Pozavarovalnica Sava dd : Sava Re Group Posted Premium Growth in 2015
February 12, 2016 at 08:20 am EST
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Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Market in Financial Instruments Act, Pozavarovalnica Sava d.d. ('Sava Reinsurance Company'), Dunajska 56, 1000 Ljubljana, hereby announces the following:
In its regular session, the supervisory board of Sava Reinsurance Company was presented with preliminary figures for 2015 and the 2016 financial plan.
According to the preliminary results, the Sava Re Group performed well in 2015 as the Group grew gross premiums written by 3.9 % year-on-year, which is better than budgeted. Reinsurance business grew by 26.7 %, while non-life and life business shrank by 0.2 % and 2.2 %, respectively, compared to 2014. Reinsurance premium growth was driven by foreign-sourced business, notably business from South Korea, Bulgaria and the USA. The drop in direct insurance premiums is due to premium decline in both Slovenian insurers and some insurers from the Western Balkan region. On the other hand, the Serbian and Macedonian non-life insurers and the Croatian life insurer posted solid growth. The drop in life insurance premiums is a result of the increased number of maturities and surrenders.
In 2015, the Sava Re Group focused on two key goals - the integration of the Group's operations in Slovenia and adapting operations for the Solvency II regime. Over the year, the former project expanded into new dimensions, after it was decided that four Group insurers should be merged. Regarding the latter goal, the Group achieved Solvency II compliance within the set timeframe. In addition, the acquisition of Moja naložba was successfully realized, providing the Group an entry into active pension insurance business.
For 2016, the Group is planning to write € 487.9 million in gross premiums, representing a 0.3 % increase compared to 2015. The target for 2016 are a Group net profit of € 33.4 million, equivalent to an 11.6 % return on equity, which is consistent with the long-term target of the Sava Re Group.
This announcement will be available on the Company's website at www.sava-re.si, at least five years from the date of this announcement.
Pozavarovalnica Sava d.d. issued this content on 12 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 February 2016 13:19:30 UTC
Original Document: http://www.sava-re.si/en/media-centre/news/1335/sava-re-group-posted-premium-growth-in-2015/
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.