Sava Re,d.d · LJSE:POSR
Sava Re,d.d — Sava Re — Q1 2011 Earnings Presentation
13 slides from Sava Re,d.d's earnings presentation, May 2011
Slide 1: Slide 1
Slide 2: Analyst Meeting: Business Results of Sava Reinsurance Company Q1 2011
Pozavarovalnica Sava, d. d. Analyst Meeting Business Results of Sava Reinsurance Company FIRST QUARTER 2011 Maj 2011
Slide 3: Major events
1 Major events EVENTS IN THE FIRST QUARTER 2011 Request by the Securities Market Agency relating to a potential takerover bid for POSR shares On 3 March 2011, Mateja Treven starts her five-year term of office as Member of the Management Board Recapitalisation of the subsidiary company Sava živ
Slide 4: 1Q 2011 results versus 2011 plan
2 1Q 2011 results versus 2011 plan Index Realisedas SavaReinsurance Company 1-32010 1-32011 Plan2011 2011/2010 %of plan Gross premiums written (EUR) 45.881.750 42.775.732 138.093.827 93,2 31% Net profit/loss for the period (EUR) 848.536 735.728 4.731.783 86,7 16% Net combined ratio 100,9% 96,4% 99,1
Slide 5: Key items of the income statement
3 Key items of the income statement Sava Reinsurance Company Index (EUR) 1-3 2010 1-3 2011 2011/2010 1 2 4=2/1 Drop in premiums planned to decrease Slovenian premium Net earned premiums 27.723.953 27.023.454 97,5 Effect of capital gains in prior year Investment income 2.435.079 1.845.030 75,8 Effect
Slide 6: Premiums earned and claims incurred
4 Premiums earned and claims incurred Sava Re (EUR) 1-3 2010 1-3 2011 Index 2011/2010 Gross premiums written 45.881.750 42.775.732 93,2 Net premiums written 37.850.546 35.153.367 92,9 Change in net unearned premiums -10.126.593 -8.129.913 80,3 Net premiums earned 27.723.953 27.023.454 97,5 Sava Re (
Slide 7: Reinsurance business: Domestic premium
5 Reinsurance business: Domestic premium 2009 2010 Aircraft hull 0,2% 0,1% Liability 3,4% 3,6% Credit 1,1% 0,9% Marine hull 1,1% 1,3% Motor casco 24,2% 25,5% MTPL 27,8% 26,6% Accident and life 9,6% 9,4% Non-life 32,6% 32,5% Total 100,0% 100,0% Gross premiums written EUR 85m EUR 71m 2009 2010 1,7% 7,
Slide 8: Reinsurance business: Foreign-sourced premium
6 Reinsurance business: Foreign-sourced premium 2009 2010 Aircraft hull 1,0% 0,6% Liability 1,5% 1,3% Credit 0,1% 0,1% Marine hull 6,4% 7,2% Motor casco 4,5% 4,0% MTPL 5,3% 5,2% Accident and life 5,4% 4,9% Non-life 75,9% 76,7% Total 100,0% 100,0% Gross premiums written EUR 62m EUR 71m 2009 2010 1,2%
Slide 9: Key ratios for reinsurance business – complete portfolio
7 Key ratios for reinsurance business – complete portfolio 120,0% 107,3% 27,0% 26,5% 100,0% 26,0% 24,8% 24,7% 68,8% 74,6% 25,0% 80,0% 63,0% 59,1% 56,3% 24,0% 23,6% 23,2% 60,0% 22,7% 23,0% 40,0% 22,0% 20,0% 21,0% 0,0% 20,0% 2007 2008 2009 2010 1Q 2010 1Q 2011 2007 2008 2009 2010 1Q 2010 1Q 2011 gross
Slide 10: 1Q Results: Operating expenses
8 1Q Results: Operating expenses Index (v EUR) 1-3 2010 1-3 2011 2011/2010 NET DEFERRED ACQUISITION 7.967.927 7.870.623 98,8 COSTS Acquisition costs including change in 8.091.181 8.226.430 101,7 deferred acquisition costs Gross deferred acquisition costs 10.393.979 9.478.164 91,2 Gross change in def
Slide 11: 1Q Results: Investment structure
9 1Q Results: Investment structure Portfoliosplitat 31Mar 2011 Portfoliosplitat 31Mar 2010 Deposits and money market instruments Bonds 18,2% 22,8% 34,4% 33,1% Shares 37,5% Mutual funds 34,0% Other 2,1% 2,1% 5,0% 4,7% 3,1% Strategic shares 2,9% (EUR) 31 Dec 2010 31 Mar 2011 Deposits and CDs 73.003.23
Slide 12: 1Q Results: Net investment income
10 1Q Results: Net investment income Impact: 325,0 - Impairment losses on 1,6% the equity portfolio 320,5 320,0 1,4% 1,4% 316,6 314,1 1,2% 315,0 311,1 1,2% 1,0% 310,0 0,7% 0,8% 305,0 0,8% 0,6% 300,9 300,0 0,5% 0,4% 295,0 0,2% 290,0 0,0% 31.3.2010 30.6.2010 30.9.2010 31.12.2010 31.3.2011 Invested ass
Slide 13: 1Q Results: Statement of financial position
11 1Q Results: Statement of financial position EQUITY AND LIABILITIES Structure Structure (31 Mar 2011) = EUR 423,7m 31 Dec 2010 31 Dec 2011 Equity 37,3% 37,0% Technical provisions 41,6% 44,4% Liabilities from operating 7,6% 7,1% activities Other 13,5% 11,5% EQUITY (31 Mar 2011) = 31 Dec 2010 31 Dec