SAVA INSURANCE GROUP
Presentation of results 20256 March 2026
CONTENTS
Group results
Segment reporting
Financial investments
GROUP RESULTS
Performance highlights
Business volume
€1,133.6m+9.5% 2024
Non-life
Combined ratio
87.4%
59.5%
Loss ratio
27.9%
Expense ratio
-3.9 pp
2024
+7.7%
More policies and higher average premiums
Reinsurance
+23.2%
Capitalising on new opportunities in select markets
Finance result
-28.6%
One-off effects on investments and interest on subordinated bonds issued in 2024
More favourable claims
experience and higher revenue
Insurance result
Net profit
€114.1m+29.8%
2024
+47.6%
Nat cat claims
€25.3m-51.3%
2024
Raised
credit rating
S&P Global Ratings
A+
STABLE
Net profit
€114.1m
+29.8%
2024
Net profit for the year exceeds the €100m mark
Plan achieved
-
€84m
November estimate achieved
-
€105m
Net profit
(€m)
114.1
87.8
84
76.2
68.2
64.7
56.4
50.2
46.9
2022
2021
2020
2019
2025 plan
2025
2024
2023
2022
Under the previous accounting standards (IFRS 4 and IAS 39) Under the new accounting standards (IFRS 17 and IFRS 9)
Return
on equity (ROE)
15.9%
+2.3 pp
2024
Equity
€742.6m
+14.5%
2024
ROE well above the planned lower bound
Plan achieved
11%
Return on eqity (ROE) Equity
Equity and return on equity (ROE)
(€m and %)
16.9%
14.5%
14.4%
15.9%
13.5%
13.6%
11%
10.8%
8.3%
742.6
585.7
648.6
384.8
460.2
504.1
531.5
412.0
2019
2020
2021
2022
2022
2023
2024
2025
2025 plan
Under the previous accounting standards (IFRS 4 and IAS 39) Under the new accounting standards (IFRS 17 and IFRS 9)
Combined
ratio
87.4%
-3.9 pp
2024
Extremely favourable combined ratio
Plan achieved
< 94%
Combined ratio
93.8%
93.9%
92.6%
93.1%
< 94%
90.7%
91.3%
88.1%
87.4%
2022
2021
2020
2019
2025 plan
2025
2024
2023
2022
Under the previous accounting standard (IFRS 4) Under the new accounting standard (IFRS 17) and the new combined ratio calculation method
Exceptionally favourable nat cat loss experience
Nat cat
losses
€25.3m
-51.3%
2024
Nat cat loss ratio
3.1%
-4.1 pp 2024
Nat cat losses
(€m)
52.1 52.0
Combined ratio
56.3%
55.9%
7.2%
28.1%
27.9%
91.3% 87.4%
28.3
22.9
22.8
25.3
16.9
Expense
ratio
Nat cat loss ratio
3.1%
Non-nat cat loss ratio
2019 2020 2021 2022 2023 2024 2025
2024
2025
Includes net claims affecting the (re)insurance portfolios of the Group companies resulting from natural perils (such as
windstorm, flood, earthquake and hail).
Gross
premiums written
€1,096.4m
+9.2%
2024
Business
volume
€1,133.6m
+9.5%
2024
Growth in business volume across all operating segments
Plan achieved
growth > 5%
589.7
555.0
474.5
397.1
380.8
368.5
357.3
Business volume
(€m)
1,133.6
1,035.1
9.7
31.2
15.0
910.1
7.7
27.1
13.2
750.4
795.5
6.0
22.8
11.3
695.3
611.9
4.4
11.4
5.3
2.3
16.5
6.3
3.5
21.2
8.0
3.4
21.4
10.0
82.4
123.9
90.3
170.7
162.2
60.9
106.8
174.4
112.1
58.6
120.9
66.4
190.0
123.0
80.6
199.2
126.8
98.1
156.3
115.3
132.5
Other Pensions
and asset
management Life non-EU Non-life non-EU Reinsurance Life EU
Non-life EU
2019 2020
2021
2022 2023
2024
2025 2025 plan
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 very small share of the global reinsurance market.
