Presentation of results 1–9 2025

Sava Insurance Group

21 November 2025

1. Group results

2. Segment reporting

3. Financial investments

4. Sava Re share and dividend policy 05 Solvency position

Group results

Performance highlights

Growth in business volume of 8.0%

driven mainly

by higher gross premiums written

from the motor business, reflecting more policies sold and a higher average premium per policy, and

from the reinsurance business, due to new opportunities in foreign markets and greater participation in existing contracts

2025 net profit now estimated at

> €105m (vs. plan > €84m),

assuming no major loss events

FY profit outlook sharply raised

Lower finance result: interest expense

on subordinated bonds issued in 2024

Better insurance result: more favourable

claims experience and higher revenue

Net profit of €84.5m

(1-9/2024: €62.1m)

Credit rating reaffirmed

October 2025

AM Best reaffirmed Sava Re's A ratings, outlook stable

Improved credit rating

June 2025

S&P Global Ratings upgraded Sava Re's

ratings to A+, outlook stable

Key figures

Growth in business volume across all operating segments

99.5

1-9/2024 1-9/2025

9.7

10.8

20.0

23.0

5.9

7.4

Non-life EU

Life EU

Reinsurance

Gross premiums written

Non-life non-EU

Life non-EU

Pensions and asset

management

Other

Total

+15.1%

Business volume by segment (€m)

+8.0%

814.7 879.6

+5.4%

436.4

459.7

+3.8%

+15.3%

86.5

143.5

149.0

+11.4%

+15.1%

+26.5%

112.8

130.0

1-9/2024

18.6%

18.8%

22.5%

22.4%

€852.2m

12.8%

€791.6m

13.0%

1-9/2025

Gross premiums written by class of insurance

6.4%

6.8%

Property

Land motor vehicles Motor vehicle liability Unit-linked life Traditional life Accident and health

Other

25.7%

6.1%

24.6%

6.0%

7.9%

8.6%

Largest contributions from EU non-life business and reinsurance

Change in business volume by segment (€m)

+13.1

+1.1

+3.0

+1.6

879.6

+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 asset management

Other

1-9/2025

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%

15.1 16.7 16.1

+149.1%

+17.5%

12.3

9.0

3.6

-23.8%

1.6 1.2

6.8

8.0

-0.3 -3.0

Non-life EU

Life EU Reinsurance Non-life non-EU Life non-EU

Pensions and asset management

Other Total

1-9/2024 1-9/2025

Strongest profit growth in non-life segments

Change in profit before tax by segment (€m)

+28.5

+1.5

-3.8

+5.4

-0.4

+1.2

-2.8

107.3

77.7

1-9/2024

Non-life EU

Life EU

Reinsurance

Non-life non-EU

Life non-EU

Pensions and asset management

Other 1-9/2025

Improved combined ratio due to more favourable loss experience

Combined ratio (non-life and reinsurance)

91.7%

87.7%

Expense ratio

Nat cat loss ratio

55.9%

56.9%

Non-nat cat loss ratio

1-9/2024 1-9/2025

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%

141.6

+18.0

+1.2

+10.3%

+10.3

-14.9

156.3

161.0

+20.3

+1.4

+3.3

-16.4

169.5

Segment reporting

Finance result (€m)

Investment result

Ins. fin. result Net FX losses

7.4

1-9/2024

1-9/2025

• Improved investment result due to higher interest

income stemming from portfolio growth

Non-life EU: premium growth and more favourable claims experience

Gross premiums written (€m)

+5.4%

436.4

459.7

1-9/2024

1-9/2025

• Growth mainly in the motor segment due to an increase

  in both the number of policies sold and the average premium

• Growth also in the residential and commercial property

business

Insurance result (€m)

+98.1%

54.5

27.5

1-9/2024

1-9/2025

• Stronger insurance revenue driven by premium growth

• More favourable experience in weather and other claim categories

Profit before tax (€m)

+81.9%

63.2

34.8

1-9/2024

1-9/2025

Expense ratio

Loss ratio

Combined ratio

27.9%

27.7%

59.0%

64.9%

86.9%

92.7%

1-9/2024

1-9/2025

Ratios

Life EU: strong revenue growth

Insurance revenue (€m)

+10.1%

49.6

54.7

1-9/2024

1-9/2025

• Higher revenue due to stronger sales

Insurance result (€m)

