Slide 1: Presentation of results 1–3/2025
Sava Insurance Group Presentation of results 1–3/2025 16 May 2025
Slide 2: Contents
CONTENTS 01 Group results 02 Segment reporting 03 Financial investments 04 Sava Re share and dividend policy 05 Solvency position
Slide 3: Group results
GROUP RESULTS
Slide 4: Performance highlights
Performance highlights Growth in gross written premiums of 6.5% Net profit of €30.9m (1–3/2024: €29.8m) strongest growth in motor business, reflecting higher average premiums and more policies sold, and in life Improved insurance result: revenue growth insurance, driven by higher sales of new polici
Slide 5: Key figures
Key figures Change €m, except % 1–3/2024 1–3/2025 2025 plan 2025/2024 Business volume 307.8 328.7 growth > 5% 6.8% Gross premiums written 301.0 320.4 6.5% Profit, net of tax 29.8 30.9 > 84 3.7% Return on equity* 18.0% 17.2% > 11% -0.9 pp Combined ratio (non-life and reinsurance) 83.8% 83.7% < 94% -0
Slide 6: Growth across all operating segments
Growth across all operating segments +6.8% Business volume by segment (€m) 328.7 307.8 +5.7% 164.6 173.9 +7.5% +2.8% +15.8% +12.3% +21.8% +24.7% 51.3 55.2 55.0 56.6 25.6 29.6 3.3 3.7 6.6 8.1 1.3 1.7 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and asset Other Total Gross prem
Slide 7: Business volume: growth in all operating segments
Business volume: growth in all operating segments Change in business volume by segment (€m) +6.8% +1.4 +0.3 328.7 +4.1 +0.4 +1.5 +3.9 +9.3 307.8 1–3/2024 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and Other 1–3/2025 asset management Sava Insurance Group / Presentation of re
Slide 8: Profit before tax: first quarter traditionally strong
Profit before tax: first quarter traditionally strong Profit before tax by segment (€m) +3.5% 39.3 38.0 +8.0% 22.0 20.3 -3.8% 9.0 8.7 +10.8% +24.5% 4.6 5.1 +2.6% +0.5% 2.1 2.7 1.6 1.6 0.3 0.3 0.0 -1.0 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and asset Other Total manageme
Slide 9: Profit before tax: improvement in most segments
Profit before tax: improvement in most segments Change in profit before tax by segment (€m) +3.5% +1.6 +0.5 0.0 0.0 +0.5 39.3 38.0 -0.3 -1.0 1–3/2024 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and Other 1–3/2025 asset management Sava Insurance Group / Presentation of result
Slide 10: Combined ratio broadly unchanged
Combined ratio broadly unchanged Combined ratio (non-life and reinsurance) 83.8% 83.7% Expense ratio 25.8% 26.3% NAT CAT loss ratio 1.2% 0.8% Loss ratio without NAT CAT 56.8% 56.6% 1–3/2024 1–3/2025 Sava Insurance Group / Presentation of results 1–3/2025 / Group results 10
Slide 11: CSM: new business CSM up 9.6% on stronger sales
CSM: new business CSM up 9.6% on stronger sales CSM movement of life insurance 1–3/2024 (€m) CSM movement of life insurance 1–3/2025 (€m) +0.5% +7.3 +0.4 +3.6% 161.0 -1.7 161.8 +2.6 -5.2 +6.7 +0.4 146.7 141.6 -4.6 CSM balance New Accretion Change in Release CSM balance CSM balance New Accretion Chan
Slide 12: Segment reporting
SEGMENT REPORTING
Slide 13: Non-life EU: premium growth
Non-life EU: premium growth Gross premiums written (€m) Insurance service result (€m) Finance result (€m) Net investment inc./exp. Net ins. finance inc./exp. +5.7% +25.0% Net exchange rate diff. 164.6 173.9 20.6 2.3 16.5 0.7 3.1 2.3 0.1 -0.8 -1.5 -0.1 1–3/2024 1–3/2025 1–3/2024 1–3/2025 1–3/2024 1–3
Slide 14: Life EU: strong revenue growth
Life EU: strong revenue growth Insurancepremije Kosmate revenue (€m) Insurance service result (€m) Finance result (€m) Net investment inc./exp. (mio €) +14.3% +4.8% Net ins. finance inc./exp. 17.9 3.7 3.9 1.1 15.7 1.3 2.2 1.8 -0.5 -1.1 1–3/2024 1–3/2025 1–3/2024 1–3/2025 1–3/2024 1–3/2025 • Higher r
Slide 15: Reinsurance: less favourable claims experience, combined ratio remains excellent
Reinsurance: less favourable claims experience, combined ratio remains excellent Gross premiums written (€m) Insurance service result (€m) Finance result (€m) Net investment inc./exp. Net ins. finance inc./exp. +2.8% -3.5% Net exchange rate diff. 55.0 56.6 8.5 8.2 0.6 0.4 2.3 2.2 -1.5 -1.6 -0.2 -0.2
Slide 16: Non-life non-EU: strong premium growth
Non-life non-EU: strong premium growth Gross premiums written (€m) Insurance service result (€m) Finance result (€m) Net investment inc./exp. +15.8% +22.0% Net ins. finance inc./exp. 29.6 1.0 0.6 0.5 25.6 0.8 0.8 0.8 -0.2 -0.3 1–3/2024 1–3/2025 1–3/2024 1–3/2025 1–3/2024 1–3/2025 • Growth in motor i
