Sava Re,d.d · LJSE:POSR
Sava Re,d.d — Sava Re — Investor Presentation (April 2026)
43 slides from Sava Re,d.d's investor presentation, April 2026
Slide 1: Sava Insurance Group presentation
Sava Insurance Group presentation April 2026
Slide 2: Contents
CONTENTS 01 Overview 02 Profile of business pillars 03 2025 results 04 2023–2027 strategy 05 2026 plan
Slide 3: Overview
01 OVERVIEW
Slide 4: Business profile
Business profile Sava Insurance Group GWP and market shares (insurance) 2025 by country Breakdown of 2025 business volume (€m and %) Slovenia: Serbia: GPW: €767m GPW: €70m 1% Ins. market share: 31.2% Ins. market share: 4.2%* (15.0) 12% 3% 1 composite ins. co. 1 non-life ins. company (132.5) (31.2) 1
Slide 5: Composition of the Sava Insurance Group as of December 31, 2025
Composition of the Sava Insurance Group as of December 31, 2025 Sava Insurance Group • Sava Insurance Group presentation • Overview 5
Slide 6: Equity story full outline
Equity story full outline Strong market Unique positioning to Historical position (#2) capture expected achievement of in the region. growth of Adria region high return on insurance market. equity. 1 2 3 Strong financial A model for the Reputation on Experienced position and credit transfer of good
Slide 7: Sava Insurance Group growth through acquisitions
Sava Insurance Group growth through acquisitions GPW - reinsurance GPW - direkt insurance 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Expansion into Adria region Acquisition of Expansion into pensions and Strenghtening the position Za
Slide 8: Sava Insurance Group history - Consolidated net result & ROE
Sava Insurance Group history - Consolidated net result & ROE Return on eqity (ROE) Net profit 16.9% 15.9% 14.5% 14.4% 13.7% 13.5% 13.6% 12.6% 12.7% 11.9% 10.8% 10.8% 114.1 87.8 76.2 68.2 64.7 56.4 50.2 43.0 30.5 33.4 32.9 31.1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2014 2015 201
Slide 9: The management board
The management board Marko Jazbec Polona Pirš Peter Skvarča David Benedek Chairman Member Member Member He is responsible for human She is responsible for strategic He is responsible for reinsurance He is responsible for financial resources; general, security, planning and controlling, operations an
Slide 10: Market capitalisation exceeds the €1bn mark for the first time
Market capitalisation exceeds the €1bn mark for the first time Share price Market capitalisation Total shareholder Book value of share at 31/12/2025 at 31/12/2025 return at 31/12/2025 €66.50 €1.0b 71.9% €47.91 +66.3% 2024 2024: €0.6b +22.8 pp 2024 +14.5% 2024 Relative performance of Sava Re share co
Slide 11: Dividend policy
Dividend policy Dividend, dividend yield and dividend payout ratio (dividend payout as % of previous year’s net profit) PROPOSAL Dividend policy 23.4% 30.5% 36.3% 41.9% 39.7% 37.4% 35%– 45% 2.8 2.6 6.5% 8 7 2.4 payout from net profit of the 5.9% 2.2 Sava Insurance Group 2.0 6 5.1% 1.8 5 1.6 4.2% 4.0
Slide 12: Strong solvency position
Strong solvency position Solvency ratio – estimate Solvency ratio Solvency ratio – realised Over- Additional capitalisation Over- engagement capitalisation or return > 250% Acceptable of capital overcapitalisation 210% Optimal Acceptable Seeking capitalisation overcapitalisation ways to 170% Subopti
Slide 13: Profile of business pillars
02 PROFILE OF BUSINESS PILLARS
Slide 14: Non-life EU
Non-life EU Gross premiums written Structure of GWP 2025 by classs of insurance (€m) 589.7 555.0 4.6% 13.2% 36.6% Land motor vehicles €589.7m Motor vehicle liability 19.9% Property Accident, helath and assistance 25.7% Other insurance 2024 2025 Combined ratio Profit before tax (€m) 79.2 92.8% 87.8%
Slide 15: Life EU
Life EU Gross premiums written Structure of GWP 2025 by classs of insurance (€m) 199.2 190.0 27.5% €199.2m 72.5% Unit-linked Traditional life 2024 2025 (Contractual service margin (CSM) Profit before tax (€m) (€m) 161.8 20.6 21.4 150.4 31/12/2024 31/12/2025 2024 2025 Sava Insurance Group • Sava Insu
Slide 16: Reinsurance
Reinsurance Gross premiums written Structure of GWP 2025 by classs of insurance (€m) 156.3 5.8% 126.8 4.3% 7.1% 4.1% Property €156.3m Marine, aviation and goods in transit General liability 78.7% Land motor vehicles Other 2024 2025 Combined ratio Profit before tax (€m) 25.0 76.9% 80.4% 23.3 Loss 67.
