Sava Re,d.d · LJSE:POSR
Sava Re,d.d — Sava Re — Investor Presentation (June 2025)
43 slides from Sava Re,d.d's investor presentation, June 2025
Slide 1: Sava Insurance Group presentation
Sava Insurance Group presentation June 2025
Slide 2: Contents
CONTENTS 01 Overview 02 Profile of business pillars 03 2024 results 04 2023–2027 strategy 05 2025 plan
Slide 3: Overview
OVERVIEW
Slide 4: Business profile
Business profile Sava Insurance Group GPW and market shares (insurance) 2024 by country Breakdown of 2024 business volume (€1,035.1m) Slovenia: Serbia: GPW: €725m GPW: €60m Ins. market share: 31.2% Ins. market share: 4.0% 1 composite ins. co. 1 non-life & 1 life ins. 1 reinsurance company company 1
Slide 5: Composition of the Sava Insurance Group as of December 31, 2024
Composition of the Sava Insurance Group as of December 31, 2024 Sava Insurance Group presentation / Overview 5
Slide 6: Equity story full outline
Equity story full outline 1 Strong market position (#3) in the region. A model for the transfer of good practices Unique positioning to capture expected 2 growth of Adria region insurance market. 5 in Slovenia to other markets – close connection of processes. Historical achievement of high return on
Slide 7: Sava Insurance Group growth through acquisitions
Sava Insurance Group growth through acquisitions Expansion into Adria region Acquisition of Expansion into the pensions and Strengthening the position Zavarovalnica asset management segment in life insurance Sava Sava Re has been engaged in reinsurance for more than 40 years. Sava Insurance Group pr
Slide 8: Sava Insurance Group history - Consolidated net result & ROE
Sava Insurance Group history - Consolidated net result & ROE A.M. Best rating: A- S&P rating: A- S&P rating: A June 2025: (stable) (stable) (stable) S&P rating: A+ (stable) S&P rating: BBB+ A.M. Best rating: A (stable) (stable) Change in accounting standards in 2023 (previously IFRS 4 and IAS 39, fr
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 corporate He is responsible for reinsurance He is responsible for financial resources; general, organisational finance, strategic planning and op
Slide 10: Book value per share and Sava Re share price performance
Book value per share and Sava Re share price performance Book value per share Share price at 31/12/2024 Total shareholder return €41.85 €40.00 49.1% 2024/2023: +10.7% 2024/2023: +42.9% 2024/2023: +17.0 pp More information on the Sava Re share performance and returns is available at: https://www.sava
Slide 11: High dividend yield
High dividend yield Dividend policy: distribution of between 35% and 45% of the net profit of the Sava Insurance Group Dividend payout ratio (dividend payout as % of previous year’s net profit) * The dividend yield has been calculated using the average share price over the trailing 12 months (1 Apri
Slide 12: Strong solvency position
Strong solvency position Over- capitalisation Additional engagement or return of capital Optimal > 250% capitalisation Acceptable overcapitalisation Seeking ways to restructure capital use 210%–250% Optimal Sprejemljiva nad 250 %presežna kapitaliziranost capitalisation Presežna No action Rating prof
Slide 13: Profile of business pillars
PROFILE OF BUSINESS PILLARS
Slide 14: Non-life EU
Non-life EU Sava Insurance Group presentation / Profile of business pillars 14
Slide 15: Life EU
Life EU Sava Insurance Group presentation / Profile of business pillars 15
Slide 16: Reinsurance
Reinsurance Sava Insurance Group presentation / Profile of business pillars 16
Slide 17: Non-life non-EU
Non-life non-EU Sava Insurance Group presentation / Profile of business pillars 17
Slide 18: Life non-EU
Life non-EU Sava Insurance Group presentation / Profile of business pillars 18
Slide 19: Pensions and asset management
Pensions and asset management Sava Insurance Group presentation / Profile of business pillars 19
Slide 20: 2024 Results
2024 RESULTS
Slide 21: Performance highlights
Performance highlights Growth in gross premiums written of Net profit of €87.8m Other significant events 13.5% (2023: €64.7m) in 2024 primarily in the motor business due to growth in average premiums and the Better insurance service result: higher Credit ratings reaffirmed: S&P Global number of poli
Slide 22: Profit target exceeded
Profit target exceeded Profit before tax Net profit €109.8m €87.8m Plan achieved 2024/2023: +37.9% 2024/2023: +35.9% Net profit (€m) 87.8 76.2 > 70 68.2 64.7 56.4 50.2 46.9 43.0 2018 2019 2020 2021 2022 2022 2023 2024 2024 plan Under the previous accounting standards (IFRS 4 and IAS 39) Under the ne
Slide 23: Target return on equity exceeded
Target return on equity exceeded Equity Return on equity (ROE) €648.6m 13.6% Plan achieved 2024/2023: +10.7% 2024/2023: +2.8 pp Equity and return on equity (ROE) Return on eqity (ROE) (€m and %) Equity 16.9% 14.5% 14.4% 13.7% 13.5% 13.6% 10.8% > 10.5% 648.6 8.3% 585.7 504.1 531.5 460.2 384.8 412.0 3