* The market share has been calculated on the basis of premiums written in the Slovenian market (excluding premiums of the Croatian branch of Zavarovalnica Sava and excluding FoS business) using data published by the Slovenian Insurance Association (excluding pension annuities and contributions to pension funds).
** 1-9/2025 as data for the full year 2024 have not yet been published.
*** 1-12/2024 as more recent data not available.
New CSM growth as a result of stronger sales
Contractual service margin (CSM) - life
€172.5m
+7.2% 2024
New contractual service margin (CSM) - life
€26.7m
+9.9% 2024
CSM movement of life insurance 2024
(€m)
+7.2%
+26.7
+1.8
+5.3
172.5
160.9
-22.3
(€m)
CSM movement of life insurance 2025
+24.3
+13.6%
+13.2
+1.7
160.9
-19.9
141.6
CSM balance 31/12/2023
New business CSM
Accretion
Change in expected cash flows
Release to P&L
CSM balance 31/12/2024
CSM balance 31/12/2024
New business CSM
Accretion
Change in expected cash flows
Release to P&L
CSM balance 31/12/2025
Strong growth in assets under management driven by robust net inflows and fund returns
Assets
under management
€3,377.6m
+16.9%
2024
Investment
portfolio
€1,764.6m
+5.9%
2024
Investment portfolio and assets under management (consolidated)
499
301
609
489
542
339
743
1,175
832
532
1,667
743
764
422
421
499
1,013
1,382
892
1,765
422
1,567
971
231
1,013
919
(€m)
4,556
5,142
Mutual fund assets
2,434
3,127
1,535
3,574
3,354 3,349
1,420
1,415
3,828
1,503
Assets of policyholders who bear the investment risk
Pension fund assets
Investment portfolio of (re)insurance companies
2022
2021
2020
2019
2025
2024
2023
2022
1,158
1,581
Under the previous accounting standard (IAS 39) Under the new accounting standard (IFRS 9)
Return on investment portfolio
Return on
investment portfolio
2.1%
-0.4 pp
2024
Investment
portfolio
€1,764.6m
+5.9%
2024
Return on investment portfolio
(€m and %)
Return on investment portfolio (%) Net investment income on portfolio
2.5%
2.1%
2.1%
1.9%
1.8%
1.6%
1.3%
38.5
36.8
30.2
26.0
21.0
18.7
16.3
0.6%
8.8
2019
2020
2021
2022
2022
2023
2024
2025
Under the previous accounting standard (IAS 39) Under the new accounting standard (IFRS 9)
Strong solvency position
Solvency ratio
2%
6%
3%
25%
23%
25%
65%
63%
64%
4%
3%
5%
3% 4%
5%
Risk profile (structure of SCR)
Over-
capitalisation
250%
210%
Optimal
capitalisation
1o7d01%7-02%10d%o 210 %
170%
Solvency ratio - estimate Solvency ratio - realised
Over-
capitalisation Acceptable
overcapitalisation
Optimal
capitalisation
Suboptimal capitalisation
Warning capital level
Additional engagement or return
of capital
Acceptable
overcapitalisation
210%-250%
Seeking ways to restructure capital use
No action required
Potential capital restructuring
31/12/2023
31/12/2024
31/12/2025
(estimate)
The Solvency and Financial Condition Report of the Sava Insurance Group for 2025 will be published on 20 May 2026 on the websites of the Company and the Ljubljana Stock Exchange.
Suboptimal
capitalisation
150%-170%
Warning
capital level
100%-150%
Capital requirement for companies not consolidated under SII
Counterparty default risk Operational risk
Market risk Underwriting risk
Action to safeguard Group solvency
Market capitalisation exceeds the €1bn mark for the first time
Share price
at 31/12/2025
€66.50
+66.3% 2024
Market capitalisation at 31/12/2025
€1.0b
2024: €0.6b
Total shareholder return
71.9%
+22.8 pp 2024
Book value of share at 31/12/2025
€47.91
+14.5% 2024
Relative performance of Sava Re share compared to benchmark indices and turnover of Sava Re share
More information on the Sava Re share performance and returns is available at: https://www.sava-re.si/en-si/investor-relations/our-share/.
