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20 August 2020

Rating agency Standard & Poor’s affirms “A” ratings on Sava Re and Zavarovalnica Sava, outlook stable

Pursuant to the rules of the Ljubljana Stock Exchange d.d., Ljubljana, and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana, makes the following announcement:

Following its regular annual rating review, the rating agency Standard & Poor’s affirmed the “A” (strong) insurer financial strength rating on Sava Re d.d. and Zavarovalnica Sava d.d. The outlook is stable.

In the rating agency’s assessment, the key strengths of the Sava Insurance Group are its established and stable position in the Slovenian market, solid capitalisation at the “AAA” level, its conservative investment strategy and underwriting risk appropriately limited through reinsurance.

The rating agency also expects that the Group will successfully integrate the life insurance company Vita while continuing to leverage the distribution capabilities of the recently acquired company in its other operating segments. Furthermore, it expects that the Group will maintain its customer-centric approach to safeguard the stability of its operations even in economically more challenging times. The rating agency believes that the Group will continue to leverage its solid balance sheet strength to tap profitable growth opportunities in domestic and international insurance and reinsurance markets.