Slide 1: 2024 audited results
Sava Insurance Group 2024 audited results 4 April 2025
Slide 2: Contents
CONTENTS 01 Group results 02 Segment reporting 03 Financial investments
Slide 3: Group results
GROUP RESULTS
Slide 4: Performance highlights
Performance highlights Growth in gross premiums written of Net profit of €87.8m Other significant events 13.5% (2023: €64.7m) in 2024 primarily in the motor business due to growth in average premiums and the Better insurance service result: higher Credit ratings reaffirmed: S&P Global number of poli
Slide 5: Profit target exceeded
Profit target exceeded Profit before tax Net profit €109.8m €87.8m Plan achieved 2024/2023: +37.9% 2024/2023: +35.9% Net profit (€m) 87.8 76.2 > 70 68.2 64.7 56.4 50.2 46.9 43.0 2018 2019 2020 2021 2022 2022 2023 2024 2024 plan Under the previous accounting standards (IFRS 4 and IAS 39) Under the ne
Slide 6: Target return on equity exceeded
Target return on equity exceeded Equity Return on equity (ROE) €648.6m 13.6% Plan achieved 2024/2023: +10.7% 2024/2023: +2.8 pp Equity and return on equity (ROE) Return on eqity (ROE) (€m and %) Equity 16.9% 14.5% 14.4% 13.7% 13.5% 13.6% 10.8% > 10.5% 648.6 8.3% 585.7 504.1 531.5 460.2 384.8 412.0 3
Slide 7: Growth in contractual service margin (CSM)
Growth in contractual service margin (CSM) Contractual service margin (CSM) Net contractual service margin (CSM) €175.6m €168.6m 2024/2023: +13.1% 2024/2023: +12.9% Contractual service margin (CSM) (€m) +13.1% +13.3 +0.1 +47.3 +2.9 175.6 155.3 -43.3 CSM balance New business CSM Accretion Change in e
Slide 8: Business volume and GPW pass the billion-euro mark
Business volume and GPW pass the billion-euro mark Business volume Gross premiums written €1,035.1m €1,003.8m Plan achieved 2024/2023: +13.7% 2024/2023: +13.5% Business volume 1,035.1 (€m) 7.7 27.1 > 925 910.1 6.0 115.3 13.2 22.8 795.5 3.4 11.3 98.1 126.8 750.4 3.5 21.4 695.3 2.3 21.2 80.6 10.0 Othe
Slide 9: Market shares
Market shares Slovenia North Macedonia Insurance 31.2%* Insurance 8.6%** Pensions 10.0%*** Pensions 43.0% Asset management 13.6% Croatia Montenegro Insurance 1.1% Insurance 16.9% Serbia Kosovo Insurance 3.9%** Insurance 14.1% Sava Re operates in more than 120 reinsurance markets worldwide. It has a
Slide 10: Improved combined ratio
Improved combined ratio Combined ratio 91.3% Plan achieved 2024/2023: -1.8 pp Combined ratio 93.9% < 95% 92.9% 93.8% 93.1% 92.6% 90.7% 91.3% 88.1% 2018 2019 2020 2021 2022 2022 2023 2024 2024 plan Under the previous accounting standard (IFRS 4) Under the new accounting standard (IFRS 17) and the new
Slide 11: Impact of natural catastrophe claims
Impact of natural catastrophe claims Natural catastrophe claims Includes net claims affecting the (re)insurance portfolios of the Group companies resulting from €52.0m natural perils (such as windstorm, flood, 2024/2023: -0.3% earthquake and hail) Natural catastrophe claims (€m) 52.1 52.0 28.3 23.3
Slide 12: Strong growth in investment portfolio and assets under management
Strong growth in investment portfolio and assets under management Assets under management Investment portfolio €2,889.4m €1,666.9m 2024/2023: +24.3% 2024/2023: +10.9% Investment portfolio and assets under management (consolidated) (€m) 4.556 743 3.828 3.574 3.354 3.349 542 489 764 3.127 422 422 339
Slide 13: Target return on investment portfolio exceeded
Target return on investment portfolio exceeded Return on investment portfolio Investment portfolio 2.5% €1,666.9m Plan achieved 2024/2023: +0.4 pp 2024/2023: +10.9% Return on investment portfolio Return on investment portfolio (%) (€m and %) Net investment income on portfolio 2.5% 2.1% 2.2% 1.9% 1.8
Slide 14: Strong solvency position
Strong solvency position Over- capitalisation Additional engagement or return of capital Optimal > 250% capitalisation Acceptable overcapitalisation Seeking ways to restructure capital use 210%–250% Optimal Sprejemljiva nad 250 %presežna kapitaliziranost capitalisation Presežna No action Rating prof
Slide 15: Select sustainability performance indicators
Select sustainability performance indicators Difference 2022 2024 2024/2022 Environmental aspect CO2 emissions per employee (in tonnes) – scope 1 in 2 (location-based method) 1.47 1.15 -21.8% Difference 2023 2024 2024/2023 Environmental aspect Number of claims reported online 243,106 300,120 +23.5%
Slide 16: Book value per share and Sava Re share price performance
Book value per share and Sava Re share price performance Book value per share Share price at 31/12/2024 Total shareholder return €41.85 €40.00 49.1% 2024/2023: +10.7% 2024/2023: +42.9% 2024/2023: +17.0 pp More information on the Sava Re share performance and returns is available at: https://www.sava