Dividend policy
Dividend policy
35%- 45%payout from net profit of the Sava Insurance Group
Dividend, dividend yield and dividend payout ratio
(dividend payout as % of previous year's net profit)
23.4%
30.5%
36.3%
41.9%
39.7%
1.75
+9.4%
1.60
+6.7%
1.50
+28.6%
4.0%
2.25
3.4%
5.1%
5.9%
6.5%
0.85
+76.5%
The audited annual report, including the proposed dividend, will be published on 3 April 2026. The general meeting of shareholders will be held on 11 May 2026.
2021
2022
2023
2024
2025
Dividend per share paid in year for previous year (€)
Gross dividend yield (%)
250,433 |
24.8% |
2,805.6 |
60.0% |
12.8% |
28.6 |
7,985 |
40.0% |
24.7% |
Select sustainability performance indicators
We build long-term corporate social responsibility in continuous dialogue with our stakeholders, supporting global sustainability goals, with a particular focus on climate action and the good health and well-being of our customers and employees.
2022 | 2025 | Difference 2025/2022 | ||||
Environmental aspect | ||||||
CO2emissions per employee (in tonnes) - scope 1 and 2 (location-based method) | 1.47 | 1.20 | -18.4% | |||
2024 | 2025 | Difference 2025/2024 | ||||
Environmental aspect | ||||||
Number of claims reported online | 300,120 | -16.6% | ||||
Group's ESG integrated investments as at 31/12 | 23.6% | +1.2 pp | ||||
Social aspect | ||||||
Number of employees as at 31/12 (full-time equivalent basis) | 2,892.9 | -3.0% | ||||
Women as % of all employees as at 31/12 | 60.0% | 0.0 pp | ||||
Employee turnover rate | 16.2% | -3.4 pp | ||||
Average hours of employee training | 20.5 | +39.5% | ||||
Hearth for the World- corporate volunteering (no. of hours) | 6,574 | +21.5% | ||||
Governance aspect | ||||||
Women in management bodies as % | 32.0% | +8.0 pp | ||||
Women in supervisory bodies of Group companies as % | 20.0% | +4.7 pp | ||||
We compare CO2 emissions to 2022, our baseline year for monitoring the strategic decarbonisation target. | ||||||
SEGMENT REPORTING
Non-life, EU: more favourable claims experience and growth in business volume
Gross premiums
written
€589.7m+6.3%
2024
Growth mainly in the motor segment due to an
increase in both the number of policies sold and the average premium
Growth also in residential and commercial
property business
Insurance result
+85.0%
68.5
37.0
(€m)
Finance result
Investment result
Ins. fin. result
Net FX gains/ losses
13.7
12.9
-0.3
-4.2
-2.6 0.2
(€m)
10.5 9.2
2024 2025
2024
2025
More favourable experience in weather-related claims and other claim categories
Higher insurance revenue driven by increased business volumes
Better investment result reflecting growth in interest income due to cash flows and higher-rate investments
Lower insurance finance result due to growth in the insurance portfolio and credit-risk effects from reinsurance operations
Profit
before tax
€79.2m+64.2%
2024
64.2%
59.0%
Combined ratio
2024
2025
More favourable claims experience
Loss ratio Expense ratio
28.6%
92.8%
28.8%
87.8%
Life, EU: Business volume growth despite declining portfolio of traditional savings policies
Gross premiums
written
€199.2m+4.8%
2024
Premium growth in unit-linked and risk policies
Higher top-up premiums on existing policies
Insurance result
+0.8%
(€m)
16.5 16.7
Finance result
Investment result
Ins. fin. result
(€m)
7.4
-2.0
-3.3
8.3
5.0 5.4
2024 2025
2024
2025
Insurance result broadly in line with the previous year
Reduced insurance finance result and investment result (due to lower interest income), both driven by the portfolio decline caused by maturing traditional life savings policies