+6.7%

12.3

13.1

1-9/2024

1-9/2025

• Higher insurance result due to stronger sales

• Reduced insurance finance result and investment result

(due to lower interest income), both driven by the portfolio decline caused by maturing traditional life policies

1-9/2025

1-9/2024

-1.6

-2.6

5.6

6.4

4.0

3.8

Investment result

Ins. fin. result

Finance result (€m)

Profit before tax (€m)

+10.0%

15.1

16.7

1-9/2024

1-9/2025

Gross premiums written (€m)

+3.8%

143.5

149.0

1-9/2024

1-9/2025

CSM (€m)

+5.4%

150.4

158.5

31/12/2024

30/9/2025

Reinsurance: favourable combined ratio despite elevated claims experience

Gross premiums written (€m)

+15.3%

130.0

112.8

1-9/2024

1-9/2025

• Gross premiums grew as a result of seizing new

  opportunities in certain markets and strengthening our

  participation in existing contracts

• Impact of a new major treaty in the African market

Insurance result (€m)

-26.7%

15.9

11.6

1-9/2024

1-9/2025

• Growth in incurred claims, driven by small and

medium-sized claims

Finance result (€m)

0.6

Investment result

Ins. fin. result

Net FX gains/losses

1.1

5.8

5.7

0.3

-4.4

-0.7

1-9/2024 1-9/2025

• Negative foreign exchange impact last year, positive

  impact this year

• Insurance finance result lower due to growth in

business volume

Profit before tax (€m)

-23.8%

16.1

12.3

1-9/2024

1-9/2025

Expense ratio

Loss ratio

Combined ratio

12.8%

14.4%

74.7%

65.5%

87.6%

79.8%

1-9/2024

1-9/2025

Ratios

Non-life non-EU: high premium growth and more favourable claims experience

Gross premiums written (€m)

+15.1%

99.5

86.5

1-9/2024

1-9/2025

• Growth in motor insurance due to higher average

  premiums and more policies

• Growth in property premiums, driven by increased sales

of policies through new channels

Insurance result (€m)

+2,121.2%

6.1

0.3

1-9/2024

1-9/2025

• More favourable claims experience

• Growth in insurance revenue due to sales growth

• Lower investment result due to reduced fair value gains

  on FVTPL investments

• Lower insurance finance result driven by growth in

business volume

-0.9

1-9/2025

-0.5

1-9/2024

3.1

3.2

2.3

2.7

Investment result

Ins. fin. result

Finance result (€m)

Profit before tax (€m)

+149.1%

9.0

3.6

1-9/2024

1-9/2025

Expense ratio

Loss ratio

Combined ratio

37.8%

36.9%

54.3%

61.9%

92.1%

98.8%

1-9/2024

1-9/2025

Ratios

Life non-EU: strong revenue growth

Insurance revenue (€m)

+16.8%

7.2

6.2

1-9/2024

1-9/2025

• Robust growth in traditional and unit-linked life

business

Insurance result (€m)

+40.7%

1.0

0.7

1-9/2024

1-9/2025

• Stronger revenue along with methodological

adjustments

• Finance result broadly unchanged year on year

1-9/2025

1-9/2024

-0.5

-0.5

1.0

1.0

Investment result

Ins. fin. result

0.5

Finance result (€m)

0.5

Profit before tax (€m)

-23.8%

1.6

1.2

1-9/2024

1-9/2025

Gross premiums written (€m)

+11.4%

9.7

10.8

1-9/2024

1-9/2025

CSM (€m)

+4.1%

10.6

11.0

31/12/2024

30/9/2025

Pensions and asset management: robust growth in fund inflows

Revenue from asset management (€m)

+15.8%

20.0

17.2

1-9/2024

1-9/2025

• Increase in management fees due to higher volume of

assets under management

Cost-to-income ratio (CIR)

52.0%

50.6%

1-9/2024

1-9/2025

• Strong revenue growth

Profit before tax (€m)

+17.5%

8.0

6.8

1-9/2024

1-9/2025

• Increased asset management revenue

Funds inflows (€m)

+23.8%

217.9

176.1

1-9/2024

1-9/2025

• Stronger sales and marketing activities

• Robust net inflows and positive returns for all companies

30/9/2025

Other

Net investment

income

Transfers

Outflows

Inflows

31/12/2024

-8.6

-54.4

2,125.1

-1.0

2,365.1

+86.0

+217.9

AuM in pension savings funds and asset management funds progression (€m)

+11.3%

"Other" segment: impact of interest expense on subordinated bonds

Profit before tax (€m)