Slide 24: Growth in contractual service margin (CSM)
Growth in contractual service margin (CSM) Contractual service margin (CSM) Net contractual service margin (CSM) €175.6m €168.6m 2024/2023: +13.1% 2024/2023: +12.9% Contractual service margin (CSM) (€m) +13.1% +13.3 +0.1 +47.3 +2.9 175.6 155.3 -43.3 CSM balance New business CSM Accretion Change in e
Slide 25: Business volume and GPW pass the billion-euro mark
Business volume and GPW pass the billion-euro mark Business volume Gross premiums written €1,035.1m €1,003.8m Plan achieved 2024/2023: +13.7% 2024/2023: +13.5% Business volume 1,035.1 (€m) 7.7 27.1 > 925 910.1 6.0 115.3 13.2 22.8 795.5 3.4 11.3 98.1 126.8 750.4 3.5 21.4 695.3 2.3 21.2 80.6 10.0 Othe
Slide 26: Market shares
Market shares Slovenia North Macedonia Insurance 31.2%* Insurance 8.6% Pensions 10.0%** Pensions 43.0% Asset management 13.6% Croatia Montenegro Insurance 1.1% Insurance 16.9% Serbia Kosovo Insurance 4.0% Insurance 14.1% Sava Re operates in more than 120 reinsurance markets worldwide. It has a very
Slide 27: Improved combined ratio
Improved combined ratio Combined ratio 91.3% Plan achieved 2024/2023: -1.8 pp Combined ratio 93.9% < 95% 92.9% 93.8% 93.1% 92.6% 90.7% 91.3% 88.1% 2018 2019 2020 2021 2022 2022 2023 2024 2024 plan Under the previous accounting standard (IFRS 4) Under the new accounting standard (IFRS 17) and the new
Slide 28: Impact of natural catastrophe claims
Impact of natural catastrophe claims Natural catastrophe claims Includes net claims affecting the (re)insurance portfolios of the Group companies resulting from €52.0m natural perils (such as windstorm, flood, 2024/2023: -0.3% earthquake and hail) Natural catastrophe claims (€m) 52.1 52.0 28.3 23.3
Slide 29: Strong growth in investment portfolio and assets under management
Strong growth in investment portfolio and assets under management Assets under management Investment portfolio €2,889.4m €1,666.9m 2024/2023: +24.3% 2024/2023: +10.9% Investment portfolio and assets under management (consolidated) (€m) 4.556 743 3.828 3.574 3.354 3.349 542 489 764 3.127 422 422 339
Slide 30: Target return on investment portfolio exceeded
Target return on investment portfolio exceeded Return on investment portfolio Investment portfolio 2.5% €1,666.9m Plan achieved 2024/2023: +0.4 pp 2024/2023: +10.9% Return on investment portfolio Return on investment portfolio (%) (€m and %) Net investment income on portfolio 2.5% 2.1% 2.2% 1.9% 1.8
Slide 31: Composition of the investment portfolio
Composition of the investment portfolio Asset allocation 86.6% Fixed-rate investments 87.2% 2.7% Shares and mutual funds 2.7% 4.7% Alternative funds 4.3% 1.7% Investment property 1.4% 2.6% Cash and cash equivalents 2.8% 1.6% Investments in associates 1.5% 31/12/2023 0.1% Other 0.0% 31/12/2024 Fixed-
Slide 32: Select sustainability performance indicators
Select sustainability performance indicators Difference 2022 2024 2024/2022 Environmental aspect CO2 emissions per employee (in tonnes) – scope 1 in 2 (location-based method) 1.47 1.15 -21.8% Difference 2023 2024 2024/2023 Environmental aspect Number of claims reported online 243,106 300,120 +23.5%
Slide 33: 2023-2027 Strategy
2023-2027 ™® =, STRATEGY
Slide 34: Key strategic priorities for 2023–2027
Key strategic priorities for 2023–2027 Focusing on the customer Streamlining business processes Building sustainability Modernising information technology Building teams of satisfied and motivated Growing through acquisitions employees Sava Insurance Group presentation / 2023–2027 strategy 34
Slide 35: Targets for 2023–2027
Profit target exceeded 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 insurance + reinsurance rising to 170–210% < 95% 2.
Slide 36: Business volume planned for 2027
Business volume planned for 2027 Driving growth in all markets where we are present Sava Insurance Group presentation / 2023–2027 strategy 36
Slide 37: Dividend policy
Dividend policy Sava Insurance Group presentation / 2023–2027 strategy 37
Slide 38: Sustainable development
Sustainable development Sava Insurance Group presentation / 2023–2027 strategy 38
Slide 39: 2025 Plan
2025 PLAN
Slide 40: Approaching one billion euros in business volume
Approaching one billion euros in business volume Key performance targets planned for 2025 Growth in business volume Return on equity Net profit for the year > 5% > 11% > €84m Solvency ratio Combined ratio 170–210% < 94% optimal capitalisation range Sava Insurance Group presentation / 2025 plan 40
Slide 41: Planning for continued growth in all our operating segments
Planning for continued growth in all our operating segments Business volume growth planned for 2025 Non-life, EU Life, EU Reinsurance > 5% > 3% > 4% Non-life, non-EU Life, non-EU Pensions and asset management > 8% > 10% > 9% Sava Insurance Group presentation / 2025 plan 41
Slide 42: Thank you.
Thank you. For more information: ir@sava-re.si www.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