Slide 17: High dividend yield
High dividend yield Dividend policy: distribution of 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 month
Slide 18: Segment reporting
SEGMENT REPORTING
Slide 19: Non-life EU: premium growth and more favourable claims experience
Non-life EU: premium growth and more favourable claims experience Gross premiums written Insurance service result Finance result Net investment inc./exp. (€m) +16.9% (€m) +59.4% (€m) Net ins. finance inc./exp. 555.0 51.8 Net exchange rate diff. 474.5 10.6 32.5 4.7 13.1 7.9 0.2 -3.1 -2.6 -0.1 2023 20
Slide 20: Life EU: robust growth in unit-linked premiums
Life EU: robust growth in unit-linked premiums Insurancepremije Kosmate revenue Insurance service result Finance result Net investment inc./exp. (mio €) (€m) +10.9% (€m) +13.7% (€m) Net ins. finance inc./exp. 66.4 21.3 5.8 5.0 59.9 18.7 9.1 8.3 -3.3 -3.3 2023.0 2024 2023 2024 2023 2024 • Higher reve
Slide 21: Reinsurance: favourable claims experience
Reinsurance: favourable claims experience Gross premiums written Insurance service result Finance result Net investment inc./exp. (€m) +3.2% (€m) +19.5% (€m) Net ins. finance inc./exp. 123.0 126.8 28.0 Net exchange rate diff. 23.4 2.1 1.6 5.5 8.1 1.3 -5.2 -5.6 -0.4 2023 2024 2023 2024 2023 2024 • Pr
Slide 22: Non-life non-EU: more intense claims activity
Non-life non-EU: more intense claims activity Gross premiums written Insurance service result Finance result Net investment inc./exp. (€m) +17.6% (€m) (€m) Net ins. finance inc./exp. -25.2% 115.3 7.0 3.6 98.1 5.2 2.5 4.2 3.1 -0.6 -0.6 2023 2024 2023 2024 2023 2024 • Growth in the motor and property
Slide 23: Life non-EU: revenue growth
Life non-EU: revenue growth Insurance revenue Insurance service result Finance result Net investment inc./exp. (€m) +30.3% (€m) +24.6% (€m) Net ins. finance inc./exp. 8.5 2.1 0.7 6.5 1.7 0.6 1.3 0.9 -0.4 -0.6 2023.0 2024 2023 2024 2023 2024 • Growth driven by improved sales as well as updated • Effe
Slide 24: Pensions and asset management: robust growth in net fund inflows
Pensions and asset management: robust growth in net fund inflows Revenue from asset management Expense ratio Profit before tax (€m) (€m) 67.2% 65.4% +20.0% +20.8% 9.0 23.7 7.5 19.6 2023 2024 2023 2024 2023 2024 • Growth in assets under management • High growth in revenue and lower growth in expenses
Slide 25: "Other" segment
“Other” segment Profit before tax Composition of profit before tax 2023 (€m) (€m) 2024 1.0 -0.3 Assistance 1.3 2.3 Associated companies -1.6 1.8 2023 2024 Interest expense -3.7 on subordinated debt and segment expenses -4.4 0.0 Other -0.3 Sava Insurance Group / 2024 audited results / Segment reporti
Slide 26: Financial investments
FINANCIAL INVESTMENTS
Slide 27: Improved return on investment portfolio
Improved return on investment portfolio €m 31/12/2023 31/12/2024 Change Index Investment portfolio 1,503.3 1,666.9 163.6 110.9 €m 1–12/2023 1–12/2024 Change Index Net investment income 30.2 38.5 8.3 127.3 Interest income 21.4 27.5 6.2 128.7 Change in fair value of FVTPL assets 3.0 3.5 0.6 118.8 Divi
Slide 28: Large share of fixed-rate investments
Large share of fixed-rate investments €m 31/12/2023 31/12/2024 Change Asset allocation Fixed-rate investments 1,302.4 1,453.5 151.1 86.6% Fixed-rate investments 87.2% Government bonds 818.8 922.7 103.9 2.7% Shares and mutual funds 2.7% Corporate and financial bonds 458.0 503.4 45.5 4.7% Alternative
Slide 29: Large share of government bonds
Large share of government bonds €m 31/12/2023 31/12/2024 Change Composition of fixed-rate investments Fixed-rate investments 1,302.4 1,453.5 151.1 62.9% Government bonds 63.5% Government bonds 818.8 922.7 103.9 Corporate and financial bonds 375.0 427.2 52.2 Corporate and 28.8% financial bonds 29.4%
Slide 30: Resilient and stable fixed-rate investment portfolio
Resilient and stable fixed-rate investment portfolio Fixed-rate investments by credit rating Fixed-rate investments by region Not rated 4.1% 2.1% 1.2% Other 6.7% 6.0% 1.2% B 4.9% 7.1% BB USA 10.9% 10.8% 13.1% BBB 18.5% Non-EU 11.9% 12.5% countries 26.0% A 25.8% 89.8% 89.6% 24.2% EU countries 60.9% 6
Slide 31: Thank you.
Thank you. For more information: ir@sava-re.si www.sava-re.si
Slide 32: Glossary of selected terms and computation methods for indicators
Glossary of selected terms and computation methods for indicators Assets under management. Assets of pension companies’ pension funds, assets of mutual funds or loss of subsidiaries and associates. Calculated excluding returns on life insurance policies where managed by the Group’s asset management
Slide 33: 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