Slide 17: Non-life non-EU
Non-life non-EU Gross premiums written Structure of GWP 2025 by classs of insurance (€m) 132.5 4.0% 115.3 16.2% 37.6% Motor vehicle liability €132.5m Accident, helath 19.6% and assistance Property Land motor vehicles 22.6% Other insurance 2024 2025 Combined ratio Profit before tax (€m) 12.0 97.4% 92
Slide 18: Life non-EU
Life non-EU Gross premiums written Structure of GWP 2025 by classs of insurance (€m) 15.0 13.2 7.6% €15.0m Traditional life 92.4% Unit-linked 2024 2025 Contractual service margin (CSM) Profit before tax (€m) (€m) 10.6 10.7 2.4 1.9 31/12/2024 31/12/2025 2024 2025 Sava Insurance Group • Sava Insurance
Slide 19: Pensions and asset management
Pensions and asset management Revenue from asset management Fund inflows (€m) (€m) 27.5 322.6 23.7 254.3 2024 2025 2024 2025 Assets under management Profit before tax (€m) 2,485.5 (€m) 11.1 2,125.1 9.0 31/12/2024 31/12/2025 2024 2025 Sava Insurance Group • Sava Insurance Group presentation • Profile
Slide 20: 2025 Results
03 2025 RESULTS
Slide 21: Performance highlights
Performance highlights Business volume • Non-life Combined ratio +7.7% €1,133.6m More policies and higher average premiums • Reinsurance 87.4% 59.5% 27.9% +23.2% +9.5% 2024 Capitalising on new Loss ratio Expense ratio opportunities in select markets -3.9 pp 2024 Net profit • Insurance result Nat cat
Slide 22: Net profit for the year exceeds the €100m mark
Plan achieved Net profit for the year exceeds the €100m mark > €84m November estimate achieved Net profit > €105m €114.1m +29.8% 2024 Net profit 114.1 (€m) 87.8 > 84 76.2 68.2 64.7 56.4 50.2 46.9 2019 2020 2021 2022 2022 2023 2024 2025 2025 plan Under the previous accounting standards (IFRS 4 and IA
Slide 23: ROE well above the planned lower bound
Plan achieved ROE well above the planned lower bound > 11% Equity Return on equity (ROE) €742.6m 15.9% +14.5% 2024 +2.3 pp 2024 Return on eqity (ROE) Equity and return on equity (ROE) Equity (€m and %) 16.9% 15.9% 14.5% 14.4% 13.5% 13.6% > 11% 10.8% 8.3% 742.6 648.6 585.7 504.1 531.5 460.2 384.8 412
Slide 24: Extremely favourable combined ratio
Plan achieved Extremely favourable combined ratio < 94% Combined ratio 87.4% -3.9 pp 2024 Combined ratio 93.8% 93.9% 93.1% < 94% 92.6% 90.7% 91.3% 88.1% 87.4% 2019 2020 2021 2022 2022 2023 2024 2025 2025 plan Under the previous accounting standard (IFRS 4) Under the new accounting standard (IFRS 17)
Slide 25: Exceptionally favourable nat cat loss experience
Exceptionally favourable nat cat loss experience Nat cat Nat cat losses loss ratio €25.3m 3.1% -51.3% 2024 -4.1 pp 2024 Nat cat losses Combined ratio (€m) 52.1 52.0 91.3% 87.4% Expense 28.1% ratio 27.9% Nat cat 7.2% 3.1% 28.3 loss ratio 25.3 22.9 22.8 16.9 Non-nat cat 55.9% 56.3% loss ratio 2019 202
Slide 26: Growth in business volume across all operating segments
Plan achieved Growth in business volume across all operating segments growth > 5% Business Gross volume premiums written €1,133.6m €1,096.4m +9.5% 2024 +9.2% 2024 Business volume 1,133.6 (€m) 9.7 1,035.1 7.7 31.2 27.1 132.5 15.0 Other 910.1 6.0 13.2 Pensions 115.3 and asset 22.8 156.3 management 795
Slide 27: Market shares
Market shares Slovenia North Macedonia 31.2%* Insurance 8.3% Insurance 9.9%*** Pensions 43.0% Pensions 14.4% Asset management Croatia Montenegro 1.1% Insurance 17.6% Insurance Serbia Kosovo 4.2%** Insurance 15.1% Insurance Sava Re operates in more than 120 reinsurance markets worldwide. It has a ver
Slide 28: New CSM growth as a result of stronger sales
New CSM growth as a result of stronger sales Contractual service New contractual service margin (CSM) – life margin (CSM) – life €172.5m €26.7m +7.2% 2024 +9.9% 2024 CSM movement of life insurance 2024 CSM movement of life insurance 2025 (€m) (€m) +7.2% +13.6% +5.3 +26.7 +1.8 +13.2 172.5 +24.3 +1.7
Slide 29: Strong growth in assets under management
