Pozavarovalnica Sava dd : Sava Re Group Solvency and Financial Condition Report 2016
June 30, 2017 at 09:27 am EDT
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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 hereby 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 2016 (hereinafter: Group SFCR), as approved by the management board of Sava Re, d.d. with the consent of the Company's supervisory board.
The Group SFCR contains detailed information on the system of governance, key functions, risk management system and own risk and solvency assessment at the Group level. It also provides a detail 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. 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.
For the solvency calculation, the Sava Re Group uses the Solvency II standard formula. As at 31 December 2016, the Group held eligible own funds of € 423 million, all tier-one funds, and had a solvency capital requirement of € 207 million. This demonstrates the Group's capital adequacy, as evidence by a high solvency ratio of 204 %. The level of the solvency ratio is in line with the Group's rules and is currently just above the optimal range, which is set at between 170 % and 200 %.
The independent auditor Ernst & Young issued a 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 is attached hereto.
Pozavarovalnica Sava d.d. published this content on 30 June 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 June 2017 13:26:13 UTC.
Original documenthttp://www.sava-re.si/en/media-centre/news/1554/sava-re-group-solvency-and-financial-condition-report-2016/
Public permalinkhttp://www.publicnow.com/view/C5629E064F82130DEA355B40939B9EF677C21B5D
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.