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23 March 2023

Annual Report of the Sava Insurance Group and Sava Re d.d. for 2022

Pursuant to the rules of the Ljubljana Stock Exchange d.d. and applicable legislation, Sava Re d.d., Dunajska 56, Ljubljana, makes the following announcement:

At its meeting yesterday, the supervisory board of Sava Re d.d. approved the attached Audited Annual Report of the Sava Insurance Group and Sava Re d.d. for 2022. The audited financial statements do not differ from the unaudited financial statements already published.

With a net profit of EUR 68.2 million and a return on equity of 14.9% in 2022, the Sava Insurance Group has more than successfully completed its three-year strategy period, during which it achieved all of its targets.

The Group maintained its momentum in revenue growth in 2022, increasing gross written premiums by 6.1% to EUR 774.1 million. Growth was achieved both in Slovenia and in the Group’s international markets, with the latter showing remarkable double-digit growth. The normalisation of claims frequency has led to an expected increase in the combined ratio, which at 90.7% is still favourable and much better than planned. Greater cost efficiency, with expenses growing more slowly than premiums, was a major contributor to this.

In 2022, the Group also successfully implemented its strategy of digital transformation and putting the customer at the centre of its business processes, with a particular focus on implementing its sustainability strategy. Customer centricity and sustainability remain key focus areas for the new five-year strategy period.

A presentation of the audited business results with highlights from the previous year is attached.

The audited annual report of the Sava Insurance Group and Sava Re d.d. for 2022 in the official ESEF format, prepared in accordance with Commission Delegated Regulation (EU) 2019/815 and Article 134(1) of the Slovenian Financial Instruments Market Act (ZTFI-1), will be published in a separate release.

Attachments:

Audited annual report 2022

Presentation of audited results 2022