Sava Insurance Group solvency and financial condition report 2018
03/06/2019
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 Insurance Group solvency and financial condition report 2018” (hereinafter: Group SFCR), as adopted by the management board of Sava Re d.d. with the consent of the supervisory board. An independent auditor’s assurance report has been issued to the Group SFCR 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 Group SFCR contains detailed information on the Group’s system of governance, key functions, risk management system and own risk and solvency assessment. It also provides a detailed overview of the Group’s risk profile. The report contains information on the valuation of assets and liabilities, which are valued at fair value under Solvency II, for the purpose of demonstrating the Group’s solvency. Furthermore, the report provides information on capital management and the levels of eligible own funds, the solvency capital requirement and the solvency ratio. The Sava Insurance Group calculates its solvency position using the Solvency II standard formula. This demonstrates its capital adequacy as at 31 December 2018, with a high solvency ratio of 218%. The solvency ratio is also in line with the Group’s internal rules, currently moderately exceeding the optimal solvency ratio range (170–200%).
The document Group SFCR is attached hereto.