajska cesta 56, every working day between 9am and 3pm.

Number of shares: 17,219,662 | Last updated: 22/04/2016

Resolutions of the 28th General Meeting of Shareholders of Sava Reinsurance Company

Date	Number of shares acquired	Percentage of share capital (%)	Price per share (€)	Purchased volume (€)
11/04/2016	845,599	4.9107	15.00	12,683,985.00
7/04/2016	12,921	0.0750	14.07	181,798.47
6/04/2016	12,789	0.0743	14.10	180,324.90
5/04/2016	12,635	0.0734	14.30	180,680.50
1/04/2016	11,852	0.0688	14.50	171,854.00
31/03/2016	10,408	0.0604	14.46	150,499.68
30/03/2016	150	0.0009	14.35	2,152.50
30/03/2016	10,253	0.0595	14.40	147,643.20
29/03/2016	1,255	0.0073	14.31	17,959.05
29/03/2016	8,080	0.0469	14.30	115,544.00
29/03/2016	909	0.0053	14.32	13,016.88
24/03/2016	1,528	0.0089	14.30	21,850.40
23/03/2016	350	0.0020	14.10	4,935.00
22/03/2016	10,308	0.0599	14.00	144,312.00
21/03/2016	10,121	0.0588	14.01	141,795.21
17/03/2016	10,052	0.0584	14.01	140,828.52
16/03/2016	1	0.0000	13.90	13.90
15/03/2016	9,823	0.0570	14.00	137,522.00
23/02/2016	484	0.0028	12.02	5,817.68
22/02/2016	458	0.0027	12.10	5,541.80
17/02/2016	484	0.0028	12.00	5,808.00
15/02/2016	416	0.0024	11.92	4,958.72
12/02/2016	468	0.0027	12.10	5,662.80
11/02/2016	427	0.0025	12.32	5,260.64
9/02/2016	403	0.0023	12.50	5,037.50
9/02/2016	144	0.0008	12.21	1,758.24
5/02/2016	634	0.0037	12.50	7,925.00
2/02/2016	665	0.0039	12.53	8,332.45
29/01/2016	20	0.0001	12.50	250.00
26/01/2016	855	0.0050	12.50	10,687.50
21/01/2016	160	0.0009	12.00	1,920.00
20/01/2016	400	0.0023	12.10	4,840.00
20/01/2016	524	0.0030	12.05	6,314.20
18/01/2016	951	0.0055	12.02	11,426.27
15/01/2016	525	0.0030	12.27	6,441.75
15/01/2016	428	0.0025	12.11	5,183.08
14/01/2016	528	0.0031	12.36	6,526.08
14/01/2016	125	0.0007	12.16	1,520.00
14/01/2016	275	0.0016	12.10	3,327.50
12/01/2016	439	0.0025	12.31	5,401.90
12/01/2016	400	0.0023	12.30	4,920.00
11/01/2016	206	0.0012	12.50	2,575.00
11/01/2016	192	0.0011	12.55	2,409.60
11/01/2016	400	0.0023	12.53	5,012.00
8/01/2016	100	0.0006	12.53	1,253.00
7/01/2016	300	0.0017	12.57	3,771.00
30/12/2015	379	0.0022	12.70	4,813.30
30/12/2015	300	0.0017	12.64	3,792.00
29/12/2015	159	0.0009	12.80	2,035.20
29/12/2015	485	0.0028	12.85	6,232.25
23/12/2015	370	0.0021	12.78	4,728.60
21/12/2015	543	0.0032	13.13	7,129.59
18/12/2015	300	0.0017	13.30	3,990.00
17/12/2015	200	0.0012	13.30	2,660.00
17/12/2015	264	0.0015	13.24	3,494.04
16/12/2015	470	0.0027	13.20	6,204.00
14/12/2015	58	0.0003	13.16	763.28
11/12/2015	462	0.0027	13.72	6,336.33
7/12/2015	421	0.0024	13.70	5,767.70
3/12/2015	195	0.0011	13.80	2,691.00
30/11/2015	188	0.0011	13.63	2,562.44
26/11/2015	338	0.0020	13.81	4,667.78
24/11/2015	200	0.0012	13.60	2,720.00
24/11/2015	123	0.0007	13.60	1,672.80
18/02/2015	184	0.0011	16.21	2,982.64
16/02/2015	300	0.0017	16.30	4,890.00
9/02/2015	229	0.0013	16.00	3,664.00
9/02/2015	46	0.0003	15.70	722.20
5/02/2015	188	0.0011	16.01	3,009.88
4/02/2015	82	0.0005	15.26	1,251.32
3/02/2015	40	0.0002	15.71	628.20
3/02/2015	328	0.0019	16.31	5,349.68
28/01/2015	5	0.0000	15.85	79.25
28/01/2015	270	0.0016	15.90	4,293.00
28/01/2015	32	0.0002	16.01	512.32
23/01/2015	310	0.0018	15.95	4,944.50
22/01/2015	504	0.0029	15.63	7,877.52
21/01/2015	259	0.0015	15.80	4,092.20
20/01/2015	624	0.0036	15.90	9,921.60
16/01/2015	615	0.0036	16.00	9,840.00
15/01/2015	385	0.0022	15.80	6,083.00
14/01/2015	385	0.0022	16.01	6,161.93
14/01/2015	275	0.0016	16.00	4,400.00
13/01/2015	56	0.0003	15.90	890.40
13/01/2015	605	0.0035	16.00	9,680.00
12/01/2015	305	0.0018	16.00	4,880.00
12/01/2015	400	0.0023	15.90	6,360.00
7/01/2015	450	0.0026	16.10	7,245.00
7/01/2015	8	0.0000	16.00	128.00
6/01/2015	1	0.0000	16.35	16.35
6/01/2015	50	0.0003	16.30	815.00
5/01/2015	1,023	0.0059	16.20	16,572.60
5/01/2015	277	0.0016	16.30	4,515.10
30/12/2014	50	0.0003	15.50	775.00
30/12/2014	544	0.0032	15.49	8,426.56
30/12/2014	264	0.0015	15.60	4,118.40
29/12/2014	1,105	0.0064	15.38	16,989.38
22/12/2014	1,856	0.0108	16.10	29,881.60
18/12/2014	494	0.0029	15.16	7,489.04
17/12/2014	2,386	0.0139	15.40	36,744.40
16/12/2014	3,210	0.0186	15.20	48,792.00
15/12/2014	32	0.0002	15.60	499.20
2/12/2014	368,099	2.1377	16.30	6,000,013.70
23/10/2014	456	0.0026	15.01	6,844.56
20/10/2014	386	0.0022	15.00	5,790.00
17/10/2014	52	0.0003	14.61	759.72
16/10/2014	368	0.0021	14.94	5,497.92
14/10/2014	100	0.0006	15.00	1,500.00
14/10/2014	74	0.0004	15.01	1,110.74
14/10/2014	300	0.0017	15.02	4,506.00
14/10/2014	371	0.0022	15.02	5,572.42
25/07/2014	710	0.0041	13.97	9,918.70
24/07/2014	1	0.0000	13.26	13.26
22/07/2014	329	0.0019	14.00	4,606.00
14/04/2014	346,433	2.0118	11.25	3,895,639.09
25/04/2013	210
	1,721,966	9.9988		24,876,150.59

