Sava Re,d.d · LJSE:POSR
Sava Re,d.d — Sava Insurance Group — FY2025 Earnings Presentation
33 slides from Sava Re,d.d's earnings presentation, Apr 3, 2026
Slide 1: Presentation of results 2025
SAVA INSURANCE GROUP Presentation of results 2025 3 April 2026
Slide 2: Contents
CONTENTS 01 Group results 02 Segment reporting 03 Financial investments
Slide 3: Group results
01 GROUP RESULTS
Slide 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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.
Slide 17: 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 18: Segment reporting
02 SEGMENT REPORTING
Slide 19: Non-life, EU: more favourable claims experience and growth in business volume
Non-life, EU: more favourable claims experience and growth in business volume Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result written +85.0% 10.5 9.2 Net FX gains/ 68.5 losses €589.7m 37.0 12.9 -2.6 0.2 13.7 -4.2 +6.3% 2024 -0.3 2024 2025 2024 2025 • Growt
Slide 20: Life, EU: Business volume growth despite declining traditional savings portfolio
Life, EU: Business volume growth despite declining portfolio of traditional savings policies Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result written +0.8% 5.0 16.5 16.7 5.4 €199.2m 8.3 7.4 +4.8% 2024 -3.3 -2.0 2024 2025 2024 2025 • Premium growth in unit-l
Slide 21: Reinsurance: strong growth in business volume
Reinsurance: strong growth in business volume Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result 1.7 written +2.4% Net FX losses 23.7 24.2 8.1 €156.3m 6.8 -5.6 -6.5 -0.7 +23.2% 2024 -0.6 -0.3 2024 2025 2024 2025 • Gross written premiums grew, driven by new •
Slide 22: Non-life, non-EU: more favourable claims experience and growth
Non-life, non-EU: more favourable claims experience and growth in business volume Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result written +357.5% 3.3 7.2 3.4 €132.5m 1.6 4.0 4.5 +14.9% 2024 -0.6 -1.1 2024 2025 2024 2025 • Growth in motor business due to hi
Slide 23: Life, non-EU: double-digit growth in business volume
Life, non-EU: double-digit growth in business volume Investment result Gross premiums Insurance result Finance result Ins. fin. (€m) (€m) result written +6.9% 0.7 0.7 1.3 1.4 €15.0m 1.3 1.3 +13.7% 2024 -0.6 -0.7 2024 2025 2024 2025 • Premium growth in unit-linked and risk policies • Improved insuran
Slide 24: Pensions and asset management: robust growth in fund inflows
Pensions and asset management: robust growth in fund inflows Revenue from AuM in pension savings funds and asset management funds progression (€m) asset management +17.0% +123.9 2,485.5 €27.5m +322.6 -2.3 -72.3 -11.6 2,125.1 +16.4% 2024 • Increase in asset management revenue driven by 31/12/2024 Inf
Slide 25: Other: impact of interest expense on subordinated bonds
Other: impact of interest expense on subordinated bonds Profit or loss before tax Composition of profit or loss before tax 2024 (€m) (€m) 2025 1.3 Assistance -1.6 1.6 1.8 -4.8 Associated companies 0.9 2024 2025 Interest expense -4.4 on subordinated debt and segment expenses -6.7 • Lower profit, main
Slide 26: Financial investments
03 FINANCIAL INVESTMENTS
Slide 27: Large share of fixed-income investments
Large share of fixed-income investments Investment portfolio Composition of investment portfolio 87.2% Fixed-rate investments 87.7% €m 31/12/2024 31/12/2025 Change 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 28: Large share of government bonds
Large share of government bonds Fixed-income investments Composition of fixed-income investments 63.5% €m 31/12/2024 31/12/2025 Difference Government bonds 61.2% Fixed-income investments 1,453.5 1,547.6 94.2 Corporate and 29.4% Government bonds 922.7 946.7 24.0 financial bonds 30.6% Corporate and fi
Slide 29: Net investment income and portfolio rate of return
Net investment income and portfolio rate of return €m 2024 2025 Change Index Net investment income 38.5 36.8 -1.7 95.5 Interest income 27.5 32.0 4.5 116.3 Change in fair value of FVTPL assets 3.5 4.0 0.5 113.4 Dividends of equity investments and income of alternative funds 4.0 2.7 -1.3 68.3 Income f
Slide 30: 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% 2.0% 1.6% Other 6.0% 7.2% B 7.1% 7.4% BB USA 10.8% 10.9% BBB 13.1% 11.3% Non-EU 11.9% 12.4% countries A 26.0% 33.6% 89.6% 89.0% AA 24.2% EU countries 64.6% 62.9% 19
Slide 31: Thank you
THANK YOU. Additional information: ir@sava-re.si
Slide 32: Glossary of selected terms and computation methods for indicators
Glossary of selected terms and computation methods for indicators Assets under management. Assets per share to the rolling average in associates, investment property, for the period as a percentage of excess of 100% indicates that the of pension companies’ pension price per share in the 12-month and
Slide 33: 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