Sava Re: Rating agency Standard &Poor's revises the medium-term outlook to positive from stable
July 27, 2017 at 03:15 am EDT
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Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Financial Instruments Market Act, Sava Re, d.d., Dunajska 56, Ljubljana hereby announces the following:
Following their regular annual review in July 2017, the Standard & Poor's rating agency affirmed the financial strength rating of 'A-' (excellent) of Sava Re, revising also its medium-term outlook to positive from stable.
The agency assesses that Sava Re is successfully implementing its risk management strategy. On the reinsurance underwriting side, it recognises the enhanced activities aimed at catastrophe risk management, as well as the more conservative underwriting in the international reinsurance markets. On the investments side, it recognises the contribution of investment portfolio diversification to the stability of returns. All this in turn contributes to greater stability of the expected operating results. Further, the rating agency assesses that the company's financial position is to strengthen further, also due to an increased focus on operational effectiveness. The agency assumes that Sava Re will benefit from healthier credit and macroeconomic conditions in Slovenia to further improve the scale and efficiency of its operations. Based on all this, S&P raised Sava Re's medium-term outlook to positive, which also indicates that the rating agency could raise Sava Re's rating over the next 12-24 months if Sava Re continues maintaining stable capital and earnings, growing its business profitability, further improving its operating efficiency, and maintaining capital adequacy in excess of the agency's AAA threshold.
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 26 July 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 July 2017 07:14:07 UTC.
Original documenthttp://www.sava-re.si/en/media-centre/news/1560/sava-re-rating-agency-standard-poor-s-revises-the-medium-term-outlook-to-positive-from-stable/
Public permalinkhttp://www.publicnow.com/view/66B93B5BA0305C68E069C202D5F27D8431DF1474
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.