Solvency and financial condition report of Sava Re d.d. 2018
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 “Solvency and financial condition report of Sava Re d.d. 2018” (hereinafter: “Sava Re SFCR”), as approved by the management board of Sava Re d.d. with the consent of the Company’s supervisory board. An independent auditor’s assurance report has been issued by the audit firm Ernst & Young 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 Sava Re SFCR contains detailed information on the Company’s system of governance, key functions, risk management system and own risk and solvency assessment. It also provides a detailed overview of the Company’s risk profile. The report contains information on the valuation of assets and liabilities for the purpose of demonstrating the Company’s solvency. These 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. The Company uses the Solvency II standard formula for the solvency calculation. This demonstrates its capital adequacy, as evidence by its high solvency ratio.
Since the information in the report only relates to Sava Re d.d., the report does not demonstrate the solvency or financial condition of the Sava Re Group. Information about the Sava Re Group will be presented in the Group’s solvency and financial condition report, which will be released on 3 June 2019 in accordance with the statutory due date and the financial calendar.
The “Solvency and financial condition report of Sava Re d.d. 2018” is attached hereto.
- Solvency and financial condition report of Sava Re d.d. 2018 [.pdf, 2.46 MB]