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Audited Annual Report
of the Sava Insurance Group
and Sava Re d.d.
for 2024
Ljubljana, 14 March 2025

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Declaration of the management board
To the best of our knowledge and in accordance with the International Financial Reporting Standards
and other laws applicable in Slovenia, the Solvency II Directive and Directive (EU) 2022/2464 on
sustainability reporting, the consolidated and separate financial statements give a true and fair view
of the financial position and profit or loss of the Sava Insurance Group and Sava Re d.d. The business
report gives a true and fair view of the development and performance of the Group and the Company,
and of their financial position, including a description of the principal risks to which the consolidated
companies are exposed.
Marko Jazbec, Chairman of the Management Board
Polona Pirš, Member of the Management Board
Peter Skvarča, Member of the Management Board
David Benedek, Member of the Management Board
Ljubljana, 14 March 2025

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Key figures
EUR million
2024
2023
Change
Index
Business volume
1,035.1
910.1
125.0
113.7
Insurance revenue
801.2
697.6
103.7
114.9
Insurance service result
108.6
83.5
25.1
130.1
Finance result
22.8
15.8
7.0
144.5
Other net expenses
-21.7
-19.7
-2.0
110.0
Net profit
87.8
64.7
23.2
135.9
31 December 2024
31 December 2023
Change
Index
Equity
648.6
585.7
62.9
110.7
Contractual service margin
175.6
155.3
20.3
113.1
Investment portfolio
1,666.9
1,503.3
163.6
110.9
Total assets
2,885.4
2,568.5
316.9
112.3
Assets under management
2,889.4
2,325.0
564.4
124.3
2024
2023
Change
Index
Combined ratio
91.3%
93.1%
-1.8 pp
-
Return on equity (ROE)
13.6%
10.8%
+2.8 pp
-
Return on investment portfolio
2.5%
2.1%
+0.4 pp
-
Solvency ratio
207%213%
191%
-
-
For definitions and calculations, please refer to the appended glossary.

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Contents

A. Business report .......................................................................................................... 6
1 Letter from the Chairman of the Management Board ................................................. 7
2 Profile of Sava Re and the Sava Insurance Group ........................................................ 9
2.1 Sava Re company profile .......................................................................................................... 9
2.2 Significant events in 2024 ...................................................................................................... 10
2.3 Significant events after the reporting date ............................................................................ 10
2.4 Sava Re rating profile ............................................................................................................. 11
2.5 Profile of the Sava Insurance Group ...................................................................................... 11
2.6 Composition of the Sava Insurance Group ............................................................................ 13
2.7 Information on Group companies.......................................................................................... 14
2.8 Changes in Group composition .............................................................................................. 19
3 Shareholders and share trading ................................................................................ 19
4 Report of the supervisory board ............................................................................... 24
5 Corporate governance statement ............................................................................. 41
5.1 Corporate governance policy ................................................................................................. 41
5.2 Compliance with the Slovenian Corporate Governance Code for Listed Companies ............ 41
5.3 Bodies of Sava Re ................................................................................................................... 42
5.4 Fit and proper assessment of the members of the management and supervisory boards and
of key function holders and other relevant personnel .......................................................... 56
5.5 Internal control and risk management systems relating to financial reporting .................... 57
5.6 External audit ......................................................................................................................... 59
5.7 Disclosures in accordance with Article 70(6) of the Companies Act ..................................... 59
5.8 Governance of Sava Insurance Group members ................................................................... 61
6 Mission, vision, strategic priorities and goals ............................................................ 62
6.1 Unique corporate culture ...................................................................................................... 62
6.2 Strategic priorities of the Sava Insurance Group ................................................................... 63
6.3 Business plan of the Sava Insurance Group for 2025 ............................................................ 64
6.4 Goals achieved in 2024 .......................................................................................................... 65
7 Business environment .............................................................................................. 69
8 Review of operations of the Sava Insurance Group and Sava Re ................................ 75
8.1 Sava Insurance Group ............................................................................................................ 75
8.2 Sava Re ................................................................................................................................... 99
9 Human resource management ................................................................................ 105
10 Risk management .................................................................................................... 105
10.1 Risk management system .................................................................................................... 105
10.2 Material risks of the Sava Insurance Group ......................................................................... 110
11 Information technology ........................................................................................... 115
12 Appendix to the business report .............................................................................. 116
Appendix A Glossary of selected terms and calculation methodologies for indicators .. 116

B. Sustainability report ................................................................................................ 117
1 Auditor’s report ...................................................................................................... 119
2 General information ................................................................................................ 125
ESRS 2 General disclosures .......................................................................................................... 125
3 Environmental information ..................................................................................... 145
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) ............ 145
ESRS E1 Climate change ............................................................................................................... 154
4 Social information ................................................................................................... 164
















































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ESRS S1 Own workforce ............................................................................................................... 164
ESRS S3 Affected communities .................................................................................................... 179
ESRS S4 Consumers and end-users .............................................................................................. 186
5 Governance information ......................................................................................... 198
ESRS G1 Business conduct ........................................................................................................... 198
Sector-specific topics ...................................................................................................................... 204
6 Sustainability performance indicators of the Sava Insurance Group and Sava Re ...... 218
7 Appendices to the sustainability report ................................................................... 219
Appendix A ESRS index ................................................................................................................ 219
Appendix B GRI index .................................................................................................................. 222

C. Financial statements with notes .............................................................................. 229
1 Auditor’s report ...................................................................................................... 231
2 Financial statements ............................................................................................... 239
2.1 Statement of financial position .......................................................................................... 239
2.2 Income statement ............................................................................................................... 240
2.3 Statement of other comprehensive income ...................................................................... 241
2.4 Cash flow statement ........................................................................................................... 242
2.5 Statement of changes in equity for 2024 ........................................................................... 243
2.6 Statement of changes in equity for 2023 ........................................................................... 244
3 Notes to the financial statements ............................................................................ 245
3.1 Basic details ......................................................................................................................... 245
3.2 Business combinations and overview of Group companies .............................................. 246
3.3 Consolidation principles ...................................................................................................... 249
3.4 Significant accounting policies ............................................................................................ 250
3.5 Standards and interpretations issued but not yet effective, and new standards and
interpretations .................................................................................................................... 293
3.6 Risk management ................................................................................................................ 295
3.7 Notes to the financial statements ...................................................................................... 355
3.8 Contingent assets and liabilities ......................................................................................... 442
3.9 Related party disclosures .................................................................................................... 442
4 Significant events after the reporting date ............................................................... 447
5 Appendices to the financial statements with notes (unaudited) ............................... 448
Appendix A Glossary of selected terms and calculation methodologies for indicators .. 448
Appendix B Fund assets not included in the consolidated financial statements of the Sava
Insurance Group ...................................................................................................... 449
Appendix C Discount rates ........................................................................................... 450







































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A. Business report

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1 Letter from the Chairman of the Management Board
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.
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 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

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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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2 Profile of Sava Re and the Sava Insurance Group
Sava Re d.d. is a reinsurance company headquartered in Ljubljana, Slovenia, and is the operating
holding company of the Sava Insurance Group. Sava Re is one of the largest reinsurance companies
based in southeastern Europe, serving more than 500 partners in over 120 reinsurance markets
worldwide. The Group is one of the leading insurance groups based in the region, with a presence in
six countries of the Adriatic region.
2.1 Sava Re company profile
Company name
Sava Re d.d.
Business address
Dunajska 56,
1000 Ljubljana,
Slovenia
Telephone (switchboard)
+386 1 47 50 200
Facsimile
+386 1 47 50 264
Email
info@sava-re.si
Website
www.sava-re.si
ID number
5063825
Tax identification number
SI17986141
LEI code
549300P6F1BDSFSW5T72
Share capital
EUR 71,856,376
Shares
17,219,662 no-par-value shares
Management and supervisory bodies
MANAGEMENT BOARD
Marko Jazbec (chairman)
Polona Pirš
Peter Skvarča
David Benedek
SUPERVISORY BOARD
Davor Ivan Gjivoje Jr (chairman)
Keith William Morris (deputy chairman)
Klemen Babnik
Matej Gomboši
Edita Rituper (employee representative)
Blaž Garbajs (employee representative)
Date of entry into court register
10 December 1990, Ljubljana District Court
Certified auditor
Deloitte Revizija d.o.o.,
Dunajska cesta 165,
1000 Ljubljana,
Slovenia
Largest shareholder and holding
Slovenian Sovereign Holding (Slovenski Državni Holding
d.d.) and the Republic of Slovenia together 31.6%
(number of no-par-value shares: 5,436,319)
Credit ratings:
S&P Global Ratings
AM Best
A- /positive/; December 2024
A /stable/; October 2024
Investor relations contact
ir@sava-re.si
The Company has no branches.

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10
2.2 Significant events in 2024
On 22 February 2024, Sava Re signed a contract to acquire a 2.5% stake in TBS Team 24. Upon
completion of the transaction on 27 February 2024, Sava Re held a 90% stake in the company.
In accordance with the Company’s 2024 financial calendar, the 40th general meeting of
shareholders was held on 27 May 2024
1
.
In July 2024, the rating agency S&P Global Ratings affirmed the “A” ratings of Sava Re and
Zavarovalnica Sava. The outlook was stable.
In October 2024, following its regular annual rating review, the rating agency AM Best
published its ratings for Sava Re and affirmed its “A” ratings (with a stable outlook).
On 4 October 2024, Sava Re issued a tier 3 subordinated bond with a maturity of five years.
The aggregate principal amount of the subordinated bond issue was EUR 50 million. The
principal amount of the bond is payable in full in a single amount on 4 October 2029 and bears
a fixed rate of interest of 5.20% per annum, payable annually. Demand for the bond
(amounting to over EUR 75 million) exceeded supply. More than 20 qualified investors
participated in the bond subscription. The bonds were admitted to trading on the Luxembourg
Stock Exchange. The issue was structured and managed by Erste Group Bank AG.
In October 2024, Sava Re’s supervisory board reappointed Peter Skvarča, whose five-year term
of office is due to expire on 19 June 2025, as a member of the management board for a further
term. His new five-year term starts on 20 June 2025.
On 22 October 2024, Katarina Sitar Šuštar tendered her immediate resignation as an external
member of the audit committee due to her appointment to the same role at a competing
insurance company.
In December 2024, the rating agency S&P Global Ratings revised the outlook for Sava Re and
Zavarovalnica Sava to positive from stable and affirmed their “A” ratings.
2.3 Significant events after the reporting date
In early 2025, the subsidiary Vita S Holding established the private healthcare provider PZU
Vita S Skopje.
In January 2025, a petition was filed to initiate the dissolution of Asistim under the summary
procedure without liquidation.
Davor I. Gjivoje Jr began his third four-year term as a member of the supervisory board on 9
March 2025. The supervisory board of Sava Re elected him chairman of the supervisory board
for the new term.




1
For more information, see sections 3 “Shareholders and share trading” and subsection 5.3.1 “General meeting of shareholders”.

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11
2.4 Sava Re rating profile
Rating outlook upgraded
by S&P Global Ratings
Sava Re is rated by two rating agencies, S&P Global Ratings and AM Best, which issued the following
ratings in 2024:
Financial strength ratings of Sava Re
Agency
Rating
2
Outlook
Latest review
S&P Global Ratings
A
positive
December 2024: outlook revised to positive
AM Best
A
stable
October 2024: existing rating affirmed
S&P Global Ratings revised the outlook on Sava Re to positive from stable. In its announcement, the
Agency underlined the strategic focus on strong underwriting performance as the key factor. Prudence
and underwriting discipline had enabled the Group to achieve favourable combined ratios in the non-
life insurance business over the past ten years and in the international reinsurance markets in recent
years. The Group had also achieved consistent underwriting performance in its life insurance business.
All of these factors had enabled the Group to deliver steady growth in operating results and a strong
10-year average return on equity of 13%, which the Agency considered compared favourably with its
peers in the core markets in which the Group operates.
The Agency also based its decision to improve the outlook on the Group’s robust capital position, both
under the Agency’s capital model and under the Solvency II regime.
The Agency concluded that the positive outlook reflected its view that 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. The outlook
for continued strong performance was further supported by improved prospects for economic growth
in Slovenia and the Adria region, where the Group operates.
2.5 Profile of the Sava Insurance Group
3
We are one of the leading insurance groups based in the Adriatic region, with a presence in six
countries in the region. Pozavarovalnica Sava d.d. (Sava Re) is the parent company of the Sava
Insurance Group and a reinsurance company headquartered in Ljubljana, Slovenia. The Group operates
in the areas of insurance, asset management and complementary activities. We continuously improve
the quality of our services and the comprehensiveness of the range of services we offer:
Reinsurance: Sava Re is one of the largest reinsurance companies based in southeastern
Europe, serving more than 500 partners in over 120 reinsurance markets worldwide and
building a globally diversified reinsurance portfolio.
Insurance, Slovenia: in Slovenia, the insurance business is conducted through our subsidiaries
Zavarovalnica Sava and Zavarovalnica Vita. Zavarovalnica Sava offers a wide range of non-life
and life insurance policies. It markets its products through its own distribution network and
external channels, always focusing on the needs of its customers. Zavarovalnica Vita is a life
2
The credit rating agency S&P Global Ratings uses the following scale for assessing financial strength: AAA (extremely strong), AA (very
strong), A (strong), BBB (adequate), BB (less vulnerable), B (more vulnerable), CCC (currently vulnerable), CC (highly vulnerable), R (under
regulatory supervision), SD (selectively defaulted), D (defaulted), NR (not rated). Plus (+) or minus (-) following the credit rating from AA to
CCC indicates the relative ranking within the major credit categories.
AM Best uses the following categories to assess financial strength: A++, A+ (superior), A, A- (excellent), B++, B+ (good), B, B- (fair), C++, C+
(marginal), C, C- (weak), D (poor), E (under regulatory supervision), F (in liquidation), S (suspended).
3
ESRS 2 SBM-1 paragraphs 40 (a) i, 40 (a) ii and 42.

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12
insurance company based in Slovenia. It operates on a bancassurance model and exclusively
through the branches of NLB d.d. Unit-linked life insurance dominates in terms of premiums.
Insurance, international: through our subsidiaries and branches, we operate in the markets of
Croatia, Serbia, Montenegro, North Macedonia and Kosovo. Of the non-life classes, motor
insurance is the largest in terms of premium income, while all other non-life classes, including
health insurance, are growing. We offer life insurance in the markets of Croatia, Serbia and
Kosovo.
Pensions: we offer pension insurance in Slovenia and North Macedonia. In the Slovenian
market, Sava Pokojninska offers a comprehensive range of supplementary pension insurance,
as it manages pension fund assets and distributes supplementary pension annuity payments.
The Group’s pension company in North Macedonia manages both mandatory and voluntary
pension funds.
Asset management: through Sava Infond we serve nearly 89,000 investors and manage assets
in excess of EUR 850 million in the Infond Umbrella Fund, which is made up of 19 sub-funds
offering diverse investment schemes. In terms of number of funds and assets under
management, Sava Infond is one of the leading asset managers in Slovenia, with a market
share of approximately 13.6%. In addition to managing open-ended mutual funds, the
company also provides portfolio management services to institutional investors. These
services cover the management of more than EUR 1,200 million in assets.
Assistance services: the TBS Team 24 assistance services supplement our core business in all
the markets where we are present. As the leading assistance provider in southeastern Europe,
we offer our policyholders roadside, home and travel medical assistance, as well as other
assistance services.
Other services: of particular note are the hospital and healthcare activities in Slovenia carried
out by the associate company DCB. In the North Macedonian company Vita S Holding, we
continued our activities related to the entry into the healthcare market, and in the Serbian
company ASP, we continued the development of comprehensive IT solutions, mainly for the
needs of the Group.

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13
2.6 Composition of the Sava Insurance Group
4
Composition of the Sava Insurance Group as at 31 December 2024
5
4
ESRS 2 SBM-1 paragraph 40 (a) ii.
5
The figure shows the ownership interests of Sava Re and other parent companies. The shareholdings provided for Sava Infond and DCB
differ from the voting rights held by these companies. Section 2.7 “General information on Group companies as at 31 December 2024“
provides disclosures about all Group companies, including equity stakes and voting rights.

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14
2.7 Information on Group companies
As at 31 December 2024, the Sava Insurance Group consisted of the following members:
Sava Re
Zavarovalnica Sava (SVN)
Sava Neživotno Osiguranje (SRB)
Illyria (RKS)
Official long name
Pozavarovalnica Sava d.d. / Sava
Reinsurance Company d.d.
ZAVAROVALNICA SAVA, zavarovalna
družba, d.d.
SAVA NEŽIVOTNO OSIGURANJE
AKCIONARSKO DRUŠTVO ZA
OSIGURANJE BEOGRAD
KOMPANIA E SIGURIMEVE " ILLYRIA "
SH.A.
Registered office
Dunajska Cesta 56, 1001 Ljubljana,
Slovenia
Ulica Eve Lovše 7, 2000 Maribor,
Slovenia
Bulevar Vojvode Mišića 51, 11040
Belgrade, Serbia
Sheshi Nëna Terezë 33, 10000
Pristina, Kosovo
ID number
5063825000
5063400000
17407813
810483769
Main activity
reinsurance
insurance
non-life insurance
non-life insurance
Share capital (EUR)
71,856,376
68,417,377
6,314,464
7,228,040
Book value of combined equity
interest of all Group members (EUR)
68,417,377
6,314,464
7,228,040
% equity share / voting rights held by
Group members
Sava Re: 100.0%
Sava Re: 100.0%
Sava Re: 100.0%
Governing bodies
management board
Marko Jazbec (chair), Polona Pirš,
Peter Skvarča, David Benedek
supervisory board
Davor Ivan Gjivoje Jr (chair), Keith
William Morris, Klemen Babnik,
Matej Gomboši, Edita Rituper, Blaž
Garbajs
management board
Jošt Dolničar (chair), Uroš Lorenčič,
Primož Močivnik, Lea Hafner
Platovnjak (from 8/11/2024), Robert
Ciglarič (until 5/11/2024)
supervisory board
Marko Jazbec (chair), Pavel Gojkovič,
Polona Pirš, Peter Skvarča, Al
Perko, Branko Beranič
management board
Bojan Mijailović (chair), Aleksandar
Ašanin, Nenad Nenadić (from
1/10/2024)
supervisory board
Peter Skvarča (chair), Nebojša
Šćekić, Josif Jusković
managing director
Shpend Balija
deputy managing director: Fazile
Gashi
board of directors
Marko Jazbec (chair until 31/8/2024),
Rok Moljk (chair from 31/8/2024),
Andreja Rahne (until 31/8/2024),
Milan Viršek, Ilirijana Dželadini, Maja
Jerič (from 31/8/2024), Albert Lumezi
(from 29/11/2024)

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15
Sava Osiguruvanje (MKD)
Sava Osiguranje (MNE)
Illyria Life (RKS)
Sava Životno Osiguranje (SRB)
Official long name
SAVA Osiguruvanje a.d. Skopje
AKCIONARSKO DRUŠTVO SAVA
OSIGURANJE PODGORICA
Kompania për Sigurimin e Jetës "
Illyria Life " SH.A.
"SAVA ŽIVOTNO OSIGURANJE"
akcionarsko društvo za osiguranje,
Beograd
Registered office
Železnička 41, Opština Centar, PF
133, 1000 Skopje, North Macedonia
Ulica Svetlane Kane Radević br. 1,
81000 Podgorica, Montenegro
Sheshi Nëna Terezë 33, 10000
Pristina, Kosovo
Bulevar Vojvode Mišića 51, 11040
Belgrade, Serbia
ID number
4778529
02303388
810793837
20482443
Main activity
non-life insurance
non-life insurance
life insurance
life insurance
Share capital (EUR)
3,820,077
4,033,303
3,285,893
4,326,664
Book value of combined equity
interest of all Group members (EUR)
3,585,524
4,033,303
3,285,893
4,326,664
% equity share / voting rights held by
Group members
Sava Re: 93.86%
Sava Re: 100.0%
Sava Re: 100.0%
Sava Re: 100.0%
Governing bodies
board of directors
managing director: Melita
Gugulovska, executive director:
Kristian Leskov
non-executive directors of the
company: Rok Moljk (chair), Peter
Skvarča (until 6/7/2024), Milan
Viršek, Sašo Tonevski (until
5/11/2024), Nenad Jovanović (until
6/7/2024), Borut Mavsar (from
5/11/2024)
board of directors
executive director: Nebojša
Šćekić
non-executive directors of the
company: Marko Jazbec (chair),
Milan Viršek, Zvonko Peković
managing director
Albin Podvorica
deputy managing director:
Mehmeti Fisnik
board of directors
Marko Jazbec (chair until
30/8/2024), Rok Moljk (chair from
30/8/2024), Andreja Rahne (until
30/8/2024), Milan Viršek, Ilirijana
Dželadini, Maja Jerič (from
30/8/2024), Albert Lumezi (from
29/11/2024)
management board
Miloš Brusin (chair), Ana Bojanić
supervisory board
Polona Pirš (chair), Pavel Gojkovič,
Uroš Ćamilović

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16
Sava Car (MNE)
ZS Svetovanje (SVN)
Sava Agent (MNE)
Sava Station (MKD)
Official long name
Društvo sa ograničenom
odgovornošću – SAVA CAR
Podgorica
ZS Svetovanje, storitve
zavarovalnega zastopanja, d.o.o.
DRUŠTVO ZA ZASTUPANJE U
OSIGURANJU "SAVA AGENT" D.O.O.
- Podgorica
Društvo za tehničko ispituvanje i
analiza na motorni vozila SAVA
STEJŠN DOOEL Skopje
Registered office
Ulica Svetlane Kane Radević br. 1,
81000 Podgorica, Montenegro
Ulica Eve Lovše 7, 2000 Maribor,
Slovenia
Ulica Svetlane Kane Radević br. 1,
81000 Podgorica, Montenegro
Železnička 41, Opština Centar, 1000
Skopje, North Macedonia
ID number
02806380
2154170000
02699893
7005350
Main activity
technical testing and analysis
insurance agency
insurance agency
technical testing and analysis
Share capital (EUR)
485,000
327,263
10,000
199,821
Book value of combined equity
interest of all Group members (EUR)
485,000
327,263
10,000
199,821
% equity share / voting rights held by
Group members
Sava Osiguranje (MNE): 100.0%
Zavarovalnica Sava: 100.0%
Sava Osiguranje (MNE): 100.0%
Sava Osiguruvanje (MKD): 100.0%
Governing bodies
executive director
Siniša Mićunović
managing director
Darja Žnidarič
executive director
Snežana Milović, Irena Gojković
(from 11/7/2024)
managing director
Aleksandar Mihajloski

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17


Sava Pokojninska (SVN)
TBS Team 24 (SVN)
en is o ru t o ( K )
Zavarovalnica Vita (SVN)
Official long name
Sava pokojninska družba, d.d.
TBS TEAM 24 podjetje za storitvene
dejavnosti in trgovino d.o.o.
Društvo za upravuvanje so
zadolžitelni i dobovolin penzisko
fondovi SAVA PENZISKO DRUŠTVO
A.D Skopje
Vita, življenjska zavarovalnica, d.d.
Registered office
Ulica Eve Lovše 7, 2000 Maribor,
Slovenia
Ulica Eve Lovše 7, 2000 Maribor,
Slovenia
Dimche Mirchev br. 20, 1000 Skopje,
North Macedonia
Trg Republike 3, 1000 Ljubljana,
Slovenia
ID number
1550411000
5946948000
5989434
1834665000
Main activity
pension fund
provision of assistance services
fund management activities
life insurance
Share capital (EUR)
6,301,109
8,902
2,110,791
7,043,900
Book value of combined equity
interest of all Group members (EUR)
6,301,109
8,012
2,110,791
7,043,900
% equity share / voting rights held by
Group members
Sava Re: 100.0%
Sava Re: 90.0%
Sava Re: 100.0%
Sava Re: 100.0%
Governing bodies
management board
Andrej Plos (chair), Igor Pšunder
supervisory board
David Benedek (chair), Pavel Gojkovič
(deputy chair), Rok Moljk, Hermina
Kastelec (until 31/5/2024), Tadej
Mendiževec (from 1/6/2024), Irena
Šela, Tomaž Šalamon, Uroš Krajnc
(until 1/6/2024), Marko Rems (from
1/6/2024)
managing director
Edvard Hojnik
holder of procuration
Aleksandra Tkalčič
management board
Snežana Stanković (chair), Petar
Taleski, Tatjana Bojkovska
supervisory board
David Benedek (chair), Pavel
Gojkovič, Rok Moljk, Peter Skvarča
(until 30/1/2024), Erol Hasan
management board
Barbara Smolnikar (chair), Irena
Prelog, Tine Pust
supervisory board
David Benedek (chair), Pavel Gojkovič,
Andreja Rahne, Jure Košir



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18
DCB (SVN)
Vita S Holding (MKD)
Sava Infond (SVN)
ASP (SRB)
Official long name
Diagnostični center Bled d.o.o.
VITA S HOLDING DOO Skopje
SAVA INFOND, družba za
upravljanje, d.o.o.
APPLICATION SOFTWARE PARTNER
DOO BEOGRAD
Registered office
Pod Skalo 4, 4260 Bled, Slovenia
Ul. 50-ta Divizija br. 24A, Opština
Centar, 1000 Skopje, North
Macedonia
Ulica Eve Lovše 7, 2000 Maribor,
Slovenia
Bulevar Kralja Aleksandra 17,
11000 Belgrade, Serbia
ID number
5690366000
7690088
5822416000
17077295
Main activity
hospital activities
non-specialised wholesale trade
fund management activities
computer programming
Share capital (EUR)
379,123
1,320,873
1,460,524
1,129
Book value of combined equity
interest of all Group members (EUR)
189,562
1,056,699
1,460,524
1,129
% equity share / voting rights held by
Group members
Sava Re: 40.1%/50.0%
Sava Re: 80%
Sava Re: 84.00%/84.85%
Sava Re: 100%
Zavarovalnica Sava: 15.00%/15.15%
Governing bodies
managing director
Zvonko Novina, Robert Cugelj
supervisory board
David Benedek (chair from 1/4/2024),
Blaž Jakič (deputy chair from 1/4/2024),
Jaka Kirn, Milan Marinič, Matej Narat,
Stanka Pintar (from 16/2/2024)
managing director
Sonja Lovaceva, Suzana Jovanova
supervisory board
David Benedek (chair), Zvonko
Novina, Snežana Stanković, Simon
Trpeski, Nebojša Mojsoski
management board
Jožica Palčič (chair), Samo Stonič,
Jure Dubravica
supervisory board
David Benedek (chair), Polona Pirš,
Jure Košir, Uroš Lorenčič
managing director
Ivana Ivetić
Sava Car (SRB)
Official long name
PRIVREDNO DRUŠTVO ZA TEHNIČKI PREGLED I REGISTRACIJU SAVA CAR DOO BEOGRAD
Registered office
Braće Jerkovića 108A, 11041 Belgrade, Serbia
ID number
21822302
Main activity
technical testing and analysis
Share capital (EUR)
100,000
Book value of combined equity interest of all Group members (EUR)
100,000
% equity share / voting rights held by Group members
Sava neživotno osiguranje (SRB): 100%
Governing bodies
managing director
Nemanja Parapid
The management of all Sava Insurance Group companies is local.

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19
2.8 Changes in Group composition
Sava Re acquired an additional 2.5% stake in TBS Team 24 in 2024. Upon completion of the transaction
on 27 February 2024, Sava Re held a 90% stake in the company.
3 Shareholders and share trading
Sava Re shares gained 42.9% in 2024, while the STOXX Europe 600 Insurance index rose by 17.8%
and the SBITOP, which tracks the most liquid and capitalised stocks on the Ljubljana Stock Exchange,
grew by 33.0%, demonstrating that investors have recognised the stable business growth and the
ambitious plans of the Sava Insurance Group.
The gross dividend of EUR 1.75 per share paid in 2024 was higher than in previous years and
represents a dividend yield of 5.1% (before tax). The total shareholder return on the share (including
the dividend) in 2024 was 49.1%. The management and supervisory boards intend to propose to the
annual general meeting on 26 May 2025 the payment of a dividend of EUR 2.25 gross per share.
An excellent year for Sava Re shares
Sava Re’s share price rose by 42.9% in 2024, from EUR 28.0 to EUR 40.0, one of the strongest share
price increases in recent years, outperforming both the Slovenian SBITOP stock index and the STOXX
Europe 600 Insurance sector index. During this period, Sava Re’s share price peaked at EUR 40.4.
In 2024, the trading volume of Sava Re shares also increased significantly, with turnover rising from
EUR 15.8 million in 2023 to EUR 27.5 million in 2024. The average daily turnover in 2024 was
EUR 112,174, or 3,214 shares, compared to EUR 66,114, or 2,717 shares, in 2023.
For more information on the Sava Re share, please visit the Company’s website (www.sava-re.si/en-
si/investor-relations/our-share/).
Sava Re share price movement against two selected indices in % (31 December 2023 = 100)

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20
Basic details about the Sava Re share
31 December
2024
31
December
2023
31 December
2022
Ticker symbol
POSR
Type of share
ordinary
Listing
Ljubljana Stock Exchange, prime market
Number of shares issued
17,219,662
17,219,662
17,219,662
Number of treasury shares
1,721,966
1,721,966
1,721,966
Number of shareholders
4,422
4,376
4,316
Consolidated book value per share (EUR)
41.85
37.79
26.58
Market capitalisation at end of period (EUR)
619,907,840
433,935,488
347,148,390
2024
2023
2022
Consolidated net earnings per share (EUR)
5.66
4.16
4.39
Share price at end of period (EUR)
40.00
28.00
22.40
Average share price during reporting period (EUR)
34.59
24.56
25.26
Period low (EUR)
26.80
22.10
20.10
Period high (EUR)
40.40
28.00
30.40
Turnover during the period (EUR)
27,482,673
15,801,226
17,892,849
Share turnover during the period (number of shares)
787,399
649,304
704,005
Average daily trading volume (EUR)
112,174
66,114
71,859
Average daily share turnover (number of shares)
3,214
2,717
2,827
All shares of Sava Re are registered no-par value ordinary shares, all issued in book-entry form and of
the same class. They confer the following rights on their holders:
the right to participate in the Company’s management, with each share carrying one vote at
the general meeting;
the right to a proportionate share of the Company’s profits (dividends);
the right to a proportionate share of the remaining assets in the event of liquidation or
bankruptcy of the Company.
In accordance with Sava Re’s articles of association and applicable legislation, Sava Re’s current
shareholders also have pre-emptive rights entitling them to subscribe for shares in proportion to their
existing shareholdings in any future stock offering; their pre-emptive rights may be excluded only on
the basis of a resolution to increase the share capital adopted by the general meeting by a majority of
at least three quarters of the share capital represented.
Share transfer restrictions
All shares of Sava Re are freely transferable.
Holders of securities with special control rights
Sava Re has issued no securities carrying special control rights.
Treasury shares
From 11 April 2016 to 31 December 2024, Sava Re did not buy back or sell any of its own shares. The
total number of treasury shares as at 31 December 2024 was 1,721,966, representing 10% less one
share of all issued shares. The Company’s management board does not have a new authorisation of
the general meeting to acquire own shares.
Contingent capital
The Company had no contingent capital as at 31 December 2024.

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21
Shareholders
Ten largest shareholders and qualifying shareholders under the Slovenian Takeover Act as at 31
December 2024
6
Shareholder
Number of
shares
% of share
capital
% voting rights
1
InterCapital Securities Ltd. fiduciary account
3,297,648
19.2%
21.3%
2
Slovenian Sovereign Holding
3,043,883
17.7%
19.6%
3
Republic of Slovenia
2,392,436
13.9%
15.4%
4
European Bank for Reconstruction and
Development (EBRD)
1,071,429
6.2%
6.9%
5
Modra Zavarovalnica d.d.
714,285
4.1%
4.6%
6
OTP Banka d.d. fiduciary account
587,771
3.4%
3.8%
7
Hrvatska Poštanska Banka fiduciary account
390,455
2.3%
2.5%
8
Guaranteed civil servants’ sub-fund
320,346
1.9%
2.1%
9
Kapitalska Družba d.d. SODPZ
238,109
1.4%
1.5%
10
Modri Zajamčeni Podsklad (guaranteed sub-fund)
168,150
1.0%
1.1%
Total
12,224,512
71.1%
78.8%
Sava Re d.d., treasury shares*
1,721,966
10.0%
-
* Treasury shares do not carry voting rights.
Pursuant to Article 235a of the Slovenian Companies Act (ZGD-1), in April 2023 Sava Re started the process of identifying shareholders who
are registered with intermediaries as holders of shares and who are not themselves intermediaries (ultimate shareholders). According to the
information received, Adris Grupa d.d. held 3,278,049 POSR shares on 6 May 2024.
In 2024, the combined share of equity and the combined share of voting rights of the 10 largest
shareholders increased from 70.0% to 71.1% and from 77.8% to 78.8%, respectively.
As at 31 December 2024, four shareholders had reached or exceeded the threshold of 5% of the voting
rights in Sava Re (a qualifying holding pursuant to Article 77 of the Slovenian Takeover Act, ZPre-1).
Sava Re shareholder structure as at 31 December 2024
Type of investor
Domestic
investors
Changes vs
2023
International
investors
Changes vs
2023
Insurance and pension companies
17.9%
0.0%
0.0%
0.0%
Other financial institutions*
17.9%
-0.1%
19.6%
0.0%
Republic of Slovenia
13.9%
0.0%
0.0%
0.0%
Natural persons
11.3%
-0.2%
0.2%
0.0%
Investment funds and mutual funds
1.7%
-0.7%
0.0%
0.0%
Other commercial companies
2.5%
-0.1%
0.8%
-0.2%
Banks
0.0%
0.0%
14.2%
+1.2%
Total
65.2%
-1.1%
34.8%
+1.0%
* The other financial institutions item includes Slovenian Sovereign Holding with a stake of 17.7%.
The composition of shareholders remained broadly unchanged in 2024. Among domestic investors,
the categories of investment companies and mutual funds recorded the largest decrease in ownership,
by 0.7 percentage points, while among foreign investors, banks saw the largest increase, by 1.2
percentage points. International ownership increased by 1.0 percentage points to 34.8%.
Fiduciary accounts with banks, attorneys and other financial institutions together account for 26.7%
of all POSR shares.
6
Source: Central securities register KDD d.d.

