Slide 1: Presentation of results 1–9/2025
Sava Insurance Group Presentation of results 1–9/2025 21 November 2025
Slide 2: Contents
CONTENTS 01 Group results 02 Segment reporting 03 Financial investments 04 Sava Re share and dividend policy 05 Solvency position
Slide 3: Group results
Group results
Slide 4: Performance highlights
Performance highlights Growth in business volume of 8.0% Net profit of €84.5m Credit rating reaffirmed (1–9/2024: €62.1m) October 2025 driven mainly AM Best reaffirmed Sava Re’s A ratings, by higher gross premiums written outlook stable Better insurance result: more favourable from the motor busines
Slide 5: Key figures
Key figures Change €m, except % 1–9/2024 1–9/2025 2025 plan 2025/2024 Business volume 814.7 879.6 growth > 5% 8.0% Gross premiums written 791.6 852.2 7.7% Profit, net of tax 62.1 84.5 > 84 36.1% Return on equity, annualised 12.9% 15.7% > 11% +2.9 pp Combined ratio (non-life and reinsurance) 91.7% 87
Slide 6: Growth in business volume across all operating segments
Growth in business volume across all operating segments +8.0% Business volume by segment (€m) 879.6 814.7 +5.4% 436.4 459.7 +3.8% +15.3% +15.1% +11.4% +15.1% +26.5% 143.5 149.0 112.8 130.0 99.5 86.5 9.7 10.8 20.0 23.0 5.9 7.4 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and a
Slide 7: Largest contributions from EU non-life business and reinsurance
Largest contributions from EU non-life business and reinsurance Change in business volume by segment (€m) +8.0% +3.0 +1.6 879.6 +13.1 +1.1 +17.2 +5.5 +23.4 814.7 1–9/2024 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and Other 1–9/2025 asset management 7
Slide 8: Strong profit due to more favourable claims experience
Strong profit due to more favourable claims experience Profit before tax by segment (€m) +38.1% 107.3 77.7 +81.9% 63.2 34.8 +10.0% -23.8% 16.7 16.1 +149.1% +17.5% 15.1 12.3 -23.8% 9.0 6.8 8.0 3.6 1.6 1.2 -0.3 -3.0 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and asset Other T
Slide 9: Strongest profit growth in non-life segments
Strongest profit growth in non-life segments Change in profit before tax by segment (€m) +38.1% +1.5 +5.4 +1.2 +28.5 107.3 -0.4 -2.8 -3.8 77.7 1–9/2024 Non-life EU Life EU Reinsurance Non-life non-EU Life non-EU Pensions and Other 1–9/2025 asset management 9
Slide 10: Improved combined ratio due to more favourable loss experience
Improved combined ratio due to more favourable loss experience Combined ratio (non-life and reinsurance) 91.7% 87.7% Expense ratio 27.2% 27.1% Nat cat loss ratio 7.7% 4.8% Non-nat cat loss ratio 56.9% 55.9% 1–9/2024 1–9/2025 10
Slide 11: New business CSM up 12.7% on stronger sales
New business CSM up 12.7% on stronger sales CSM movement of life insurance 1–9/2024 (€m) CSM movement of life insurance 1–9/2025 (€m) +5.3% +10.3% +3.3 +10.3 +20.3 +1.4 +18.0 +1.2 169.5 156.3 -16.4 161.0 -14.9 141.6 CSM balance New Accretion Change in Release CSM balance CSM balance New Accretion Ch
Slide 12: Segment reporting
Segment reporting
Slide 13: Non-life EU: premium growth and more favourable claims experience
Non-life EU: premium growth and more favourable claims experience Gross premiums written (€m) Insurance result (€m) Finance result (€m) Investment result Ins. fin. result +5.4% +98.1% Net FX losses 436.4 459.7 54.5 7.4 6.6 27.5 11.2 9.0 -2.5 -3.5 0.0 -0.3 1–9/2024 1–9/2025 1–9/2024 1–9/2025 1–9/2024
Slide 14: Life EU: strong revenue growth
Life EU: strong revenue growth Insurance revenue (€m) Insurance result (€m) Finance result (€m) Investment result Ins. fin. result +10.1% +6.7% 54.7 12.3 13.1 3.8 49.6 4.0 6.4 5.6 -2.6 -1.6 1–9/2024 1–9/2025 1–9/2024 1–9/2025 1–9/2024 1–9/2025 • Higher revenue due to stronger sales • Higher insuranc
Slide 15: Reinsurance: favourable combined ratio despite elevated claims experience
Reinsurance: favourable combined ratio despite elevated claims experience Gross premiums written (€m) Insurance result (€m) Finance result (€m) Investment result Ins. fin. result +15.3% -26.7% Net FX gains/losses 130.0 15.9 112.8 0.6 1.1 11.6 5.8 5.7 0.3 -4.4 -4.9 -0.7 1–9/2024 1–9/2025 1–9/2024 1–9
Slide 16: Non-life non-EU: high premium growth and more favourable claims experience
Non-life non-EU: high premium growth and more favourable claims experience Gross premiums written (€m) Insurance result (€m) Finance result (€m) Investment result +15.1% +2,121.2% Ins. fin. result 99.5 6.1 2.7 2.3 86.5 3.2 3.1 0.3 -0.5 -0.9 1–9/2024 1–9/2025 1–9/2024 1–9/2025 1–9/2024 1–9/2025 • Gro