Profit
before tax
€21.4m+3.8%
2024
Insurance revenue
CSM
(€m)
+11.0%
(€m)
+7.6%
150.4 161.8
66.4
73.7
2024 2025 31/12/2024 31/12/2025
Reinsurance: strong growth in business volume
Gross premiums
written
€156.3m+23.2%
2024
Gross written premiums grew, driven by new
opportunities in selected markets and increased
participation in existing contracts
Insurance result
Finance result
(€m)
+2.4%
23.7 24.2
(€m)
1.7
2024 2025
2024
-0.3
Investment result
Ins. fin. result
Net FX losses
8.1
6.8
-5.6
-0.7
-6.5
-0.6
2025
Insurance result at roughly the same level as in the previous year
One-off impacts on the investment result
Lower insurance finance result, reflecting growth in business
volume and credit-risk effects from reinsurance operations
Profit
before tax
€23.3m-7.0%
2024
61.7%
67.1%
15.2%
Combined ratio
2024
13.3%
2025
The combined ratio has remained extremely favourable compared to the long-term average
Loss ratio Expense ratio
76.9%
80.4%
Non-life, non-EU: more favourable claims experience and growth in business volume
Gross premiums
written
€132.5m+14.9%
2024
Growth in motor business due to higher average
premiums and more policies sold
Growth in property business, driven by increased sales of policies through new channels
Insurance result
+357.5%
7.2
1.6
(€m)
Finance result
Investment result
Ins. fin. result
(€m)
-0.6
4.0
4.5
-1.1
3.4 3.3
2024 2025
2024
2025
More favourable claims experience
Insurance revenue growth in line with business volume
Higher investment result due to increased interest income due
to cash flows and gains on the sale of investment properties
Lower insurance finance result, reflecting growth in the insurance portfolio
Profit
before tax
€12.0m+95.9%
2024
59.6%
53.7%
Combined ratio
2024
2025
More favourable claims experience and revenue growth
Loss ratio Expense ratio
37.8%
97.4%
38.9%
92.6%
Life, non-EU: double-digit growth in business volume
Gross premiums
written
€15.0m+13.7%
2024
Premium growth in unit-linked and risk policies
Insurance result
+6.9%
(€m)
Finance result
Investment result
Ins. fin. result
(€m)
1.3 1.4
0.7 0.7
1.3
-0.7
-0.6
1.3
2024 2025
2024
2025
Improved insurance result as a result of revenue
growth
Finance result broadly unchanged year on year
Profit
before tax
€1.9m-22.8%
2024
Insurance revenue
+2.2%
(€m)
8.5 8.7
CSM
(€m)
+1.5%
10.6 10.7
2024 2025 31/12/2024 31/12/2025
Pensions and asset management: robust growth in fund inflows
Revenue from
asset management
€27.5m+16.4%
2024
Increase in asset management revenue driven by
higher assets under management
AuM in pension savings funds and asset management funds progression
+17.0%
+322.6
+123.9
2,485.5
-2.3
-72.3
-11.6
2,125.1
(€m)
31/12/2024
Inflows
Outflows
Transfers
Net investment
Other
31/12/2025
Robust net inflows and positive returns achieved by all companies
income
Profit
before tax
€11.1m+22.8%
2024
Funds inflows
Cost-to-income ratio (CIR)
(€m)
+26.9%
322.6
(€m)
52.9
50.4
254.3
2024 2025
Stronger sales and marketing activities
2024 2025
Strong revenue growth
Other: impact of interest expense on subordinated bonds
Profit or loss before tax
(€m)
Composition of profit or loss before tax
2024
2025
(€m)
-1.6
Assistance
1.3
1.6
-4.8
2024 2025
Associated companies
0.9
1.8
Lower profit, mainly due to increased interest expenses as a result of subordinated debt issued in the second half of 2024
Interest expense on subordinated debt and segment expenses
Other
-6.7
-4.4
-0.7
