Pozavarovalnica Sava d d : Group Half-year Results 2023
September 07, 2023 at 03:57 am EDT
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Sava Insurance Group
1-6/2023 unaudited results
Presenting
Marko Jazbec
Chairman of the management board of Sava Re d.d.
6 September 2023
Disclaimer
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements relating to Sava Reʾs expectations, plans or goals, which are based on assumptions made by Sava Re management. By their nature, forward-looking statements involve risk and uncertainty. As a result, actual developments, in particular performance, may differ materially from expectations, plans and goals set out in this document; therefore, persons should not rely on forward-looking statements.
DUTY TO UPDATE
Sava Re assumes no obligation to adjust any forward-looking statements or other information contained in this document to future events or developments.
CONTENTS
01
02
03
04
05
Group results
Segment reporting
Financial investments
POSR share and dividend policy
Solvency position
GROUP RESULTS
Highlights 1-6/2023
Growth in gross written premiums of 11.6% - strongest growth in the motor business, reflecting more policies sold and higher average premiums; growth also in the reinsurance segment, driven
by higher rates in global reinsurance
markets, and the capture of new business
opportunities
Net profit of €40.0 million (1-6/2022: €11.1 million)
Better insurance service result for non-life, EU: in 1-6/2022high inflationary pressures on claims (especially motor insurance): result normalised this year
Better insurance service result for
reinsurance: higher insurance revenue, different claims structure (major claims covered by reinsurance) and a lower impact of inflation than in the previous year
Better investment result: in 1-6/2022,a
significant negative impact of financial market developments on the net investment return from fair value losses on FVTPL investments
After 1-6/2023, Slovenia and the wider region was hit by a wave of storms and floods, which is expected to significantly impact Q3 earnings:
impact estimated at €30-35 million
Subject to no additional catastrophic
events, the full year profit target has
been reduced by around 25%:
estimated at approximately €40 million
Sava Insurance Group / Group results
5 / 31
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Pozavarovalnica Sava dd published this content on 06 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 September 2023 07:56:10 UTC.
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.
POZAVAROVALNICA SAVA, D.D. 
