Sava Re,d.d · LJSE:POSR
Sava Re,d.d — Sava Re Group — 9M 2015 Earnings Presentation
24 slides from Sava Re,d.d's earnings presentation, Nov 26, 2015
Slide 1: Sava Re Group 1-9/2015 Results
Sava Re Group 1-9/2015 Results
Slide 2: Highlights
Highlights SAVA RE GROUP – HIGHLIGHTS 2 Rating agency S&P has upgraded Sava Re‘s rating to A- CAT loss in China (explosion) - € 5 million in provisions for outstanding claims The announcement of the intent to merge the EU-based Sava Re Group Companies
Slide 3: Sava Re Group 1-9/2015 Results Highlights
Highlights SAVA RE GROUP – 1-9/2015 RESULTS 3 Change Sava Re Group 1-9 2014 1-9 2015 Plan 2015 Actual/plan 2015/2014 Gross premiums written (€ million) 371,2 384,6 476,5 3,6% 80,7% Net expense ratio 32,2% 31,4% 32,4% -0,8 p.p. -1,0 p.p. Net combined ratio S&P* 97,0% 97,2% 96,5% +0,2 p.p. +0,7 p.p. N
Slide 4: Breakdown of the Consolidated GPW
Highlights BREAKDOWN OF THE CONSOLIDATED GPW 4 450,0 Gross premiums written +3,6% 400,0 384,6 371,2 350,0 300,0 -0,7% 250,0 +24,8% 203,8 202,4 200,0 -3,4% 150,0 +2,8% +10,5% 100,0 77,5 62,1 62,4 60,3 39,1 40,2 50,0 3,8 4,2 0,0 Reinsurance Non-life Slovenia Non-life international Life Slovenia Life i
Slide 5: Breakdown of the Profit Before Tax
Highlights BREAKDOWN OF THE PROFIT BEFORE TAX 5 Breakdown of the consolidated profit before tax by quarters (non-cumulative) 2014 14,4m 9,4m 7,1m 8,1m 16,0 14,0 2,5 12,0 10,0 7,2 1,6 8,0 3,6 6,0 2,3 4,0 3,8 8,2 4,4 5,2 2,0 2,3 0,0 0,6 -1,1 -0,3 -0,2 -0,4 -2,0 -0,6 -4,0 1Q 2014 2Q 2014 3Q 2014 4Q 201
Slide 6: Consolidated Profit Before Tax by Operating Segments
Highlights CONSOLIDATED PROFIT BEFORE TAX BY OPERATING SEGMENTS 6 Consolidated profit before tax by operating segments and quarters (non-cumulative) 2014 9,4m 7,1m 14,4m 8,1m 16,0 0,1 14,0 2,5 12,0 2,5 10,0 8,0 1,8 3,8 5,3 1,3 6,0 0,3 2,5 4,0 3,2 0,6 1,2 6,6 2,0 3,2 4,4 2,6 0,0 -0,2 -0,4 -0,8 -0,2 -
Slide 7: Results by Operating Segment – Reinsurance Business
Sava Re Group results RESULTS BY OPERATING SEGMENT – REINSURANCE BUSINESS 7 100,0 Gross premiums written 10,0 Underwriting result 77,5 6,5 80,0 62,1 +24,8% 4,3 60,0 5,0 40,0 -0,7 0,0 20,0 1-9 2014 1-9 2015 1-9 2014 1-9 2015 0,0 -2,6 excl. FX excl. FX -5,0 differences differences € million 1-9 2014 1
Slide 8: Results by Operating Segment – Non-life Slovenia
Sava Re Group results RESULTS BY OPERATING SEGMENT – NON-LIFE SLOVENIA 8 Gross premiums written Underwriting result 203,8 202,4 8,0 7,4 200,0 -0,7% 6,0 150,0 4,0 2,4 2,0 100,0 0,0 1-9 2014 1-9 2015 1-9 2014 1-9 2015 € million € million Drop in Tilia's gross premiums of € 2.1 million, while ZM genera
Slide 9: Results by Operating Segment – Non-life International
Sava Re Group results RESULTS BY OPERATING SEGMENT – NON-LIFE INTERNATIONAL 9 Gross premiums written Underwriting result 50,0 1,5 1,4 39,1 +2,8% 40,2 1,2 40,0 1,0 30,0 20,0 0,5 10,0 0,0 0,0 € million 1-9 2014 1-9 2015 € million 1-9 2014 1-9 2015 Premiums grew in Sava osiguranje (€ 1.9 million) and S
Slide 10: Results by Operating Segment – Life Slovenia
Sava Re Group results RESULTS BY OPERATING SEGMENT – LIFE SLOVENIA 10 Gross premiums written Net expense ratio 70,0 62,4 30,0% 60,3 60,0 23,3% -3,4% 25,0% 50,0 20,5% 20,0% 40,0 30,0 15,0% 20,0 10,0% 10,0 5,0% 0,0 0,0% 1-9 2014 1-9 2015 1-9 2014 1-9 2015 € million Premium income fell in both Slovenia
Slide 11: Results by Operating Segment – Life International
Sava Re Group results RESULTS BY OPERATING SEGMENT – LIFE INTERNATIONAL 11 Gross premiums written Net expense ratio 5,0 70,0% +10,5% 4,2 61,0% 3,8 60,0% 55,2% 4,0 50,0% 3,0 40,0% 2,0 30,0% 20,0% 1,0 10,0% 0,0 0,0% 1-9 2014 1-9 2015 1-9 2014 1-9 2015 € million Illyria Life recorded a decline in premi
Slide 12: Investment Portfolio
Financial position of Sava Re Group INVESTMENT PORTFOLIO 12 (€ million) Main factors of change Investment portfolio* + cash flow of (re)insurance business (€ 17,1 million); + net foreign exchange differences (€ 2,0 million); 31 December 2014 988,5 + change in accrued interest (€ 16,1 million); +divi
