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

  1. Slide 1: Sava Re Group 1-9/2015 Results

    Sava Re Group 1-9/2015 Results

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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 -

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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

  17. 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

  18. Slide 18: Thank You for Your Attention!

    Pozavarovalnica Sava, d. d. THANK YOU FOR YOUR ATTENTION!

  19. 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

  20. 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

  21. 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

  22. 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%

  23. 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

  24. 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

Sava Re Group — 9M 2015 Earnings Presentation on 6ix