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Shares held by the members of the management and supervisory boards
In 2024, David Benedek, a member of the Sava Re management board, purchased 150 Sava Re shares,
increasing his holding to 1,350 shares. There were no other changes in the number of shares held by
the members of the management board in 2024. At the end of 2024, the members of the management
and supervisory boards together held 18,868 shares, representing 0.11% of the share capital.
POSR shares held by members of the supervisory and management boards as at 31 December 2024
Number of shares
% of share capital
Marko Jazbec
12,000
0.070%
Polona Pirš
4,318
0.025%
Peter Skvarča
1,200
0.007%
David Benedek
1,350
0.008%
Total management board
18,868
0.110%
Total supervisory board
0
0.000%
Total management and supervisory
boards
18,868
0.110%
Dividends
At the 40th general meeting of shareholders held on 27 May 2024, the shareholders approved the
proposal of the management and supervisory boards to use EUR 27,120,968 of the distributable profits
to pay a dividend of EUR 1.75 per share. The dividend was paid on 12 June 2024 to the shareholders
of record on 11 June 2024.
Details of dividends paid each year in respect of the previous financial year
7
EUR, except
percentages
2019
2020
2021
2022
2023
2024
Amount of dividend
payment
14,722,811
0
13,173,042
23,246,544
24,796,314
27,120,968
Dividend per share
0.95
0.00
0.85
1.50
1.60
1.75
Dividend yield
5.6%
-
3.4%
5.9%
6.5%
5.1%
Sava Re has set an annual dividend payout target for the 20232027 period to distribute between 35%
and 45% of the net profit of the Sava Insurance Group.
Responsibility to investors
Our shareholders, investors and analysts are important stakeholders of Sava Re, with whom we
regularly maintain a transparent, professional and comprehensive relationship. We want to maintain
an open communication space with these stakeholders. We want to increase awareness of the true
value of the Sava Re and Sava Insurance Group brands and, consequently, of all that investing in Sava
Re shares and bonds means. In 2024, we continued our efforts to improve the liquidity of the Sava Re
share.
Transparent communication, in line with established principles and rules
As a prime market company of the Ljubljana Stock Exchange, we respect the principle of equal
treatment and equal access to information for all market participants. Our communications follow
recommendations for information symmetry, and our public announcements provide simultaneous
and transparent information in line with the financial calendar. In this way, we build the confidence of
our shareholders and other potential investors in the Company and its shares. Key information is
published according to the financial calendar on the Company’s website and via the SEOnet regulatory
7
Dividend paid in current year out of the previous year’s distributable profits. The dividend yield was calculated as the ratio of the dividend
per share to the average share price over the last 12-month period.

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information service system of the Ljubljana Stock Exchange. A total of 21 regulatory announcements
were published simultaneously in Slovenian and English in 2024.
Sava Re communicates in compliance with the Slovenian Financial Instruments Market Act (ZTFI-1),
the Slovenian Companies Act (ZGD-1), the aforementioned recommendations of the Ljubljana Stock
Exchange for listed companies, the Corporate Governance Code for Listed Companies, the rules of
procedure of the supervisory board and the Company’s internal communication rules.
Reaching out to shareholders, investors and analysts in a variety of ways
Our responsibility to the investment community is reflected in our active engagement and two-way
communication. We communicate regularly with investors through face-to-face meetings, video
conferencing, telephone and email. In 2024, we also spoke to shareholders, investors and analysts at
investor and analyst conferences, participated in the quarterly events of the Ljubljana Stock Exchange
and the conference of the Securities Market Agency, and held a press conference to announce our
annual results. Ahead of the AGM, we sent a letter to all shareholders outlining the highlights of the
year and encouraging them to attend the 40th annual general meeting. Nearly 75% of shareholders
attended or were represented.
We also engage with investors through our support of the Trade on the Stock Exchange and the
Ljubljana Stock Exchange’s Financial Festival projects, which aim to develop the capital market in
Slovenia, and the Capital Markets Conference organised by the Delo media company. In 2024, we also
supported the new Investor Max (Vlagatelj Maks) project launched by the local business daily Finance,
which promotes responsible management of personal finances.
Two market makers
Sava Re was the only prime market listed company on the Ljubljana Stock Exchange to engage an
additional liquidity provider for its shareholders in 2024. This was to ensure even better accessibility
and liquidity of Sava Re shares for our shareholders. We are currently the only company in Slovenia
with two market makers, which demonstrates our commitment to developing the capital market and
to ensuring the highest standards for our investors. We believe this is one of the reasons for the more
than 70% increase in daily turnover for Sava Re shares in 2024.
Visit our website
We also use our official website www.sava-re.si/en-si/, in particular the Investors subpage, to provide
timely and uniform information to investors, shareholders and other members of the financial
community. The subpage contains all the key information on the Sava Re share price performance, key
performance indicators, dividends, financial reports, analysis and a financial calendar.
A calendar of past investment conferences is also available on the website, together with the material
presented at each event. The events we will be attending in 2025 are also listed.
We are available to investors, shareholders and analysts at the office of the management board and
of compliance on telephone number +386 1 47 50 200 and via investor relations email at ir@sava-re.si.

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4 Report of the supervisory board
In 2024, the supervisory board of Sava Re d.d. (the Company or Sava Re) monitored the Company’s
operations and oversaw its management in a responsible manner. It periodically examined reports
on various and select aspects of the business, passed appropriate resolutions, and monitored their
implementation. Individual issues were addressed in more detail by the relevant supervisory board
committees, and, on the basis of the supervisory board committee findings, the supervisory board
also adopted appropriate resolutions and recommendations.
The supervisory board acted within the framework of the powers and responsibilities conferred
upon it by legal and regulatory provisions, the Slovenian Corporate Governance Code for Listed
Companies, the Company’s articles of association, and its rules of procedure.
This report has been prepared in accordance with Article 282 of the Slovenian Companies Act (ZGD-
1).
OPERATION OF THE SUPERVISORY BOARD
Composition in 2024
In 2024, the composition of the supervisory board remained unchanged.
In 2024, the supervisory board comprised the following members: Davor Ivan Gjivoje Jr (Chairman),
Keith William Morris (Deputy Chairman), Klemen Babnik, Matej Gomboši, Edita Rituper and Blaž
Garbajs.
The size and composition of the supervisory board allowed for effective discussion and the adoption
of sound resolutions based on the broad range of expertise and experience provided by its members.
Operation in 2024
In its work and decision-making, the supervisory board is guided by the goals of the Company and the
Sava Insurance Group as a whole. During sessions, the members expressed their opinions and positions
and sought to reconcile any differences.
The supervisory board notes that the reports prepared by the management board for the supervisory
board’s own use, and that of its committees, were appropriate for a careful examination of issues, and
that they conformed with both the relevant laws and internal regulations. Session materials were
provided in a timely manner, allowing the members sufficient time to prepare themselves for the
discussion of agenda items. The Company’s professional staff assisted in the conduct of the sessions
and organised other supporting activities.
The supervisory board held nine sessions during 2024, one of which was held by correspondence. All
members attended all the sessions to which they were entitled. The number of sessions the members
were entitled to attend varies due to members recusing themselves from the discussion of certain
matters to avoid conflicts of interest or recusing themselves from a nomination process. Most of the
sessions were held at the Company’s head office.
The members of the management board and the secretary of the supervisory board also participated
in the discussions, whereas other professional staff assisted in certain agenda items.
During the year, the supervisory board discussed select and relevant aspects of the operations and
activities of the Company and the Sava Insurance Group within its powers under Slovenian law and the
Company’s articles of association.

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The major issues to which the supervisory board members paid particular attention in 2024 are, in
particular, outlined below.
Business plans of the Company and the Sava Insurance Group
In late 2024, the supervisory board discussed and approved the Business Plan of the Sava Insurance
Group and Sava Re d.d. for 2025.
Financial reports annual report
The supervisory board reviewed the unaudited financial statements of the Group and the Company
for 2023, and it adopted the audited annual report of the Group and the Company for 2023, including
the auditor’s report and opinion on the 2023 annual report, and the supervisory board’s own report
on its activities in 2023.
Financial reports interim reports
The supervisory board also periodically reviewed other select financial reports in 2024, in particular
the statements of results of the Sava Insurance Group with the financial statements of Sava Re d.d. for
JanuaryMarch 2024 and JanuarySeptember 2024, and the unaudited financial report for January
June 2024.
Investment
The supervisory board monitored asset management periodically and as part of its review of the
annual report and interim financial reports of the Company and the Group.
Reinsurance operations and claims experience
The supervisory board was informed of the Company’s reinsurance programme for the current year.
Throughout 2024, the management board regularly updated the supervisory board on major loss
events in the domestic and global markets and the related expected claim payments (if already known)
that could have a material impact on the Company. The supervisory board took note of the
management’s additional report on the reinsurance renewal process.
Supervision of subsidiaries
In addition to overseeing the operations of Sava Re as the parent company of the Sava Insurance
Group, the supervisory board actively monitored the performance of the Group’s subsidiaries to the
extent permitted by law.
Risk management system
Risk management function
The supervisory board monitored risk management periodically and as part of its review of the annual
report and interim financial reports of the Company and the Group.
The supervisory board took note of the risk report for the last quarter of 2023 and the risk reports for
the first, second and third quarters of 2024. In March, it also took note of the Own Risk and Solvency
Assessment (ORSA) Report of Sava Re d.d. and the Sava Insurance Group for 2024. The report covered
select and relevant information on the own risk and solvency assessment of Sava Re d.d. (the parent
company) and the Sava Insurance Group.

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Actuarial function
In 2024, the supervisory board discussed the actuarial function report of Sava Re d.d. for 2023, and it
took note of the Sava Insurance Group non-life actuarial function report for 2023 and the Sava
Insurance Group life actuarial function report for 2023.
Compliance function
In 2024, the supervisory board of Sava Re took note of the annual report of the compliance function
holder for 2023 and his annual work plan for 2024. It also took note of the compliance function holder’s
half-yearly report for the period from 1 January to 30 June 2024.
Internal audit function
In 2024, the supervisory board oversaw the activities of the Company’s internal audit department in
accordance with its statutory powers. It also reviewed the internal audit report for the period from
31 October to 31 December 2023 and the annual report on internal auditing for 2023, including a
quality assurance and improvement programme of the Company’s internal audit department, and
drew up an opinion on the annual report, which was presented to the Company’s general meeting of
shareholders. It also discussed quarterly internal audit reports for the periods ending on 31 March
2024, 30 June 2024 and 30 September 2024. In addition, it monitored the quarterly reports of the
internal audit department on internal auditing of the Sava Insurance Group (Group Internal Audit). All
reports prepared by the Company’s internal audit department were presented by the head of the
department.
The supervisory board is of the opinion that the internal audit reports are independent and objective
and that the internal auditor’s recommendations and findings have been taken into consideration by
the management board. It notes that the internal audit’s reviews, based on their available resources,
have not revealed any significant irregularities in the Company’s operations. The supervisory board
also notes that the internal audit department regularly monitors the development of the internal audit
departments of Group subsidiaries, providing them with appropriate support. In addition, it also
monitors the operations of these companies and has not detected any major irregularities.
The supervisory board reviewed and held an in-depth discussion on the new Global Internal Audit
Standards. It took note of the amendments to the Internal Audit Policy of the Sava Insurance Group
and Sava Re d.d., prepared in accordance with the new global standards, and gave its approval to this
document. In light of the new global standards, the supervisory board has granted the internal audit
department a mandate to provide the management board, the audit committee and the supervisory
board with objective assurance, advice, insight, and foresight.
At the end of 2024, the supervisory board discussed and approved the internal audit department’s
updated strategy for 20252027 and its annual plan for 2025.
In accordance with the International Standards on Internal Auditing, the supervisory board approved
the proposed bonus for the head of the internal audit department relating to her individual
performance in 2023.
Joint statement of key function holders
The supervisory board took note of the joint statement of all key function holders of the Group and
the Company for 2023, including the opinion that all key risk areas were effectively managed and their
functions were aligned to ensure ample coverage of the risks to which the Company and the Group
were exposed.
Solvency II policies
In 2024, the supervisory board also took note of the update on the periodic review of Solvency II
policies, discussing individual policies and giving its consent to the proposed amendments.

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Personnel matters
Report on the activities of the works council
In March 2024, the supervisory board discussed the works council’s report on the state of employee
participation in management for 2023.
Measurement of employee satisfaction
In October 2024, the supervisory board discussed a report on the results of the measurement of
organisational potential and employee satisfaction and engagement in Sava Re and the Sava Insurance
Group.
Nomination procedures
Supervisory board
Nomination process for a supervisory board member (term of office commences on 9 March 2025)
In spring 2024, the supervisory board of Sava Re, with the professional support of the relevant
committees, undertook a nomination process and prepared a proposal to the general meeting for the
appointment of a supervisory board member. The general meeting elected Davor I. Gjivoje Jr as a
member of the supervisory board to represent the interests of shareholders. The four-year term of
office of the elected supervisory board member started on 9 March 2025.
Nomination process for three supervisory board members (term of office commences on 18 July 2025)
In October, the supervisory board adopted a resolution to start the nomination process for the
appointment of three supervisory board members with a four-year term commencing on 18 July 2025.
The nomination process is scheduled to be completed by the time of the notice of the general meeting
for 2025.
Supervisory board committees
On 22 October 2024, Katarina Sitar Šuštar tendered her immediate resignation as an external member
of the audit committee due to her appointment to the same role at a competing insurance company.
The supervisory board appointed Simona Korošec Lavrič as a new external member of the audit
committee. Her term of office runs from 21 November 2024 to 21 November 2028.
Management board
In autumn 2024, the supervisory board of Sava Re, with the professional support of the relevant
committees, undertook a nomination process for the reappointment of Peter Skvarča, a member of
the management board, and it voted unanimously to reappoint him for another term. The new five-
year term starts on 20 June 2025.
Remuneration of members of management and supervisory bodies
Remuneration policy and remuneration report
In accordance with the Slovenian Companies Act, in 2024 the management and supervisory boards
submitted to the Sava Re general meeting of shareholders the Remuneration Policy for Members of
Management and Supervisory Bodies of Sava Re d.d. and the Directors’ Remuneration Report of Sava
Re d.d. for 2023. At its 40th session, held on 27 May 2024, the general meeting of shareholders of Sava
Re approved both documents.
Variable remuneration of the management board in 2023
In 2024, the supervisory board adopted a resolution on the payment of variable remuneration to the
members of the management board for business and individual performance in 2023, in accordance

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with the internal methodology for determining the variable remuneration of the management board
members.
Goals of the management board for determining the variable remuneration for 2025
In late 2024, the supervisory board approved the management board’s goals for 2025 for determining
the variable remuneration of a management board member.
Remuneration of external committee members
In March 2024, the supervisory board approved a change to the remuneration system for external
members of supervisory board committees.
Adoption of internal regulations
In August 2024, the supervisory board approved amendments to the audit committee’s rules of
procedure.
Calling and holding the general meeting of shareholders
The supervisory board, together with the management board, called the Company’s general meeting
of shareholders once in 2024, for 27 May 2024.
Sustainable operations
In August 2024, the supervisory board approved the revised Sustainable Business Policy of the Sava
Insurance Group. At that time, it also took note of the report on the Sava Insurance Group’s
preparations for sustainability reporting. In November 2024, the supervisory board approved a draft
contract with the audit firm Deloitte Revizija d.o.o. for the audit of the 2024 sustainability report of
the Sava Insurance Group.
Consideration of additional reports
Benchmark analyses
The supervisory board discussed in detail the analysis of performance, solvency and financial condition
reports of the Sava Insurance Group and its competitors for 2023.
Impact of inflation on claims
In August 2024, the supervisory board took note of the periodic report on the impact of claims inflation
on the non-life portfolio and on the measures taken to limit this impact on the Group subsidiary’s
motor business.
DORA project
In August 2024, the supervisory board took note of the progress report on the DORA project related
to digital operational resilience.
Other additional reports
In 2024, the supervisory board also took note of the following additional management reports:
a report on the functioning of the management board committees as part of the governance
system of Sava Re and the Sava Insurance Group;
a report on brand awareness market research and net promoter score (NPS) measurement;
a progress report on the Jupiter project IT system overhaul in the subsidiary Zavarovalnica
Sava.

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Monitoring corporate finance projects
The management board kept the supervisory board informed of developments in corporate finance
projects, with the supervisory board paying particular attention to the monitoring of the Sava Re
subordinated bond issue, a project successfully completed in October 2024.
Overseeing the work of supervisory board committees
In March 2024, the supervisory board discussed the 2023 risk committee report and the 2023 audit
committee report. It also assessed the quality of the work of the two committees. At each session, it
monitored the activities of all four of its committees through reports from the committee chairmen
and session minutes.
Correspondence with market regulators
As part of the periodic risk reports, the supervisory board reviewed reports on correspondence
between the Company and the Insurance Supervision Agency (ISA), other market regulators and
inspection services.
Strengthening supervisory board best practices
In line with best practice, the members of the supervisory board complete questionnaires upon taking
office and annually thereafter, including a declaration that they have no conflicts of interest. In 2024,
all the members of the supervisory board and its committees declared themselves to be independent.
The declarations were noted by the supervisory board. The Company publishes the declarations of the
supervisory board on its website.
In accordance with good practice, in 2024 the supervisory board evaluated its composition, its
functioning, the work of its individual members, and the supervisory board as a whole, including its
cooperation with the management board. It carried out a self-assessment with positive results, and it
included an action plan to further improve the board’s operation.
OPERATION OF SUPERVISORY BOARD COMMITTEES
AUDIT COMMITTEE
In accordance with statutory requirements, the Company’s supervisory board has established an audit
committee to deal with accounting, financial and auditing matters.
Terms of reference
The duties and powers of the audit committee of the supervisory board are laid down by the Slovenian
Companies Act, its rules of procedure and those of the supervisory board, and other autonomous legal
acts (e.g., recommendations for audit committees).
Composition in 2024
In 2024, the audit committee comprised the following members: Matej Gomboši (chairman), Blaž
Garbajs, Dragan Martinović (external member), Katarina Sitar Šuštar (external member, until
22 October 2024) and Simona Korošec Lavrič (external member, from 21 November 2024).
Operation in 2024
The audit committee met 11 times in 2024. Nine sessions were held at the Company’s head office, and
two sessions were held by electronic means. All the members attended all committee sessions in their
term of office.

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The main activities of the audit committee in 2024 are outlined below.
Overseeing the integrity of financial information
The audit committee monitored the integrity of financial information. The committee focused mainly
on overseeing the financial reporting processes. In this respect, it made recommendations and
suggestions on materials for supervisory board sessions to ensure compliance with all regulatory
requirements and relevant professional standards and adherence to appropriate reporting principles,
such as completeness, transparency, and consistency of reporting.
Monitoring the efficiency and effectiveness of internal controls and internal audit
The audit committee monitored the efficiency and effectiveness of internal controls and internal audit
activities based on the annual and quarterly internal audit reports. In addition, it monitored the
quarterly reports of the internal audit department on internal auditing of Group companies (Group
Internal Audit). It also reviewed the quality assurance and improvement programme of the Company’s
internal audit department and the department’s self-assessment for 2023. It discussed the proposed
bonus for the director of internal audit for her individual-performance-based pay for 2023. It also
assessed the adequacy of the internal audit department’s updated strategy for 20252027 and its
annual plan for 2025.
The audit committee reviewed and held an in-depth discussion on the new Global Internal Audit
Standards. It took note of the amendments to the Internal Audit Policy of the Sava Insurance Group
and Sava Re d.d. and proposed that the supervisory board approve the document. In light of the new
global standards, the audit committee proposed to the supervisory board that the internal audit
department be mandated to provide the management board, the audit committee and the supervisory
board with objective assurance, advice, insight, and foresight.
The audit committee carried out an interview with the head of the internal audit department without
the presence of the members of management and the minute taker, in accordance with the internal
audit standards and the recommendations for the work of audit committees issued by the Slovenian
Directors’ Association. The audit committee also took note of information on the progress of the
internal audit quality assessment carried out in all Group companies in 2024.
Overseeing the operation of the risk management system
In line with the Company’s corporate governance system (the supervisory board having established a
separate risk committee), the audit committee oversaw the effectiveness and efficiency of the risk
management framework by taking note of the minutes of the work and findings of the risk committee
of the Sava Re supervisory board.
The audit committee also took note of the report on the regular annual review of the Solvency II
policies for 2024 and discussed the policies relevant to its area of work.
In addition, the audit committee took note of the annual reports of other key function holders of Sava
Re and the Sava Insurance Group for 2023 and the solvency and financial condition reports of the
Company and the Group for 2023 (Company SFCR and Group SFCR).
Monitoring the statutory audit of separate and consolidated financial statements
About the statutory auditor
In 2022, a contract was signed with Deloitte Revizija d.o.o., Dunajska Cesta 165, 1000 Ljubljana
(Deloitte) to audit the financial statements for the period from 2022 to 2024. Deloitte has thus audited
the financial statements of Sava Re and the Sava Insurance Group for 2022, 2023 and 2024. In 2022,
2023 and 2024, the Group’s subsidiaries were audited by the local audit staff of the same audit firm.

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Statutory audit of financial statements
During 2024, the audit committee met several times with the selected external auditor, monitored the
audit of the separate and consolidated financial statements and took note of the post-audit
management letter and the additional auditor’s report in relation to the audit of the financial
statements for 2023. It also took note of the results of the auditor’s review of compliance with the
ESEF Regulation and the findings of the review of the absolute level of net assets as required by the
local regulators in the relevant markets. The committee also took note of a number of other reports
by the Company and the external auditor relating to the audit of the financial statements.
Setting audit focus areas
The audit committee took note of the 2024 audit plan and, among other things, participated in setting
the audit focus areas. In December 2024, it also took note of the external auditor’s report and the
management letter following the pre-audit of the 2024 financial statements. Together with the
external auditor, the audit committee reviewed and followed up on information security findings and
measures and the effectiveness of information system controls.
Preparation of the contract between the auditor and the Company
In 2022, a contract was signed with Deloitte to audit the financial statements for the period from 2022
to 2024. In 2024, the audit committee discussed two annexes to the audit contract. At the end of
December 2023 and in December 2024, the audit committee took note of the letters from Deloitte
explaining that for the non-EU companies of the Sava Insurance Group reporting under IFRS 4 for local
purposes and under IFRS 17 for consolidation purposes, the 2023 and 2024 audits will require more
procedures to be carried out than estimated when the tender was prepared as part of the external
auditor selection process (2021). Each of the annexes included two additional services beyond the
above:
Annex no. 1 ISA requires the auditors to report separately on the consistency of the financial
statements for ISA reporting purposes with those included in the annual report and on the accuracy
and completeness of the notes to the financial statements for ISA reporting purposes.
Annex no. 2 For the period ending 31 December 2024, the auditor will perform additional procedures
to verify the compliance of the tax accounting and notes thereto with the requirements of the
Slovenian Minimum Tax Act (Pillar II) for the financial year 2024.
In order for these additional services to be provided, the committee discussed draft annexes no. 1 and
2 to the contract with the external auditor, as this part of the services was not included in the original
contract price. The audit committee gave a favourable opinion on both proposed annexes.
Other contracts with the external auditor
The audit committee also discussed proposals for other contracts with the external auditor:
a contract for the provision of agreed-upon procedures regarding the additional auditing of
the 2023 and 2024 financial statements to be reported to ISA;
a contract for the provision of a comfort letter for a subordinated bond issue;
a contract for the audit of the sustainability report of the Sava Insurance Group for 2024.
Assessing the quality of the external auditor
In accordance with the internal methodology for assessing the quality of the external auditor, the audit
committee carried out a quality assessment of the external auditor of the 2023 annual report.

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Independence of the auditor of the Company’s annual report
Based on quarterly management board reports on non-audit services provided by the audit firms, the
audit committee assessed the independence of the auditor of the annual report of the Company and
the Group. It also took note of the report on the recruitment of the Group auditor’s team members or
the granting of mandates to the Group auditor’s team members in corporate bodies or other key
functions in individual companies of the Sava Insurance Group.
In May 2024, the audit committee took note of Deloitte’s statement that the total amount of payments
for the years 2022 and 2023 would not be exceeded.
The audit committee also carried out a separate interview with the external auditor in May 2024
without the presence of management.
Selection process for the auditor of the Company’s annual report for 2025–2027
At the general meeting of shareholders of Sava Re in 2022, Deloitte was elected to audit the financial
statements for the period 20222024.
The external auditor completed the first three-year period at Sava Re with the 2024 audit and is eligible
for reappointment under Slovenian insurance legislation. In May 2024, the audit committee started
the nomination process for the external auditor for a new three-year period. The nomination process
will be completed by the time of the notice of the general meeting for 2025.
Internal acts
Rules of procedure of the audit committee
In August 2024, the audit committee approved the amendments to the audit committee’s rules of
procedure and proposed that the supervisory board approve this document. The rules of procedure of
the audit committee, which came into effect on 1 September 2024, are now also published on Sava
Re’s website.


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External auditor independence policy
In November 2024, the audit committee approved the amendments to the Policy for Ensuring the
Independence of the Auditor of Financial Statements of Sava Re d.d. and the Sava Insurance Group.
Performing other tasks
In 2024, the audit committee also performed other tasks. It prepared a report on its work in 2023 for
the supervisory board. In the context of corporate integrity, the committee took note of the report on
implementing the whistleblower protection system in a work-related context at Sava Re, presented by
the compliance function holder. It also confirmed its work plan for 2025, including the attached
timetable. The external members of the audit committee had an open invitation to attend the
supervisory board and risk committee sessions for agenda items concerning reports on additional
topical issues.
Further strengthening audit committee best practices
The audit committee carried out a self-assessment of the quality of its work, which was then presented
to the supervisory board.
Following the self-assessment, the audit committee adopted an action plan to improve its work, which
was fully implemented in 2024.
The committee in turn took note of the assessment of the quality of its work carried out by the
supervisory board in 2024. It also took note of information on the fit and proper assessment of its
members and the assessment of its own competence as a collective body, which were carried out in
accordance with the internal fit and proper policy for relevant personnel (1) on a periodic basis in
March 2024 and (2) when the composition of the audit committee changed in November 2024.
All the audit committee members signed an annual declaration of their independence, which was also
presented to the supervisory board.
Conclusions
The chairman of the audit committee reported regularly to the supervisory board on the work and
positions of the audit committee. The supervisory board regularly reviewed the minutes of the
committee’s sessions.
The supervisory board is of the opinion that the audit committee thoroughly considered relevant issues
within its terms of reference, taking into account the fact that the board established a separate risk
committee. It provided the supervisory board with high-quality professional assistance in the form of
opinions and proposals.
The supervisory board also believes that the composition of the audit committee is appropriate and
that the members have the professional and personal qualities to maintain a high level of quality and
independence in their work.
Furthermore, the supervisory board is of the opinion that the audit committee received appropriate
support in carrying out its work.
RISK COMMITTEE
The supervisory board believes that identifying and managing risk is a central part of good governance
and has therefore set up a risk committee to monitor risk developments and provide advice and
support to the supervisory board on risk-related matters.

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Terms of reference
The risk committee performs its duties in accordance with the resolutions of the supervisory board,
the Solvency II Directive, its rules of procedure, the rules of procedure of the supervisory board, the
Insurance Act, the Slovenian Corporate Governance Code for Listed Companies, and other applicable
risk management regulations.
Composition in 2024
In 2024, the risk committee comprised the following members: Keith William Morris (chairman), Davor
Ivan Gjivoje Jr, Slaven Mićković (external member, deputy chairman) and Janez Komelj (external
member).
Operation in 2024
The risk committee met five times in 2024. All the members attended all committee sessions.
The main activities of the risk committee in 2024 are outlined below.
Overseeing the operation of the risk management system
The risk committee focused on overseeing the risk management system, primarily in terms of its
reliability, effectiveness, and efficiency. It assessed the adequacy of the risk management system in
place.
The risk committee reviewed in detail all risk management documents submitted to it, brought to its
attention or approved by the supervisory board:
the quarterly risk reports of the Sava Insurance Group and Sava Re for the periods ending on 31
December 2023, 31 March 2024, 30 June 2024, and 30 September 2024;
the own risk and solvency assessment (ORSA) report of Sava Re and the Sava Insurance Group for
2024;
the annual reports on the capital adequacy calculations under Solvency II and solvency and
financial condition reports of the Company and the Group for 2023 (Company SFCR and Group
SFCR).
As reinsurance is one of the areas of the risk management system by which an insurance company
covers part of the assumed risks in excess of its retentions according to its tables of retention limits,
the risk committee also reviewed the Company’s reinsurance programme for 2024.
The risk committee also took note of the report on the regular annual review of the Solvency II policies
for 2024.
Performing other tasks
The risk committee also performed other tasks in 2024: It prepared a report on its work in 2023 for
the supervisory board. The risk committee also discussed an update on claims inflation and a report
on the Sava Insurance Group’s preparations for sustainability reporting. It also took note of the audit
committee’s work (audit committee session minutes) to ensure that there is mutual information and
insight into each other’s work, that relevant areas are adequately monitored and that gaps or overlaps
in the work of the two committees are minimised as far as possible. It also confirmed its work plan for
2024, including the attached timetable. The external members of the risk committee had an open
invitation to attend the supervisory board and audit committee sessions for agenda items concerning
reports on additional topical issues.
Further strengthening risk committee best practices
The risk committee carried out a self-assessment of the quality of its work, which was then presented
to the supervisory board. The committee in turn took note of the assessment of the quality of its work

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carried out by the supervisory board in 2024. It also took note of the information on the fit and proper
assessment of its members and the assessment of its own competence as a collective body, both of
which were conducted in 2024. All the risk committee members signed an annual declaration of their
independence, which was also noted by the supervisory board.
Conclusions
The chairman of the risk committee reported regularly to the supervisory board on the committee’s
work. The supervisory board regularly reviewed the minutes of the committee’s sessions.
The supervisory board believes that the composition of the risk committee is appropriate and that the
members have the professional and personal qualities to perform its duties with quality and
independence. Furthermore, the supervisory board is of the opinion that the risk committee received
appropriate support in carrying out its work.
NOMINATIONS AND REMUNERATION COMMITTEE
In accordance with the Slovenian Corporate Governance Code for Listed Companies, the supervisory
board has established a nominations and remuneration committee as a permanent special committee
to make proposals on the selection criteria and the selection of candidates for the management and
supervisory boards, prepare proposals on the remuneration of the management and supervisory
boards, and assist the supervisory board in other areas where, amongst other possible tasks, conflicts
of interest may arise among the members of the supervisory board.
Terms of reference
The nominations and remuneration committee operates in accordance with the resolutions of the
supervisory board, the Solvency II Directive, the rules of procedure of the supervisory board, the
Insurance Act, and the Slovenian Corporate Governance Code for Listed Companies.
Composition in 2024
The term of office of each committee member is limited by the term of office of the supervisory board.
In 2024, the nominations and remuneration committee comprised the following members: Klemen
Babnik (chairman), Davor Ivan Gjivoje Jr, Keith William Morris, Matej Gomboši, Edita Rituper and Blaž
Garbajs.
The nominations and remuneration committee carried out the activities relating to the candidate
selection process for members of the supervisory board (one vacancy for the term March 2025 March
2029) in the following changed composition: Klemen Babnik (chairman), Keith William Morris, Matej
Gomboši, Edita Rituper and Blaž Garbajs.
The nominations and remuneration committee carried out the activities relating to the candidate
selection process for members of the supervisory board (three vacancies for the term July 2025 July
2029) in the following changed composition: Davor Ivan Gjivoje Jr (chairman), Keith William Morris,
Edita Rituper and Blaž Garbajs.
Operation in 2024
The nominations and remuneration committee met seven times in 2024. All members attended all the
sessions to which they were entitled. The number of sessions the members were entitled to attend
varies due to members recusing from the relevant nomination processes. Most of the sessions were
held at the Company’s head office.
The main activities of the nominations and remuneration committee in 2024 are outlined below.