Slide 17: Life non-EU: strong revenue growth
Life non-EU: strong revenue growth Insurance revenue (€m) Insurance result (€m) Finance result (€m) Investment result +16.8% +40.7% Ins. fin. result 7.2 1.0 0.5 0.5 6.2 0.7 1.0 1.0 -0.5 -0.5 1–9/2024 1–9/2025 1–9/2024 1–9/2025 1–9/2024 1–9/2025 • Robust growth in traditional and unit-linked life • S
Slide 18: Pensions and asset management: robust growth in fund inflows
Pensions and asset management: robust growth in fund inflows Revenue from asset management (€m) Cost-to-income ratio (CIR) Profit before tax (€m) 52.0% 50.6% +17.5% +15.8% 8.0 20.0 6.8 17.2 1–9/2024 1–9/2025 1–9/2024 1–9/2025 1–9/2024 1–9/2025 • Increase in management fees due to higher volume of •
Slide 19: “Other” segment: impact of interest expense on subordinated bonds
“Other” segment: impact of interest expense on subordinated bonds 1–9/2024 Profit before tax (€m) Composition of profit before tax (€m) 1–9/2025 -0.3 1.0 Assistance 1.3 1.6 Associated companies -3.0 1.2 1–9/2024 1–9/2025 Interest expense -2.7 on subordinated debt and segment expenses -5.0 -0.2 Other
Slide 20: Financial investments
Financial investments
Slide 21: Investment portfolio and AuM growth
Investment portfolio and AuM growth Investment portfolio and assets under management (consolidated) (€m) +9.2% 4,975 +19.0% 4,709 4,556 4,556 852 4,310 4,166 764 4,051 743 710 3,828 675 652 614 854 Mutual fund assets 542 752 789 764 Assets under management Assets of 717 670 711 €3,219m policyholders
Slide 22: Net investment income and portfolio rate of return
Net investment income and portfolio rate of return €m 31/12/2024 30/9/2025 Change Index Investment portfolio 1,666.9 1,755.3 88.4 105.3 €m 1–9/2024 1–9/2025 Change Index Net investment income 28.6 29.3 0.7 102.6 Interest income 19.9 23.4 3.5 117.5 Change in fair value of FVTPL assets 3.0 2.5 -0.6 80
Slide 23: Large share of fixed-income investments
Large share of fixed-income investments €m 31/12/2024 30/9/2025 Change Asset allocation Fixed-income investments 1,453.5 1,520.2 66.8 87.2% Fixed-rate investments 86.6% Government bonds 922.7 930.3 7.6 2.7% Shares and mutual funds 3.2% Corporate and financial bonds 503.4 561.3 57.8 4.3% Alternative
Slide 24: Large share of government bonds
Large share of government bonds €m 31/12/2024 30/9/2025 Change Composition of fixed-income investments Fixed-income investments 1,453.5 1,520.2 66.8 63.5% Government bonds 61.2% Government bonds 922.7 930.3 7.6 Corporate and 29.4% Corporate and financial bonds 427.2 470.5 43.3 financial bonds 31.0%
Slide 25: Secure and stable investment portfolio
Secure and stable investment portfolio Fixed-income investments by credit rating Fixed-income investments by region Not rated 2.1% 1.2% 2.2% 1.3% Other 6.0% 7.0% B 7.1% 7.4% BB USA 10.8% 10.8% BBB 13.1% 11.6% Non-EU 11.9% 12.4% countries A 26.0% 33.5% 89.6% 89.1% AA 24.2% EU countries 64.6% 63.5% 20
Slide 26: Sava Re share and dividend policy
Sava Re share and dividend policy
Slide 27: Shareholders and share trading
Shareholders and share trading 30/9/2025 Book value of share Share price Trading symbol POSR Market capitalisation (€m) 968.6 30 September 2025 30 September 2025 No. of shares issued 17,219,662 €45.64 €62.50 No. of treasury shares 1,721,966 No. of shareholders 4,614 Shareholder structure as at 30 Se
Slide 28: Attractive dividend yield
Attractive dividend yield Dividend policy: distribution between 35% and 45% On 26 May 2025, the general meeting of shareholders approved the dividend of the net profit of the Sava Insurance Group proposal of €34,869,816.00 or €2.25 gross per share. Dividends were paid on 11 June 2025 to shareholders
Slide 29: Solvency position
Solvency position
Slide 30: Very strong solvency position
Very strong solvency position Over- capitalisation Additional engagement or return of capital > 250% Optimal capitalisation Acceptable overcapitalisation Seeking ways to restructure capital use 210%–250% Optimal Sprejemljiva nad 250 % presežna kapitaliziranost capitalisation Presežna No action Prese
Slide 31: Thank you.
Thank you. For more information: ir@sava-re.si | www.sava-re.si/en-si/ Hval
Slide 32: 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