Slide 17: Life non-EU: revenue growth
Life non-EU: revenue growth Insurance revenue (€m) Insurance service result (€m) Finance result (€m) Net investment inc./exp. Net ins. finance inc./exp. +35.4% -32.8% 2.3 0.2 0.2 0.1 1.7 0.2 0.3 0.2 -0.1 -0.2 1–3/2024 1–3/2025 1–3/2024 1–3/2025 1–3/2024 1–3/2025 • Increase due to methodological adju
Slide 18: Pensions and asset management: robust growth in fund inflows
Pensions and asset management: robust growth in fund inflows Revenue from asset management (€m) Expense ratio Profit before tax (€m) 53.6% +24.5% +21.2% 49.6% 2.7 6.6 5.5 2.1 1–3/2024 1–3/2025 1–3/2024 1–3/2025 1–3/2024 1–3/2025 • Increase in management fees due to higher volume of • Robust growth i
Slide 19: “Other” segment
“Other” segment Profit before tax (€m) Composition of profit before tax (€m) 1–3/2024 1–3/2025 0.0 0.2 Assistance 0.2 0.8 Associated companies -1.0 0.5 1–3/2024 1–3/2025 Interest expense -0.9 on subordinated debt and segment expenses -1.6 -0.1 Other -0.1 Sava Insurance Group / Presentation of result
Slide 20: Financial investments
FINANCIAL INVESTMENTS
Slide 21: Assets under management impacted by adverse equity markets
Assets under management impacted by adverse equity markets Investment portfolio and assets under management (consolidated) (€m) +5.8% +8.8% +12.6% +19.0% 0.0% 4,556 4,556 4,310 4,166 710 4,051 743 3,828 675 652 614 Mutual fund assets 542 764 752 Assets of 717 670 711 Assets under management policyho
Slide 22: Investment return impacted by less favourable US equity markets
Investment return impacted by less favourable US equity markets €m 31/12/2024 31/3/2025 Change Index Investment portfolio 1,666.9 1,696.2 29.3 101.8 €m 1–3/2024 1–3/2025 Change Index Net investment income 9.9 8.4 -1.5 84.7 Interest income 6.4 7.5 1.1 117.1 Change in fair value of FVTPL assets 2.1 0.
Slide 23: Large share of fixed-rate investments
Large share of fixed-rate investments €m 31/12/2024 31/3/2025 Difference Asset allocation Fixed-rate investments 1,453.5 1,473.9 20.4 87.2% Fixed-rate investments 86.9% Government bonds 922.7 933.4 10.7 2.7% Shares and mutual funds 2.9% Corporate and financial bonds 503.4 511.7 8.3 4.3% Deposits 27.
Slide 24: Large share of government bonds
Large share of government bonds €m 31/12/2024 31/3/2025 Difference Composition of fixed-rate investments Fixed-rate investments 1,453.5 1,473.9 20.4 Government bonds 63.5% 63.3% Government bonds 922.7 933.4 10.7 Corporate and financial bonds 427.2 437.1 9.9 Corporate and 29.4% financial bonds 29.7%
Slide 25: Secure and stable investment portfolio
Secure and stable investment portfolio Fixed-rate investments by credit rating Fixed-rate investments by region Not rated 2.1% 1.2% 2.1% 1.2% Other 6.0% 6.2% B 7.1% 7.4% BB USA 10.8% 11.0% BBB 13.1% 12.1% Non-EU 11.9% 11.9% countries A 26.0% 25.3% 89.6% 89.3% AA 24.2% 25.6% EU countries 64.6% 64.5%
Slide 26: Sava Re share and dividend policy
SAVA RE SHARE AND DIVIDEND POLICY
Slide 27: Shareholders and share trading
Shareholders and share trading 31/3/2025 Book value of share Trading symbol POSR Market capitalisation (€m) 750.1 31 March 2025 No. of shares issued 17,219,662 €43.96 No. of treasury shares 1,721,966 No. of shareholders 4,512 Shareholder structure as at 31 March 2025 Intercapital securities* Other 1
Slide 28: High dividend yield
High dividend yield Dividend policy: distribution between 35% and 45% of the net profit of the Sava Insurance Group PROPOSAL Dividend payout ratio (dividend payout as % of previous year’s net profit) * The dividend yield has been calculated using the average share price over the trailing 12 months (
Slide 29: Solvency position
SOLVENCY POSITION
Slide 30: Strong solvency position
Strong solvency position Over- capitalisation Additional engagement or return of capital > 250% Optimal capitalisation Acceptable overcapitalisation Seeking ways to restructure capital use 210%–250% Optimal Sprejemljiva nad 250 % presežna kapitaliziranost capitalisation Presežna No action Presežna k
Slide 31: Thank you.
Thank you. For more information: ir@sava-re.si https://www.sava-re.si/en-si/
Slide 32: Cautionary statements and notes
Cautionary statements and notes Forward-looking statements This document may contain forward-looking statements relating to the expectations, plans or goals of the Sava Insurance Group (the Group), which are based on estimates and assumptions made by the management of Sava Re (the Company). By their