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Remuneration of members of management and supervisory bodies
Remuneration policy and remuneration report
The nominations and remuneration committee discussed the proposed Directors’ Remuneration
Report of Sava Re d.d. for 2023 (Article 294b of ZGD-1) and the proposed Remuneration Policy for
Members of Management and Supervisory Bodies of the Sava Insurance Group (Article 294a of ZGD-
1). The committee recommended that the supervisory board submit both documents to the 40th
general meeting for approval.
Variable remuneration of the management board in 2023
In accordance with the internal methodology for determining the variable pay of a management board
member, the nominations and remuneration committee assessed the management board’s
performance in 2023. This assessment served as the basis for the supervisory board’s resolution on
the payment of variable remuneration to management board members for their business and
individual performance in 2023.
Goals of the management board for determining the variable remuneration for 2025
At the end of 2024, after extensive discussion, the nominations and remuneration committee
proposed that the supervisory board approve the proposed goals of the management board for 2025.
Remuneration of external committee members
In March 2024, the nominations and remuneration committee discussed a change in the remuneration
system for external members of the supervisory board committees and recommended that the
supervisory board approve the change.
Nomination procedures
Nomination process for a supervisory board member (term of office commences on 9 March 2025)
In the first quarter of 2024, by resolution of the supervisory board, the nominations and remuneration
committee carried out the activities necessary to conduct the nomination process for a member of the
supervisory board with a term of office commencing on 9 March 2025. It also drafted a proposal for
an election resolution, which the supervisory board then proposed to the annual general meeting.
Nomination process for three supervisory board members (term of office commences on 18 July 2025)
By resolution of the supervisory board, the nominations and remuneration committee commenced its
activities in the fourth quarter of 2024 in connection with the nomination process for the appointment
of three supervisory board members with a term of office commencing on 18 July 2025. This
nomination process will be completed by the time of the notice of the general meeting for 2025.
Further strengthening nominations and remuneration committee best practices
All the nominations and remuneration committee members signed an annual declaration of their
independence, which was also noted by the supervisory board.
Conclusions
The chairman of the nominations and remuneration committee reported regularly to the supervisory
board on the work of the committee. The supervisory board regularly reviewed the minutes of the
committee’s sessions.
The supervisory board believes that the composition of the nominations and remuneration committee
is appropriate and that the members have the professional and personal qualities to perform its duties
with quality and independence.

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Furthermore, the supervisory board is of the opinion that the nominations and remuneration
committee received appropriate support in carrying out its work.
FIT AND PROPER COMMITTEE
In accordance with the law and the Company’s fit and proper policy, the management and supervisory
boards have appointed a dedicated fit and proper committee for the fit and proper assessment of the
management board and the supervisory board, including all its committees, and the members of these
bodies.
Terms of reference
The fit and proper committee operates in accordance with the resolutions of the supervisory board,
the fit and proper policy, the Solvency II Directive, the rules of procedure of the supervisory board, the
Insurance Act, the Slovenian Corporate Governance Code for Listed Companies, and the ISA
recommendations.
Composition in 2024
The term of office of each committee member is limited by the term of office of the supervisory board.
In 2024, the fit and proper committee comprised the following members: Keith William Morris
(chairman), Klemen Babnik, Rok Saje (compliance officer) and Klara Hauko (director of human resource
management).
Operation in 2024
The fit and proper committee met four times in 2024. All the members attended all committee
sessions.
The main activities of the fit and proper committee in 2024 are outlined below.
In March 2024, the fit and proper committee carried out a fit and proper assessment of Davor I. Gjivoje
Jr, the candidate for reappointment to the supervisory board of Sava Re as a representative of
shareholders, and an assessment of the competence of the supervisory board as a collective body in
its expected future composition. At the same time, it carried out a regular annual fit and proper
assessment of all incumbent members of the management board and the supervisory board, including
its committees. It also conducted its periodic fit and proper assessment of the aforementioned
management and supervisory boards as collective bodies.
In October 2024, the fit and proper committee carried out a fit and proper assessment of Peter Skvarča,
the candidate for reappointment to the management board of Sava Re, and an assessment of the
competence of the management board as a collective body in its expected future composition.
When a replacement in or an addition to any supervisory board committee was made, the fit and
proper committee reassessed the fitness and suitability of the new members to also serve as members
of the individual committees. It also reassessed the competence of each committee as a collective
body in its new composition.
Further strengthening fit and proper committee best practices
All the fit and proper committee members signed an annual declaration of their independence, which
was also noted by the supervisory board.
Conclusions
The chairman of the fit and proper committee reported regularly to the supervisory board on the
committee’s work. The supervisory board regularly reviewed the minutes of the committee’s sessions.

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The supervisory board believes that the composition of the fit and proper committee is appropriate
and that the members have the professional and personal qualities to perform its duties with quality
and independence. Furthermore, the supervisory board is of the opinion that the fit and proper
committee received appropriate support in carrying out its work.
***

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CONCLUDING FINDINGS
Macroeconomic conditions were generally favourable in 2024, with continued economic growth in the
markets where the Group is present, moderating inflation and mainly positive developments in
financial markets. Changing climatic conditions have made severe weather events a likely regular
feature, and we, like other insurers around the world, needed to adapt to these new developments.
Once again, the Sava Insurance Group’s strategy, based on controlled organic growth, disciplined
underwriting and ambitious profitability, kept us in good stead in 2024. We grew business volume in
all segments, with the strongest growth recorded in our domestic Slovenian market. The Sava
Insurance Group has exceeded virtually all the targets set in its business plan for the year.
The excellent financial results for 2024 reflect the successful implementation of the Group’s key
strategic priorities. An important development in the approach to sustainable development in 2024
was the transition to the new ESRS reporting standards, which provide an opportunity for even more
transparent and comprehensive monitoring of the sustainability impacts of our operations.
This assessment of the supervisory board is also based on the report of the independent auditor on
the financial statements of Sava Re d.d. and the Sava Insurance Group for 2024, and those of the key
function holders of the Company’s risk control system.
In 2025, the supervisory board will continue to pay very close attention to overseeing the management
of risks arising from business operations. In addition to its day-to-day responsibilities, it will also focus
on monitoring the implementation of the 2025 business plan and the Groups five-year strategy.
Equally so, the supervisory board will continue to give its steadfast support to the management board,
within the scope of its responsibilities, capabilities and defined powers.


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ANNUAL REPORT 2024
The Company’s management board submitted the audited Annual Report of the Sava Insurance Group and
Sava Re d.d. for 2024 for approval to the supervisory board. The audit committee of the supervisory board
considered both the unaudited and audited Annual Report of the Sava Insurance Group and Sava Re d.d.
for the year ended 31 December 2024, including the sustainability report. It also took note of the additional
auditor’s report to the audit committee on the audit of the financial statements as at 31 December 2024,
prepared in accordance with Article 11 of Regulation (EU) No 537/2014, and the auditor’s report on the
sustainability report, and expressed its opinion and views thereon. In accordance with its powers, the
supervisory board examined the audited annual report at its session on 3 April 2025.
The supervisory board notes that the annual report for 2024 is clear and extensive, and complies with the
content and disclosure requirements of the Slovenian Companies Act and the Slovenian Insurance Act with
its implementing regulations. The financial statements with notes have been prepared in accordance with
International Financial Reporting Standards, and the sustainability report has been prepared in accordance
with European Sustainability Reporting Standards (ESRS) and Article 8 of the Taxonomy Regulation.
The supervisory board also took note of the opinion of the auditor Deloitte Revizija d.o.o., Dunajska Cesta
165, 1000 Ljubljana, which audited the financial statements of Sava Re d.d. and the consolidated financial
statements of the Sava Insurance Group. The supervisory board agrees with the opinion of the authorised
auditor Deloitte, who finds that the separate and consolidated financial statements provide, in all material
respects, a fair view of the financial position of the Company and the Group as at 31 December 2024, and
their financial performance and cash flows for the year then ended, in accordance with International
Financial Reporting Standards, as adopted by the European Union. The supervisory board also agrees with
the independent auditor’s assurance report with limited assurance issued by the authorised auditor
Deloitte Revizija d.o.o. regarding the sustainability report.
Based on its review of the 2024 annual report, and based on the opinion of the external auditor and the
opinion of the audit committee, the supervisory board is of the opinion that the annual report gives a true
and fair opinion of the assets and liabilities, financial position, profit or loss, and cash flows of the Sava
Insurance Group and Sava Re d.d.
The supervisory board hereby approves the audited Annual Report of the Sava Insurance Group and
Sava Re d.d. for 2024, as submitted by the management board.
DETERMINATION OF AND PROPOSAL FOR APPROPRIATION OF DISTRIBUTABLE
PROFIT OF SAVA RE
The supervisory board has also reviewed the management board’s proposal for the appropriation of
the distributable profit as at 31 December 2024, subject to final approval by the general meeting of
shareholders of Sava Re. The supervisory board of Sava Re d.d. gives its consent to the management
board’s proposal to the general meeting regarding the appropriation of the distributable profit as at
31 December 2024 of EUR 56,542,806.98; EUR 34,869,816.00 to be appropriated for dividends, and
the remaining part of the distributable profit of EUR 21,672,990.98 to be left unallocated as retained
earnings. Thus, the proposed gross dividend per share is EUR 2.25.
The supervisory board proposes that the general meeting of shareholders grant discharge to the
management board for the financial year 2024.

Davor Ivan Gjivoje, Jr.
Chairman of the Supervisory Board of Sava Re d.d.


Ljubljana, 3 April 2025

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5 Corporate governance statement
Sava Re issues this corporate governance statement to publicly disclose information on the nature,
structure and effectiveness of the Company’s internal governance and control system. It aims to
increase transparency, accountability and trust among all the Company’s stakeholders, including
investors, employees and the general public. The Company prepares this statement in accordance
with Article 70(5) of the Slovenian Companies Act (ZGD-1) and the recommendations of the
Slovenian Corporate Governance Code for Listed Companies. The statement is a special section of
the business report as part of the annual report for 2024. It covers the period from 1 January 2024
to 31 December 2024, with additional disclosure of significant events occurring after this period up
to the date of its publication. The statement is available in electronic form for at least five years from
the date of its publication on the website of the Ljubljana Stock Exchange d.d. in its SEOnet
information system (http://seonet.ljse.si) and on the Company’s official website (http://www.sava-
re.si).
5.1 Corporate governance policy
In December 2023, with the consent of the Company’s supervisory board, the Sava Re management
board adopted the revised Corporate Governance Policy of the Sava Insurance Group and the revised
Corporate Governance Policy of Sava Re d.d. The documents set out the main subsidiary governance
principles for the Sava Insurance Group and the governance rules for Sava Re, taking into account the
goals, mission, vision and values of the Group. The policies represent a commitment to future action.
The Corporate Governance Policy of Sava Re d.d. is available through the Ljubljana Stock Exchange
SEOnet information system and from the Company’s website.
5.2 Compliance with the Slovenian Corporate Governance Code for Listed
Companies
As a public limited company, Sava Re’s reference code in 2024 was the Slovenian Corporate
Governance Code for Listed Companies adopted by the Ljubljana Stock Exchange and the Slovenian
Directors’ Association on 9 December 2021. It is available in Slovenian and English from the Ljubljana
Stock Exchange website.
The management and supervisory boards of Sava Re hereby state that Sava Re operates in compliance
with the Code, with individual deviations that are disclosed and explained as follows.
Corporate governance statement
Recommendation 5.6: External assessment of adequacy of corporate governance statement
The Company has yet to ensure an external assessment of the adequacy of the corporate governance
statement. It intends to carry out an external assessment of the corporate governance statement in
the current strategy period.
Relationship between the Company and shareholders Relations with shareholders
Recommendation 10.1: Holding general meetings by electronic means
The Company has not yet provided for the possibility of attending and voting at the general meeting
by electronic means without physical presence. It intends to amend its internal rules (articles of
association and rules of procedure for the general meeting) during the current strategy period.

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Supervisory board
Recommendation 16.4: Evaluation of the supervisory board
The supervisory board does not perform periodic external assessments of its evaluation. The Company
intends to perform periodic external assessments of the supervisory board’s evaluation during the
current strategy period.
Transparency in operations Public disclosure of significant information
Recommendation 32.7: Public disclosure of the rules of procedure of management bodies
The Company has published the rules of procedure of both the general meeting and the supervisory
board on its website but not those of the management board, as they are an internal procedural
document.
5.3 Bodies of Sava Re
Management system
Sava Re has a two-tier management system with a management board that conducts the business and
a supervisory board that oversees operations. The governing bodies the general meeting, and the
supervisory and management boards act in compliance with laws, regulations, the articles of
association and internal rules. The Company’s articles of association and the rules of procedure of both
the general meeting and the supervisory board are posted on the Company’s website.
Risk management system
8

The risk management system is a cornerstone of strong governance. The management board ensures
the effectiveness of this system. Rules of the risk management systems and own risk and solvency
assessment rules are set out in detail in the Company’s internal regulations.
Key functions
9

The Company has certain functions integrated into its organisational structure and decision-making
processes. These are the risk management function, internal audit function, actuarial function and
compliance function, defined by applicable law as the key functions of the governance system (key
functions). They are integrated in order to strengthen the three-lines-of-defence framework in the
Company’s control system. The key function holders cooperate closely with each other, regularly
exchanging information they need for their functioning.
The key function holders perform their duties independently from each other and from other
organisational units of the Company. The key functions in the Company are normally organised as
services of the risk management system that report directly to the Company’s management board.
The compliance key function is conducted as part of the office of the management board and of
compliance.
The key function holders established and integrated into Sava Re’s governance system perform their
key functions both at the level of the parent company and the Group level.
The key function holders report in two directions, namely:
to the management and supervisory boards or, if so provided, the audit committee and other
relevant committees, if so required by the internal regulations;
to the relevant key function holder at the Group level.


8
ESRS 2 GOV-1 paragraph 22 (c).
9
ESRS 2 GOV-1 paragraphs 22 (c) i, 22 (c) ii and 22 (c) iii.

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The key function holders meet regularly, as a general rule once a month, to exchange opinions and
discuss topical issues and specifics of the business in the current period. They harmonise the various
annual work plans of the key function holders they are required to draw up under the applicable
legislation or internal regulations. They also exchange findings from individual audit reviews, findings
and recommendations from the areas of work covered by each key function holder, and discuss the
annual or other reports on the work of each key function holder. In accordance with the applicable
legislation and internal regulations, they report on findings and follow up on recommendations to the
management and supervisory boards.
Each year, the key function holders issue a joint statement that they have undertaken activities to
ensure, with due care and in accordance with the rules of the profession, that all key risks to which the
Company is or could be exposed in the course of its business operations are monitored and that the
level of the risk management system is effective.
Rules governing individual key functions are set out in detail in the Company’s internal regulations.
5.3.1 General meeting of shareholders
The general meeting of shareholders is the supreme body of the Company through which shareholders
exercise their rights in Company matters. The terms of reference of the general meeting are governed
by its rules of procedure, which are posted on the Company’s website.
Convening the general meeting
The general meeting of shareholders, through which the shareholders of Sava Re exercise their rights
in the affairs of the Company, is convened at least once a year, but not later than by the end of August.
The general meeting may be convened in other cases as provided by law, the Company’s articles of
association, and whenever this is in the interest of the Company. As a rule, the general meeting is
convened by the management board. In the cases stipulated by law, it may be convened by the
supervisory board or shareholders.
The Company publishes general meeting notices through the SEOnet system provided by the Ljubljana
Stock Exchange and through its website (www.ljse.si), on the AJPES website (www.ajpes.si) and on the
Company’s official website (www.sava-re.si), as well as in printed form in one daily newspaper as
provided for in the articles of association (in Delo or Dnevnik) or in the Official Gazette of the Republic
of Slovenia.
Participation in the general meeting
To attend the general meeting and exercise their voting rights, shareholders must send the Company
a registration form no later than by the end of the fourth day prior to the general meeting and must
be registered holders of shares listed in the central register of book-entry securities at the end of the
seventh day prior to the general meeting.
The conditions of participation or exercise of voting rights at the general meeting must be set out in
detail in the notice of the general meeting.
Adoption of resolutions
General meeting resolutions are adopted by a majority of votes cast (simple majority), unless a larger
majority or other requirements are stipulated by law or the articles of association.
Exercise of voting rights
Shareholders may exercise their voting rights in the general meeting according to their share of the
Company’s share capital. Each no-par-value share with voting rights carries one vote. Voting rights can
be exercised by proxy based on a written proxy form, or through financial organisations or shareholder
associations.

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Treasury shares carry no voting rights.
The general meeting in 2024
The general meeting of shareholders was convened once in 2024.
In accordance with the Company’s 2024 financial calendar, the 40th general meeting of shareholders
was held on 27 May 2024. Among other things, the general meeting was presented with the annual
report for 2023, including the auditor’s opinion and the written report of the supervisory board to the
annual report, and the annual report on internal auditing for 2023 with the opinion of the supervisory
board thereto. The general meeting received the management board’s report on treasury shares. At
the general meeting, the shareholders adopted the management and supervisory boards’ proposal to
use EUR 27,120,968.00 of the distributable profits for dividends. The dividend of EUR 1.75 gross per
share was paid out on 12 June 2024 to the shareholders listed in the shareholders’ register on 11 June
2024. The shareholders granted discharge to the management and supervisory boards for 2023. The
general meeting elected Davor Ivan Gjivoje Jr as a member of the Company’s supervisory board to
represent the shareholders. His new four-year term begins on 9 March 2025. The general meeting
approved the Directors’ Remuneration Report of Sava Re d.d. for the financial year 2023 and the
Remuneration Policy for Members of Management and Supervisory Bodies of Sava Re d.d. The
remuneration report and the remuneration policy were published on the Company’s website
immediately after the 40th general meeting and will remain publicly available for at least ten years.
No legal actions to challenge any general meeting resolutions were announced at the general meeting.
5.3.2 Supervisory board
The supervisory board oversees the Company’s conduct of business and appoints members of the
management board.
In accordance with the Company’s articles of association and applicable law, the supervisory board is
composed of six members, of which four (shareholder representatives) are elected by the Company’s
general meeting, and two (employee representatives) are elected by the works council, which informs
the general meeting of its decision. Supervisory board members are appointed for a term of up to four
years and may be re-elected. The supervisory board members elect a chair and deputy chair from
among their number.
The supervisory board is composed in such a manner as to ensure responsible oversight and decision-
making in the best interest of the Company. Its composition takes account of diversity in terms of
technical knowledge, experience and skills, and the way members complement each other so as to
form a homogeneous team, which also ensures a sound and prudent oversight of the Company’s
affairs. In 2024, the Company sought to align the composition of the supervisory board with the
Company’s policy on the diversity of the management and supervisory boards. The Company’s policy
on diversity of the management and supervisory boards is posted on the Company’s website.
In 2024, the gender balance on the supervisory board was 16.67% women and 83.33% men.
10
The
implementation of the policy on diversity of the supervisory board in 2024 is detailed as follows.
Terms of reference and operation of the supervisory board
11
The supervisory board must comply with the applicable legislation, particularly the Slovenian
Companies Act and the Insurance Act, the Company’s articles of association and the supervisory
board’s rules of procedure. In accordance with the law, the supervisory board must be convened at
least on a quarterly basis, generally after the end of each quarter of the financial year, and more
frequently if necessary.
10
ESRS 2 GOV-1 paragraph 21 (d).
11
ESRS 2 GOV-1 paragraph 22 (b).

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The supervisory board may request that the management board provide any information necessary
for them to perform their supervisory function.
The conduct of business cannot be transferred to the Supervisory Board.
The main tasks of the supervisory board are to:
12
monitor and oversee the business conduct and operations of the Company, and, in the case of
weaknesses or irregularities, propose remedial action to the management board;
give consent to the business policy and financial plan of the Sava Insurance Group and Sava Re
as prepared by the management board;
give consent to the development strategy of the Sava Insurance Group and Sava Re as
prepared by the management board;
approve the written rules of the system of governance, risk management, compliance, internal
audit, actuarial function, internal controls and outsourced business;
approve the granting and withdrawal of authority relating to key function holders;
approve the solvency and financial condition report of the Company and the Group;
approve the risk strategy of the Company and the Group as prepared by the management
board;
consider the own risk and solvency report and quarterly risk reports of the Company and the
Group;
consider compliance function reports;
consider actuarial function reports;
approve the framework annual and long-term work plan of the internal audit plan as prepared
by the management board;
oversee the adequacy of the procedures used by and the effectiveness of the internal audit
function and consider internal audit function reports;
issue an opinion for the general meeting to be attached to the annual report on internal
auditing;
give consent to the appointment, removal and remuneration of the head of internal audit;
review the annual and interim financial reports of the Sava Insurance Group and Sava Re;
review the annual report submitted by the management board, adopt an opinion on the
auditor’s report and prepare a qualified or approving report for the general meeting;
review the proposal regarding appropriation of the distributable profit submitted by the
management board, and prepare a written report for the general meeting;
appoint and remove the chair and the members of the management board;
decide on the criteria for determining the remuneration and reward system of the chair and
the members of the management board;
adopt the rules of procedure of its operation;
draft general meeting resolutions within the supervisory board’s terms of reference, and
perform tasks directed by the general meeting;
consider the findings of the Insurance Supervision Agency and other supervisory bodies made
when exercising their supervisory function over the Company.
The major issues to which the supervisory board members paid particular attention in 2024 are
presented in section A.4 Report of the supervisory board”.
13
12
ESRS 2 GOV-1 paragraph 22 (d), and ESRS 2 GOV-2 paragraphs 26 (a), 26 (b) and 26 (c).
13
ESRS 2 GOV-2 paragraph 26 (c).

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46
Remunerations, compensation and other benefits
The supervisory board members are entitled to remuneration for performing their function,
attendance fees and reimbursement of expenses. The remuneration must not be directly linked to the
Company’s performance, as demonstrated by its financial statements. The amount of the above
remuneration was set by resolution of the general meeting and is also regulated by the Remuneration
Policy for Members of Management and Supervisory Bodies of Sava Re d.d., which was submitted for
approval to the 40th general meeting (held on 27 May 2024).
The remuneration of supervisory board members in 2024 is disclosed in section C.3.9 “Related party
disclosures and in more detail in the Directors’ Remuneration Report for 2024, which will be
submitted as a separate document to the general meeting.
Commitment to identify the existence of any conflict of interest
Before taking office and afterwards periodically (annually) and upon each change, each supervisory
board member signs and submits to the supervisory board a statement of their independence, thereby
taking a position with respect to individual conflicts of interest, in accordance with the criteria set out
in the Code. The statements of independence of the members of the Company’s supervisory board are
posted on the Company’s website.
POSR holdings of supervisory board members
Supervisory board members report any acquisition or disposal of Company shares to the Company and
relevant organisations, and Sava Re posts this information.
Details on Sava Re shares held by supervisory board members as at 31 December 2024 are provided in
section A.3 “Shareholders and share trading”.
The supervisory board in 2024
In 2024, the supervisory board comprised the following six
14
members: Davor Ivan Gjivoje Jr
(chairman), Keith William Morris (deputy chairman), Klemen Babnik, Matej Gomboši, Edita Rituper and
Blaž Garbajs.
5.3.3 Supervisory board committees
Pursuant to legislation, the Code and best practice, the supervisory board appoints one or more
committees, tasking them with specific areas, the preparation of draft resolutions of the supervisory
board, the implementation of resolutions of the supervisory board and other tasks requiring specialist
expertise, thereby providing the board with professional support.
The Company has established the following supervisory board committees:
the audit committee,
the risk committee,
the nominations and remuneration committee,
the fit and proper committee.
Audit committee
The main tasks of the audit committee are to:
oversee the integrity of financial information;
14
ESRS 2 GOV-1 paragraph 21 (a).

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47
monitor the efficiency and effectiveness of internal controls, the operation of the internal
audit department and risk management systems;
monitor the statutory audit of independent and consolidated financial statements;
perform other tasks assigned by a valid resolution of the supervisory board, in line with
statutory requirements and best practices of comparable companies or insurance groups.
In 2024, the audit committee comprised the following members: Matej Gomboši (chairman), Blaž
Garbajs, Dragan Martinović (external member), Katarina Sitar Šuštar (external member, until 22
October 2024) and Simona Korošec Lavrič (external member, from 21 November 2024).
Risk committee
The main tasks of the risk committee are to:
assess the impact of various types of risk on economic and regulatory capital;
assess the Group’s overall risk governance framework, including the risk management policy,
and the risk strategy, and monitor operational risks;
assess the appropriateness and adequacy of risk management documents to be approved by
the supervisory board;
perform other tasks assigned by a resolution of the supervisory board, in line with statutory
requirements and best practices of comparable companies or insurance groups.
In 2024, the risk committee comprised the following members: Keith William Morris (chairman), Davor
Ivan Gjivoje Jr, Slaven Mićković (external member) and Janez Komelj (external member).
Nominations and remuneration committee
The main tasks of the nominations and remuneration committee are to:
draft proposals for the supervisory board regarding the criteria for membership of the
management board, and consider and draft proposals concerning nominations to be decided
by the supervisory board;
preliminarily consider the proposal of the chair of the management board regarding the
composition of the management board and the Company’s governance, and draw up
proposals for the supervisory board;
carry out the nomination process for candidates for membership of the supervisory board who
are shareholder representatives;
provide support in drawing up and implementing a system for remuneration, reimbursements
and other benefits for management board members.
In 2024, the nominations and remuneration committee comprised the following members: Klemen
Babnik (chairman), Davor Ivan Gjivoje Jr, Keith William Morris, Matej Gomboši, Edita Rituper and Blaž
Garbajs.
Temporary composition of the nominations and remuneration committee for the purpose of the
nomination processes for new members of the supervisory board
Regarding the nomination process for membership of the supervisory board of Sava Re (one vacancy
for the term March 2025 March 2029), on 13 December 2023, the supervisory board took note of
the statement of Davor I. Gjivoje Jr by which, in order to avoid any conflicts of interest as a member of
the nominations and remuneration committee, he excluded himself from all activities of the above

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48
committee that related to the candidate selection process for membership of the Sava Re supervisory
board.
The nominations and remuneration committee carried out the activities relating to the candidate
selection process for members of the supervisory board (one vacancy for the term March 2025 March
2029) in the following changed composition: Klemen Babnik (chairman), Keith William Morris, Matej
Gomboši, Edita Rituper and Blaž Garbajs.
Regarding the nomination process for membership of the supervisory board of Sava Re (three
vacancies for the term July 2025 July 2029), on 10 October 2024, the supervisory board took note of
the statements of Klemen Babnik and Matej Gomboši by which, in order to avoid any conflicts of
interest as members of the nominations and remuneration committee, they excluded themselves from
all activities of the above committee that related to the candidate selection process for membership
of the Sava Re supervisory board.
The nominations and remuneration committee carried out the activities relating to the candidate
selection process for members of the supervisory board (three vacancies for the term July 2025 July
2029) in the following changed composition: Davor Ivan Gjivoje (chairman), Keith William Morris, Edita
Rituper and Blaž Garbajs.
Fit and proper committee
The main tasks of the fit and proper committee are to:
carry out procedures for assessing the competence of the supervisory board, supervisory
board committees and the management board as collective bodies, and conduct fit and proper
assessments of individual members of these bodies;
at the request of the Company’s works council, carry out a fit and proper assessment of any
employee representative on the supervisory board elected by the works council.
In 2024, the fit and proper committee comprised the following members: Keith William Morris
(chairman), Klemen Babnik, Rok Saje (compliance officer) and Klara Hauko (director of human resource
management).
Temporary composition of the fit and proper committee for the purpose of the nomination process
for new members of the supervisory board
Regarding the nomination process for membership of the supervisory board of Sava Re (three
vacancies for the term July 2025 July 2029), on 10 October 2024, the supervisory board took note of
the statement of Klemen Babnik by which, in order to avoid any conflicts of interest as a member of
the fit and proper committee, he excluded himself from all activities of the above committee that
related to the candidate selection process for membership of the Sava Re supervisory board.
The fit and proper committee carried out the activities relating to the candidate selection process for
members of the supervisory board in the following changed composition: Keith William Morris
(chairman), Davor Ivan Gjivoje Jr, Rok Saje and Klara Hauko.

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49
Composition of the supervisory board in 2024
15

Full name

Davor Ivan Gjivoje Jr
Keith William
Morris
Klemen Babnik
te Go bo i
Edita Rituper
B Garbajs
Function
chair
deputy chair
member
member
member
member
Employment
Networld Inc. / DGG Holdings
Ltd., 36 Cattano Ave. Fl. 5. Ste.
3, Morristown, NJ 07960, USA
retiree
Ministry of Finance of
the Republic of
Slovenia, Župančičeva
Ulica 3, 1000,
Ljubljana, Slovenia
Financial
Administration of the
Republic of Slovenia,
Šmartinska Cesta 55,
1000 Ljubljana,
Slovenia
Sava Re d.d.,
Dunajska Cesta
56, 1000
Ljubljana, Slovenia
Sava Re d.d.,
Dunajska Cesta 56,
1000 Ljubljana,
Slovenia
First appointed
7 March 2017
15 July 2013
17 July 2021
17 July 2021
1 January 2022
13 June 2023
End of term of office
9 March 2029
17 July 2025
17 July 2025
17 July 2025
13 June 2027
13 June 2027
Representative of
shareholders/employees
16

of shareholders
of shareholders
of shareholders
of shareholders
of employees
of employees
Attendance at sessions /
eligibility to attend**
8/8
9/9
9/9
9/9
9/9
9/9
Gender
M
M
M
M
F
M
Nationality
American
British
Slovenian
Slovenian
Slovenian
Slovenian
Year of birth
1968
1948
1983
1975
1966
1980
Education
17

B.A. in political science, master
of science in economics
B.Sc. in management
sciences, specialised
in finance and
marketing
university graduated
lawyer
doctoral degree in
computing and
informatics
university
graduated
economist
university graduated
economist
Professional profile
18

strategic management,
business administration,
management of equity
investments, risk management,
insurance business
strategic
management,
business
administration,
banking and
insurance business,
risk management
business
administration,
leadership, corporate
governance, general
legal affairs,
compliance monitoring
business
administration,
governance,
information
technology,
digitalisation, audit
insurance
business,
governance,
corporate
governance,
sustainable
development
19

finance, corporate
finance, insurance
business,
governance
Possible conflict of interest
20

There were no members with a continuing and material conflict of interest in 2024. All members (100%) of the supervisory board are considered
independent. Members’ statements of independence are posted on the Company’s website.
Memberships in committees
and functions
risk committee, member
nominations and
remuneration committee,
member
risk committee,
chair
nominations and
remuneration
nominations and
remuneration
committee, chair
fit and proper
committee, member
audit committee,
chair
nominations and
remuneration
committee, member
nominations
and
remuneration
committee,
member

audit committee,
member
nominations and
remuneration

15
ESRS 2 GOV-1 paragraph 22 (a).
16
ESRS 2 GOV-1 paragraph 21 (b).
17
ESRS 2 GOV-1 paragraph 23 (a).
18
ESRS 2 GOV-1 paragraph 21 (c).
19
ESRS 2 GOV-1 paragraph 23 (a) and ESRS G1.GOV-1 paragraph 5 (b).
20
ESRS 2 GOV-1 paragraph 21 (e).

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50
Full name
Davor Ivan Gjivoje Jr
Keith William
Morris
Klemen Babnik
Matej Gomboši
Edita Rituper
Blaž Garbajs
fit and proper committee,
interim member for the
purpose of the nomination
process
committee,
member
fit and proper
committee, chair
committee,
member
Attendance at committee
sessions / eligibility to
attend**
risk committee: 5/5
nominations and
remuneration committee:
4/4
fit and proper committee:
0/0
risk committee:
5/5
nominations and
remuneration
committee: 7/7
fit and proper
committee: 5/5
nominations and
remuneration
committee: 6/6
fit and proper
committee: 5/5
audit committee:
11/11
nominations and
remuneration
committee: 6/6
nominations
and
remuneration
committee: 7/7
audit committee:
10/11
nominations and
remuneration
committee: 7/7
Notes on memberships of
management or supervisory
bodies of third parties
Networld Inc. / DGG Holdings
Ltd., 36 Cattano Ave. Fl. 5. Ste.
3, Morristown, NJ 07960, USA
chief executive officer
Adria Lines Dover, Delaware,
USA chief executive officer
Sava d.d., Dunajska 152, 1000
Ljubljana, Slovenia chair of
the supervisory board
Sava Turizem d.d., Dunajska
152, 1000 Ljubljana, Slovenia
chair of the supervisory board
HMS Victory
Preservation
Endowment Fund
Ltd, HM Naval Base
(PP66) Portsmouth
Hampshire PO1 3NH,
UK chair of the
board of directors
URGF IC Ltd, PO Box
33, Dorey Court,
Admiral Park, St
Peter Port,
Guernsey, GY1 4AT,
UK non-executive
member of the
board of directors
Sava d.d., Dunajska
152, 1000 Ljubljana,
Slovenia member of
the supervisory board
Sava Turizem d.d.,
Dunajska 152, 1000
Ljubljana, Slovenia
member of the
supervisory board
Imark, Matej Gomboši,
Inštitut za Svetovanje
in Informatiko, s.p.,
Panonska Ulica 101,
9231 Beltinci, Slovenia
– founder
/
/
Function in public
administration, including
regulatory bodies
21
no
no
yes
no
no
no
* Blaž Garbajs is also a member of the audit committee of the associate company Diagnostic Centre Bled, and this committee also serves as the audit committee for two of the associate’s subsidiaries.
** The number of sessions the members were entitled to attend varies due to members recusing themselves from the discussion of certain agenda items to avoid conflicts of interest or recusing themselves from a
nomination process, as detailed in the section “Operation of the supervisory board”, subsection “Operation in 2024”.
21
ESRS G1-5 paragraph 30.

