Sava Re,d.d · LJSE:POSR
Sava Re,d.d — Sava Insurance Group — FY2025 Earnings Presentation
18 slides from Sava Re,d.d's earnings presentation, Mar 31, 2026
Slide 1: Presentation of results 2025 and 2026 plan
SAVA INSURANCE GROUP Presentation of results 2025 and 2026 plan Presenting anf Q&A Marko Jazbec Chairman of the Management Board 31 March 2026
Slide 2: Group results
01 GROUP RESULTS
Slide 3: 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 4: 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 5: 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 6: 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 7: Extremely favourable combined ratio
Plan achieved Extremely favourable combined ratio < 94% Combined ratio 87.4% -3.9 pp 2024 Combined ratio Loss ratio Expense ratio Combined ratio 93.8% 93.9% 92.6% 93.1% 91.3% < 94% 88.1% 90.7% 87.4% 28.2% 28.6% 28.1% 27.9% 64.4% 64.6% 63.2% 59.5% 2019 2020 2021 2022 2022 2023 2024 2025 2025 plan Und
Slide 8: Strong growth in assets under management driven by robust net inflows and fund returns
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 9: 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 10: 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 11: 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 12: Dividend policy
Dividend policy Dividend, dividend yield and dividend payout ratio (dividend payout as % of previous year’s net profit) Dividend policy 23.4% 30.5% 36.3% 41.9% 39.7% 35%– 45% 2.4 2.2 6.5% 8 7 payout from net profit of the 2.0 5.9% Sava Insurance Group 1.8 6 5.1% 1.6 To be 5 1.4 announced on 4.0% 1.2
Slide 13: 2026 Plan
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Slide 14: 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 15: 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% > 4% Non-life, non-EU Life, non-EU Pensions and asset management > 10% > 15% > 10% Sava Insurance Group • Presentation of results 2025 and 2026 p
Slide 16: Financial and events calendar
03 FINANCIAL AND EVENTS CALENDAR
Slide 17: Upcoming financial releases and events
Upcoming financial releases and events April 3 April 2026 Release of the audited Annual Report of the Sava Insurance Group and Sava Re d.d. for 2025 Dividend proposal 3 April 2026 Release of the Solvency and Financial Condition Report of Sava Re d.d. for 2025 7 April 2026 Publication of the notice o
Slide 18: Thank you
THANK YOU. Additional information: ir@sava-re.si