Share ownership

POSR shares held by members of the supervisory and management boards as at 30 June 2024

	Number of shares	Holding
Marko Jazbec, chair of the management board	12,000	0.070%
Polona Pirš Zupančič, member of the management board	4,318	0.025%
Peter Skvarča, member of the management board	1,200	0.007%
David Benedek, member of the management board	1,200	0.007%

Source: Central securities register with KDD d.o.o.

Analyst coverage

Analyst coverage links

	Raiffeisen Bank International Rok Stibrič Analyst	Analysis available (July 2024)
	listed-sme.com
	inter.capital Dino Dürrigl Analyst	Updated analysis available (August 2021)
	wood.cz David Lojkasek Equity Analyst	Updated analysis available (September 2021)
	Ilirika Lojze Kozole Analyst

The analysis of Raiffeisen Bank International AG has been commissioned and paid for by Sava Re d.d., Ljubljana (“Sava Re”); however, Sava Re has not provided the analyst with any instructions or data or otherwise influenced the preparation of the analysis. The analysis is based solely on publicly available data.

The other financial analysts listed are independent of Sava Re and have not carried out their research at the request of, or for a fee from, Sava Re.

The analyses of the market value of POSR shares available from each of the above analysts and the opinions, estimates and forecasts contained therein are independent and reflect the professional judgement of the analysts who prepared them. They do not represent the opinions, estimates or forecasts of Sava Re or its management, nor should they be considered as recommendations to enter into transactions in Sava Re shares.

The list of analysts and any related information do not constitute an offer to sell or the solicitation of an offer to buy any securities of Sava Re and should not be relied upon as a basis or fact upon which any recipient of such information should base any decision to buy or sell any securities of Sava Re. Any recipient of the above information who intends to purchase any financial instruments or assets of Sava Re should make their own independent assessment of Sava Re’s financial performance and position and their own independent assessment of Sava Re’s creditworthiness. Any individual or legal entity considering investing in financial instruments or assets of Sava Re should first seek the advice of a professionally qualified financial adviser.

Sava Re assumes no obligation to update this list, nor does Sava Re distribute any information or reports from analysts.

Share performance

What was the return for an investor who invested in the Sava Re share in the 2008 initial public offering?

Click on the table to enlarge

How to read this table?

Example in first table: An investor bought one Sava Re share at the end of 2016 and sold it at the end of 2020. The investment would have produced an average return of 12.3% a year, which is inclusive of any dividends paid.

Example in second table: An investor bought one Sava Re share at the end of 2016 and sold it at the end of 2020. The investment would have produced a return of 59.2% over the period, which is inclusive of any dividends paid.

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