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51
External member of supervisory board committees in 2024
Full name
Katarina Sitar
Šuštar
Dragan
Martinović
Simona
Korošec Lavrič
Slaven
Mićković
Janez Komelj
Rok Saje
Klara Hauko
Supervisory
board
committee
audit
committee
audit
committee
audit
committee
risk committee
risk committee
fit and proper
committee
fit and proper
committee
First appointed
17 July 2021
17 July 2021
21 November
2024
17 July 2021
17 July 2021
17 July 2021
17 July 2021
End of term of
office
22 October
2024
17 July 2025
21 November
2028
17 July 2025
17 July 2025
17 July 2025
17 July 2025
Attendance at
sessions /
eligibility to
attend
9/9
11/11
1/1
5/5
5/5
5/5
5/5
Gender
F
M
F
M
M
M
F
Nationality
Slovenian
Slovenian
Slovenian
Slovenian
Slovenian
Slovenian
Slovenian
Year of birth
1971
1959
1971
1958
1954
1977
1972
Education
university
graduated
economist,
MBA
university
graduated
economist
master of
science in
economics
master of
mathematical
sciences,
doctor of
science in
economics
master of
economics,
master of
computer
science, doctor
of science in
economics
university
graduated
lawyer
university
graduated
economist,
MBA, master
of
occupational
psychology
and
organisation
Professional
profile
audit,
accounting,
finance,
taxation,
banking and
insurance,
corporate
governance,
certified
auditor
audit,
accounting,
finance,
taxation,
commercial
trade, certified
auditor
audit,
accounting,
finance,
taxation,
banking and
insurance,
corporate
governance,
certified
auditor
banking,
modelling, risk
management
insurance
operations,
actuarial
affairs, risk
management
insurance
operations,
general legal
affairs,
insurance law,
compliance
human
resources
management
and
development,
work
organisation
Employment
University of
Ljubljana,
Faculty of
Economics,
Kardeljeva
Ploščad 17,
1000 Ljubljana,
Slovenia
retiree
Zveza
Računovodij,
Finančnikov in
Revizorjev,
Dunajska Cesta
106, 1000
Ljubljana,
Slovenia
Ministry of
Labour, Family,
Social Affairs
and Equal
Opportunities,
Štukljeva Cesta
44, 1000
Ljubljana,
Slovenia
retiree
Sava Re d.d.,
Dunajska Cesta
56, 1000
Ljubljana,
Slovenia
Sava Re d.d.,
Dunajska
Cesta 56, 1000
Ljubljana,
Slovenia
Notes on
memberships
of
management
or supervisory
bodies of third
parties
Flat, Katarina
Sitar Šuštar,
s.p., Zaprice
6b, 1241
Kamnik,
Slovenia
founder
/
Poslovno in
Finančno
Svetovanje,
Simona
Korošec Lavrič,
s.p., Žeje pri
Komendi 9,
1218
Komenda,
Slovenia
founder
SM, Poslovno
Svetovanje,
Slaven
Mićković,
s.p., Avčinova
12, 1000
Ljubljana,
Slovenia
founder
/
/
/
The operation of the supervisory board and its committees in 2024 is detailed in section A.4 “Report
of the supervisory board”.
5.3.4 Management board
The management board runs the Company and represents it in public and legal matters. It is composed
of at least two but no more than five members, of whom one is the chair. The chair and members of

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52
the management board are appointed by the supervisory board for a period of five years. Such
appointments are renewable without limitations. The chair and all members of the management board
are in regular employment on a full-time basis. The exact number of management board members and
the areas for which they are responsible is laid down by the supervisory board in the Act on the
Management Board of Sava Re d.d.
The management board is composed in a manner to ensure responsible oversight and decision-making
in the best interest of the Company. The management board’s composition takes account of the
diversification of technical knowledge, experience and skills, and the way members complement each
other so as to form a homogenous team and ensure sound and prudent conduct of the Company’s
business. In 2024, the Company sought to align the composition of the management board with the
Company’s policy on diversity of the management and supervisory boards.
The Company’s policy on diversity of the management and supervisory boards is posted on the
Company’s website.
In 2024, the gender balance on the management board was 25% women and 75% men. The
implementation of the policy on diversity of the management board in 2024 is detailed as follows.
Terms of reference and operation of the management board
22
The management board represents the Company in its legal transactions. Through its efforts and using
its knowledge and experience, the management board pursues the long-term success of the Company,
ensuring optimal guidance and risk management. The management board determines the Company’s
goals, values, mission, vision and business strategy. Business operations are optimised through an
adequate structure of human resources and prudent use of financial resources. The management
board operates in accordance with the applicable legislation, particularly the Slovenian Companies Act
and the Insurance Act, as well as with the articles of association and the act on the management board
and its rules of procedure. Terms of reference and operation of the management board are defined in
more detail in the rules of procedure of the Sava Re management board.
Delimitation of competencies between the management and supervisory bodies is presented in
greater detail in the Corporate Governance Policy of Sava Re d.d., which is posted on the Company’s
website.
Reporting
23
The management board regularly (at least quarterly) reports to the supervisory board in a
comprehensive and accurate manner on:
the implementation of the strategy and business plan and other fundamental business issues,
the profitability of the Company, particularly return on equity,
business performance, especially on business volume, the financial situation and solvency,
transactions that may have a significant impact on the profitability and solvency of the Company,
any material risks that have, or could have, a significant impact on the Company’s capital
adequacy.
Remunerations, compensation and other benefits
In 2024, Sava Re prepared an update of its remuneration policy, which was approved by the 40th
general meeting.
The remuneration policy for members of the management board is designed to promote:
22
ESRS 2 GOV-1 paragraph 22 (c).
23
ESRS 2 GOV-1 paragraph 22 (c) ii and ESRS 2 GOV-2 paragraph 26 (a).

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53
the pursuit of the business strategy by enabling pay and remuneration in line with the
principles of the remuneration policy, successful implementation of the business strategy and
achievement of the strategic goals of Sava Re and the Sava Insurance Group;
long-term development, by preserving a direct link between payment and results, and by
aligning remuneration with the goal of creating long-term value for the stakeholders and
ensuring efficient risk management;
the Company’s sustainable operations and sustainability, with all the incentive systems at all
organisational levels contributing to the Company’s sustainability by aligning the goals and
individualsbehaviour with the long term-mission, pursuing the Company’s mission through
time and building long-term value for all stakeholders and the Company’s reputation, while
avoiding risks that exceed the Company’s risk appetite.
The remuneration of the management board members consists of a fixed and a variable component.
The variable part of a management board member’s salary comprises (1) variable pay for business
performance (business-performance-based pay) based on annual business financial criteria that
pursue the long-term strategic financial targets of the Sava Insurance Group and (2) variable pay for
individual performance (individual-performance-based pay) based on non-financial criteria that pursue
the long-term strategic targets of the Group.
The variable component must not be determined so as to allow the rewarding of behaviour that
encourages the exposure of the Company to uncontrolled risk. Remuneration, reimbursements and
other benefits of management board members are set out in the employment contract made between
the Company and each management board member. The methodology used to establish both the
variable pay and the amount of the bonus of each management board member is adopted by the
supervisory board.
The remuneration of the members of the management board in 2024 is disclosed in section C.3.9
“Related party disclosures” and in more detail in the Directors’ Remuneration Report for 2024, which
will be submitted as a separate document to the general meeting.
Share ownership
The management board members report any acquisition or disposal of the Sava Re shares to the
Company and to the relevant institutions, which is then published by Sava Re.
Details on Sava Re shares held by management board members as at 31 December 2024 are provided
in section A.3 “Shareholders and share trading”.
The management board in 2024
In 2024, the management board comprised the following four
24
members: Marko Jazbec (chairman),
Polona Pirš, Peter Skvarča and David Benedek.
The average age of the members of the management board is 50.75 years. All the members of the
management board are citizens of the Republic of Slovenia.
At its session held on 10 October 2024, the Sava Re supervisory board reappointed Peter Skvarča,
whose five-year term of office expires on 19 June 2025, as a member of the management board for a
further term. The new five-year term starts on 20 June 2025.
24
ESRS 2 GOV-1 paragraph 21 (a).

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54
Composition of the management board in 2024
25
Full name
Marko Jazbec
Polona Pirš
Peter Skvarča
David Benedek
Function
chair
member
member
member
Work area at management board level
26
coordination of work of the
management board
general, HR, organisational and legal
affairs
public relations
compliance
internal audit
management of strategic
investments in insurance subsidiaries
in Slovenia
information technology
sustainable development
corporate finance
strategic planning and controlling
accounting
investor relations
capital and risk management
actuarial affairs
development of reinsurance and
reinsurance underwriting, Group and
non-Group
reinsurance protection
(retrocession), Group and non-Group
development of reinsurance
processes and technology
reinsurance technical accounting
management of strategic
investments in non-Slovenian
subsidiaries
financial operations and asset
management
management of strategic
investments in pension companies
and asset management companies
(AMCs)
management of strategic
investments in healthcare
companies
managing overarching cooperation
with commercial banks or banking
groups at the Group level
First appointed
12 May 2017
14 January 2018
19 June 2020
22 March 2023
End of term of office
13 May 2027
15 January 2028
19 June 2025*
22 March 2028
Gender
M
F
M
M
Nationality
Slovenian
Slovenian
Slovenian
Slovenian
Year of birth
1970
1975
1975
1973
Education
university graduated economist
university graduated economist, master
of science in economics
university graduate in political sciences /
international relations, master’s degree
in European integration
university graduated economist, master
of science in economics
Professional profile
banking, insurance business, finance,
strategic management, corporate
governance, business administration,
sustainable development
27
insurance and reinsurance business,
corporate governance, controlling,
accounting, risk management, actuarial
affairs, corporate governance, business
administration
insurance and reinsurance business,
corporate governance, business
administration
banking, insurance business, finance,
corporate governance, business
administration
Notes on memberships of management
or supervisory bodies of third parties
Slovenian Insurance Association, GIZ,
Železna Cesta 14, 1000 Ljubljana,
Slovenia member of the association’s
council
/
Tennis Association of Slovenia,
Šmartinska 152, 1000 Ljubljana, Slovenia
member of the board of directors
/
Notes on memberships of management
or supervisory bodies of related parties
Zavarovalnica Sava d.d., Ulica Eve Lovše
7, 2000 Maribor, Slovenia chair of the
supervisory board
Illyria sh.a., Sheshi Nëna Terezë 33,
10000 Pristina, Kosovo chair of the
board of directors (until 30 August 2024)
Zavarovalnica Sava d.d., Ulica Eve Lovše
7, 2000 Maribor, Slovenia deputy chair
of the supervisory board
Sava Životno Osiguranje a.d.o., Bulevar
Vojvode Mišića 51, 11000 Belgrade,
Serbia chair of the supervisory board
Sava Infond, Družba za Upravljanje,
d.o.o., Ulica Eve Lovše 7, 2000 Maribor,
Zavarovalnica Sava d.d., Ulica Eve Lovše
7, 2000 Maribor, Slovenia member of
the supervisory board
Sava Osiguruvanje a.d., Železnička 41,
Opština Centar, PF 133, 1000 Skopje,
North Macedonia non-executive
member of the board of directors (until
6 July 2024)
Vita, Življenjska Zavarovalnica, d.d., Trg
Republike 3, 1001 Ljubljana, Slovenia
chair of the supervisory board
Sava Pokojninska Družba d.d., Ulica Eve
Lovše 7, 2000 Maribor, Slovenia chair
of the supervisory board
25
ESRS 2 GOV-1 paragraph 21 (a).
26
ESRS 2 GOV-1 paragraph 21 (c).
27
ESRS 2 GOV-1 paragraph 23 (a) and ESRS G1.GOV-1 paragraph 5 (b).

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Full name
Marko Jazbec
Polona Pirš
Peter Skvarča
David Benedek
Illyria Life sh.a., Sheshi Nëna Terezë 33,
10000 Pristina, Kosovo chair of the
board of directors (until 31 August 2024)
Sava Osiguranje a.d., Ulica Svetlane
Kane Radević br. 1, 81000 Podgorica,
Montenegro chair of the board of
directors
Slovenia deputy chair of the
supervisory board
Sava Penzisko Društvo a.d., Ulica Majka
Tereza 1, 1000 Skopje, North Macedonia
member of the supervisory board
(until 30 January 2024)
Sava Neživotno Osiguranje a.d., Bulevar
Vojvode Mišića 51, 11000 Belgrade,
Serbia chair of the supervisory board
DCB d.o.o., Pod Skalo 4, 4260 Bled,
Slovenia chair of the supervisory board
(from 1 April 2024)
Sava Infond, Družba za Upravljanje,
d.o.o., Ulica Eve Lovše 7, 2000 Maribor,
Slovenia chair of the supervisory board
Vita S Holding d.o.o., Skopje, Ul.
Dimche Mirchev 20, Center
Municipality, 1000 Skopje, North
Macedonia chair of the supervisory
board
Function in public administration,
including regulatory bodies
28
no
no
no
no
* On 10 October 2024, the supervisory board of Sava Re reappointed Peter Skvarča as a member of the Company’s management board. His new five-year term starts on 20 June 2025.
28
ESRS G1-5 paragraph 30.

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5.4 Fit and proper assessment of the members of the management and
supervisory boards and of key function holders and other relevant
personnel
29
In accordance with the requirements of applicable legislation and its internal regulations, the Company
ensures at all times that persons who effectively run and oversee the Company or are key or important
function holders consistently meet the following requirements:
(a) their professional qualifications, knowledge and experience are adequate to ensure
sound and prudent management (they are “fit”),
(b) they are of good repute and integrity (they are “proper”).
The members of the management and supervisory boards, including any committees thereof, as well
as key function holders and other relevant personnel, are responsible for managing and supervising
the Company and therefore have specific requirements with regard to their professional knowledge,
experience and personal skills. The required knowledge, skills and experience of each relevant person
ensures that the management body makes informed and competent decisions based on a good
understanding of operations, the regulatory framework relating to risks and the governance structure
of the company being managed.
The fitness requirements for the relevant personnel depend on the function or position held by the
person concerned. Sustainable development and compliance with the sustainable development goals
are part of the values and policies of both the Company and the Group. The process of assessing the
suitability of relevant personnel also includes the assessment of skills and experience in the area of
sustainable business operations.
Criteria and procedures for any fit and proper assessment of members of the management and
supervisory boards, key function holders and senior management are detailed in the Company’s fit and
proper policy for relevant persons.
Sustainable development
30
The management and supervisory boards each have one member with a sustainability background.
Development of sustainability competencies
To enhance sustainability competencies, members of the management board and supervisory board
with its committees, as well as key function holders and other relevant personnel, are provided with
regular access to top-level expertise through:
associations and organisations in which we are members and actively involved, including the
UN Global Compact (UNGC), the UN Principles for Responsible Investment (UN PRI), the
Partnership for Carbon Accounting Financials (PCAF), the Slovenian Insurance Association, the
Slovenian Directors’ Association, the British-Slovenian Chamber of Commerce, the Meeting of
Insurance and Reinsurance Companies (SorS), the Slovenian Institute of Auditors, the
Slovenian Actuarial Association, the CFA Institute and the European Institute of Compliance
and Ethics (EICE);
industry-wide events and conferences;
training sessions organised by the Slovenian Sovereign Holding (SDH d.d.);
internal training programmes conducted by in-house and external sustainability experts;
29
ESRS 2 GOV-1 paragraph 23 and ESRS G1-1 paragraph 10 (g).
30
ESRS 2 GOV-1 paragraph 23 (a).

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up-to-date sustainability information, which is also integrated into regular sustainability
executive meetings.
Sustainability governance system
31
Sava Re has established a comprehensive sustainability governance system that involves governance
bodies, business line managers and working groups, ensuring access to a wide range of sustainability-
related expertise and competencies:
The supervisory board provides strategic oversight of sustainability trends and monitors the
implementation of the sustainability strategy.
The management board is in charge of the implementation of the strategy and the
sustainable business policy, ensuring compliance with legislation and best practices. It also
sets strategic goals in relation to material impacts, risks and opportunities, delegates
authority and responsibility to relevant persons according to the organisational structure and
ensures oversight through appropriate oversight mechanisms. The management board’s
supervisory role includes defining strategic priorities, monitoring progress towards
sustainability goals and assessing the impact of implemented measures.
The sustainability line manager is responsible for drafting strategic documents, coordinating
activities and reporting to the management board on sustainability-related matters.
The sustainability executive meeting is made up of business line representatives and
oversees operational task planning, legislative monitoring and best practice alignment.
Working groups are formed to address regulatory requirements and include experts from a
variety of disciplines, enabling a comprehensive approach to managing complex
sustainability challenges.
This structure ensures that each governing body, as a collective entity, has direct access to the
necessary expertise and can draw upon the knowledge and experience within the Group, allowing a
holistic and strategic approach to sustainability challenges.
5.5 Internal control and risk management systems relating to financial
reporting
Internal controls comprise a system of guidelines and processes designed and implemented by Sava
Re at all levels to manage risks associated with, among other things, financial reporting, for both Sava
Re and the Sava Insurance Group. These controls work to guarantee the efficiency and effectiveness
of operations, the reliability of financial reporting and compliance with applicable external and internal
regulations.
Apart from the Slovenian Companies Act (ZGD-1), Sava Re is governed by the Slovenian Insurance Act
(ZZavar-1), which provides that insurance companies must put in place and maintain an appropriate
internal control and risk management system. Relevant implementing regulations based on the
Insurance Act are issued by the Insurance Supervision Agency and strictly complied with by the
Company.
31
ESRS 2 GOV-1 paragraphs 22 (a), 22 (b), 22 (c) and 22 (c) ii.

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Financial controls are closely linked to information technology controls, which aim, among other
things, to limit and control access to the network, information and applications, and to control the
completeness and accuracy of data input and processing. The latter is established at the Group and
parent company level through compliance with the information security policy and the enforcement
of security policies.
Internal controls applicable to financial reporting on a consolidated basis are set out in the internal
accounting rules and the Sava Insurance Group Financial Control Rules.
Internal controls, which are mainly preventive and detective in nature, include regular checks on
account balances, reconciliation of subsidiary records with general ledger balances, built-in system
controls (access restrictions, segregation of duties, limit systems and authorisations), automation of
reporting and transfers between systems, additional manual controls on reporting and checks on
consolidation packages. Reporting consistency is achieved through the use of a uniform data reporting
system.
Internal controls include the four-eye principle, information transfer (including with subsidiaries),
regular review and monitoring of transactions, department meetings, ongoing monitoring of
announced regulatory changes, regular training and mentoring.
The valuation of assets and liabilities arising from insurance and reinsurance contracts follows the four-
eyes principle, while the calculations are based on the valuation methodology for insurance and
reinsurance contracts in accordance with IFRS 17. In addition, for consolidation purposes, additional
internal controls are in place to review the consolidation processes for manual data entry and internal
controls over items where adjustments are made to the Group, as well as controls over all the
procedures carried out for the Group (e.g. consolidation adjustments). Members of the Group submit
the financial information required for the preparation of the consolidated financial statements in
reporting packages, prepared in accordance with International Financial Reporting Standards (IFRS)
and the parent company’s guidelines, within the time limits set out in the Company’s financial
calendar. In addition, Group members submit their separate financial statements, which constitutes
an additional control measure. By unifying information systems and applications that support
consolidation, planning and reporting, the exchange and control of financial data between subsidiaries
and the parent company is becoming ever more efficient. Whether necessary information system
controls have been put in place and function adequately is verified, on an annual basis, by relevant
experts as part of the regular annual auditing of financial statements.
A system of internal controls is also in place for other important business processes. Effective risk
management requires that companies ensure a functioning and established internal control system.
The systematic internal controls of companies ensure the achievement of their objectives in terms of
the efficiency and effectiveness of their operations, the reliability, timeliness and transparency of
internal and external reporting, and compliance with applicable laws, legal provisions and internal
regulations. All major business processes have been specified, including details on control points and
the persons responsible for each control. Basic controls are carried out by reviewing documents
received or by an automatic or manual control procedure of processed data.
Sava Re complies with all rules and regulations on handling confidential data and inside information,
allocating investments and prohibiting trading based on inside information.
Other entities authorised by Sava Re to provide individual services must do so in compliance with the
law, implementing regulations, service contracts, internal rules and work instructions in force at Sava
Re.
The risk management department monitors improvements in the internal control environment and
keeps track of internal controls in the internal control register, which is linked to the risk register. In
accordance with the Insurance Act, Sava Re has its own internal audit department, which provides
assurance and advice to the management board on how to increase added value and improve the

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efficiency and effectiveness of operations. The internal audit department assists the Company in
achieving its goals by systematically and methodically assessing the effectiveness and efficiency of the
governance, risk management and internal control systems and making recommendations for their
improvement. The internal audit also reports on its findings to the management board, the audit
committee and the supervisory board.
5.6 External audit
In 2022, a contract was signed with Deloitte Revizija d.o.o., Dunajska 165, 1000 Ljubljana, for the audit
of the financial statements for the period 20222024.
Deloitte has also audited the financial statements of Sava Re and the Sava Insurance Group for 2022,
2023 and 2024. In 2022, 2023 and 2024, the Group’s subsidiaries were audited by the local audit staff
of the same audit firm.
5.7 Disclosures in accordance with Article 70(6) of the Companies Act
Sava Re is subject to the Slovenian Takeovers Act (ZPre-1).
The composition of Sava Re’s share capital, the list of qualified shareholders under the Slovenian
Takeovers Act as at 31 December 2024, the rights and obligations attached to the shares, the
restrictions on share transfer and the absence or existence of shares carrying special control rights are
presented in section A.3 “Shareholders and share trading”.
Employee share scheme
Sava Re has no employee share scheme.
Restrictions of voting rights
Sava Re has not adopted any restrictions on voting rights.
Shareholders’ agreements restricting transferability of shares and voting rights
Sava Re is not aware of any such agreements between shareholders.
Rules on appointment or removal of members of management or supervisory bodies and on
amendments to the articles of association
Company rules on appointment or removal of management board members
Under the Sava Re articles of association, the chair and the members of the management board are
appointed by the supervisory board for a period of five years. Such appointments are renewable
without limitation. To be appointed as a member of the management board, natural persons must
have full legal capacity and meet the requirements set down by law and the Company’s internal rules.
The process and criteria for the selection of candidates for members of the management board and
the process of periodic fit and proper assessments of individual members, as well as the assessment
of the competence of the management board as a collective body, are clearly set out in the Company’s
fit and proper policy for relevant persons.
The management board as a whole and its individual members may be removed from office by the
supervisory board for reasons prescribed by law.
Company rules on appointment and removal of supervisory board members
Under the Sava Re articles of association, the supervisory board is composed of six members, of which
four (shareholder representatives) are elected by the Company’s general meeting, and two (employee
representatives) are elected by the works council, which subsequently informs the general meeting of

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its decision. Shareholder representatives of the supervisory board are elected by the general meeting
by a majority of votes present. The term of office of supervisory board members is four years and is
renewable. To be appointed as a member of the supervisory board, natural persons must have full
legal capacity and meet the requirements set down by law and the Company’s internal rules. The
process and criteria for selecting candidates for membership of the supervisory board and for drafting
proposals for general meeting resolutions on the appointment of supervisory board members,
including the process of periodic fit and proper assessments of individual members, as well as the
assessment of the competence of the supervisory board as a collective body, are clearly set out in the
Company’s fit and proper policy for relevant persons.
Supervisory board members who are shareholder representatives may be removed from office by the
general meeting for reasons prescribed by law, by a resolution passed by a majority of at least three
quarters of the share capital represented.
Company rules on amendments to its articles of association
The Sava Re articles of association do not contain special provisions governing their amendment.
Under the applicable legislation, they may be amended by resolution of the general meeting by a
majority of at least three quarters of the share capital represented.
Powers of the management board (increase in share capital, acquisition of treasury shares)
The management board has no authorisation to increase the share capital.
The Company’s management board has no authorisation to purchase treasury shares.
With the additional treasury share repurchases in April 2016, the management board fully exhausted
the general meeting authorisation granted in 2014 to purchase treasury shares up to 10% minus one
share of the share capital.
Important agreements that become effective, change or terminate after a public takeover bid results
in a control change
Sava Re limits its exposure by reinsuring its own account (retrocession). As is customary in the industry,
retrocession contracts contain provisions governing contract termination in cases involving significant
changes in ownership or control of the counterparty.
Agreements between an entity and members of its management or supervisory bodies on
compensation in case of (i) resignation, (ii) dismissal without cause or (iii) termination of
employment relationship due to any bid specified in the law governing takeovers
A management board member is entitled to severance pay if recalled for other economic or business
reasons (major change in shareholder structure, reorganisation, launch of a new product, major
change in the Company’s business and the like) or if the member’s term of office ends and he or she is
not reappointed as a management board member.
A management board member is entitled to a termination benefit in the event of a mutually agreed
termination of the office, unless the dismissal is due to misconduct.
A management board member is entitled to a termination benefit referred to in the previous two
paragraphs only if his employment relationship with all companies of the Sava Insurance Group is
terminated.
A management board member is also entitled to severance pay upon retirement.
Management board members are not entitled to severance pay in case of resignation.

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5.8 Governance of Sava Insurance Group members
The parent company’s management and supervisory bodies are responsible for the proper governance
and supervision of the entire Group and for setting up a governance framework appropriate to the
structure, business and risks of the Sava Insurance Group as a whole and of its individual members.
The parent company fully exercises its governance function by setting the business strategy from the
top down, taking into account both the Group as a whole and its individual members. For optimal
capital allocation and resilience against unforeseen events, capital allocation and capital adequacy are
managed on the Group level following the top-down principle. As part of its risk strategy, the Group
sets the risk appetite at the Group level and the level of its members.
The Group has set up a systematic approach to risk management, including risk management at the
level of individual companies, appropriate monitoring of the risks of individual companies by the
parent company and risk management at the Group level. The latter takes into account any interaction
between the risks of individual Group companies, in particular risk concentration and other material
risks associated with the operation of the Group.
Management or supervisory bodies of each Sava Insurance Group subsidiary pursue the same values
and corporate governance policies as the parent company, unless otherwise required by law, the local
regulator or based on the principle of proportionality. Therefore, the management or supervisory
bodies of each Sava Insurance Group subsidiary, as part of their responsibility for the governance of
their company with regard to the implementation of the Group’s policies, consider the need for any
adjustments to local legislation as well as any other necessary adjustments and, in accordance with
the procedures set out in the Group’s policies, determine their adjustments to these policies, ensuring
that the subsidiary complies with applicable laws, implementing regulations and the rules of sound
and prudent operation.
The governance of the Sava Insurance Group is described in more detail in the Corporate Governance
Policy of Sava Re d.d. posted on the Company’s website.
Ljubljana, 14 March 2025
Ljubljana, 3 April 2025
Sava Re Management Board
Sava Re Supervisory Board
Marko Jazbec, Chairman
Davor Ivan Gjivoje Jr, Chairman
Polona Pirš, Member
Peter Skvarča, Member
David Benedek, Member

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6 Mission, vision, strategic priorities and goals
Our mission
Through commitment and constant progress, we ensure security and quality of life.
Our vision
We are building a customer-centric, flexible and sustainability-oriented insurance group.
Our values
We build relationships with care, integrity and respect.
We exceed customer expectations by our ongoing effort to make improvements and strengthen
relationships.
We are active in relation to our natural and social environment.
6.1 Unique corporate culture
Through a positive climate, good business culture, continuous training and investments in employees,
we contribute to the ongoing development of insurance and ancillary products, and to more optimal
business processes. We are developing a unique corporate culture that will be reflected in the quality
of our services and in the loyalty of our employees to their company and the Group.
By definition, insurance is the provision of economic security through the spreading of financial risk,
which is why the industry is tightly intertwined with the larger overall economy. Within this system,
we have the responsibility to support activities that improve the social environment. Sustainable
development is an area to which we are increasingly committed. Special attention is given to the
exchange of knowledge, ongoing training of employees and external stakeholders, and the utilisation
of synergies among Sava Insurance Group companies. The social responsibility demonstrated reflects
the values on which we intend to focus more in the future.
Our ambition is to be a full-service provider of insurance and reinsurance services in our target
markets, to create a climate of trust and loyalty among our stakeholders and to be recognised as a
company that communicates fairly and transparently. We strive to meet the expectations of our
shareholders and achieve an adequate return on equity, to raise awareness about the organisation’s
values and to embed them into core business policies and daily practices.

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6.2 Strategic priorities of the Sava Insurance Group
The strategy of the Sava Insurance Group sets out strategic goals in two ways, based on its three key
focus areas in the 2023–2027 strategy period and based on the Group’s key pillars of business
operations.
Key Group pillars:
For the 20232027 period, we have adopted a strategy that will drive the Group forward on three key
strategic priorities:
We will take the customer-at-the-centre approach to the next level by always ensuring that
customers, their wishes and their needs are central to the way business is done. To this end,
we have set ourselves three Group-level objectives. The first objective is customer-oriented
communication, which is achieved by integrating all communication channels through a
centralised customer relationship management system. The second objective is to establish a
hybrid sales model that will allow the sales network to focus on more complex types of
insurance and on advising customers. The third objective is to set up self-care platforms, such
as customer portals, websites, and mobile applications, which will improve customer service
during sales, claims handling and other services.
We have two key objectives at the Group level in optimising business processes: to speed up
and simplify customer service and internal processes. This will also help achieve cost efficiency,
which will play a more important role in the next strategy period than in the past, given the
changed macroeconomic environment. To achieve this strategic priority, the Group will
undertake a comprehensive review of its processes to identify opportunities for improvement.
Processes will then be redesigned, and any other necessary changes will be made to align the
organisation with these new processes.
We will pursue sustainability
32
in all key aspects: environmental, social and governance. We
will continue to support global sustainability trends and focus on goals related to climate
action and the health and well-being of our customers, employees and the wider community.
32
ESRS 2 SBM-1 paragraph 40 (g).

