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6 September 2022

S&P affirms "A" ratings on Sava Re and Zavarovalnica Sava, outlook stable

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

In its most recent annual rating review, the rating agency S&P Global Ratings (Agency) affirmed the “A” (strong) insurer financial strength rating of Sava Re d.d. and Zavarovalnica Sava d.d., maintaining the stable outlook.

In the rating agency’s assessment, the key strengths of the Sava Insurance Group are its established and solidified position in the Slovenian market, solid capitalisation at the “AAA” level and prudent underwriting combined with conservative reinsurance protection and prudent investment strategy, which support operating performance.

The Agency considers that the Sava Insurance Group solidified its market position in the Slovenian insurance market with the successful consolidation of Vita. The Agency believes the Group will continue to use its solid credentials for profitable growth in domestic and international (re)insurance markets. The Agency also believes that the Group will retain adequate bottom-line performance, even as motor lines claims frequency normalises (following a slowdown during Covid-19 lockdowns) and higher inflation impacts on claims and costs.

The stable outlook reflects expectation that the Group’s management will continue to implement its strategy of solid operating performance and profitable growth while further diversifying premiums and widening income streams, and despite forecasted worse macroeconomic conditions over the next two years sustain a strong balance sheet.

The Agency’s full report is available at www.sava-re.si/en-si/investor-relations/reports-results/#credit-ratings.