Strong growth in assets under management driven by robust net inflows and fund returns Assets Investment under management portfolio €3,377.6m €1,764.6m +16.9% 2024 +5.9% 2024 Investment portfolio and assets under management (consolidated) 5,142 (€m) 4,556 919 Mutual fund assets 743 Assets of 3,828 p
Slide 30: Return on investment portfolio
Return on investment portfolio Return on Investment investment portfolio portfolio 2.1% €1,764.6m -0.4 pp 2024 +5.9% 2024 Return on investment portfolio (%) Net investment income on portfolio Return on investment portfolio (€m and %) 2.5% 2.1% 2.1% 1.9% 1.8% 1.6% 1.3% 38.5 36.8 30.2 26.0 21.0 0.6% 1
Slide 31: Large share of fixed-income investments
Large share of fixed-income investments Investment portfolio Composition of investment portfolio Fixed-rate investments 87.2% €m 31/12/2024 31/12/2025 Change 87.7% 2.7% Fixed-income investments 1,453.5 1,547.6 94.2 Shares and mutual funds 2.5% Government bonds 922.7 946.7 24.0 Alternative funds 4.3%
Slide 32: Select sustainability performance indicators
Select sustainability performance indicators Difference 2022 2025 2025/2022 Environmental aspect CO2 emissions per employee (in tonnes) – scope 1 and 2 (location-based method) 1.47 1.20 -18.4% Difference 2024 2025 2025/2024 Environmental aspect Number of claims reported online 300,120 250,433 -16.6%
Slide 33: 2023–2027 Strategy
04 2023–2027 STRATEGY
Slide 34: Key strategic priorities for 2023–2027
Key strategic priorities for 2023–2027 Focusing on the customer Building business processes Building sustainability Building teams of satisfied and Modernising information technology Growing through acquisitions motivated employees Sava Insurance Group • Sava Insurance Group presentation and 2026 pl
Slide 35: Targets for 2023–2027
Targets for 2023–2027 Growth in business volume Business volume Return on equity average annual in 2027 ... > 4% > €900m 9.5–10.5% Solvency ratio Combined ratio Return on investment portfolio optimal capitalisation range non-life + reinsurance rising to 170–210% < 95% 2.2% By 2027 Sava Insurance Gro
Slide 36: Business volume planned for 2027
Business volume planned for 2027 Driving growth in all markets where we are present Slovenia North Macedonia > €600m Insurance > €20m Insurance > €140m Reinsurance > €7m Pensions non-Group > €18m Other Croatia Montenegro > €20m Insurance > €20m Insurance Serbia Kosovo > €45m Insurance > €30m Insuran
Slide 37: Dividend policy
Dividend policy Sava Re aims to distribute between 35% and 45% of the net profit of the Sava Insurance Group each year over the period 2023-2027. The key goal of the dividend policy is stable annual dividend growth, with due consideration of: • The estimated surplus of eligible own funds over the so
Slide 38: Sustainable development
Sustainable development Five key initiatives are identified in our Sustainable Development Strategy up to 2027. 1 2 3 4 5 Reducing carbon Responsible (re)insurance Sustainability in the value Improving customer Satisfied and committed footprint underwriting chain and processes satisfaction employees
Slide 39: 2026 Plan
05 2026 PLAN
Slide 40: Raising our annual targets above strategy guidance
Raising our annual targets above strategy guidance Key performance targets planned for 2026 Natural catastrophe claims Growth in Net profit (€m and %) business volume for the year 60 9% > 5% > €95m 50 8% 7% 40 6% 30 5% 20 Return Combined 4% on equity ratio 10 3% > 12% < 93% 0 2023 2024 Natural catas
Slide 41: Business volume growth planned for 2026
Strengthening our market position and diversifying our revenue streams Non-life, EU Life, EU Reinsurance Business volume growth planned for 2026 > 3% > 2% > 10% Non-life, non-EU Life, non-EU Pensions and asset management > 10% > 15% > 10% Sava Insurance Group • Sava Insurance Group presentation and
Slide 42: Thank you
THANK YOU. Additional information: ir@sava-re.si
Slide 43: 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