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Long-term strategic targets:
Over a five-year period, we will achieve a return on equity (excluding the fair value reserve) of
between 9.5% and 10.5%.
Over the 20232027 period, the solvency ratio at the Sava Insurance Group level will be between
170% and 210% (within the optimal capitalisation range).
Non-life (re)insurance operations will achieve an underwriting combined ratio not exceeding 95%.
The return on the Group’s investment portfolio, net of subordinated debt expenses, will reach
2.2% in 2027.
6.3 Business plan of the Sava Insurance Group for 2025
In 2025, we will continue to implement our business strategy around our three key strategic priorities.
Going forward, we will continue to focus on improving our services by automating and digitalising
customer communications and introducing digital and self-care solutions to enhance and simplify the
customer experience across the Group’s businesses. In addition, we will continue to place a strong
emphasis on improving our sales and customer service processes while striving to optimise our
internal business processes. In the area of sustainability, we will continue to implement the Group’s
sustainability policy, which is based on a commitment to environmental protection, social
responsibility and the development of innovative and sustainability-driven products and services.
The Group has set the following financial targets for 2025.
Major targets for 2025
2025 plan
Business volume growth
> 5%
Return on equity
> 11%
Profit, net of tax
> EUR 84 million
Solvency ratio
170%210%
Combined ratio
< 94%
Planned growth in business volume for 2025
2025 plan
Non-life, EU
> 5%
Life, EU
> 3%
Reinsurance
> 4%
Non-life, non-EU
> 8%
Life, non-EU
> 10%
Pensions and asset management
> 9%

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6.4 Goals achieved in 2024
6.4.1 Targets achieved in 2024
All financial targets
achieved
The Sava Insurance Group achieved all its financial targets in 2024. Business volume exceeded the
billion euro mark and was 11.9% ahead of plan. All operating segments exceeded their targets. Net
profit for the period was EUR 87.8 million, based on which the target return on equity was also
exceeded. The combined ratio improved compared to the previous year and remained below the
planned limit. The Group’s active management of its investment portfolio also kept it above the
planned minimum return.
Actuals versus targets in 2024
EUR million
2024
2024 plan
As % of plan
Business volume
1,035.1
> 925
111.9%
Business volume growth
13.7%
> 5%
Return on equity
13.6%
> 10.5%
Profit, net of tax
87.8
> 70
125.5%
Solvency ratio
207%213%
170%210%
Combined ratio
91.3%
< 95%
Return on investment portfolio
2.5%
2.2%
6.4.2 Achievement of strategic goals
Goals achieved in the Group’s key strategic priorities
Customer at the centre
Key activities in this regard include the digitalisation of customer communication through the
introduction of SMS and email alerts to more companies in the Sava Insurance Group. As part of the
automation of customer support, we launched a pilot chatbot solution to make customer queries
faster, more accessible and more efficient.
We implemented a systematic customer satisfaction monitoring system based on the regular
collection of feedback and the management of improvements based on the results. We rolled out the
customer interaction management systems to more Group companies and extended their
functionalities to new processes, ensuring greater consistency and efficiency across the Group.
We continued our extensive coordinated activities to capture and update customer contact data,
ensuring better quality and usability of the data for further digitalisation of communications.
We developed and launched self-care portals and other additional digital solutions for both B2B and
B2C customers, focusing on improving the user experience and accessibility of services.
Process optimisation
Business process optimisation has become a constant in our sales, claims and other support processes.
We optimised the non-life insurance pricing process, mapped the sales processes and made proposals
to streamline them, some of which have already been implemented. We mapped the claims
assessment process and designed a proposal for a new application solution. Using internal and publicly
available data, we significantly reduced the time it takes to process natural catastrophe claims. In

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addition, we automated the administrative processes involved in quoting, claims recording and
customer correspondence.
On the IT front, we optimised IT governance controls at the Group level and centralised the operational
IT controlling function. We significantly reduced the cost of the automated IT system upgrade process,
optimised the use of infrastructure resources and increased the speed of our core IT solutions. We also
extended the use of the central data warehouse and BI tools in the management functions of both the
parent company and the other Group companies.
The replacement of the core IT system for reinsurance operations allows for faster processing of
reinsurance contracts and billing while also providing a larger data set and more robust internal
controls. A new IT system was introduced to optimise HR administration and recruitment processes.
In addition, we further automated the calculation of insurance reserves, accounting and financial
reporting and record keeping, improved and streamlined the preparation of risk management reports,
optimised the annual planning process and introduced a project management and monitoring tool to
optimise processes.
Sustainable development
In line with the Group’s sustainable development strategy, we further strengthened our efforts to
achieve key strategic goals. By implementing decarbonisation measures and activities, we managed to
reduce our scope 1 and 2 carbon footprint per employee by 21.8% compared to the 2022 baseline
year. By increasing the share of ESG investments in our portfolio and through responsible (re)insurance
underwriting, we also integrated sustainability considerations into the value chain. The share of ESG
investments at the Group level increased from 16.9% last year to 23.6%.
We continued to develop sustainable products and support global goals that improve the health, well-
being and sustainable development of society at large. In line with its responsible investment policy,
Sava Infond changed its governance rules to offer a wide range of funds that promote environmental
and social features. Through socially responsible projects and sponsorships, we reinforced our positive
impact on consumers and the community, and worked to build a culture of sustainability. Employees
were also encouraged to participate in volunteering and other sustainability initiatives to promote
responsibility and engagement.
The transition to the new ESRS reporting standards, including the double materiality analysis, was an
important milestone on our sustainable development journey in 2024. We see this as an opportunity
to monitor the sustainability impacts of our business in a more transparent and comprehensive way.
Achievement of strategic goals by key business pillar
Non-life insurance
In 2024, we continued to implement our strategic goals, focusing on product and process development
and improvement while successfully adapting to market changes and customer needs. The increasing
frequency of extreme weather events has necessitated further work to adapt underwriting rules,
particularly in home insurance. These rules, applied in the context of the advanced Geographic
Information System, are based on a combination of internal and public data on natural phenomena.
The strengthening of banking relationships was one of the most important segments in the expansion
of our distribution channels. This enabled the efficient distribution of the insurance products we had
developed, such as payment card insurance, unemployment insurance for bank account holders and
assistance insurance, including home and roadside assistance, assistance in the event of electronic
data loss and online shopping assistance. We have also made a number of other improvements in
product development, mainly in response to customer needs (travel insurance in connection with
home insurance, a travel insurance package for the elderly and an extension of physiotherapy cover in
personal accident insurance).

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We continued to introduce elements of automation into our claims management processes, improving
efficiency and reducing response times, and we continued to successfully tackle claims inflation
(introducing changes to premium systems, analysing motor and health insurance, etc.).
In the area of sustainability, we improved our reporting standards in terms of taxonomy and regulatory
requirements while also revising our key performance indicators and expanding the paperless
monitoring system of our largest subsidiary.
In the area of process informatics, we continued to develop the ASP.ins core software solution for our
non-EU non-life insurance subsidiaries.
Life insurance and pensions
During the year, the Group focused on a comprehensive review and expansion of its life and pensions
product range. In the area of risk products, we overhauled our credit life product to offer customers
greater flexibility and enhanced coverage. At the same time, we introduced additional critical illness
and permanent disability cover to meet customer demand for appropriately structured, affordable
combinations of life, health and accident coverages. We further enhanced the existing SavaFit life
ecosystem and digital platform, adding new functionalities to support active lifestyles and introducing
services supported by our contractual partners with added value for customers.
In parallel, we also undertook a comprehensive review of our unit-linked life business, focusing on
personalising the proposition and implementing the regulatory requirements of the Insurance
Distribution Directive and the Product Oversight and Governance Regulation in our underwriting,
insurance product development and monitoring processes, all with a view to adding value for our
customers. The overhaul of our unit-linked life business also supports our commitment to sustainable
development, as the redesigned segment offers a range of new investment options that promote
environmental and social characteristics in line with Regulation (EU) 2019/2088. By taking out this type
of insurance, customers can use their invested funds to contribute to a positive social and
environmental impact.
To improve productivity and cost efficiency, we continued to automate processes, expand our range
of online products and introduce new technology solutions, including a new mobile app and digital
office. We optimised our claims handling processes using advanced machine learning and artificial
intelligence technologies.
In Serbia and Kosovo, we added critical illness cover to our life insurance product range, enhancing its
profile and competitiveness. In these markets, we also strengthened our bancassurance business with
new group life products for borrowers and established a relationship with a strong banking partner.
In the pensions segment, we reviewed our pension annuity offering with the aim of improving the cost
structure and competitiveness of our pension services.
Reinsurance
In 2024, Sava Re continued to consistently adhere to one of its key strategic principles, which is the
appropriate diversification of the reinsurance portfolio, both geographically and within individual
markets, lines of business and forms of reinsurance. The developments in 2024 strongly reflected the
global environment, which was heavily influenced by the intensification of crisis hotspots around the
world (e.g., Ukraine, Israel and Gaza), as well as emerging risks that until recently were either in the
background (climate change, droughts, floods and other extreme weather events) or less well
understood (cyber risks, AI challenges) but are now factors that have a direct impact on the global
economy and security. Reinsurance markets had to respond to these challenges and did so by a further
tightening of conditions in 2024, both in terms of price and coverage (tightening of the terms and
conditions of reinsurance contracts). However, the tightening was milder than in the previous period,
due to previous corrections and the resulting strong performance of global reinsurers. At Sava Re, we

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continued to pursue the planned balanced portfolio restructuring by form of reinsurance, with an
emphasis on maintaining an appropriate ratio of proportional to non-proportional treaties. In addition,
there was a focus on the strategic goal of appropriate geographic diversification. It should be noted
that Sava Re’s portfolio underwent some changes towards better diversification in 2024, which was
achieved at the expense of some new opportunities and a partial adjustment of the aggregate
exposure by each major market. In the future, we expect a further easing of the tightening of
conditions or even a softening of conditions, both in terms of price and coverage (market softening).
A key guiding principle in reinsurance underwriting is to keep a close eye on global trends while
remaining agile enough to adapt to change. This approach will ensure that we achieve our key strategic
goals the required profitability and low portfolio volatility.
Asset management
Sava Infond performed well in 2024. We maintained our position in key distribution channels, resulting
in record net inflows into the fund of funds, which, together with favourable financial market trends,
helped increase the value of assets under management.
We continued our activities to optimise and digitalise our business processes. We upgraded the
SavaNet digital platform.
We expanded the range of ESG-compliant funds, and as a result more than half of the sub-funds are
ESG-compliant.
Assistance services
In 2024, TBS Team 24 made significant strides in digitalisation with the introduction of advanced IT
systems that contributed to greater automation and efficiency in our operations. We also conducted
an intensive search for and selected a new telephony provider that would deliver greater efficiency,
lower costs, improved quality of service, greater flexibility and a better user experience. We continued
to prepare for the implementation of the new IT system and introduced the automation of certain
processes in the handling of assistance cases.
The provision of quality assistance services enables the continuation of B2B business activities in
Slovenia and abroad, which contributes to strengthening the company’s position on the market,
building the trust of partners and effectively achieving the goals set.

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7 Business environment
Global economic developments
33
The euro area in 2024 is characterised by moderate economic growth, uncertainty due to geopolitical
tensions, further inflation moderation and central bank action. Optimism in financial markets
persisted, contributing to a successful year for capital markets, especially equity markets.
Inflation fell to 2.2% in November 2024, close to the European Central Bank’s (ECB) target. The ECB
has cut key interest rates several times in 2024, and further rate cuts are expected in 2025.
Year-on-year growth in the euro area was 0.9% in the third quarter of 2024, and the European
Commission’s latest forecasts of 1.3% in 2025 and 1.6% in 2026 point to moderate growth going
forward. Moderate economic growth is the result of several factors, among which geopolitical risks
stand out, particularly the military conflict in Ukraine and the related energy shock, which has had a
strong impact on the manufacturing sector in particular. There is also the impact of increasing
restrictions on world trade and the resulting changes in international capital flows, as well as the
military conflict in the Middle East, which, if it escalates, could affect the availability or price of strategic
commodities. Europe’s structural challenges and its dependence on Russian gas, which has been
significantly reduced in recent years, also pose risks.
Political instability in some European countries and declining economic activity in Germany are also
contributing to a deteriorating economic environment. A positive factor for future economic growth is
the robustness of economic growth in one of the euro area’s main trading partners, the US, which grew
by 3.1% in the third quarter of 2024. The main growth drivers are private consumption, exports and
business investment.
In terms of returns, 2024 was a positive year for bonds and even more so for equities. The European
STOXX 600 Index rose by 9.6%, the US S&P 500 Index by 33.6%, and the MSCI ACWI Global Equity Index
recorded a 26.2% annual increase, all in euro terms. One of the highest returns was achieved by the
Slovenian SBITOP stock index, at 33.0%. The ECB’s increasingly stimulative monetary policy was also
reflected in government bond yields, which gradually started to fall while the prices began to rise, with
solid returns in this asset class, especially for bonds with shorter maturities. In such an environment,
government bond yields in many European economies are positive in real terms, making this asset
class even more attractive.
33
Source: Eurostat, 2025, https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-18122024-ap.
Source: Eurostat, 2025, https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-30102024-ap.
Source: European Commission, 2025, https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-
forecasts/autumn-2024-economic-forecast-gradual-rebound-adverse-environment_en.
Source: BEA, 2025, https://www.bea.gov/data/gdp/gross-domestic-product.
Source: Bloomberg, 2025.

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Economic developments in markets in which the Sava Insurance Group operates
In all markets where the Sava Insurance Group is present through companies, economic growth
continued in 2024 according to initial estimates and is expected to continue in 2025 and 2026
according to the latest forecasts. After the high average inflation rates reported for 2023, inflation
moderated in 2024 and is expected to continue declining in most countries over the next two years.
The survey-based unemployment rate varies considerably between countries, with most forecasts
pointing to a gradual decline over the next two years.
Overview of the main macroeconomic indicators for the countries where the Sava Insurance Group is
present
34
BDP, real growth (%)
Average inflation (%)
Unemployment rate (%)
2022
2023
E2024
P2025
2022
2023
E2024
P2025
2022
2023
E2024
P2025
Slovenia
2.7
2.1
1.5
2.4
8.8
7.4
2.1
3.3
4.0
3.7
3.7
3.7
Croatia
7.0
3.1
3.4
2.9
10.7
8.4
4.0
2.8
6.8
6.2
5.6
5.5
Serbia
2.6
2.5
3.9
4.1
12.0
12.4
4.5
3.6
9.5
9.4
9.1
9.0
North Macedonia
2.2
1.0
2.2
3.6
14.2
9.3
3.3
2.3
14.4
13.1
13.0
12.8
Kosovo
4.3
3.3
3.8
4.0
11.6
4.9
2.1
2.0
12.6
10.9
n/a
n/a
Montenegro
6.4
6.0
3.7
3.7
13.1
8.6
4.2
3.7
n/a
n/a
n/a
n/a
Impact of the business environment on the operations of the Sava Insurance Group
After 2022, the impact of claims inflation on the Group’s business in 2022 increased as the inflation
rate rose sharply, and the Group’s insurers responded by increasing their premium rates, reducing the
impact of claims inflation in 2023 and 2024. However, inflation continued to have an impact on the
cost increases of the Group companies in 2024.
In 2024, as in 2023, we were affected by natural catastrophes. In 2024, these had less impact on the
people of the countries in which the Sava Insurance Group operates than in 2023, when Slovenia and
some other countries were hit by a wave of storms and floods that affected a wider area and caused
significant property damage. The 2024 storms affected a smaller area and resulted in lower gross
claims for the Sava Insurance Group. However, the impact on the Sava Insurance Group’s result was
roughly the same in both years, as the 2023 catastrophes also indirectly affected the impact of the
2024 catastrophes by increasing the retention levels in catastrophe reinsurance programmes and
increasing the price of reinsurance.
The financial performance of the insurance companies and the performance of the pension and asset
management companies benefited from the favourable developments in the financial markets,
resulting in higher interest income, assets under management and contributions to funds.
Markets in which the Sava Insurance Group operates
Sava Re, the parent company of the Sava Insurance Group, transacts reinsurance business in over 120
countries worldwide. The following section contains a description of the international non-life
insurance market and insurance markets in which the Sava Insurance Group operates.
Global non-life reinsurance markets
35
Despite the challenging environment, 2024 was a successful year for the international reinsurance
industry. In response to increased uncertainty and complex risks that were until recently either in the
background (climate change, droughts, floods and other extreme weather events) or unknown (cyber
34
Source: UMAR, Economic Mirror, Autumn Forecast of Economic Trends 2024. IMF, World Economic Outlook, October 2024.
35
Source: summarised based on AON, Reinsurance Market Dynamics, January 2025, https://assets.aon.com/-
/media/files/aon/reports/2025/reinsurance-market-dynamics-jan-2025-report.pdf; AM Best, Market Segment Outlook: Global
Reinsurance, November 2024, https://go.ambest.com/l/898351/2024-11-
21/6mn9lv/898351/1732205776IRldkij2/2024.11_Global_Re_Segment_Report.pdf; Swiss Re, Reinsurance much more than a shock
absorber, August 2024, https://www.swissre.com/reinsurance/insights/reinsurance-more-than-shock-absorber.html; Global economic
Forum, September 2024, https://www.weforum.org/stories/2024/09/chief-economists-outlook-global-economy-growth/.

