Pozavarovalnica Sava dd : Capital Adequacy of the Sava Re Group
June 22, 2016 at 03:05 am EDT
Share
Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and relevant legislation, the management board of Pozavarovalnica Sava d.d. (Sava Reinsurance Company) hereby announces the following:
The Sava Re Group has calculate the opening balance of the Group's capital requirements as at 31 December 2015 in accordance with Solvency II regulations. The Group held eligible own funds of € 403 million, of which most were tier 1 funds. The valuation of both assets and liabilities for determining eligible own funds was carried out in accordance with economic principles. The Solvency Capital Requirement of the Group was € 200 million. The solvency ratio at 31 December 2015 stood at 201 %, which indicates that the capital position of the Sava Re Group is excellent.
The current capital position is the result of the Group's development in recent years. Over the past ten years, the Sava Re Group has made a significant transformation from a reinsurer (70 % of reinsurance business) to an international insurance group (80 % of insurance business) with presence in six insurance markets and a significant position in the Slovenian market (number two). It also managed to reduce risk through the reorganisation of its subsidiaries and continued reducing of market risk exposure by diversifying the investment portfolio. Despite the Group's growth and transformation, its capital position further strengthened and supports the A- financial strength rating. It is also an indicator of the Group's intrinsic value and stability allowing for the implementation of the Group's development and growth strategy. The process of merging the Group's EU-based insurers will support further capital optimisation, as the diversification effect will have a positive impact on the Group's capitalisation.
This announcement will be available on the Company's website at www.sava-re.si, at least five years from the date of the announcement.
Pozavarovalnica Sava d.d. published this content on 22 June 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 June 2016 07:05:05 UTC.
Original documenthttp://www.sava-re.si/en/media-centre/news/1417/capital-adequacy-of-the-sava-re-group/
Public permalinkhttp://www.publicnow.com/view/66011ADD12D8E35D5B900C1BE9C5A61319583620
Pozavarovalnica Sava dd (or Sava Reinsurance Plc), also known as Sava Re dd, is a Slovenia-based reinsurance undertaking. It operates as a parent company of Sava Re Group, which comprises direct insurance and pension undertakings. The Companyâs activities are divided into four segments: Reinsurance operations, Non-life insurance operations, Life insurance operations and Other business segment. The Reinsurance operations segment comprises treaty and facultative arrangements for intra-group clients and insurance and reinsurance partners worldwide. The Non-life insurance operations segment supports local markets with non-life insurance products and customer oriented services. The Life insurance operations segment is focused on life protection and saving products, including pension schemes. The Other business segment comprises operations of the Companyâs non-insurance subsidiaries. Sava Re Group operates through subsidiaries in Slovenia, Croatia, Serbia, Macedonia, Montenegro and Kosovo.