Pozavarovalnica Sava dd : Standard & Poor’s Affirm “A” Credit Rating of Sava Re d.d. and Zavarovalnica Sava, d.d. (Outlook Stable)
July 31, 2019 at 03:40 am EDT
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31/07/2019
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, Ljubljana, hereby announces the following:
Following their regular annual review in July 2019, Standard & Poor's have affirmed the financial strength rating 'A' (excellent) of Sava Re d.d. and Zavarovalnica Sava, d.d., with the medium-term outlook being stable.
The credit rating agency believes that in the past few years, Sava Insurance Group materially solidified the performance of its Slovenian business, as well as significantly expanded into insurance markets of the Adria region. Its reinsurance business has remained stable, and performed better than the industry. The credit rating agency also sees positively that the Group solidified its domestic competitive position with the acquisition of Sava Infond d.o.o., an asset management company.
Positive underwriting results allow the Group to post continued growth of net profit, translating into an adequate return on equity. According to the credit rating agency, this stable profitable performance, in combination with its very strong capital position, remains the key strength of the Sava Insurance Group.
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Pozavarovalnica Sava dd published this content on 31 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2019 07:39:01 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.