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risks and artificial intelligence challenges), the demand for reinsurance has been steadily increasing.
However, the corrective measures implemented by the industry after 2021 (restructuring of
reinsurance programmes away from high-loss-frequency layers and aggregate excess programmes
with stricter terms and conditions and narrower coverages) have resulted in higher retention levels for
insurers and consequently a lower volume of claims ceded to reinsurers, which has a significant impact
on the insurance service result. This is compounded by reinvestment in a higher interest rate
environment. Favourable price developments in reinsurance markets were exceptionally intense in
20222023 and continued to a lesser extent in 2024, as capital growth increases capacity and premium
appetite. Reinsurance broker AON estimates that the reinsurance industry’s capital surpassed a record
USD 700 billion in the third quarter of 2024, making the industry much more resilient than in previous
cycles. The main contributors were positive margins, reinvestment at higher interest rates and global
diversification of reinsurance portfolios. Increased geopolitical and macroeconomic instability
weakens growth prospects but reinforces the key role of reinsurance in risk transfer. In the medium
term, profitability is expected to be driven mainly by factors such as the narrowing of the insurance
gap, price growth and higher investment returns in a higher interest rate environment.
Insurance markets
All insurance markets in which the Sava Insurance Group is present with companies grew in 2024.
Overview of the main indicators of the trends in the insurance markets in which the Sava Insurance
Group is present through companies
Growth/decline in premiums
Premiums, per capita
Premiums/GDP
(%)
(EUR)
(%)
2021
2022
2023
2024
2021
2022
2023
2024
2021
2022
2023
2024
Slovenia*
36
5.2%
7.0%
13.0%
10.7%
808.5
864.3
971.7
1,071.0
3.3%
3.2%
3.2%
3.4%
Croatia**
37
9.0%
7.0%
6.4%
12.0%
372.8
402.4
415.3
467.2
2.5%
2.3%
2.1%
2.2%
Serbia***
38
8.7%
12.4%
16.0%
14.6%
147.8
167.9
199.2
229.8
1.8%
1.8%
1.8%
1.9%
North Macedonia***
39
15.7%
10.0%
12.3%
12.7%
90.9
113.5
127.7
143.5
1.6%
1.6%
1.6%
1.6%
Kosovo
40
15.4%
14.2%
9.2%
14.7%
65.3
75.9
82.9
104.8
1.5%
1.5%
1.5%
1.6%
Montenegro
41
5.5%
9.6%
10.3%
12.3%
159.4
174.1
191.5
212.0
2.0%
1.8%
1.7%
1.8%
* The premiums in the Slovenian market (excluding the branches of Zavarovalnica Sava and Generali in Croatia and FoS business),
summarised based on the data of the Slovenian Insurance Association, exclude supplementary health insurance and contributions to
pension funds and pension annuities.
** For 2023 and 2024, data on gross premiums written are no longer available, so premiums paid are shown. For the premium growth in
2023/2022, the premiums paid in 2022 are also taken into account for comparability. Premiums shown are premiums in the Croatian
market (excluding Euroherc branches in Austria and Italy, and FoS business).
*** The 2024 estimate is based on premium growth in the first nine months of 2024.
Slovenia: based on data published by the Slovenian Insurance Association (SIA), in 2024 the Slovenian
insurance market consisted of 11 domestic insurance companies, 6 foreign branches and 2 reinsurance
companies
. In 2024, the non-life insurance business accounted for 74.7% of total insurance
premiums, and the life insurance business for 25.3%. In 2024, gross premiums written in the Slovenian
insurance market grew by 10.7% (non-life premiums by 12.9% and life premiums by 4.5%). The Sava
Insurance Group operates in the market with two insurance companies, Zavarovalnica Sava and
Premium data from: Slovenian Insurance Association; source for GDP: UMAR, Economic Mirror, no. 1/25; source for population: Statistical
Office of the Republic of Slovenia.
Premium data from: Croatian Insurance Bureau; source for GDP and population 20212023: Croatian National Bank, 2024: International
Monetary Fund.
Premium data from: National Bank of Serbia; source for GDP and population: Statistical Office of the Republic of Serbia; GDP 2024:
International Monetary Fund.
Premium data from: Insurance Supervision Agency, North Macedonia; source for GDP 20212023: National Bank of the Republic of North
Macedonia; source for GDP 2024: International Monetary Fund; source for population: State Statistical Office, North Macedonia.
Premium data from: Central Bank of the Republic of Kosovo; source for GDP 20212023 and population: Kosovo Agency of Statistics;
source for GDP 2024: International Monetary Fund.
Premium data from: Insurance Supervision Agency, Montenegro; source for GDP 20212023 and population: Statistical Office,
Montenegro; source for GDP 2024: International Monetary Fund.
The data are based on SIA, which receives data from its members. Not all branches and foreign insurers need to be members of SIA.
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Zavarovalnica Vita. Together, the two insurers ranked second among Slovenian insurers in 2024, with
a combined market share of 31.2%.
* The premiums in the Slovenian market (excluding the branches of Zavarovalnica Sava and Generali in Croatia and FoS business) exclude
supplementary health insurance and contributions to pension funds and pension annuities.
Two reinsurance companies are domiciled in Slovenia, and both are members of the Slovenian
Insurance Association. The following table shows the market shares of the two reinsurance companies
in the Slovenian market.
EUR
2024
2023
Gross premiums
written
Market share
Gross premiums
written
Market share
Sava Re
231,825,343
40.1%
215,914,974
40.3%
Triglav Re
346,672,890
59.9%
319,389,312
59.7%
Total
578,498,233
100.0%
535,304,286
100.0%
Croatia: at the end of 2024, the Croatian insurance market consisted of 14 domestic insurers and 2
foreign branches. In 2024, the non-life insurance business accounted for 81.2% of total insurance
premiums, and the life insurance business for 18.8%. In 2024, premiums paid (data on gross premiums
written are no longer compiled by the insurance bureau as of 2023) in the Croatian insurance market
grew by 12.0% (non-life premiums grew by 14.0% and life premiums by 4.1%). The Sava Insurance
Group operates in the market through a branch of Zavarovalnica Sava, which sells non-life and life
insurance in Croatia. In 2024, it ranked 14th among all companies operating in the Croatian insurance
market, with a market share of 1.1%.
* For 2023 and 2024, gross premiums written are no longer available, so premiums paid are shown. Premiums shown are premiums in the
Croatian market (excluding Euroherc branches in Austria and Italy, and FoS business).
Serbia: the Serbian insurance market in 2024 consisted of 16 insurance companies. The non-life
insurance business accounted for 82.3% of total insurance premiums in the first nine months of 2024,
and the life insurance business for 17.7%. In the first nine months of 2024, gross premiums written in
the Serbian insurance market grew by 14.6% (non-life premiums by 15.9% and life premiums by 9.4%).
The Sava Insurance Group is present in the market through the non-life insurance company Sava
30.1%
29.5%
30.1%
31.2%
28.7%
28.7%
29.7%
30.8%
20.2%
30.7%
31.2%
32.5%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2021 2022 2023 2024
Market shares of Zavarovalnica Sava and Zavarovalnica Vita*
Total Non-life Life
37.1%
31.2%
18.4%
3.8%
2.8%
6.7%
Slovenia: insurance market shares
2024*
Zavarovalnica Triglav
Zavarovalnica Sava and Vita
Generali
Grawe
Merkur Zavarovalnica
Other insurers
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73
Neživotno Osiguranje (SRB) and the life insurance company Sava Životno Osiguranje (SRB). Together,
the two insurers ranked 8th among all insurers in the market in the first nine months of 2024, with a
market share of 3.9%.
North Macedonia: the North Macedonian insurance market in 2024 consisted of 17 insurance
companies. The non-life insurance business accounted for 81.3% of total insurance premiums in the
first nine months of 2024, and the life insurance business for 16.9%. In the first nine months of 2024,
gross premiums written in the North Macedonian insurance market grew by 12.7% (non-life premiums
by 11.1% and life premiums by 20.8%). The Sava Insurance Group is present in the market through its
non-life insurance company, which ranked 6th among all insurers on the market in the first nine
months of 2024, with a market share of 8.6%.
Montenegro: the Montenegrin insurance market consisted of 9 insurance companies in 2024. In 2024,
the non-life insurance business accounted for 79.3% of total insurance premiums, and the life
insurance business for 20.7%. In 2024, gross premiums written in the Montenegrin insurance market
grew by 12.3% (non-life premiums by 11.1% and life premiums by 17.6%). The Sava Insurance Group
is present in the market through the non-life insurance company Sava Osiguranje (MNE), which ranked
second among all insurers in the market in 2024, with a market share of 16.9%.
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74
Kosovo: in 2024, the Kosovo insurance market consisted of 12 insurance companies. In 2024, the non-
life insurance business accounted for 95.5% of total insurance premiums, and the life insurance
business for 4.5%. In 2024, gross premiums written in the Kosovo insurance market grew by 14.7%
(non-life premiums by 14.6% and life premiums by 15.7%). The Sava Insurance Group is present in the
market through the non-life insurance company Illyria (RKS) and the life insurance company Illyria Life
(RKS). Together, the two insurers ranked second among all insurers in the market in 2024, with a
market share of 14.1%.
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8 Review of operations of the Sava Insurance Group and Sava Re
8.1 Sava Insurance Group
8.1.1 Business volume
Business volume grew by 13.7% to EUR 1,035.1 million in 2024, mainly driven by growth in non-life
and life gross premiums written. In the non-life business, this growth was generated by higher prices
and organic business growth, and in the life business by strong sales of new policies and top-up
premiums to existing policies. Business volume increased in all segments.
EUR
2024
2023
Change
Index
Business volume
1,035,134,973
910,113,382
125,021,590
113.7
Business volume by operating segment
Gross written premiums increased by 13.5% to EUR 1,003.8 million in 2024.
Gross premiums written by class of insurance
EUR
2024
2023
EUR
Share
EUR
Share
Property
224,062,435
22.3%
201,173,345
22.7%
Land motor vehicles
227,720,163
22.7%
192,694,694
21.8%
Motor vehicle liability
192,515,726
19.2%
166,180,679
18.8%
Accident, health and assistance
101,806,249
10.1%
89,833,560
10.2%
General liability
29,976,344
3.0%
24,729,085
2.8%
Marine, suretyship and goods in transit
19,476,289
1.9%
17,488,998
2.0%
Other insurance
1,324,099
0.1%
3,212,344
0.4%
Total non-life
796,881,307
79.4%
695,312,704
78.6%
Unit-linked life
135,877,673
13.5%
121,013,982
13.7%
Traditional life
71,016,062
7.1%
68,235,616
7.7%
Total life
206,893,735
20.6%
189,249,598
21.4%
Total
1,003,775,042
100.0%
884,562,302
100.0%
A glossary of selected insurance terms and calculation methods for ratios is appended to this annual report.
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76
8.1.2 Income statement
Summary consolidated income statement
EUR
2024
2023
Change
Index
Insurance revenue
801,213,638
697,562,811
103,650,827
114.9
Insurance service expenses
-662,350,015
-657,125,518
-5,224,497
100.8
Claims incurred
-448,607,197
-465,474,154
16,866,957
96.4
Operating expenses
-214,937,268
-189,565,020
-25,372,248
113.4
Onerous contracts
1,194,450
-2,086,344
3,280,794
-57.3
Result before reinsurance
138,863,623
40,437,293
98,426,330
343.4
Reinsurance result
-30,254,180
43,040,469
-73,294,649
-70.3
Insurance service result
108,609,443
83,477,762
25,131,681
130.1
Investment result
36,688,305
27,923,277
8,765,028
131.4
Net insurance finance result
-13,581,379
-13,304,198
-277,181
102.1
Net foreign exchange gains/losses
-263,618
1,192,505
-1,456,123
-22.1
Finance result
22,843,308
15,811,584
7,031,724
144.5
Non-insurance revenue
31,359,931
25,551,080
5,808,851
122.7
Other costs
-56,923,086
-51,014,545
-5,908,541
111.6
Income from investments in subsidiaries and
associates
1,781,075
2,286,208
-505,133
77.9
Other net income
2,131,728
3,501,264
-1,369,536
60.9
Profit before tax
109,802,399
79,613,353
30,189,046
137.9
Income tax expense
-21,955,857
-14,956,182
-6,999,675
146.8
Net profit for the period
87,846,542
64,657,171
23,189,371
135.9
2024
2023
Change
Index
Combined ratio
91.3%
93.1%
-1.8 pp
-
Loss ratio
63.2%
64.6%
-1.4 pp
-
Expense ratio
28.1%
28.6%
-0.5 pp
-
Return on investment portfolio
2.5%
2.1%
+0.4 pp
-
Return on equity
13.6%
10.8%
+2.8 pp
-
Insurance service result
The insurance service result grew as a result of revenue growth driven by price increases and an
increase in the number of policies sold, combined with more favourable claims experience. The
composition of the insurance service result in 2024 is different from that in 2023 the result before
reinsurance in 2023 was heavily impacted by natural catastrophe losses, which were mitigated by
reinsurance protection. The year 2024 was also affected by natural catastrophe losses, the impact of
which on the insurance service result was similar to the previous year. However, the result before
reinsurance was significantly better in 2024, while the reinsurance result was worse than in 2023 due
to the different composition of claims. The reinsurance result in 2024 was weaker because of higher
expenses from reinsurance contracts held due to portfolio growth and more expensive reinsurance
protection.
Insurance revenue grew by EUR 103.7 million, driven by premium growth, particularly in the non-life
business, where it increased by EUR 99.7 million due to price increases in response to claims inflation
and due to organic growth. In the life business, where revenue increased by EUR 8.5 million, the
increase was due to sales volume growth. Insurance revenue decreased only in the reinsurance
segment due to a different premium structure.
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77
Insurance revenue by segment
Incurred claims decreased by EUR 16.9 million in 2024. The decrease was driven by the reinsurance
segment as a result of more favourable claims experience. The growth for the non-life business reflects
portfolio growth, with incurred claims growing at a slower rate than revenue, also due to lower claims
from severe weather events.
Claims incurred by segment
Claims incurred by class of business
EUR
2024
2023
Amount
Share
Amount
Share
Property
114,046,949
25.4%
166,525,223
35.8%
Land motor vehicles
146,125,408
32.6%
140,695,828
30.2%
Motor vehicle liability
105,046,076
23.4%
85,356,588
18.3%
Accident, health and assistance
50,938,979
11.4%
44,048,404
9.5%
General liability
8,135,739
1.8%
6,716,482
1.4%
Other insurance
6,446,936
1.4%
4,577,072
1.0%
Total non-life
430,740,087
96.0%
447,919,597
96.2%
Total life
17,867,109
4.0%
17,554,557
3.8%
Total
448,607,196
100.0%
465,474,154
100.0%
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78
Operating expenses increased by EUR 25.4 million in 2024. Acquisition costs were up EUR 14.7 million
due to higher sales, whereas administrative costs increased by EUR 10.7 million, particularly due to
higher business volume and general price increases driven by inflation.
Operating expenses by segment
Onerous contracts improved by EUR 3.3 million and had a favourable impact on the 2024 result, as the
Group recognised revenue from these contracts in 2024 due to the improved profitability of the non-
life business.
Finance result and investment return
EUR
2024
2023
Change
Index
Investment result
36,688,305
27,923,277
8,765,028
131.4
Net insurance finance result
-13,581,379
-13,304,198
-277,181
102.1
Net foreign exchange gains/losses
-263,618
1,192,505
-1,456,123
-22.1
Finance result
22,843,308
15,811,584
7,031,724
144.5
2024
2023
Change
Index
Return on investment portfolio
2.5%
2.1%
+0.4 pp
-
The investment result totalled EUR 36.7 million, an increase of EUR 8.8 million compared to the
previous year, mainly due to higher interest income, which was EUR 6.4 million higher than in the
previous year. The higher interest income mainly reflects the strong cash flow from operating
activities, which was mainly invested in debt securities, with maturing debt securities purchased at
lower yields and reinvested at higher yields. The return on the investment portfolio was 2.5%.
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79
Investment portfolio income, expenses, net investment income and return
EUR
2024
2023
Change
Interest income at effective interest rate
27,003,046
20,603,022
6,400,024
Change in fair value of FVTPL investments
3,517,065
2,960,629
556,436
Dividends from equity investments and income from alternative funds
3,979,998
3,430,577
549,421
Other investment income or expenses
2,188,196
929,049
1,259,147
Interest income on FVTPL investments
545,690
795,291
-249,601
Gains or losses on disposal of FVTPL investments
92,257
-26,141
118,398
Gains or losses on disposal of other IFRS asset categories
167,382
-813,375
980,757
Movement in expected credit losses (ECL)
500,810
289,466
211,344
Income or expenses from investment property
1,092,009
900,224
191,785
Other income or expenses
-209,952
-216,416
6,464
Investment result
36,688,305
27,923,277
8,765,028
Income from investments in associates
1,781,075
2,286,209
-505,134
Net investment income on investment portfolio
38,469,380
30,209,486
8,259,894
Return on investment portfolio
2.5%
2.1%
0.4 pp
The net insurance finance result remained at approximately the same level as in 2023.
Other net expenses
Non-insurance revenue increased by EUR 5.8 million to EUR 31.4 million. The majority of these
revenue streams originated from asset management (EUR 23.7 million), where revenue increased by
EUR 4.1 million due to more assets under management in pension funds and in funds of a mutual fund
management company as a result of high net inflows and returns generated. The remainder (EUR 7.7
million) was mainly generated by assistance services, where revenue increased by EUR 1.7 million as a
result of a higher volume of assistance cases.
Other costs amounted to EUR 56.9 million, up EUR 5.9 million. These costs included non-attributable
expenses (EUR 31.1 million) and expenses of non-insurance companies (EUR 25.8 million). The increase
was mainly due to a higher volume of commissions as a result of increased assets under management,
an increase in the volume of assistance business due to higher claims and inflation, and increased IT
service costs.
Profit for the period
Profit before tax increased by EUR 30.2 million to EUR 109.8 million in 2024. The increase was mainly
a result of the improvement in the insurance service result and finance result. All operating segments
ended 2024 with a higher pre-tax profit than in 2023, except for the “other” segment, where the
decrease was mainly driven by an increase in interest on subordinated debt due to the issuance of a
new subordinated bond in 2024 and lower income from associates. In absolute terms, the largest
increase in the pre-tax result was in the non-life segment (up EUR 23.2 million). The pre-tax result
improved by EUR 4.3 million in the reinsurance segment, by EUR 2.4 million in the life segment and by
EUR 1.5 million in the pensions and asset management segment, while the “other” segment recorded
a deterioration of EUR 1.3 million.
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80
Composition of profit or loss before tax
Composition of profit or loss before tax by segment
In line with growth in profit before tax, the net profit for the period also increased, by EUR 23.2 million.
As a result, the return on equity was higher, at 13.6%.
Combined ratio
2024
2023
Change
Combined ratio
91.3%
93.1%
-1.8 pp
Loss ratio
63.2%
64.6%
-1.4 pp
Expense ratio
28.1%
28.6%
-0.5 pp
The combined ratio improved due to both the loss and expense ratios. The improvement in both ratios
is due to strong growth in insurance revenue, driven by price increases and organic business growth.
The improvement in the loss ratio was further driven by an improvement in claims experience, while
the expense ratio benefited from expense growth lagging behind revenue growth.
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Non-life segment
Gross premiums written
+17.1%
Profit before tax
+74.6%
EUR
2024
2023
Change
Index
Gross premiums written
670,272,401
572,614,385
97,658,016
117.1
EU
554,954,482
474,543,582
80,410,900
116.9
Non-EU
115,317,919
98,070,803
17,247,116
117.6
Insurance revenue
626,422,279
526,708,126
99,714,153
118.9
EU
522,286,220
436,996,472
85,289,748
119.5
Non-EU
104,136,059
89,711,654
14,424,405
116.1
Insurance service result
57,058,922
39,492,006
17,566,915
144.5
EU
51,849,028
32,526,322
19,322,706
159.4
Non-EU
5,209,893
6,965,685
-1,755,791
74.8
Finance result
14,196,329
7,192,077
7,004,252
197.4
EU
10,586,614
4,735,833
5,850,781
223.5
Non-EU
3,609,715
2,456,244
1,153,471
147.0
Other net expenses
-16,922,599
-15,568,022
-1,354,577
108.7
EU
-14,218,218
-11,934,216
-2,284,003
119.1
Non-EU
-2,704,381
-3,633,807
929,425
74.4
Profit before tax
54,332,651
31,112,307
23,220,344
174.6
EU
48,217,424
25,324,185
22,893,239
190.4
Non-EU
6,115,227
5,788,122
327,106
105.7
Combined ratio
93.5%
95.4%
-1.9 pp
-
EU
92.8%
95.3%
-2.5 pp
-
Non-EU
97.4%
96.1%
+1.3 pp
-
Gross premiums written
Gross premiums written non-life
EUR
2024
2023
Change
Index
Slovenia
537,406,812
457,402,901
80,003,910
117.5
Croatia
17,547,670
17,140,681
406,989
102.4
EU
554,954,482
474,543,582
80,410,900
116.9
Serbia
51,139,979
39,539,035
11,600,944
129.3
North Macedonia
22,252,116
20,430,241
1,821,875
108.9
Montenegro
22,648,329
20,665,273
1,983,056
109.6
Kosovo
19,277,495
17,436,254
1,841,241
110.6
Non-EU
115,317,919
98,070,803
17,247,116
117.6
Total non-life
670,272,401
572,614,385
97,658,016
117.1
Gross written premiums of the non-life segment grew at a strong rate of 17.1%. Growth was achieved
in all the markets, with the EU markets up 16.9% and the non-EU markets up 17.6%. In the EU markets,
the highest nominal growth was achieved in the motor insurance business, particularly in the private
passenger car segment. The growth is mainly due to both an increase in the price of insurance services
in response to the rise in the price of car parts and repair services, as well as to the attraction of new
policyholders and the increase in the number of policies sold. Gross written premiums in the EU
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82
markets in the personal and commercial property lines of business also increased significantly. In the
non-EU markets, gross written premiums in the property business grew the most due to bancassurance
sales, while motor premiums also grew significantly due to price increases and an increase in the
number of policies sold.
As a result, the share of motor and property insurance in the composition of gross premiums by class
of business increased in 2024 compared to 2023.
Gross non-life insurance premiums by class of business
Insurance service result
EUR
2024
2023
Change
Index
Insurance revenue
626,422,279
526,708,126
99,714,153
118.9
EU
522,286,220
436,996,472
85,289,748
119.5
Non-EU
104,136,059
89,711,654
14,424,405
116.1
Insurance service expenses
-551,455,068
-529,588,320
-21,866,748
104.1
Claims incurred
-381,608,294
-376,489,416
-5,118,878
101.4
EU
-323,385,553
-324,341,925
956,372
99.7
Non-EU
-58,222,741
-52,147,491
-6,075,250
111.7
Operating expenses
-172,069,475
-150,333,728
-21,735,747
114.5
EU
-135,175,763
-118,758,015
-16,417,748
113.8
Non-EU
-36,893,712
-31,575,713
-5,317,999
116.8
Onerous contracts
2,222,701
-2,765,176
4,987,877
-80.4
EU
2,357,143
-2,856,770
5,213,913
-82.5
Non-EU
-134,443
91,594
-226,037
-146.8
Result before reinsurance
74,967,210
-2,880,194
77,847,404
-2602.9
EU
66,082,047
-8,960,238
75,042,285
-737.5
Non-EU
8,885,163
6,080,044
2,805,119
146.1
Reinsurance result
-17,908,289
42,372,200
-60,280,489
-42.3
EU
-14,233,019
41,486,560
-55,719,579
-34.3
Non-EU
-3,675,270
885,641
-4,560,910
-415.0
Insurance service result
57,058,922
39,492,006
17,566,915
144.5
EU
51,849,028
32,526,322
19,322,706
159.4
Non-EU
5,209,893
6,965,685
-1,755,791
74.8
The result before reinsurance was EUR 77.8 million better than the previous year. In the EU markets,
it improved by a remarkable EUR 75.0 million. This was mainly driven by an increase in insurance
revenue, which rose by EUR 85.3 million as a result of higher prices and more policies sold, as well as
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83
due to less intense severe weather events and more favourable claims experience in 2024. In 2023, on
the other hand, the high losses were caused by summer storms and floods. In the non-EU markets, the
result before reinsurance improved by EUR 2.8 million, reflecting growth in insurance revenue and
more favourable claims experience in 2024.
Insurance service expenses increased by EUR 21.9 million, of which EUR 10.2 million in the EU markets
and EUR 11.6 million in the non-EU markets. The 2023 high claims incurred in most markets were
mainly driven by summer storms and flooding. These adverse weather events had the greatest impact
on the land motor vehicle and property business. In 2024, health insurance loss ratios deteriorated in
the non-EU markets, and the Group was hit by a number of large losses in these markets. The largest
of these was a fire loss. Operating expenses increased by EUR 21.7 million in the EU markets, mainly
due to growth in the insurance portfolio, an increase in personnel costs and investments in IT
infrastructure, while in the non-EU markets, the increase was due to a change in the allocation of
expenses between non-attributable and attributable expenses, in addition to growth in the insurance
portfolio and an increase in personnel costs. The loss component from onerous contracts decreased
in 2024 due to rate increases and improved loss ratios in the property and assistance business,
resulting in a significant reduction in the loss component.
The reinsurance result deteriorated by EUR 60.3 million compared to the previous year. Both the EU
and non-EU markets experienced a deterioration. The deterioration is due to lower revenue from
reinsurance contracts held as a result of less severe weather events in 2024, the change in reinsurance
protection and the discontinuation of the annual aggregate reinsurance cover, as well as higher
expenses from reinsurance contracts held due to portfolio growth and the higher cost of reinsurance.
Finance result and investment return
EUR
2024
2023
Change
Index
Investment result
17,277,720
10,976,899
6,300,821
157.4
EU
13,058,379
7,882,690
5,175,689
165.7
Non-EU
4,219,341
3,094,209
1,125,132
136.4
Net insurance finance result
-3,219,223
-3,699,927
480,703
87.0
EU
-2,629,639
-3,070,764
441,125
85.6
Non-EU
-589,584
-629,162
39,578
93.7
Net foreign exchange gains/losses
137,832
-88,650
226,482
-155.5
EU
157,874
-79,847
237,721
-197.7
Non-EU
-20,042
-8,803
-11,239
227.7
Finance result
14,196,329
7,188,323
7,008,006
197.5
EU
10,586,614
4,732,079
5,854,535
223.7
Non-EU
3,609,715
2,456,244
1,153,471
147.0
2024
2023
Change
Index
Return on investment portfolio
2.4%
1.8%
0.6 pp
-
EU
2.2%
1.5%
0.7 pp
-
Non-EU
4.0%
3.4%
0.6 pp
-
The finance result was up by EUR 7.0 million, mainly due to an improved investment result. The
investment result improved by EUR 6.3 million in total across all markets, mainly due to higher interest
income as a result of the larger investment portfolio and the full effect of higher interest rates on the
reinvestment of investments and the investment of operating cash flow, as well as higher net income
from FVTPL investments. The return on the investment portfolio improved by 0.6 percentage points
to 2.4%.
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84
Other net expenses
Other net expenses mainly comprise non-attributable operating income or expenses that are not
related to the insurance business. In 2024, these net expenses increased by EUR 1.4 million. A
deterioration of EUR 2.3 million was recorded in the EU markets. The deterioration was mainly driven
by lower income as the Group sold an office building in the previous year, and also due to lower Green
Card revenue, higher tax and contribution expenses, and higher non-attributable expenses in 2024.
However, the improvement of EUR 0.9 million in the non-EU markets is mainly due to a change in the
allocation of expenses between non-attributable and attributable expenses.
Profit before tax
Profit before tax increased by EUR 23.2 million to a strong EUR 54.3 million in 2024. As explained
above, the improvement in the EU markets was mainly driven by both a better insurance service result
and finance result, whereas in the non-EU markets it was driven by a better finance result and lower
non-attributable expenses.
Combined ratio
2024
2023
Change
Combined ratio
93.5%
95.4%
-1.9 pp
EU
92.8%
95.3%
-2.5 pp
Non-EU
97.4%
96.1%
+1.3 pp
Loss ratio
63.4%
64.0%
-0.6 pp
EU
64.2%
65.4%
-1.2 pp
Non-EU
59.6%
57.0%
+2.6 pp
Expense ratio
30.1%
31.5%
-1.4 pp
EU
28.6%
29.9%
-1.3 pp
Non-EU
37.8%
39.1%
-1.3 pp
The combined ratio was 93.5%, an improvement of 1.9 percentage points. The EU markets improved
(by 2.5 percentage points) as a result of improvements in both the loss ratio and the expense ratio.
The loss ratio improved on both the insurance revenue and insurance service expense sides for the
reasons described above, whereas the expense ratio improved because expenses grew at a slower rate
than insurance revenue. However, the deterioration in the combined ratio in the non-EU markets (by
1.3 percentage points) due to the higher loss ratio reflects the deterioration in the loss ratios in the
health business and the increase in the cost of reinsurance.
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Life segment
Profit before tax
+11.8%
EUR
2024
2023
Change
Index
Gross premiums written
203,223,479
185,767,557
17,455,922
109.4
EU
190,049,327
174,441,562
15,607,765
108.9
Non-EU
13,174,152
11,325,995
1,848,157
116.3
Insurance revenue
74,911,625
66,403,513
8,508,112
112.8
EU
66,401,607
59,872,919
6,528,688
110.9
Non-EU
8,510,017
6,530,594
1,979,423
130.3
Insurance service result
23,422,038
20,434,704
2,987,334
114.6
EU
21,290,551
18,724,682
2,565,869
113.7
Non-EU
2,131,487
1,710,022
421,465
124.6
Finance result
5,663,119
6,369,936
-706,817
88.9
EU
4,981,024
5,799,629
-818,605
85.9
Non-EU
682,095
570,307
111,788
119.6
Other net expenses
-6,023,729
-6,181,819
158,090
97.4
EU
-5,628,361
-5,669,054
40,693
99.3
Non-EU
-395,369
-512,766
117,397
77.1
Profit before tax
23,061,428
20,622,821
2,438,607
111.8
EU
20,643,215
18,855,257
1,787,957
109.5
Non-EU
2,418,213
1,767,563
650,650
136.8
31 December 2024
31 December 2023
Change
Index
Contractual service margin (CSM)
160,952,422
141,629,289
19,323,133
113.6
EU
150,395,541
132,599,225
17,796,316
113.4
Non-EU
10,556,880
9,030,064
1,526,816
116.9
Gross premiums written
Gross premiums written life
EUR
2024
2023
Change
Index
Slovenia
187,485,214
172,197,867
15,287,347
108.9
Croatia
2,564,113
2,243,695
320,418
114.3
EU
190,049,327
174,441,562
15,607,765
108.9
Serbia
8,725,522
7,062,615
1,662,908
123.5
Kosovo
4,448,629
4,263,381
185,248
104.3
Non-EU
13,174,152
11,325,995
1,848,157
116.3
Total life
203,223,479
185,767,557
17,455,922
109.4
Gross written premiums of the EU-based life insurers increased by 8.9% year on year, driven by higher
sales of both life risk and unit-linked insurance products, as well as top-up premiums on existing
policies. The life insurers outside the EU managed to increase gross written premiums by 16.3%,
reflecting very strong sales of risk products, with sales of investment products also increasing.
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Gross life insurance premiums by class of business
The increase in the share of unit-linked insurance was a result of the increased sales of unit-linked
policies in Slovenia and the maturing of traditional life savings policies, which are no longer available
for purchase in Slovenia.
Insurance service result
EUR
2024
2023
Change
Index
Insurance revenue
74,911,625
66,403,513
8,508,112
112.8
EU
66,401,607
59,872,919
6,528,688
110.9
Non-EU
8,510,017
6,530,594
1,979,423
130.3
Insurance service expenses
-51,129,499
-45,730,102
-5,399,397
111.8
Claims incurred
-17,763,747
-17,469,137
-294,610
101.7
EU
-15,023,444
-15,502,210
478,766
96.9
Non-EU
-2,740,303
-1,966,927
-773,376
139.3
Operating expenses
-32,693,636
-28,800,168
-3,893,468
113.5
EU
-29,050,613
-25,752,177
-3,298,436
112.8
Non-EU
-3,643,023
-3,047,991
-595,032
119.5
Onerous contracts
-672,116
539,203
-1,211,319
-124.6
EU
-704,662
344,857
-1,049,519
-204.3
Non-EU
32,546
194,346
-161,800
16.7
Reinsurance result
-360,088
-238,707
-121,381
150.8
Insurance service result
23,422,038
20,434,704
2,987,334
114.6
EU
21,290,551
18,724,682
2,565,869
113.7
Non-EU
2,131,487
1,710,022
421,465
124.6
The insurance service result improved by EUR 3.0 million. It increased by EUR 2.6 million in the EU
markets due to revenue growth and improved claims development, and by EUR 0.4 million in the non-
EU markets due to higher revenue.
Insurance revenue grew by 10.9% in the EU markets as a result of increased sales. The Group’s
insurance revenue outside the EU increased by 30.3% due to higher sales and updated actuarial models
and assumptions.
Insurance service expenses rose by 11.8%, mainly as a result of an increase in operating expenses.
There were increases in both acquisition costs, due to higher sales, and administrative expenses,
mainly due to rising personnel costs as a result of inflation and a larger workforce. The increase in
insurance service expenses was also affected by a deterioration in expenses from onerous contracts,
which showed a favourable trend in expected future profitability in 2023, but a less favourable trend
in 2024 due to a deterioration in expense assumptions. Incurred claims increased in the non-EU
markets due to portfolio growth and the resulting increase in the number of claims.
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Finance result and investment return
EUR
2024
2023
Change
Index
Investment result
9,639,314
10,059,429
-420,115
95.8
EU
8,322,111
9,103,691
-781,579
91.4
Non-EU
1,317,203
955,738
361,464
137.8
Net insurance finance result
-3,965,932
-3,702,612
-263,320
107.1
EU
-3,340,332
-3,302,541
-37,791
101.1
Non-EU
-625,600
-400,071
-225,529
156.4
Net foreign exchange gains/losses
-10,262
13,120
-23,382
-78.2
EU
-754
-1,520
766
49.6
Non-EU
-9,508
14,640
-24,148
-64.9
Finance result
5,663,119
6,369,936
-706,817
88.9
EU
4,981,024
5,799,629
-818,605
85.9
Non-EU
682,095
570,307
111,788
119.6
2024
2023
Change
Index
Return on investment portfolio
2.0%
2.0%
0.0 pp
-
EU
1.8%
1.9%
-0.1 pp
-
Non-EU
3.9%
2.9%
1.0 pp
-
The finance result decreased by EUR 0.7 million, mainly due to the decline in the investment result,
which was EUR 0.4 million lower in 2024 due to lower cash flow (maturing of the traditional life
portfolio), resulting in lower interest income. In the non-EU markets, the higher returns were driven
by higher interest income. The return on the investment portfolio moved in line with the investment
performance of the various markets but overall remained at the 2023 level of 2.0%.
The net insurance finance result deteriorated, mainly in the non-EU markets, driven by portfolio
growth and the resulting increase in interest expense, as well as updated assumptions.
Other net expenses
Other net expenses decreased by EUR 0.2 million as a result of the amended methodology for
calculating the insurance service result for the non-EU companies.
Profit before tax
The pre-tax result totalled EUR 23.1 million, an improvement of 11.8%, mainly due to a better
insurance service result both in the EU and non-EU markets.
Contractual service margin
EUR
31 December 2024
31 December 2023
Change
Index
Contractual service margin (CSM)
160,952,422
141,629,289
19,323,133
113.6
EU
150,395,541
132,599,225
17,796,316
113.4
Non-EU
10,556,880
9,030,064
1,526,816
116.9
The 13.6% increase in the contractual service margin was driven by new business, while expected
future profits were also higher because of positive developments in the financial markets, which
increased the value of unit-linked assets and hence future asset management revenue. The CSM also
increased due to additional single-premium payments to existing policies.
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88
Movement in contractual service margin
Reinsurance segment
4.7 pp better
combined ratio
EUR
2024
2023
Change
Index
Gross premiums written
126,840,903
122,966,992
3,873,911
103.2
Insurance revenue
99,346,893
104,029,407
-4,682,514
95.5
Insurance service result
28,001,783
23,442,000
4,559,783
119.5
Finance result
2,064,136
1,581,486
482,651
130.5
Other net expenses
-5,053,001
-4,324,198
-728,804
116.9
Profit before tax
25,012,918
20,699,289
4,313,629
120.8
Combined ratio
76.9%
81.6%
-4.7 pp
-
31 December 2024
31 December 2023
Change
Index
Contractual service margin
4,667,072
5,455,348
-788,276
85.6
Gross premiums written
Gross written premiums increased by EUR 3.9 million, driven by price increases in global reinsurance
markets and organic volume growth.
Insurance service result
EUR
2024
2023
Change
Index
Insurance revenue
99,346,893
104,029,407
-4,682,514
95.5
Insurance service expenses
-59,359,306
-81,494,383
22,135,077
72.8
Claims incurred
-49,131,794
-71,430,181
22,298,387
68.8
Operating expenses
-10,054,083
-10,318,051
263,968
97.4
Onerous contracts
-173,430
253,849
-427,279
-68.3
Reinsurance result
-11,985,804
906,976
-12,892,779
-1321.5
Insurance service result
28,001,783
23,442,000
4,559,783
119.5
The insurance service result improved by EUR 4.6 million due to better claims experience.
Insurance revenue declined by EUR 4.7 million as a result of a lower adjustment to estimated
premiums for previous underwriting years than in the previous year and a change in the premium
composition (a higher proportion of proportional contracts than in the previous year).
Unconsolidated data are presented in more detail in section 8.2 “Sava Re”.
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89
Insurance service expenses decreased by EUR 22.1 million due to a lighter claims burden, of which
claims incurred decreased by EUR 22.3 million. Operating expenses decreased by EUR 0.3 million due
to acquisition costs.
The reinsurance result was lower by EUR 12.9 million. Revenue from reinsurance contracts held
decreased by EUR 11.9 million (recoverable income from a major loss event in 2023), and expenses for
reinsurance contracts held rose by EUR 1.0 million as a result of higher prices.
Finance result and investment return
EUR
2024
2023
Change
Index
Investment result
8,081,958
5,521,148
2,560,810
146.4
Net insurance finance result
-5,626,381
-5,210,202
-416,179
108.0
Net foreign exchange gains/losses
-391,440
1,270,540
-1,661,980
-30.8
Finance result
2,064,136
1,581,486
482,651
130.5
2024
2023
Change
Index
Return on investment portfolio
2.9%
2.1%
0.8 pp
-
The finance result improved as a result of a better investment result, which was higher by EUR 2.6
million in 2024, mainly due to higher interest income. As a result, the return on the investment
portfolio was also higher, at 2.9%.
The net insurance finance result decreased in 2024 due to higher discount rates, reflecting the
changed situation in the financial markets.
Other net expenses
Other net expenses rose by EUR 0.7 million, mainly due to higher non-attributable expenses, largely
driven by IT development projects.
Profit before tax
Profit before tax increased by EUR 4.3 million as a result of the improved insurance service and
investment results.
Combined ratio
2024
2023
Change
Combined ratio
76.9%
81.6%
-4.7 pp
Loss ratio
61.7%
67.5%
-5.9 pp
Expense ratio
15.2%
14.1%
+1.1 pp
The combined ratio was very favourable, even better than in 2023, mainly due to a more favourable
loss ratio. The expense ratio deteriorated slightly due to lower insurance revenue.
Contractual service margin
As at 31 December 2024, the contractual service margin totalled EUR 4.7 million. In 2024, the CSM
decreased by EUR 0.8 million, or 14.4%.
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90
Pensions and asset management segment
Asset management revenue
+20.8%
EUR
112/2024
112/2023
Change
Index
Business volume
27,098,591
22,802,778
4,295,813
118.8
Asset management revenue
23,660,332
19,589,410
4,070,922
120.8
Gross premiums written (annuities)
3,438,259
3,213,368
224,890
107.0
Insurance revenue (annuities)
532,842
421,765
111,077
126.3
Claims incurred (annuities)
-103,362
-85,420
-17,942
121.0
Expenses
-15,866,945
-13,483,703
-2,383,242
117.7
Finance result
919,471
674,344
245,127
136.4
Other
-124,659
399,810
-524,469
-
Profit before tax
9,017,678
7,516,206
1,501,473
120.0
Cost-to-income ratio (CIR)
65.4%
67.2%
-1.8 pp
-
EUR
31 December 2024
31 December
2023
Change
Index
Assets under management
2,125,101,190
1,716,417,279
408,683,910
123.8
Business volume increased by EUR 4.3 million due to higher asset management revenue. This increase
was mainly driven by management fee income, although there was also a rise in income from entry
fees. Gross annuity premiums also increased as a result of more policies being written.
Insurance revenue from annuities increased by EUR 0.1 million, driven by portfolio growth as a result
of new profitable contracts.
Claims incurred for annuities were slightly higher, in line with growth in the part of the annuity
portfolio.
Costs rose by EUR 2.4 million, primarily due to increased fee income as a result of higher assets under
management and the impact of inflation. Nevertheless, the cost-to-income ratio improved by 1.8
percentage points, driven by strong revenue growth. The cost-to-income ratio is calculated excluding
one-off items.
The finance result from investments improved by EUR 0.3 million, mainly due to higher interest
income. On the other hand, finance expenses for insurance contracts increased by EUR 0.1 million due
to higher discount rates. The investment return was also higher, at 2.9%.
Other net income/expenses deteriorated by EUR 0.5 million, mainly due to the impact of one-off
events in 2023. These related to the sale of a property and the release of provisions for interest rate
guarantees.
Profit before tax was up EUR 1.5 million, primarily due to higher asset management revenue and an
improved investment result driven by favourable financial market conditions.
Assets under management rose by EUR 408.7 million. The main reasons are the strong return of 11.9%
and the high net contributions to the funds. Assets under management increased for all companies in
this segment.
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91
Performance of funds under management (accumulation part, pensions and asset management
segment)
EUR
112/2024
112/2023
Index
Opening balance of fund assets (1 January)
1,716,417,279
1,435,329,886
119.6
Fund inflows
254,288,398
180,188,410
141.1
Fund outflows
-60,000,929
-40,825,727
147.0
Asset transfers
-11,788,444
-15,184,025
77.6
Net investment income on funds
228,988,804
159,016,068
144.0
Entry and exit charges
-2,291,352
-2,150,348
106.6
Exchange differences and fair value reserve
-512,566
43,015
-
Closing balance of fund assets (31 December)
2,125,101,190
1,716,417,279
123.8
Index versus period start
123.8
119.6
Balance of funds under management at period end (accumulation part, pensions and asset
management segment)
EUR
31 December 2024
31 December
2023
Slovenia
942,984,814
721,200,215
North Macedonia
1,182,116,375
995,217,064
Total
2,125,101,190
1,716,417,279
“Other” segment
Revenue
+14.9%
EUR
2024
2023
Change
Index
Income
9,500,199
8,270,833
1,229,366
114.9
Expenses
11,122,475
8,608,103
2,514,372
129.2
Profit before tax
-1,622,276
-337,270
-1,285,006
-
Revenue grew by EUR 1.2 million, driven by the growth in the business volume of assistance services,
which more than offset the lower income from the associate’s profit. Excluding the one-off income
from the sale of G2I in 2023, revenue would have grown by a further EUR 0.3 million.
Expenses increased by EUR 2.5 million due to increased business volume of assistance services, an
increase in subordinated debt expenses due to the issuance of a subordinated bond and the expenses
of two smaller subsidiaries that started operations at the end of 2023 and had their first full year of
operations in 2024.
The pre-tax result was EUR 1.3 million lower than in the previous year despite the higher profit from
assistance services, mainly due to changes in the composition of this operating segment and the
issuance of a subordinated bond.

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92
8.1.3 Financial position
The following is a discussion of assets and liabilities relevant to an understanding of the Group’s
financial position and required by law.
EUR
31 December 2024
31 December 2023
Change
Index
Equity
648,560,456
585,663,613
62,896,843
110.7
Subordinated liabilities
125,058,474
74,987,535
50,070,939
166.8
Net insurance contract liabilities*, of which
1,820,525,607
1,641,414,959
179,110,648
110.9
Contractual service margin (CSM)
175,577,253
155,307,485
20,269,768
113.1
Investment portfolio
1,666,922,163
1,503,282,095
163,640,068
110.9
Intangible assets
65,562,925
65,148,831
414,094
100.6
Total assets
2,885,408,613
2,568,546,136
316,862,477
112.3
Assets under management
2,889,371,944
2,324,952,679
564,419,265
124.3
* Insurance contract liabilities, net of insurance contract assets.
Capital and solvency
Equity amounted to EUR 648.6 million, up EUR 62.9 million compared to the end of 2023. The increase
in the profit for 2024 and a positive change in other comprehensive income were the main drivers of
the overall increase, partially offset by the dividend payment.
Thus, the Group’s estimated solvency position as at 31 December 2024 shows that the Group is well
capitalised, with a solvency ratio of between 207% and 213% (31 December 2023: 191%). The Group’s
solvency ratio is thus significantly above the regulatory requirement of 100% and, according to internal
criteria, is at the upper end of the optimal solvency ratio range of 170% to 210%.
Subordinated liabilities
Subordinated liabilities totalled EUR 125.1 million. The parent company has issued two subordinated
bonds, both of which are listed on the Luxembourg Stock Exchange. The first subordinated bond was
issued in October 2019, with a scheduled maturity in 2039 and an early recall option for 7 November
2029. As at 31 December 2024, the market price of the bond was 86.862% and its market value
EUR 65,562,596 (31 December 2023: the market price was 77.717% and the market value
EUR 58,702,709). The second subordinated bond was issued in October 2024 and matures in 2029. As
at 31 December 2024, the market price of the bond was 99.660% and its market value EUR 50,456,849.
Net insurance contract liabilities
Net insurance contract liabilities amounted to EUR 1,820.5 million, an increase of EUR 179.1 million
compared to the previous year, due to portfolio growth.
8.1.3.3.1 Contractual service margin
The contractual service margin (CSM) is an estimate of future profits from insurance contracts that
relate to future periods and have not yet been recognised in profit or loss. As at 31 December 2024,
it totalled EUR 175.6 million (CSM, net of reinsurance: EUR 168.6 million).
Contractual service margin by segment

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93

Movement in contractual service margin

In 2024, the contractual service margin increased by EUR 20.3 million, or 13.1%. In the life business,
the increase was EUR 19.3 million, or 13.6%. The increase was driven by new business CSM due to
successful new sales, as well as a change in assumptions about future cash flows due to improved
financial market conditions and top-up premiums on existing policies.
Investment portfolio
Balance and composition of the investment portfolio
EUR
31 December
2024
Share
as at 31
December
2024
31 December
2023
Share
as at 31
December
2023
Change
Fixed-rate investments
1,453,477,573
87.2%
1,302,427,145
86.6%
151,050,428
Government bonds
922,745,930
55.4%
818,836,368
54.5%
103,909,562
Corporate bonds
503,431,690
30.2%
457,974,606
30.5%
45,457,084
Deposits
27,299,953
1.6%
25,616,171
1.7%
1,683,782
Shares and mutual funds
44,408,674
2.7%
40,318,822
2.7%
4,089,852
Shares
23,464,857
1.4%
21,754,273
1.4%
1,710,584
Mutual funds
20,943,817
1.3%
18,564,549
1.2%
2,379,268
Alternative funds
72,361,306
4.3%
71,228,051
4.7%
1,133,255
Investment property
24,147,256
1.4%
24,890,278
1.7%
-743,022
Cash and cash equivalents
46,243,890
2.8%
39,829,039
2.6%
6,414,851
Investments in associates
25,615,695
1.5%
23,834,619*
1.6%
1,781,076
Other*
667,770
0.0%
754,141
0.1%
-86,371
Total investment portfolio
1,666,922,164
100.0%
1,503,282,095
100.0%
163,640,069
* The “other” item includes loans granted.

The investment portfolio of the Sava Insurance Group increased by EUR 163.6 million, or 10.9%,
compared to year-end 2023. The growth was due to the proceeds from the issue of a Sava Re bond,
positive cash flow from operating activities and revaluation gains on investments.
Fixed-rate investments accounted for the largest share of the investment portfolio, at 87.2% at the
end of 2024. Compared to the end of the previous year, they increased by EUR 151.1 million or 11.6%.


Graphics
94
The increase is mainly due to the investment of cash flow from operating activities and a bond issue,
while the asset allocation by asset class has not changed significantly.
Balance and composition of fixed-rate financial investments
EUR
31 December
2024
Share
31 December
2023
Share
Change in
share (pp)
31 December
2024
31 December
2023
Government bonds
922,745,930
63.5%
818,836,368
62.9%
0.6
Corporate and financial bonds
503,431,690
34.6%
457,974,606
35.2%
-0.5
Regular corporate bonds
427,219,544
29.4%
374,986,376
28.8%
0.6
Subordinated bonds
18,994,378
1.3%
30,549,141
2.3%
-1.0
Covered bonds
57,217,768
3.9%
52,439,089
4.0%
-0.1
Deposits
27,299,953
1.9%
25,616,171
2.0%
-0.1
Total
1,453,477,573
100.0%
1,302,427,145
100.0%

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95
Assets under management
EUR
31 December
2024
31 December
2023
Change
Index
Assets held in pension company savings funds
1,382,220,195
1,174,660,423
207,559,773
117.7
Assets under management with fund
management company
742,880,994
541,756,857
201,124,137
137.1
Assets held for the benefit of policyholders who
bear the investment risk
764,270,755
608,535,399
155,735,356
125.6
Assets under management
2,889,371,944
2,324,952,678
564,419,266
124.3
Assets under management amounted to EUR 2,889.4 million, up 24.3%. Growth was driven by both
positive net inflows into all three types of funds (pension funds, mutual fund management company
funds and unit-linked funds) and by an increase in fund returns due to favourable developments in
financial markets.
Intangible assets
The Group’s intangible assets comprise goodwill, customer lists and computer software, as shown in
section C.3.7.1 “Intangible assets”.
Goodwill and customer lists are assets that Sava Re has acquired through the purchase of subsidiaries
to expand its operations. They form the foundation of the Group’s current and future performance,
profit generation and value creation.
In addition to personnel and premises, computer software is the Group’s most important asset and is
essential to its operations. It is needed for underwriting, claims handling and asset management, as
well as for a range of other vital back-office activities (such as accounting, controlling and risk
management).

