Solvency and Financial Condition Report of Sava Re, d.d. 2017
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, 1000 Ljubljana makes the following announcement:
In accordance with the requirements of the Slovenian and EU insurance legislation, Sava Re, d.d. hereby releases the Solvency and Financial Condition Report of Sava Re, d.d. 2017 (hereinafter: SFCR), as approved by the management board of Sava Re d.d. with the consent of the Company's supervisory board. The independent auditor Ernst & Young issued an assurance report in respect to the SFCR in accordance with the Decision on the additional audit review of insurance companies and additional auditor's report (Official Gazette of RS, no. 9/2016) issued by the Insurance Supervision Agency in accordance with the Slovenian Insurance Act (ZZavar-1).
The Solvency and Financial Condition Report of Sava Re, d.d. contains detailed information on the system of governance, key functions, the established risk management system and own risk and solvency assessment (ORSA). It also describes in detail the Company’s risk profile. The report contains information on the valuation of assets and liabilities for the purposes of demonstrating the solvency of the Company. These assets and liabilities are all valued at fair value. The report describes capital management as well as the amount of eligible own funds, solvency capital requirement and the solvency ratio of the Company. For the solvency calculation, the Company uses the Solvency II standard formula. Sava Re is capital adequate and had a high solvency ratio as at 31. 12. 2017. The report has been reviewed by a certified auditor.
As the information in the report relates only to Sava Re d.d., the report does not discuss the solvency and financial condition of the Sava Re Group. Information about the Group will be presented in the Group’s solvency and financial condition report, which will be published by 18 June 2018, in accordance with the statutory due date.
The Solvency and Financial Condition Report of Sava Re, d.d. 2017 (SFCR) is attached hereto.