-0.3
FINANCIAL
Large share of fixed-income investments
Investment portfolio
Composition of investment portfolio
87.2%
87.7%
2.7%
2.5%
4.3%
4.4%
1.4%
1.3%
2.8%
2.1%
1.5%
1.6%
31/12/2024
31/12/2025
0.0%
0.4%
Change |
94.2 |
24.0 |
66.6 |
3.6 |
-0.1 |
0.8 |
-0.9 |
4.7 |
-1.5 |
-8.9 |
3.4 |
5.8 |
97.7 |
€m | 31/12/2024 | 31/12/2025 | |
Fixed-income investments | 1,453.5 | 1,547.6 | |
Government bonds | 922.7 | 946.7 | |
Corporate and financial bonds | 503.4 | 570.0 | |
Deposits | 27.3 | 30.9 | |
Shares and mutual funds | 44.4 | 44.3 | |
Shares | 23.5 | 24.3 | |
Mutual funds | 20.9 | 20.0 | |
Alternative funds | 72.4 | 77.0 | |
Investment property | 24.1 | 22.7 | |
Cash and cash equivalents | 46.2 | 37.4 | |
Investments in associates | 25.6 | 29.1 | |
Other | 0.7 | 6.5 | |
Total investment portfolio | 1,666.9 | 1,764.6 |
Fixed-rate investments Shares and mutual funds
Alternative funds Investment property
Cash and cash equivalents Investments in associates
Other
Maintaining a safe and liquid portfolio through investments in high-rated
government, corporate and financial bonds
Greater focus on corporate and financial bonds
Strong cash flow from principal activities
Reinvestment yield for the fourth quarter at approximately 2.7%
The fixed-income investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.
Large share of government bonds
Fixed-income investments | ||||||
€m | 31/12/2024 | 31/12/2025 | Difference | |||
Fixed-income investments | 1,453.5 | 1,547.6 | 94.2 | |||
Government bonds | 922.7 | 946.7 | 24.0 | |||
Corporate and financial bonds | 427.2 | 474.2 | 47.0 | |||
Covered bonds | 57.2 | 75.2 | 18.0 | |||
Subordinated bonds | 19.0 | 20.6 | 1.6 | |||
Deposits | 27.3 | 30.9 | 3.6 | |||
Composition of fixed-income investments
63.5%
61.2%
29.4%
30.6%
3.9%
4.9%
1.3%
1.3%
1.9%
2.0%
31/12/2024
31/12/2025
Government bonds
Corporate and financial bonds
Covered bonds
Subordinated bonds
Deposits & CDs
The absolute and structural shift reflects reinvestment of maturing government bonds into higher-rated corporate bonds to improve returns.
The fixed-income investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.
36.8 |
32.0 |
4.0 |
2.7 |
0.9 |
-2.9 |
2.1% |
Net investment income and portfolio rate of return
€m | 2024 | 2025 | Change | Index | ||||
Net investment income | 38.5 | -1.7 | 95.5 | |||||
Interest income | 27.5 | 4.5 | 116.3 | |||||
Change in fair value of FVTPL assets | 3.5 | 0.5 | 113.4 | |||||
Dividends of equity investments and income of alternative funds | 4.0 | -1.3 | 68.3 | |||||
Income from associate companies | 1.8 | -0.8 | 52.6 | |||||
Other income/expenses from investments | 1.6 | -4.6 | -178.1 | |||||
Rate of return | 2.5% | -0.4 pp | - |
Increased interest income driven by higher-rate investments and strong cash flows
Higher fair value revaluation gains on equity investments than in 2024
Other income/expenses also affected by the disposal of a minor portion of the bond portfolio bearing negative or very low interest rates to improve future
returns
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
Fixed-income investments by credit rating
Fixed-income investments by region
Not rated
B BB BBB
2.1%
7.1%
1.2%
1.6%
7.4%
13.1%
11.3%
A
26.0%
33.6%
89.6%
AA
24.2%
19.7%
AAA
26.3%
24.4%
2.0%
Other USA
Non-EU countries
6.0%
10.8%
11.9%
7.2%
10.9%
12.4%
89.0%
EU countries
64.6%
62.9%
31/12/2024
31/12/2025
Slovenia
6.6%
31/12/2024
6.6%
31/12/2025
The fixed-income investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.