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96
8.1.4 Income statement by operating segment
Income statement by operating segment
EUR
Non-life, EU
Non-life, non-EU
Life, EU
Life, non-EU
Reinsurance
Pensions and asset
management
Other
Total
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Insurance revenue
522,286,220
436,996,472
104,136,059
89,711,654
66,401,607
59,872,919
8,510,017
6,530,594
99,346,893
104,029,407
532,842
421,765
0
0
801,213,638
697,562,811
Insurance service expenses
-456,204,172
-445,956,710
-95,250,896
-83,631,610
-44,778,719
-40,909,530
-6,350,780
-4,820,572
-59,359,306
-81,494,383
-406,141
-312,713
0
0
-662,350,015
-657,125,518
Claims incurred
-323,385,553
-324,341,925
-58,222,741
-52,147,491
-15,023,444
-15,502,210
-2,740,303
-1,966,927
-49,131,794
-71,430,181
-103,362
-85,420
0
0
-448,607,197
-465,474,154
Operating expenses
-135,175,763
-118,758,015
-36,893,712
-31,575,713
-29,050,613
-25,752,177
-3,643,023
-3,047,991
-10,054,083
-10,318,051
-120,073
-113,073
0
0
-214,937,268
-189,565,020
Onerous contracts
2,357,143
-2,856,770
-134,443
91,594
-704,662
344,857
32,546
194,346
-173,430
253,849
-182,706
-114,220
0
0
1,194,450
-2,086,344
Result before reinsurance
66,082,047
-8,960,238
8,885,163
6,080,044
21,622,889
18,963,389
2,159,237
1,710,022
39,987,587
22,535,024
126,700
109,052
0
0
138,863,623
40,437,293
Reinsurance result
-14,233,019
41,486,560
-3,675,270
885,641
-332,338
-238,707
-27,750
0
-11,985,804
906,976
0
0
0
0
-30,254,180
43,040,469
Insurance service result
51,849,028
32,526,322
5,209,893
6,965,685
21,290,551
18,724,682
2,131,487
1,710,022
28,001,783
23,442,000
126,700
109,052
0
0
108,609,443
83,477,762
0
0
0
0
0
0
0
0
0
0
0
0
Investment result
13,058,379
7,882,690
4,219,341
3,094,209
8,322,111
9,103,691
1,317,203
955,738
8,081,958
5,521,148
1,689,313
1,365,801
0
0
36,688,305
27,923,277
Net insurance finance result
-2,629,639
-3,070,764
-589,584
-629,162
-3,340,332
-3,302,541
-625,600
-400,071
-5,626,381
-5,210,202
-769,842
-691,457
0
0
-13,581,379
-13,304,198
Net foreign exchange gains/losses
157,874
-79,847
-20,042
-8,803
-754
-1,520
-9,508
14,640
-391,440
1,270,540
253
-2,505
0
0
-263,618
1,192,505
Finance result
10,586,614
4,732,079
3,609,715
2,456,244
4,981,024
5,799,629
682,095
570,307
2,064,136
1,581,486
919,724
671,839
0
0
22,843,308
15,811,584
0
0
0
0
0
0
0
0
0
0
0
0
Non-insurance revenue
0
0
0
0
0
0
0
0
0
0
23,660,332
19,589,410
7,699,599
5,961,670
31,359,931
25,551,080
Other costs
-17,012,269
-16,349,800
-5,214,942
-6,237,092
-6,299,867
-5,161,413
-789,937
-492,069
-4,326,695
-3,693,151
-15,746,872
-13,370,630
-7,532,504
-5,710,391
-56,923,086
-51,014,545
Income from investments in subsidiaries
and associates
0
3,754
0
0
0
0
0
0
1
-1
0
0
1,781,075
2,282,455
1,781,075
2,286,208
Other net income/expenses
2,794,051
4,411,830
2,510,561
2,603,285
671,506
-507,641
394,568
-20,696
-726,307
-631,045
57,794
516,535
-3,570,445
-2,871,004
2,131,728
3,501,264
Profit before tax
48,217,424
25,324,185
6,115,227
5,788,122
20,643,215
18,855,257
2,418,213
1,767,563
25,012,918
20,699,289
9,017,678
7,516,206
-1,622,276
-337,270
109,802,399
79,613,353
Income tax expense
-21,955,857
-14,956,182
Net profit for the period
87,846,542
64,657,171

Graphics
97
Adjusted income statement
The income statement, which is used for the review of business operations in the business report, has been adjusted to present certain categories more
clearly and to shorten the line items, as shown in the following table.
EUR
Income statement
Income statement (adjusted)
2024
2023
2024
2023
Insurance revenue
801,213,638
697,562,811
Insurance revenue
801,213,638
697,562,811
Insurance service expenses
-662,350,015
-657,125,518
Insurance service expenses
-662,350,015
-657,125,518
Insurance service result from insurance contracts issued
138,863,623
40,437,293
Result before reinsurance
138,863,623
40,437,293
Revenue from reinsurance contracts held
23,616,154
86,112,246
Expenses from reinsurance contracts held
-53,870,334
-43,071,777
Net result from reinsurance contracts held
-30,254,180
43,040,469
Reinsurance result
-30,254,180
43,040,469
Insurance service result
108,609,443
83,477,762
Insurance service result
108,609,443
83,477,762
Net investment result
137,114,030
78,424,741
Investment result
36,688,305
27,923,277
Finance result from insurance contracts
-118,528,642
-62,000,579
Finance result from reinsurance contracts
4,257,920
-612,578
Net insurance finance income or expenses
-114,270,722
-62,613,157
Net insurance finance result
-13,581,379
-13,304,198
Net foreign exchange gains/losses
-263,618
1,192,505
Net insurance and finance result
22,843,308
15,811,584
Finance result
22,843,308
15,811,584
Asset management revenue
23,660,332
19,589,410
Non-insurance revenue
31,359,931
25,551,080
Non-attributable operating expenses
-31,079,973
-29,432,276
Other costs
-56,923,086
-51,014,545
Net impairment losses and reversals of impairment losses on non-financial
assets
67,847
231,724
Finance costs
-3,969,473
-3,114,997
Share of profit or loss of investments accounted for using equity method
1,781,075
2,169,860
Income from investments in subsidiaries and
associates
1,781,075
2,286,208
Net income and expenses from subsidiaries and associates
0
116,348
Gains or losses on disposal of discontinued operations
440,673
353,684
Net other operating income and expenses
-12,550,834
-9,589,746
Other net income/expenses
2,131,728
3,501,264
Profit before tax
109,802,399
79,613,353
Profit before tax
109,802,399
79,613,353
Income tax expense
-21,955,857
-14,956,182
Income tax expense
-21,955,857
-14,956,182
Net profit for the period
87,846,542
64,657,171
Net profit for the period
87,846,542
64,657,171
The following reclassifications have been made:
Exchange differences on investments and insurance contract liabilities have been reclassified from the investment result and net insurance finance result
to net foreign exchange gains.
Investment income on life insurance policies where policyholders bear the investment risk has been reclassified from the investment result to the net
insurance finance result.

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Asset management revenue and income from other Group companies included in net other operating income and expenses are reported together as non-
insurance revenue.
Non-attributable expenses and the operating expenses of non-insurance companies that are part of net other operating income and expenses are together
reported as other costs.
The share of profit or loss of investments accounted for using the equity method and net income and expenses from subsidiaries and associates have
been combined and presented under income from investments in subsidiaries and associates.
Gains or losses on disposal of discontinued operations are included in other net income.

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8.2 Sava Re
The Company’s growth in gross written premiums reflects the successful expansion of the business.
There were positive developments in investing activities, with efficient asset management
contributing to an improved finance result. The Company’s performance remained stable, as
evidenced by a sound combined ratio of 84.6%.
Gross written premiums increased by 7.4% to EUR 231.8 million in 2024.
Gross premiums written
EUR
2024
2023
Change
Index
Non-Group
126,840,903
122,966,992
3,873,911
103.2
Group
104,984,440
92,947,982
12,036,458
112.9
Total
231,825,343
215,914,974
15,910,369
107.4
Non-Group gross premiums written increased by EUR 3.9 million, driven by price increases in global
reinsurance markets and organic volume growth.
Group gross written premiums increased by EUR 12.0 million (12.9%) as a result of premium growth in
the Slovenian market.
Gross premiums written by class of insurance
Gross premiums written by form of reinsurance

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8.2.1 Income statement
2024
2023
Change
Index
Insurance revenue
171,664,689
167,804,128
3,860,561
102.3
Insurance service expenses
-115,918,533
-174,490,919
58,572,386
66.4
Claims incurred
-104,032,290
-162,708,296
58,676,006
63.9
Operating expenses
-11,778,640
-12,027,831
249,191
97.9
Onerous contracts
-107,603
245,208
-352,811
-43.9
Result before reinsurance
55,746,156
-6,686,791
62,432,947
-833.7
Reinsurance result
-23,490,709
43,669,145
-67,159,854
-53.8
Insurance service result
32,255,447
36,982,354
-4,726,907
87.2
Investment result
11,301,718
7,827,977
3,473,741
144.4
Net insurance finance result
-6,059,057
-6,815,712
756,655
88.9
Net foreign exchange gains/losses
-416,128
1,293,761
-1,709,889
-32.2
Finance result
4,826,532
2,306,026
2,520,506
209.3
Non-insurance revenue
4,034
0
4,034
-
Other costs
-16,182,385
-13,805,508
-2,376,877
117.2
Net income or expenses from investments in
subsidiaries and associates
39,035,925
30,755,010
8,280,915
126.9
Other net income/expenses
-3,616,033
-2,648,673
-967,360
136.5
Profit before tax
56,323,520
53,589,209
2,734,311
105.1
Income tax expense
-4,089,191
-4,114,407
25,216
99.4
Net profit for the period
52,234,330
49,474,802
2,759,528
105.6
2024
2023
Change
Combined ratio
84.6%
80.8%
+3.8 pp
Loss ratio
74.3%
70.8%
+3.5 pp
Expense ratio
10.2%
10.0%
+0.2 pp
Return on investment portfolio, net of investments in
subsidiaries and associates
2.8%
2.2%
+0.6 pp
Return on equity
11.5%
11.6%
-0.1 pp
Insurance service result
Insurance revenue increased by EUR 3.9 million, or 2.3%, driven by growth in the Group reinsurance
business.
Insurance service expenses decreased by EUR 58.6 million, mainly as a result of a decrease in claims
incurred.
Incurred claims for the Group business declined as a result of less severe loss events than in the
previous year, when incurred claims were higher due to summer storms and flooding. In 2024, claims
experience for the non-Group reinsurance business was also more favourable year on year. Operating
expenses decreased by EUR 0.2 million in 2024, primarily due to lower acquisition costs for the non-
Group business.
The reinsurance result reflects the fact that due to the nature of the claims, more reinsurance
protection was triggered in 2023 than in 2024, resulting in more claims being borne by reinsurers in
both the Group and non-Group business.
This also resulted in a lower insurance service result, reflecting not only the performance of the Group
business (where the insurance service result was EUR 9.3 million lower) but also the impact of claims

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ceded to reinsurers and higher reinsurance costs. The insurance service result for the non-Group
business increased by EUR 4.6 million as a result of more favourable claims experience.
The combined ratio remained favourable at 84.6%, although it deteriorated due to a less favourable
loss ratio of the Group business (a different composition of claims that triggered the Group’s
reinsurance protection to a greater extent in 2023 so that more claims were ceded to reinsurers, and
a change in the reinsurance programme). The non-Group loss ratio improved by 5.9 percentage points.
The expense ratio was mainly affected by higher development costs for IT projects.
Combined, loss and expense ratios
2024
2023
Change
Combined ratio
84.6%
80.8%
+3.8 pp
Loss ratio
74.3%
70.8%
+3.5 pp
Expense ratio
10.2%
10.0%
+0.2 pp
Finance result and investment return
EUR
2024
2023
Change
Index
Investment result
11,301,718
7,827,977
3,473,741
144.4
Net insurance finance result
-6,059,057
-6,815,712
756,655
88.9
Net foreign exchange gains
-416,128
1,293,761
-1,709,889
-32.2
Finance result
4,826,532
2,306,026
2,520,506
209.3
The finance result improved on the back of a stronger investment result.
The investment result for 2024 totalled EUR 11.3 million, an increase of EUR 3.5 million over the
previous year, mainly due to higher interest income, which was EUR 2.9 million higher than in the
previous year. The higher interest income reflects the strong cash flow from operating activities, which
was mainly invested in debt securities, with maturing debt securities purchased at lower yields and
reinvested at higher yields. The return on the investment portfolio was 2.8%, or 6.9%, if the income
and expenses from subsidiaries and associates are included.
Sava Re investment portfolio investment return and net investment income
EUR
2024
2023
Change
Index
Investment income
14,294,277
11,074,476
3,219,801
129.1
Investment expenses
-2,992,559
-3,246,498
253,939
92.2
Net investment income*
11,301,718
7,827,977
3,473,740
144.4
Net income and expenses from subsidiaries and
associates
39,035,925
30,755,010
8,280,915
126.9
Net investment income on investment portfolio
50,337,642
38,582,988
11,754,655
130.5
2024
2023
Change
Index
Return on investment portfolio, net of investments in
subsidiaries and associates
2.8%
2.2%
+0.6 pp
-
Return on investment portfolio
6.9%
5.6%
+1.3 pp
-
* The investment result is shown in the income statement.

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Sava Re investment portfolio income, expenses, net investment income and return
EUR
2024
2023
Change
Interest income at effective interest rate
7,680,291
4,735,050
2,945,241
Change in fair value of FVTPL investments
1,201,805
1,211,782
-9,977
Dividends from equity investments and income from alternative funds
1,411,460
1,225,978
185,482
Other investment income or expenses
1,008,162
655,168
352,993
Interest income on FVTPL investments
139,055
230,223
-91,169
Gains or losses on disposal of FVTPL investments
4,860
-149,505
154,365
Gains or losses on disposal of other IFRS asset categories
45,016
-120,448
165,465
Movement in expected credit losses (ECL)
96,917
54,426
42,491
Income or expenses from investment property
722,555
647,377
75,178
Other income or expenses
-241
-6,906
6,664
Investment result
11,301,718
7,827,977
3,473,740
Net income and expenses from subsidiaries and associates
39,035,925
30,755,010
8,280,915
Net investment income on investment portfolio
50,337,642
38,582,988

Return on investment portfolio, net of investments in subsidiaries and associates
2.8%
2.2%

Return on investment portfolio
6.9%
5.6%


The result of investments in subsidiaries and associates was EUR 39.0 million, up EUR 8.3 million
compared to 2023, due to higher dividends paid by the Group companies. There were no impairments
of subsidiaries in 2024.
The net insurance finance result improved by 0.8 million, reflecting the changed situation in the
financial markets.
Profit for the period
Profit before tax increased by EUR 2.7 million compared to 2023, due to a more favourable investment
result and higher dividends from subsidiaries. In line with the increase in profit before tax, the net
profit for the period also increased, by EUR 2.8 million. Return on equity remained at the 2023 level.
8.2.2 Financial position
The following is a discussion of assets and liabilities relevant to an understanding of the Company’s
financial position and required by law.
EUR
31 December 2024
31 December 2023
Change
Index
Equity
458,952,757
430,897,177
28,055,580
106.5
Subordinated liabilities
125,058,474
74,987,535
50,070,939
166.8
Net insurance contract liabilities*, of which
280,405,660
290,657,379
-10,251,719
96.5
Contractual service margin (CSM)
9,612,808
9,521,208
91,600
101.0
Investment portfolio
791,951,623
699,468,206
92,483,417
113.2
Intangible assets
6,482,385
4,674,935
1,807,450
138.7
Total assets
879,053,733
813,954,322
65,099,411
108.0
* Insurance contract liabilities, net of insurance contract assets.

Equity and solvency
Equity amounted to EUR 459.0 million, up EUR 28.1 million compared to the end of 2023. The increase
in the profit for 2024 and a positive change in other comprehensive income were the main reasons for
the overall increase, partly decreased by dividend payouts.
Thus, Sava Re’s audited solvency position as at 31 December 2024 shows that the Company is well
capitalised, with a solvency ratio of 294% (31 December 2023: 289%). The Company thus has a solvency

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ratio well above the regulatory requirement of 100% and is well capitalised according to its internal
criteria, which define an optimal solvency ratio above 200%.
Subordinated liabilities
Sava Re had subordinated liabilities of EUR 125.1 million as at 31 December 2024. The Company has
issued two subordinated bonds, both of which are listed on the Luxembourg Stock Exchange. The first
subordinated bond was issued in October 2019, with a scheduled maturity in 2039 and an early recall
option for 7 November 2029. As at 31 December 2024, the market price of the bond was 86.862% and
its market value EUR 65,562,596 (31 December 2023: the market price was 77.717% and the market
value EUR 58,702,709). The second subordinated bond was issued in October 2024 (maturing in 2029)
with the aim of optimising the Sava Insurance Group’s capital structure and providing funds for further
growth. As at 31 December 2024, the market price of the bond was 99.660% and its market value
EUR 50,456,849.
Net insurance contract liabilities
Net insurance contract liabilities amounted to EUR 280.4 million, a decrease of EUR 10.2 million
compared to the previous year due to higher premium inflows.
8.2.2.3.1 Contractual service margin
The contractual service margin remained approximately the same as in the previous year and
amounted to EUR 9.6 million as at 31 December 2024 (contractual service margin, net of reinsurance:
EUR 4.7 million).

Investment portfolio
The Sava Re investment portfolio totalled EUR 792.0 million as at 31 December 2024 (31 December
2023: EUR 699.5 million).
Balance and composition of Sava Re investment portfolio
EUR
31
December
2024
Share
as at 31
December
2023
31
December
2023
Share
as at 31
December
2023
Change
Fixed-rate investments
405,306,716
51.2%
318,703,128
45.6%
86,603,588
Government bonds
276,117,368
34.9%
229,591,819
32.8%
46,525,549
Corporate and financial bonds
128,166,428
16.2%
88,089,961
12.6%
40,076,467
Deposits
1,022,920
0.1%
1,021,347
0.1%
1,572
Shares and mutual funds
10,531,858
1.3%
7,997,287
1.1%
2,534,570
Shares
3,204,768
0.4%
3,538,972
0.5%
-334,205
Mutual funds
7,327,090
0.9%
4,458,315
0.6%
2,868,775
Alternative funds
25,968,887
3.3%
24,968,877
3.6%
1,000,010
Investment property
7,431,872
0.9%
7,582,168
1.1%
-150,296
Cash and cash equivalents
14,724,094
1.9%
12,260,049
1.8%
2,464,045
Investments in subsidiaries and associates
325,409,606
41.1%
325,241,793
46.5%
167,813
Other*
2,578,592
0.3%
2,714,904
0.4%
-136,313
Total investment portfolio
791,951,623
100.0%
699,468,206
100.0%
92,483,417
* The “other” item includes loans granted.

The investment portfolio of Sava Re increased by EUR 92.5 million, or 13.2%, compared to year-end
2023. The increase was due to the proceeds from Sava Re’s subordinated bond issue (EUR 50.0 million),
dividends received from subsidiaries (EUR 39.0 million) and positive cash flow from operating
activities.

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At the end of 2024, fixed-rate investments accounted for the largest share of the investment portfolio,
at 51.2%. Compared to the end of 2023, this represents an increase of EUR 86.6 million or 27.2%. The
increase is mainly due to the investment of cash flow from operating activities and the bond issue, but
a smaller share was also invested in equities and mutual funds.
Balance and composition of investment portfolio fixed-rate investments
EUR
31 December
2024
Share
as at 31
December
2024
31 December
2023
Share
as at 31
December
2023
Change in share
(pp)
Government bonds
276,117,368
68.1%
229,591,819
72.0%
-3.9
Corporate and financial bonds
128,166,428
31.6%
88,089,961
27.6%
4.0
Regular corporate bonds
109,774,659
27.1%
72,416,318
22.7%
4.4
Subordinated bonds
2,006,571
0.5%
4,320,636
1.4%
-0.9
Covered bonds
16,385,198
4.0%
11,353,007
3.6%
0.4
Deposits
1,022,920
0.3%
1,021,347
0.3%
0.0
Total
405,306,716
100.0%
318,703,128
100.0%
-
Last year, Sava Re invested most of its free assets in highly rated bonds, both government bonds and
regular corporate and financial bonds. The mix shows a slight shift in favour of corporate bonds, with
no increase in credit risk.
8.2.2.4.1 Other investments of Sava Re in the insurance industry
In addition to its investments in subsidiaries as at 31 December 2024, Sava Re held investments in
other companies in the insurance industry.
Other investments of Sava Re in the insurance industry
Holding (%)
as at 31 December
2024
Slovenia
Zavarovalnica Triglav d.d.
0.05%
EU and other international
Bosna Reosiguranje d.d., Sarajevo, Bosnia and Herzegovina
0.51%
Dunav Re a.d.o., Belgrade, Serbia
0.93%
Intangible assets
The Company’s intangible assets consist mainly of computer software, as shown in section C.3.7.1
“Intangible assets”.
In addition to personnel and premises, computer software is Sava Re’s most important asset and is
essential to its operations. It is needed for underwriting, claims handling and asset management, as
well as for a range of other vital back-office activities (such as accounting, controlling and risk
management).

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9 Human resource management
Information on human resources is presented in the Sava Insurance Group’s sustainability report.
10 Risk management
We present the risk and capital management systems and the significant risks to which the Sava
Insurance Group is exposed. Qualitative and quantitative treatment of risk exposures is presented
in section C.3.6 “Risk management”. These areas will also be presented in more detail in the Solvency
and Financial Condition Report of Sava Re as at 31 December 2024, which will be posted on Sava
Re’s website on 4 April 2025, and the Solvency and Financial Condition Report of the Sava Insurance
Group as at 31 December 2024, which will be posted on the Sava Re website on 16 May 2025.
10.1 Risk management system
The Sava Insurance Group’s management is aware that risk management is key to achieving
operational and strategic goals and to ensuring the long-term solvency of the Group. For this reason,
we are continuously improving our risk management system at both the company and the Group level.
The risk management system is based on the requirements of the Solvency II legislation, but we also
take into account the regulatory specificities of non-insurance companies and adapt the risk
management system of these companies accordingly, depending on the business activities of each
company, the scope of these activities and the risks to which each company is exposed. Best practices
from Sava Re’s risk management model and the risk management organisation are also transferred to
other Group companies.
The Sava Insurance Group has a risk strategy that defines the Group’s risk appetite and policies
covering the overall risk management framework, its own risk and solvency assessments and risk
management for each risk category.
We have integrated risk management into all phases of business management. It consists of the
following key elements:
the risk strategy,
risk management processes as part of the first and second lines of defence,
the own risk and solvency assessment (ORSA) process.
As part of our systematic approach to risk management, we focus on:
establishing a clearly expressed risk appetite within the framework of the risk strategy and, on this
basis, setting operational limits,
developing our own risk assessment models and improving ORSA,
integrating ORSA and the risk strategy into business planning and strategy setting,
integrating risk management processes into business processes,
systematically improving the internal control environment, adapting processes to new activities
and monitoring the occurrence of adverse events,
establishing appropriate risk management standards in all Group companies, depending on the
scope, nature and complexity of the business and the associated risks.

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10.1.1 Organisation of risk management
The efficient functioning of the risk management system is primarily the responsibility of the Sava Re
management board and the management board of each individual subsidiary. To ensure effective risk
management, the Group uses a three-lines-of-defence model, which clearly segregates responsibilities
and tasks among the lines of defence. The first line of defence consists of all organisational units with
operational responsibilities. The second line of defence consists of three key functions and the risk
management committee, if set up in the company. The third line of defence consists of the internal
audit function.
The Group’s risk management system is presented in the following diagram.
The Group’s risk management system has been set up on a top-down basis, taking into account the
specific characteristics of each of the companies. The management board of each company plays a key
role and bears ultimate responsibility for the effectiveness of the risk management processes in place
and their alignment with the Group’s standards and the applicable laws.

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The supervisory board of each company also plays an important role by reviewing and approving all
key risk-related documents. A risk committee has been set up within the supervisory board of the
parent company to provide relevant expertise and support in the risk management process in the
company and in the Group.
Under the second line of defence, the company and the Group have three key functions in place: the
actuarial function, risk management function and compliance function. In addition, the Group’s large
members have a risk management committee in place. Each individual company ensures the
independence of the key functions, which are organised as management support services and report
directly to the management board.
The risk management function of each individual company is mainly responsible for setting up effective
risk management processes and for coordinating risk management processes already in place at the
company or Group level. It is involved in identifying, assessing, monitoring, managing and reporting on
risks. It is also involved in the preparation of the risk strategy and the setting of risk tolerance limits.
The risk management function regularly monitors and reports on risks at all levels. It also provides
decision-making support to the management board.
The main tasks of the actuarial function in the risk management system are to provide an opinion on
the underwriting policy, to provide an opinion on the adequacy of reinsurance arrangements, and to
independently verify and challenge the calculation of liabilities and assets from (re)insurance
contracts, including the assumptions, methods and professional judgement used. The actuarial
function of each company works in cooperation with the Group’s actuarial function.
The main tasks of the compliance function in relation to the risk management system are the
identification, management and reporting of non-compliance, including the monitoring of the legal
environment, the analysis of existing processes in relation to their compliance with internal and
external regulations and any changes to regulations.
The third line of defence is provided by the internal audit function, which is set up to provide assurance
and advice to management on how to add value and improve the efficiency and effectiveness of
operations. Internal audit assists the Company in achieving its goals by systematically and methodically
assessing the effectiveness and efficiency of the governance, risk management and internal control
systems and making recommendations for their improvement. The Company’s internal audit function
is carried out by an independent organisational unit, the internal audit department (IAD), which
reports directly to the management board and is functionally and organisationally separate from other
units of the Company. It is organised in accordance with the Slovenian Insurance Act, which guarantees
the autonomy and independence of its activities. It reports quarterly to the management board, audit
committee and supervisory board on completed audit engagements, the effectiveness and efficiency
of control systems, corporate governance, risk management, identified breaches and irregularities and
the status of recommendations. It coordinates the work of the external auditors, cooperates with the
regulators and follows up on the recommendations of the internal and external auditors. It also
provides consulting services in agreement with the management board, audit committee and
supervisory board. Group Internal Audit has been set up across all companies of the Sava Insurance
Group. The IAD ensures the continuous development and high quality of internal auditing, transferring
its standards and best practices to the internal audit departments of its subsidiaries and providing
them with the necessary professional assistance. It is also involved in internal audits of subsidiaries
and performs IT audits for all companies. Internal auditing is technologically supported by software
that supports the entire internal audit process at the level of the Sava Insurance Group.
In accordance with the Slovenian Insurance Act and under an outsourcing agreement, Sava Re d.d.
performs the key function of internal audit for the companies Zavarovalnica Sava d.d., Vita, Življenjska
Zavarovalnica, d.d., Sava Pokojninska Družba d.d. and Sava Infond, Družba za Upravljanje, d.o.o. for an
indefinite period.

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10.1.2 Risk and capital management strategies
The Group seeks to operate in compliance with its business strategy and meet its key strategic goals
while maintaining an adequate capital level. The risk strategy is prepared in line and in parallel with
the strategic plan. The Group has adopted the Sava Insurance Group Risk Strategy for 20232027,
which defines the risk appetite by operating segment, a set of key indicators and their limits, and a set
of operational indicators for ongoing monitoring. Each Group company sets its own risk strategy, risk
tolerance limits and operational limits based on the Group’s risk appetite.
The key indicators for monitoring and measuring compliance with risk appetite are:
the solvency ratio,
the profitability of the operating segments, including their acceptable level of volatility (tolerance),
investment and liquidity indicators.
The Group manages its capital to ensure that each Group company has sufficient funds available, on
an ongoing basis, to meet its obligations and regulatory capital requirements. The composition of
eligible own funds held to ensure capital adequacy must comply with regulatory requirements.
The solvency ratio is the most important indicator of the risk strategy in relation to capital
management. The Group’s solvency requirement is designed to meet regulatory and rating agency
requirements, while the Group must hold sufficient surplus capital to cover the potential capital needs
of the subsidiaries should a stress scenario materialise for any of them.
10.1.3 Risk management processes
The main risk management processes are identifying, assessing (measuring) and monitoring risks,
determining appropriate actions to manage them and reporting on them. Risk management processes
are inherently connected with and incorporated into the basic processes conducted at both the
company and the Group level. They take place in all three lines of defence of the risk management
system and are integrated into the decision-making system so that all important business and strategic
decisions are also evaluated from a risk perspective.
Risk identification
As part of the risk identification process, each Group company identifies the risks to which it is exposed.
The key risks, which are compiled in each company’s risk register and form the company’s risk profile,
are regularly reviewed, and new risks are added as necessary. Risk identification at the Group level is
conducted in the same way. Risk identification in the individual Group companies and at the Group
level is both a top-down and a bottom-up process. The top-down approach is mainly used for strategic
risks, such as reputational risk and regulatory risk, and to identify emerging risks. Bottom-up risk
identification takes place in individual organisational units and with risk owners (first line of defence).
Risk identification is essentially ongoing but is particularly important during business planning and for
all major projects and business initiatives, such as new product launches, investments in a new asset
class, acquisitions and others.
Risk assessment (measurement)
The Group has established a regular process for assessing (measuring) the risks to which each company
or the Group is exposed. Risks are measured using both qualitative and quantitative methods, which
are constantly being refined.

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109
We use a variety of approaches and models to measure each risk. These vary according to the risk:
the Solvency II standard formula,
own risk and solvency assessment (ORSA),
stress testing and scenario analysis,
qualitative risk assessment in the risk register,
various risk measures that facilitate the measurement and monitoring of the current risk profile.
Climate change risks are included in the risk register and periodically assessed alongside other risks.
They are linked to the basic risk categories they affect (market, insurance, credit, strategic and
operational risks) and are divided into transition and physical risks.
Risk monitoring
We monitor risks at several levels: in each organisational unit, the risk management department, the
risk management committee and at the level of the management board, the risk committee of the
supervisory board (in Sava Re) and the supervisory board of each Group company. In addition, the risk
profile of each Group company is monitored at the Group level with regard to its impact on the Group’s
risk profile.
In order to monitor risks and compliance with the risk strategy on an ongoing basis, we have a core set
of risk measures for each risk category in each Group company, which allows us to monitor the current
risk profile and capital position of each company and the Group. Additionally, we monitor and control
the measures taken to manage risk. Adverse events and the implementation of relevant corrective
measures to prevent the recurrence of an individual event are also monitored.
Risk management
Risk management takes into account the cost-benefit aspect of each action and any recommendations
made by the risk management committee and key functions. If there is a need to adopt a new measure
to limit a specific risk, we analyse the measure in the company concerned and take cost effectiveness
into account in our decisions.
Each Group company considers the impact of its business strategy on its risk profile and capital position
as part of its business planning. When decisions are taken during the year that have a significant impact
on the risk profile but were not assessed for risk in the business planning process, the company
concerned assesses the impact of these decisions on its own and the Group’s risk profile, checks
compliance with its risk appetite and takes the necessary action.
Risk reporting
Regular risk reporting is in place in the larger Group companies and at the Group level. Risk owners
report to the risk management function on specific risk categories, such as a predefined set of relevant
risk measures and additional qualitative information. On this basis, the risk management function, in
collaboration with the risk owners, prepares a risk report covering the overall risk profile of each
company. The report is discussed at all levels and is shared with the Group’s risk management function.
Relevant risk information is also monitored at the Group level and reported in the Group’s risk report.
10.1.4 Own risk and solvency assessment (ORSA)
ORSA is a process that runs in parallel with business planning. It aims to understand the risk profile and
analyse the impact of changes in the risk profile over the next three years on capital adequacy. The
analysis takes into account both the standard Solvency II formula and the own risk assessment and
impact analysis of various stress tests and scenarios.