-0.3

1-9/2024

-3.0

1-9/2025

-0.5

Other

-0.2

-5.0

-2.7

Interest expense

on subordinated debt and segment expenses

1.2

Associated companies

1.6

1.3

Assistance

1.0

1-9/2024

1-9/2025

Composition of profit before tax (€m)

Financial investments

Investment portfolio and AuM growth

Investment portfolio and assets under management (consolidated) (€m)

Mutual fund assets

Assets of policyholders who bear the investment risk

Pension fund assets

3,828

+19.0%

4,051 4,166

1,235

1,276

4,310

4,556 4,556

+9.2%

4,709

4,975

Investment portfolio

of (re)insurance

companies

31/12/2023

31/3/2024

30/6/2024

30/9/2024

31/12/2024

31/3/2025

30/6/2025

30/9/2025

Net investment income and portfolio rate of return

• Higher interest income supported by favourable bond-market conditions

• Positive but slightly weaker FVTPL contribution in 2024 amid less favourable market conditions

• Higher credit-loss provisions (ECL) due to new investments (part of other income/expenses)

The investment portfolio and net investment income are shown net of the assets held for the benefit of policyholders who bear the investment risk.

Asset allocation

Fixed-rate investments

87.2%

86.6%

Shares and mutual funds

Alternative funds

2.7%

3.2%

4.3%

4.3%

Investment property

Cash and cash equivalents 2.8%

2.7%

Investments in associates 1.5%

1.5%

Other 0.0%

0.4%

31/12/2024

30/9/2025

Large share of fixed-income investments

The investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.

Large share of government bonds

Composition of fixed-income investments

Government bonds

63.5%

61.2%

Corporate and

financial bonds

29.4%

31.0%

Covered bonds

3.9%

4.9%

Subordinated bonds

1.3%

1.0%

Deposits

1.9%

1.9%

31/12/2024

30/9/2025

The fixed-income investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.

Secure and stable investment portfolio

26.0%

30/9/2025

31/12/2024

23.5%

26.3%

AAA

20.5%

24.2%

AA

33.5%

A

11.6%

13.1%

1.3%

2.2%

7.4%

1.2%

2.1%

7.1%

Not rated

B BB

BBB

Fixed-income investments by credit rating

30/9/2025

31/12/2024

6.3%

6.6%

Slovenia

63.5%

64.6%

EU countries

12.4%

11.9%

Non-EU

countries

10.8%

10.8%

USA

7.0%

6.0%

Other

Fixed-income investments by region

The fixed-income investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.

Sava Re share and dividend policy

Shareholders and share trading

Shareholder structure as at 30 September 2025

InterCapital

Hrvatska

Poštanska

Other

18.0%

Securities**

19.1%

Banka* 2.3%

OTP Banka* 5.4%

EBRD 6.2%

17.7% SDH

10.0% 1.4%

Treasury shares

Kapitalska

1.9%

4.1%

Družba - SODPZ

13.9%

Republic of Slovenia

Civil Servants' Zavarovalnica

Sub-fund

Guaranteed Modra

* Fiduciary account.

** Fiduciary account, of which 3,278,049 POSR shares are owned by Croatia Osiguranje d.d., representing 19.04% of the share capital and 21.15% of the voting rights.

Attractive dividend yield

On 26 May 2025, the general meeting of shareholders approved the dividend proposal of €34,869,816.00 or €2.25 gross per share. Dividends were paid on 11 June 2025 to shareholders of record as at 10 June 2025.

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 October 2024 - 30 September 2025).

Solvency position

Very strong solvency position

The Solvency and Financial Condition Report of the Sava Insurance Group for 2024 has been published on the

websites of the Company and the Ljubljana Stock Exchange.

30/9/2025

(estimate)

31/12/2024

31/12/2023

64%

65%

63%

25%

23%

25%

Capital requirement for companies

not consolidated under SII Counterparty default risk Operational risk

Market risk

Underwriting risk

3%

2% 5%

4%

3%

5%

4%

3%

5%

Risk profile (structure of SCR)

Optimal

capitalisation

Over-

capitalisation

> 250%

Additional engagement or return of capital

Acceptable

overcapitalisation

210%-250%

Seeking ways to restructure capital use

Optimal

capitalisation

170%-210%

No action required

Suboptimal

capitalisation

150%-170%

Potential capital restructuring

Warning

capital level

100%-150%

Action to safeguard Group solvency

30