Dear Shareholders,
Business Partners
and Employees,
Once again, the Sava Insurance Group’s strategy of controlled organic growth, disciplined underwriting and ambitious profitability stood us in good stead in 2024. Favourable macroeconomic conditions provided a tailwind, with continued economic growth in all markets where the Group is present, moderating inflation and positive developments in financial markets. Meanwhile, changing climatic conditions have made severe weather events a regular feature, and, like other insurers around the world, we had to adapt to this new reality.
The return on equity of
13.6% was more than 25%
higher than last year.
Last year, we achieved outstanding results. Our business volume exceeded one billion euros, and we achieved a record profit after tax of EUR 87.8 million. We grew business volume in all our major segments, with the strongest growth recorded in our home market of Slovenia, where we also increased our combined non-life and life market share by 1.1 percentage points to 31.2%. In addition to strong growth in insurance revenue, the profit benefited from a more favourable claims experience and our continued focus on improving the Group’s cost effectiveness. The return on equity of 13.6% was more than 25% higher than last year. The Group’s strong performance is also reflected in the significant increase in Sava Re’s share price, which gained 42.9% during the year, contributing greatly to shareholder value.
In 2024, we continued to pursue our strategic goals centred on our customers, the digitalisation of communications, and the development and improvement of products and processes, while successfully adapting to market changes and our customers’ needs. We established a systematic approach to monitoring customer satisfaction, based on regular feedback and the management of actions derived from the insights gained. To improve productivity and cost effectiveness, we continued to automate processes, expand our range of online products and introduce new technology solutions, including a new mobile application and a digital branch office. We optimised our claims handling using advanced machine learning and artificial intelligence technologies. Strengthening banking partnerships was one of the most important aspects of expanding our distribution channels. In the reinsurance business, we continued to pursue one of our key strategic priorities – the appropriate diversification of our reinsurance portfolio by region and market, line of business and form of reinsurance. In asset management, we held our position in key distribution channels, reflecting record net inflows into mutual funds and an increase in the value of invested assets.
We reduced our scope
1 and 2 carbon footprint
per employee by 21%
and increased our ESG
investment allocation by
8.7 percentage points
to 23.6% over the
strategy period.
We also continued to deliver on our strategic sustainability priorities. We reduced our scope 1 and 2 carbon footprint per employee by 21% and increased our ESG investment allocation by 8.7 percentage points to 23.6% over the strategy period. We continued our sustainable product development and support for the global sustainable development goals. Through socially responsible projects and sponsorships, we strengthened our positive impact on consumers and communities, working towards a culture of sustainability. We also fostered a sense of solidarity and purpose among our employees through volunteering and other sustainability initiatives. The transition to the new ESRS reporting standards with the double materiality assessment was an important milestone in our approach to sustainability in 2024. We see this as an opportunity to monitor sustainability impacts in a more transparent and comprehensive way.
Recognising our strong business performance, S&P Global Ratings revised the outlook on Sava Re to positive from stable at the end of 2024. In its announcement, the rating agency underlined the Group’s strategic focus on strong underwriting performance and its robust capitalisation as the key factors. In the agency’s view, Sava Re was well positioned to continue its track record of sound operating results, while expanding profitably in both domestic and international markets and maintaining its robust capitalisation over the next two years.
Looking back on a rewarding year, I would like to take this opportunity to express my sincere gratitude to our customers, business partners and shareholders, and especially to our employees, whose expertise, commitment and innovation have enabled the Sava Insurance Group to remain one of the leading insurance groups domiciled in the region. Without their efforts and commitment, these achievements would not have been possible.
Our goals for the year ahead remain ambitious. We will continue to expand our footprint in our key markets, drive digital transformation and develop products that respond to changing customer needs. Through responsible risk management and a focus on long-term stability, we will continue to create value for our shareholders, customers and communities. By building relationships of trust and working together, we can reach even higher.
Marko Jazbec
Chairman of the Management Board of Sava Re d.d.
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