Sava Re Group Solvency and financial condition report 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 (also the ‘Company’) announces the following:
In accordance with the requirements of the Slovenian and EU insurance legislation, Sava Re, d.d. hereby releases the Sava Re Group Solvency and financial condition report 2017 (hereinafter: the ‘Group SFCR’), as approved by the management board of Sava Re, d.d. with the consent of the Company’s supervisory board. The Ernst & Young audit firm issued an independent auditor’s assurance report on the Group 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 Group SFCR contains detailed information on the system of governance, key functions, the risk management system and the own risk and solvency assessment at the Group level. It also provides a detailed overview of the Group’s risk profile. The report contains information on the valuation of assets and liabilities for the purpose of demonstrating the Group’s solvency position. Assets and liabilities are valued at fair value under Solvency II regulations. Furthermore, the report provides information on capital management and the levels of eligible own funds, the solvency capital requirement and the solvency ratio of the Group.
For the solvency calculation, the Sava Re Group uses the Solvency II standard formula. As at 31 December 2017, the Group demonstrated capital adequacy as evidence by a high solvency ratio of 220%. The solvency ratio is in line with the Group’s internal rules, currently exceeding the optimal solvency ratio range of 170% to 200%.
The Group SFCR is attached hereto.