Slide 13: Investment Portfolio Structure
Financial position of Sava Re Group INVESTMENT PORTFOLIO STRUCTURE 13 988,5 m 1.001,3m Structural shift 1-9 2015/2014 in percentage points 2,1% 2,0% 2,7% 3,2% Other -0,0% 36,3% 40,8% Shares and mutual funds +0,5% Corporate bonds +4,5% 49,3% Government bonds -1,6% 47,7% Deposits -3,3% 9,7% 6,3% dec.1
Slide 14: Sava Re Group Exposure by Region
Financial position of Sava Re Group SAVA RE GROUP EXPOSURE BY REGION 14 Structural shift Sep 2015/Dec 2014 4,8% 7,7% 9,5% Other +2,9% 9,7% Non-EU members +0,2% 46,3% 46,0% EU members -0,3% 39,3% 36,5% Slovenia -2,8% -4% -2% 0% 2% 4% dec.14 sept.15 Slovenia EU members Non-EU members Other Compared to
Slide 15: Net Investment Income and Return on the Investment Portfolio
Financial position of Sava Re Group NET INV. INCOME OF AND RETURN ON THE INV. PORTFOLIO 15 (€ million) 1-9/2014 1-9/2015 Plan Investment portfolio income 29,53 29,19 20,35 Investment portfolio expenses 3,26 9,23 2,94 Net inv. income of the investment portfolio 26,27 19,96 17,42 Net inv. income of fi
Slide 16: Movements in Equity
Financial position of Sava Re Group MOVEMENTS IN EQUITY 16 + 1,5 % 300,0 295,0 290,0 9,1 285,0 23,0 6,6 280,0 275,0 1,1 2,0 0,1 270,0 275,7 275,7 265,0 271,5 260,0 As of 31 Dec 2014 Net profit of the Dividends of Sava Fair value reserve Adjustments Acquisition of non- Change in treasury As of 30 Sep
Slide 17: POSR Share
POSR Share POSR SHARE 17 The movement in the POSR share price compared Basic details about the POSR share to the SBI TOP stock index 17 850 30.9.2015 825 16 800 Share capital (€) 71.856.376 Share price of POSR (€) 775 15 SBITOP stock index 750 No. of shares 17.219.662 725 14 700 Number of treasury s
Slide 18: Thank You for Your Attention!
Pozavarovalnica Sava, d. d. THANK YOU FOR YOUR ATTENTION!
Slide 19: Sava Re Group Exposure to Slovenia
Financial position of Sava Re Group SAVA RE GROUP EXPOSURE TO SLOVENIA 19 (€ million) 31 Dec 2014 30 Sep 2015 Asset class Amount Structure Amount Structure Deposits 51,75 5,3% 28,73 2,9% Government bonds 226,34 23,2% 224,48 22,7% Corporate bonds 80,05 8,2% 84,72 8,6% Shares 19,76 2,0% 17,74 1,8% Mut
Slide 20: Sava Re Group Exposure by Industry
Financial position of Sava Re Group SAVA RE GROUP EXPOSURE BY INDUSTRY 20 Structural shift Sep 2015/Dec 2014 12,5% 14,1% Other 1,6% 8,5% 7,8% 1,8% 3,7% Industry -0,7% 50,1% 48,5% Finance 1,9% Government -1,6% 27,2% 25,9% Banking -1,3% dec.14 sept.15 -2% -1% 0% 1% 2% 3% Banking Government Finance Ind
Slide 21: Structure of Banking
Financial position of Sava Re Group STRUCTURE OF BANKING 21 31 Dec 2014 30 Sep 2015 Governme Structured Shares nt products 0,3% Government Structured Shares quranteed 3,3% quranteed products 0,1% bonds bonds 3,4% 14,5% Deposits 13,0% Deposits 36,0% 24,6% Regular € 256,0 € 264,9 million Regular corpo
Slide 22: Sava Re Group Rating Profile
Financial position of Sava Re Group SAVA RE GROUP RATING PROFILE 22 Structural shift Sep 2015/Dec 14 8,9% 8,0% -0,9% Not rated 10,7% 10,5% Less than BBB/Baa -0,2% 31,7% 33,4% BBB/Baa +1,7% A/A -0,8% 17,0% 16,2% 10,9% 11,4% AA/Aa +0,5% 20,9% 20,6% AAA/Aaa -0,3% dec.14 sept.15 -2% -1% -1% 0% 1% 1% 2%
Slide 23: Investment Income by Type
Financial position of Sava Re Group INVESTMENT INCOME BY TYPE 23 (€ million) Absolute 1-9/2014 1-9/2015 change Income Interest income 19,78 16,98 -2,80 Change in the fair value of FVPL investments 1,21 0,98 -0,24 Gains on disposal of investments other IFRS groups 3,53 0,88 -2,65 Income from associat
Slide 24: Investment Expenses by Type
Financial position of Sava Re Group INVESTMENT EXPENSES BY TYPE 24 (€ million) Absolute 1-9/2014 1-9/2015 change Expenses Interest expenses 1,07 0,96 -0,12 Change in the fair value of FVPL investments 0,32 1,03 0,71 Losses on disposal of investments other IFRS groups 0,23 0,30 0,07 Impairments 0,03