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In ORSA, we assess all significant measurable and unmeasurable risks that could affect the
performance of an individual Group company or the Group as a whole. Sustainability risks, in particular
climate change risks, are also addressed and assessed as the Group and the Company recognise the
importance of the impact of climate change on long-term business performance. Therefore, both
qualitative and quantitative assessments of climate change risks are included in ORSA.
ORSA is embedded in the decision-making process and ensures that key decisions and business
strategy are made in light of the risks and associated capital requirements. The results of ORSA are
used to review the alignment of the business strategy with the risk strategy. We have thus established
a link between business strategy, the risks taken, and the related capital requirements and capital
management.
The Company’s management board, the risk management committee and specialist staff from
different areas are actively involved in the entire ORSA process.
10.2 Material risks of the Sava Insurance Group
In the Group and its individual companies, all identified risks fall into the following main risk categories:
underwriting risks, financial risks (comprising market risk, liquidity risk, credit risk and the risk of failure
to achieve guaranteed returns), operational risks and strategic risks.
In addition, the Group and its companies monitor emerging risks that may affect any of the above risk
categories. As part of identifying these risks, we also identify and assess sustainability risks, which in
the Sava Insurance Group mainly relate to market and underwriting risks. They are discussed in the
strategic risks section of this report.
Individual risks are described in detail in the notes to the financial statements of the Sava Insurance
Group and Sava Re in section C.3.6 “Risk management”, while the sustainability risks are presented in
detail in the sustainability report.
In the following, we describe each risk category and the risks within each category.
10.2.1 Underwriting risks
Underwriting risk arises from insurance transactions, the primary purpose of which is to assume risk
from insureds (underwriting) and to perform (re)insurance contracts and transactions that are directly
related to (re)insurance transactions. It relates to the risks covered under (re)insurance contracts and
related processes and arises from uncertainty as to the occurrence, extent and timing of obligations.
In addition to the risks assumed directly by the Group’s direct insurers, Sava Re assumes underwriting
risk from cedants outside the Group (accepted reinsurance). Sava Re retains a portion of the assumed
risks (Group and non-Group) and retrocedes the portion that exceeds its own capacity.
Underwriting risks are broadly divided into non-life underwriting risks, life underwriting risks and
health underwriting risks (which include accident (re)insurance). The Group and Sava Re are exposed
to all three categories of risks.
Non-life underwriting risks
Non-life underwriting risks are further subdivided into premium risk, risk of insufficient liabilities and
assets from (re)insurance contracts, lapse risk and catastrophe risk.
Premium risk: this is the risk that premiums written are insufficient to meet the obligations arising
from (re)insurance contracts. This risk depends on many factors, such as inadequate assessment of
market developments, inadequate assessment of claims development, use of inadequate statistics,
deliberately insufficient premiums for certain classes of business that are expected to be offset by

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other classes of business, or inadequate assessment of external macroeconomic factors that may
change significantly during the term of a contract; in certain classes of business, there is also
inadequate assessment of environmental factors, including climate change. Premium risk includes
underwriting process risk, price risk and the risk of unexpected increase in claims.
Given the Group’s portfolio structure, the largest contributors to premium risk include motor vehicle
and property (re)insurance (fire and other damage to property, including related business interruption
insurance).
The Group seeks to mitigate underwriting process risk by restricting authorisations for mass
underwriting, providing additional training to underwriters and agents, by providing understandable,
clear and detailed instructions, and setting appropriate underwriting limits that are consistent with the
business strategy, the risk strategy and the reinsurance programme. We also pay particular attention
to offering products to appropriate target clients (to avoid mis-selling and adverse selection), accepting
reinsurance from trusted cedants, and ensuring that appropriate limits are in place for exposure
concentrations by geographic location and homogeneous risk groups, thereby maintaining favourable
risk diversification.
Risk of insufficient liabilities and assets from (re)insurance contracts: this is the risk that the liabilities
and assets from (re)insurance contracts are either (i) insufficient to meet the obligations arising from
(re)insurance contracts due to inadequate methods, inappropriate, incomplete and inaccurate data,
inefficient procedures and controls or inadequate expert judgement, or (ii) misstated, resulting in
unreliable information about the financial position of the company or the Group. This includes the risk
of data availability and accuracy, the risk of using inappropriate methods or assumptions, the risk of
calculation errors, and the risk that the complexity of the tools used in the process may lead to
misleading results. Sustainability risks, including those related to climate change, are also considered
when assessing the adequacy of provisions.
As with premium risk, the majority of the risk of insufficient liabilities and assets from (re)insurance
contracts arises from the motor and property business, where liabilities and assets from (re)insurance
contracts are structurally the largest due to the Group’s traditional focus on such business.
The Group manages the risk of insufficient liabilities and assets from (re)insurance contracts through
robust processes and effective controls for their calculation under both IFRS and Solvency II
regulations. In addition, each year we back-test the adequacy of the (re)insurance contract liabilities
and assets established in previous years, which is used to identify any major causes of inadequate
(re)insurance contract liabilities and to apply the lessons learned to the setting of these liabilities in
the future.
Lapse risk: this is the risk of loss or adverse change in the value of insurance contract liabilities resulting
from changes in the level or volatility of lapse rates. The Group and Sava Re are not materially exposed
to this type of risk. This risk is mitigated primarily by maintaining good relationships with policyholders
and cedants and by closely monitoring market conditions.
Catastrophe risk: this is the risk of a catastrophic event occurring; such events are rare, but their
financial impact is too great to be covered by otherwise adequate premiums and provisions alone.
Catastrophe risk may materialise in the case of extreme events or a large number of catastrophic
events over a short period. The risk also includes an excessive geographical accumulation of risk. The
Group’s portfolio is relatively well diversified geographically, with a slightly higher concentration of
risks in Slovenia, which is further addressed through the reinsurance programme. This risk is managed
by means of a well-designed underwriting process, by controlling risk concentration for products
covering larger properties against natural catastrophes and fire, by geographical diversification, and
by adequate retrocession protection against natural and man-made catastrophes.
Sustainability and climate change risks are also important in non-life insurance and have recently
gained in importance and attention at both the Group and Company level. We carry out qualitative

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assessments, exposure analyses and longer-term scenario analyses, and we monitor the progress of
their modelling. The knowledge gained in this area is then applied to underwriting, setting insurance
premiums, determining liabilities and assets from (re)insurance contracts and arranging sufficient
reinsurance protection to keep risks within the risk appetite.
Other underwriting risks, such as economic environment risk and policyholder behaviour risk, may be
relevant, but their impact is already indirectly reflected in the non-life underwriting risk above.
Life underwriting risks
We divide life underwriting risks into biometric risks, life expenses risk and life lapse risk.
Biometric risks: among these, mortality risk, which is the most significant risk for the Group, is the risk
that the actual mortality of insured persons will turn out to be higher than that projected in the
mortality tables used for premium pricing. It depends on the use of relevant statistics and the
identification of insured persons whose health or lifestyle may increase their mortality risk. The
procedures used to manage this risk include the consistent application of underwriting protocols,
detailing deviations from the normal mortality risk, regular monitoring of exposures and the adequacy
of the mortality tables used, and appropriate reinsurance protection.
Life expense risk: this is the risk that the actual cost of servicing life insurance contracts will be higher
than that assumed in pricing. The level of risk depends on the use of appropriate statistics and an
increase in the actual cost of servicing life insurance contracts. The Group manages the life insurance
expense risk by periodically monitoring the expenses incurred in servicing life insurance contracts,
monitoring the macroeconomic situation (e.g., inflation) and appropriately planning these expenses
for the coming years.
Life lapse risk: this is the risk of a (low or high) increase in lapse rates (rate of early contract
termination) due to surrenders, conversions to paid-up status or premium default. The level of risk
depends on the use of appropriate statistics, the identification of lapses for various reasons in an
underwriting year and the economic situation, which may also affect policyholder behaviour. The level
of risk also depends on the competitive insurance products available in the market and the advice
provided by insurance intermediaries and financial advisers. The Group manages this risk mainly by
monitoring the number and percentage of policy lapses on a quarterly basis, by restricting surrenders
where insurer approval is required and by systematically preventing insurance rearrangements by
intermediaries.
Sustainability and climate change risks are also increasingly important in life insurance. They have
become more relevant in recent years and can affect life insurance in a number of ways, including an
increase in cancellations and surrenders, an increase in biometric risks (especially mortality and
morbidity) and other impacts. We therefore take sustainability and climate change factors into
account, among others, when setting insurance premiums and making assumptions for the calculation
of liabilities and assets from (re)insurance contracts.
Life insurance risks also include other biometric risks (longevity risk and disability and morbidity risk),
revision risk and life-catastrophe risk. These risks are minor for the Group and are therefore not
discussed in detail.
Health underwriting risk
Health underwriting risks are divided into risks arising from health insurance pursued on a similar
technical basis to non-life insurance (NSLT health insurance) and health insurance pursued on a similar
technical basis to life insurance (SLT health insurance).
The Group manages NSLT-health underwriting risks using techniques similar to those used in non-life
insurance, namely prudent underwriting, control of risk concentrations in accident and health products
and appropriate reinsurance protection. SLT health insurance is very similar to life insurance;

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therefore, the Group manages the risks arising from SLT health insurance using similar techniques as
for life insurance.
10.2.2 Financial risks
In their financial operations, individual Group companies are exposed to financial risks arising from
their investment and underwriting portfolios relating to market, liquidity, credit risk and the risk of
failure to realise guaranteed returns on the life insurance business. Sustainability risks are also
important, especially those related to climate change, which can indirectly affect interest rates, credit
spreads, property values and more.
Market risk
As part of the management of market risk, the Group assesses interest rate risk, investment property
risk, equity risk and currency risk.
Interest rate risk: this is the risk that the Group or a company will be exposed to losses resulting from
fluctuations in interest rates. When interest rates change, the risk may materialise as a result of a
decrease in the value of investments or an increase in liabilities. We try to avoid this by carrying out
sensitivity analyses and by matching assets and liabilities, i.e., cash-flow matching.
Investment property risk: this is the risk of a change in the fair value of investment property owned
directly or indirectly by the Group or a company. In addition to investment property, real-estate funds
are also exposed to this risk.
Equity price risk: this is the risk that the value of investments will decrease due to fluctuations in equity
markets. Shares, as well as equity and mixed mutual funds, are exposed to this risk. The Group
manages the equity risk by diversifying this part of the investment portfolio across different capital
markets and through a limit system that limits overexposure to the equity portfolio.
Currency risk: this is the risk that changes in exchange rates will reduce the value of assets
denominated in foreign currencies or increase the value of liabilities denominated in foreign
currencies. The Group manages currency risk through the efforts of each company to optimise asset-
liability currency matching.
Liquidity risk
This is the risk that, owing to unexpected or unexpectedly high obligations, a company will not be able
to meet all its financial obligations. The liquidity risk assumed by each Group company is monitored by
regularly measuring and monitoring defined liquidity indicators. One of the indicators is the maturity
matching of financial assets and liabilities. Liquidity requirements are met by allocating funds to money
market instruments in the percentage consistent with the estimated normal current liquidity
requirement. We ensure that we have the funds to cover the estimated liquidity buffer of the EU
companies by investing at least 20% of portfolio investments in highly liquid assets.
Credit risk
This is the risk that an issuer of securities or other counterparty will default on its obligations. In the
context of credit risk, each company and the Group address the excessive concentration of risk in a
particular region, industry or issuer. Assets exposed to credit risk include financial investments
(deposits, bonds, loans granted, bond and convertible mutual funds, and cash and cash equivalents)
and other receivables.

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Risk of failure to realise guaranteed returns
The Group is exposed to the risk of failing to achieve the guaranteed return, specifically with
investment contracts and with traditional and unit-linked life insurance business.
10.2.3 Operational risks
This is the risk of loss arising from inadequate or failed internal processes, human behaviour, systems
or external events. To manage operational risks effectively, the Group companies have processes in
place to identify, measure, monitor, manage and report on such risks.
10.2.4 Strategic risks
The Group companies and the Group are exposed to various internal and external strategic risks that
may have a negative impact on earnings or capital adequacy. Strategic risks also include reputational,
project and sustainability risks as well as emerging risks. To prevent these risks from materialising, the
Group companies mainly carry out preventive activities and have processes in place to identify,
measure, monitor, manage and report on strategic risks to ensure that they are managed effectively.
We also manage strategic risks by continuously monitoring the achievement of short- and long-term
goals of the Group companies and the Group, as well as by monitoring upcoming regulatory changes
and market developments.

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11 Information technology
The IT department is keeping pace with the rapid development of the Group and the changing
environment by strengthening its staff and investing in all areas. In 2024, we took a major step
forward in the areas of service request management, IT architecture and IT governance. We pay
particular attention to information security, not only to ensure business continuity and protection
against cyberattacks, but also to protect personal data and trade secrets. Regular exercises to
protect against attacks using social engineering techniques have shown that digital technical
resilience and staff awareness in this area are improving.
During 2024, we continued to recruit and develop our staff in IT process management, IT operations
and IT architecture, thereby increasing our capacity and manageability to provide IT support for the
various development activities at the Group level. We continued to conduct our own IT process
maturity audits as an ongoing practice, complemented by an increasing number of independent
external reviews of operational capabilities, architecture and implementation of system and solution
configurations. We use feedback and insights to make improvements, which are then put into
operation. Accordingly, we improved our processes for managing development requests, IT
architecture, internal controls and risks, and for planning and monitoring IT costs and investments.
In the development of business applications, we maintained existing solutions in line with companies’
business and regulatory requirements. We continued the project to replace the core insurance IT
solution and launched the core IT solution for reinsurance. At the Group level, we continued to expand
our common solutions and the use of a common central data centre.
In the area of business intelligence, we provided regular business support and upgraded existing
solutions to meet the ongoing needs of our clients. In line with the 20232027 strategy, we embarked
on a project to upgrade the data warehouse functionalities at the level of several Group companies.
Infrastructure provided business support and upgraded technical and service capabilities to meet the
needs of strategy implementation (introduction of digitalisation and new core insurance solutions).
We implemented continuous improvements, optimised the configuration of server and network
systems and improved the monitoring of critical services. The system software and hardware
infrastructure were upgraded in line with the business plan, depreciation cycle, requirements of day-
to-day operations and planned IT development projects, focusing on the architectural planning of the
different concepts to ensure timely infrastructure support for all needs in the 20252027 period.
In the area of information security, we upgraded the sensors and controls in our 24/7 security
operations centre (SOC) and continued to test and deploy new security solutions. We conducted
regular exercises to protect against social engineering attacks and trained key personnel on how to
respond to a crisis in the event of a cyberattack. We took out cyber insurance at the Group level for
the Slovenian part of the Group and started to include the non-Slovenian companies in the coverage.
In terms of business continuity, we carried out all planned prevention and control activities, taking into
account the increased use of hybrid work.
We take sustainability into account when planning new investments by reducing the number of
applications and centralising the use of shared infrastructure (in-house and cloud). Our business
solutions enable hybrid access (remote or from home) for both customers and employees, reducing
the need to travel.

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12 Appendix to the business report
Appendix A Glossary of selected terms and calculation methodologies for
indicators
Adriatic region. The countries of southeastern Europe along the Adriatic Sea.
Assets under management. Assets of the pension companies’ pension funds, the assets of mutual funds managed by the Group’s asset
management company and the assets of the policyholders who bear the investment risk.
Book value per share. Ratio of total equity to the weighted average number of shares outstanding.
Business volume. Gross premiums written and non-insurance revenue.
Combined ratio. The sum of the loss ratio and the expense ratio. The Group’s ratio is calculated for the reinsurance and non-life insurance
operating segments. Sava Re’s ratio does not include expenses arising from holding activities.
Contractual Service Margin (CSM). An estimate of the unearned profit on groups of insurance contracts that has not been recognised in
the income statement at a reporting date because it relates to future services.
Cost-to-Income Ratio (CIR). Operating expenses as a percentage of operating revenue and net other income/expenses.
Dividend yield. Ratio of the dividend per share to the rolling 12-month average share price.
Emerging risks. New risks, or risks that have been identified previously but which arise in new or unknown circumstances and the impact
of which is not fully understood.
Expense ratio. Attributable expenses plus non-attributable expenses plus net operating income or expenses plus net other income or
expenses plus net impairment losses and reversals of impairment losses on non-financial assets as a percentage of insurance revenue. The
Group’s ratio is calculated for the reinsurance and non-life insurance operating segments. Sava Re’s ratio does not include expenses arising
from holding activities.
FVTPL (Fair Value Through Profit or Loss) investments. Financial investments measured at fair value through profit or loss.
Gross premiums written. The total premiums from all policies written or renewed during a given period, regardless of what portions have
been earned.
Highly liquid assets. Highly liquid investments include L1A assets (ECB methodology), investments in US bonds, investments in sovereign
and supranational issuers rated AA+ or better, and cash and cash equivalents.
IBOR (Interbank Offered Rate). An interbank reference interest rate is the average interest rate at which banks borrow money (e.g., LIBOR,
EURIBOR).
Investment portfolio. It includes investment property, investments in associates and subsidiaries, financial investments other than unit-
linked assets, and cash and cash equivalents other than those related to unit-linked life insurance contracts.
Loss ratio. Insurance service expenses, excluding operating expenses, plus net result from reinsurance contracts held as a percentage of
insurance revenue. The Group’s ratio is calculated for the reinsurance and non-life insurance operating segments.
Net contractual service margin. Contractual service margin, net of reinsurance.
Net earnings or loss per share. Ratio of net profit or loss attributable to equity holders of the controlling company as a percentage of the
weighted average number of shares outstanding. The Company and the Group have no potentially dilutive ordinary shares, therefore basic
earnings per share equal diluted earnings per share.
Net investment income on investment portfolio. The investment result plus the share of the profit or loss of subsidiaries and associates.
It is calculated excluding the return on life insurance policies where policyholders bear the investment risk, the impact of foreign exchange
differences and the cost of subordinated debt.
NSLT health insurance. Health insurance provided on a technical basis similar to that of non-life insurance.
Own risk and solvency assessment (ORSA). Own assessment of the risks associated with a company’s or the Group’s business and strategic
plan and assessment of the adequacy of own funds to cover them.
Return on equity. Net profit for the period as a percentage of average equity during the period, excluding accumulated other
comprehensive income. Annualised returns are shown in the interim reports.
Return on the investment portfolio. The ratio of net investment income on the investment portfolio to average invested assets. The
investment portfolio position includes the following items of the statement of financial position: investment property, investments in
associates and subsidiaries, financial investments other than unit-linked assets, and cash and cash equivalents other than those related to
unit-linked life insurance contracts. The average balance is calculated on the basis of the investment portfolio positions over the last five
quarters.
SLT health insurance. Health insurance provided on a technical basis similar to that of life insurance.
Solvency ratio. The ratio of eligible own funds to the solvency capital requirement, expressed as a percentage. A solvency ratio greater
than 100% indicates that the company has sufficient resources to meet the solvency capital requirement.
Total shareholder return. The ratio of the difference between the share price at the end and beginning of the period, plus the dividend, to
the share price at the beginning of the period.
Ultimate loss. Total amount of loss after all claims have been paid. Prior to final settlement, the estimated ultimate loss includes reported
claims and provisions for incurred but not reported (IBNR) claims.

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B. Sustainability report

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STATEMENT OF MANAGEMENT’S RESPONSIBILITY
The management board of Sava Re d.d. hereby approves the Sava Insurance Group’s sustainability
report for the year ended 31 December 2024 and its appendices. The management board confirms
that the sustainability report is compiled in accordance with the applicable Slovenian and EU
legislation, including the European Sustainability Reporting Standards (ESRS) and Article 8 of the
Taxonomy Regulation. The sustainability report has been prepared using relevant judgements,
estimates and assumptions, which apply the methods most suited to the Company and the Group
under given circumstances, based on which we can give the below assurances.
The management board members ensure that to the best of their knowledge:
the sustainability report is compiled in accordance with the European Sustainability Reporting
Standards (ESRS) and Article 8 of the Taxonomy Regulation; and
it contains a true and fair representation of the environmental, social and governance aspects of
the Group.
The sustainability report is based on a double materiality analysis of the Sava Insurance Group.
Marko Jazbec, Chairman of the Management Board
Polona Pirš, Member of the Management Board
Peter Skvarča, Member of the Management Board
David Benedek, Member of the Management Board
Ljubljana, 14 March 2025

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1 Auditor’s report


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2 General information
ESRS 2 General disclosures
BP-1 General basis for the preparation of sustainability statements
45

The sustainability report covers environmental, social and governance aspects. It is based on a double
materiality analysis of the Sava Insurance Group. The Company, as the parent of the Group, reports on
sustainability at the consolidated level. In the process, it ensures that all its subsidiaries are covered in
a way that allows for the unbiased identification of significant impacts, risks and opportunities.
Disclosures in the sustainability report are made for all members of the Group on a consolidated level
where possible, and, where this is not possible, for the parent company and its EU-based subsidiaries.
The Sava Insurance Group has prepared its sustainability report on a consolidated basis. The scope of
consolidation is the same as in the financial statements.
In our disclosures, we consider both the upstream and downstream parts of the Group’s value chain,
where, based on the results of the due diligence and materiality assessment process, we have
identified material impacts, risks and opportunities of our own operations concerning specific
stakeholder groups in the value chain.
We have not identified any material impacts, risks or opportunities with respect to stakeholders
(suppliers) in the upstream value chain. We have extensive impacts on stakeholders in the downstream
value chain, particularly from the environmental, social and governance perspective. In the area of
governance, we also disclose material risks and opportunities that affect stakeholders in the
downstream value chain. We disclose this information in sections ESRS E1, S3, S4 and G1.
In the sustainability report, we have not omitted specific information related to intellectual property,
know-how or the outcome of innovation.
The certified auditor only reviews those parts of the business report that are appropriately identified
by markups of disclosures in accordance with the European Sustainability Reporting Standards (ESRS).
Disclosures or parts of the business report that are not clearly identified by appropriate reference to
the ESRS and those parts of the sustainability report that relate to a period before 1 January 2024 have
not been audited. KPI calculations and comparative calculations based on data prior to 2024 have also
not been audited.
BP-2 Disclosures in relation to specific circumstances
46

In our disclosures, we adhere to the medium- and long-term time horizons defined in the ESRS, except
in the topical disclosures in section ESRS E1, where we have specifically defined them based on our
strategic documents.
Metrics that include data from the downstream value chain depend on the quality and appropriateness
of the information provided by our partners in the value chain. The ability of insurers to collect
information about their partners in the value chain depends on the availability of basic data from
customers and investee companies and/or guidelines on acceptable data sources and ways to address
data gaps. Downstream value chain coverage will increase over time, as we expect the extent of
estimates to decrease over time, and we will mostly have qualitative and quantitative primary data.

45
ESRS 2 BP-1 paragraphs 5 (a), 5 (b) i, 5 (b) ii, 5 (c) and 5 (d).
46
ESRS 2 BP-2 paragraphs 9 (a), 9 (b), 10 (a), 10 (b), 10 (c), 10 (d) and AR 1 (c).

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Metrics that include data from the downstream value chain and are estimated based on indirect
sources relate to investment portfolios. Other data disclosed in the sustainability report are from
internal sources.
The Group obtains data from an external ESG data provider, MSCI Inc. This mainly relates to disclosures
on the alignment of investments with the EU Taxonomy (Regulation (EU) 2020/852), disclosures
related to the SFDR (Regulation (EU) 2019/2088), disclosures related to the carbon footprint of the
investment portfolio, and disclosures on excluded sectors as defined in the Group’s sustainability
investment policy. We use the data for further analysis, the definition of investment strategies,
business decision-making and preparation of reports.
MSCI’s methodology is available on the MSCI One web portal under ESG Manager. As MSCI updates its
databases on an ongoing basis, it informs contracted data users of any updates or changes to
documents or methodology.
MSCI obtains data directly from companies (e.g., from annual reports), non-governmental
organisations, online publications, and other publications and sources (e.g., RIMES, Bloomberg, Equity
Data Science and others).
Based on our analysis of various data providers, we believe that MSCI’s data are among the most
reliable in the market.
We believe that the metrics incorporating value chain data used in this report are of appropriate
quality. To ensure the highest possible data quality, we will regularly assess the quality of providers
and compare data from different providers. We will also consider the guidelines and recommendations
from industry organisations and associations or other bodies.
We include disclosures required by other legislation that obliges us to disclose sustainability-related
information in the sustainability report. These include the EU Taxonomy Regulation, which provides a
regulatory framework to promote sustainable investment, and the SFDR Regulation, which requires
financial market participants to publicly disclose their sustainable governance-related policies (section
ESRS S4). This also requires disclosure of how sustainability risks are integrated into investment
decisions and how the company addresses the principal adverse impacts of its investment decisions
on sustainability factors.
We also disclose the information required by the Whistleblower Protection Act (section ESRS G1) and
the indicators of the GRI standards (appendix B GRI index unaudited).
To provide comprehensive disclosures and a clear and reader-friendly content structure, we
incorporated certain information into the sustainability report by reference (in accordance with
section 9.1 “Incorporation by reference” of ESRS 1). A list of this information is provided in the
following table.
List of ESRS disclosure requirements or specific data points that are required to be disclosed and incorporated
by reference
47

Disclosure requirements and related
data points
Disclosures from
other legislation
Reference in the report
Disclosures pursuant to Article 8 of
Regulation (EU) 2020/852
Regulation (EU)
2020/852 and
related
delegated acts
(EU Taxonomy)


47
ESRS 2 BP-2 paragraphs 15 and 16.

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GOV-1 paragraph 21 (a) Number of
executive and non-executive members

Business report, section A.5.3.4 “Management
board”
GOV-1 21 paragraph (b)
Representation of employees and other
workers

Business report, section A.5.3.3 “Supervisory
board committees”
GOV-1 paragraph 21 (c) Experience
relevant to the sectors, products and
geographic locations of the undertaking

Business report, sections A.5.3.3 “Supervisory
board committees” and A.5.3.4 “Management
board”
GOV-1 paragraph 21 (d) Percentage by
gender and other aspects of diversity
that the undertaking considers

Business report, section A.5.3.2 “Supervisory
board”
GOV-1 paragraph 21 (e) Percentage of
independent board members

Business report, section A.5.3.3 “Supervisory
board committees”
GOV-1 paragraph 22 (a) Information
on the identity of the administrative,
management and supervisory bodies or
individual(s) within a body responsible
for oversight of impacts, risks and
opportunities

Business report, sections A.5.3.3 “Supervisory
board committees” and A.5.4 “Fit and proper
assessment of the members of the management
and supervisory boards and of key function
holders and other relevant personnel”
GOV-1 paragraph 22 (b) Disclosure of
how each body’s or individual’s
responsibilities for impacts, risks and
opportunities are reflected in the
undertaking’s terms of reference, board
mandates and other related policies

Business report, sections A.5.3.2 “Supervisory
board” and A.5.4 “Fit and proper assessment of
the members of the management and supervisory
boards and of key function holders and other
relevant personnel”
GOV-1 paragraph 22 (c) Description of
management’s role in the governance
processes, controls and procedures used
to monitor, manage and oversee
impacts, risks and opportunities

Business report, sections A.5.3.4 “Management
board” and A.5.4 “Fit and proper assessment of
the members of the management and supervisory
boards and of key function holders and other
relevant personnel”
GOV-1 paragraph 22 (c) i Description
of how oversight of the position is
exercised at the level of the
management or committee to which the
management role is delegated

Business report, section A.5.3 “Bodies of Sava Re”
GOV-1 paragraph 22 (c) ii information
about the reporting lines to the
administrative, management and
supervisory bodies

Business report, sections A.5.3 “Bodies of Sava Re”
and A.5.3.4 “Management board”
GOV-1 paragraph 22 (c) iii Disclosure
of how dedicated controls and
procedures are integrated with other
internal functions

Business report, section A.5.3 “Bodies of Sava Re”
GOV-1 paragraph 22 (d) Disclosure of
how the administrative, management
and supervisory bodies and senior
executive management oversee the
setting of targets related to material
impacts, risks and opportunities, and
how they monitor progress towards
them

Business report, section A.5.3.2 “Supervisory
board”
GOV-1 paragraph 23 Disclosure of
how the administrative, management

Business report, section A.5.4 “Fit and proper
assessment of the members of the management

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128
and supervisory bodies determine
whether appropriate skills and expertise
are available or will be developed to
oversee sustainability matters
and supervisory boards and of key function
holders and other relevant personnel”
GOV-1 paragraph 23 (a) Information
on sustainability-related expertise that
the bodies, as a whole, either directly
possess or can leverage

Business report, section A.5.3.3 “Supervisory
board committees”
GOV-1 paragraph 23 (b) Disclosure of
how sustainability-related skills and
expertise relate to material impacts,
risks and opportunities

Business report, section A.5.4 “Fit and proper
assessment of the members of the management
and supervisory boards and of key function
holders and other relevant personnel”
SBM-1 paragraph 40 (a) i Description
of the important groups of products
and/or services offered by the
undertaking

Business report, section A.2.5 “Profile of the Sava
Insurance Group”
SBM-1 paragraph 40 (a) ii Description
of the markets and/or customer groups
served by the undertaking

Business report, section A.2.5 “Profile of the Sava
Insurance Group”
SBM-1 paragraph 42 Description of
business model

Business report, section A.2.5 “Profile of the Sava
Insurance Group”
SBM-1 paragraph 40 (g) Disclosure of
elements of the strategy that relate to
or impact sustainability matters

Business report, section A.6.2 “Strategic priorities
of the Sava Insurance Group”
SBM-3 paragraph 48 (a) Description of
material impacts, risks and
opportunities resulting from the
materiality assessment

Financial statements with notes, sections C.3.6.4.3
“Credit risk” and C.3.6.3.1 “Non-life underwriting
risks Catastrophe risk”
E1.SBM-3 paragraph 18 Type of
climate-related risk

Financial statements with notes, sections C.3.6.4.3
“Credit risk” and C.3.6.3.1 “Non-life underwriting
risks Catastrophe risk”
E1.IRO-1 paragraph 20 (b) (AR 11)
Description of material impacts, risks
and opportunities resulting from the
materiality assessment

Financial statements with notes, section C.3.6.6.1
“Emerging risks”
G1-1 paragraph 10 (g) Information on
the policy for training within the
organisation on business conduct

Business report, section A.5.3.3 “Supervisory
board committees”

GOV-1 The role of the administrative, management and supervisory bodies
48

The disclosures in section A.5 “Corporate governance statement” enable us to provide information on
the composition and diversity of our administrative, management and supervisory bodies. We describe
the roles and responsibilities of these bodies in overseeing the process of managing material impacts,
risks and opportunities, including the role of management in these processes. We describe the
expertise and skills within these bodies related to sustainability matters or access to such expertise
and skills.
In section A.5 “Corporate governance statement”, we disclose information about the roles and
responsibilities of the administrative, management and supervisory bodies.

48
ESRS 2 GOV-1 paragraphs 21 to 23.

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129
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
49

In section A.5 “Corporate governance statement”, we partially disclose how the administrative,
management and supervisory bodies are informed of sustainability matters and how these matters
have been addressed during the reporting period. We further elaborate on this in the following
sections.
Key function holders and business line managers regularly inform the management board about all
material business information affecting the company’s operations and strategic goals. Management
board sessions are held on a regular basis, usually weekly. The management board is also briefed on
sustainability topics through regular monthly sustainability executive meetings.
At the Group level, we monitor changes in the external environment on a regular basis, usually
quarterly, and identify new or increased risks, including those related to sustainability, which may have
an impact on operations.
The management board of Sava Re d.d. (the Company or Sava Re) oversees the implementation of the
Group’s policy and strategy and the achievement of strategic and operational goals, establishes a
system to ensure compliance with sustainability legislation and reports on this to the supervisory
board.
At their executive meetings, the administrative bodies have regularly discussed key aspects of
sustainability development and business operations, such as information on the material
environmental and social impacts and impacts on the Group’s operations, risk management, and the
identification of opportunities arising from sustainable business practices. We disclose these topics in
more detail in section ESRS 2 IRO-1. In 2024, they closely monitored preparations for sustainability
reporting under the new CSRD Directive (Directive (EU) 2022/2464) and ESRS standards.
Ongoing dialogue between the management board and the management and supervisory bodies
ensures that impacts, risks and opportunities are comprehensively identified, analysed and addressed
in line with the Group’s long-term sustainability goals.
We present the report of the supervisory board in section A.4 “Report of the supervisory board”.
GOV-3 Integration of sustainability-related performance in incentive schemes
50

The variable part of the individual-performance-based pay of the members of the management bodies
is linked to the achievement of the Group’s long-term strategic goals, which include long-term
sustainability goals, key business development goals and risk management goals.
GOV-4 Statement on due diligence
51

In the following table, we disclose the mapping of information on due diligence processes as disclosed
in our sustainability report. This is intended to facilitate an understanding of the Group’s due diligence
process in relation to sustainability matters.



49
ESRS 2 GOV-2 paragraphs 26 (a), 26 (b), 26 (c) and 26 (c) ii.
50
ESRS 2 GOV-3 paragraphs 29, 29 (a) and 29 (b).
51
ESRS 2 GOV-4 paragraphs 30, 32 and AR 48.

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130
Core elements of due diligence
Paragraphs in the sustainability report
(a) Embedding due diligence in governance, strategy and
business model
ESRS 2 GOV-1 paragraphs 21 to 23
ESRS 2 GOV-2 paragraphs 26 (a) to 26 (c)
(b) Engaging with affected stakeholders in all key steps of
the due diligence
ESRS 2 SBM-1 paragraphs 45 to 45 (d)
ESRS S1-2 paragraphs 27 to 27 (e)
ESRS S3-2 paragraphs 21 to 21 (d)
ESRS S3-3 paragraphs 27 (a) to 27 (d)
ESRS S4-2 paragraphs 20 to 20 (d)
ESRS S4-3 paragraphs 25 (a) to 25 (d)
ESRS G1-1 paragraph 10 (c)
(c) Identifying and assessing adverse impacts
ESRS 2 IRO-1 paragraphs 53 (a) to 53 (h)
ESRS E1-5 paragraphs 37 to 39
ESRS E1-6 paragraphs 44 to 52 (b)
ESRS S1-14 paragraphs 88 (a) to 88 (c)
ESRS S4-5 paragraphs 41 to 41 (c)
ESRS G1 Protection of personal data
(d) Taking actions to address those adverse impacts
ESRS E1-3 paragraphs 29 (a) and 29 (b)
ESRS E1-4 paragraphs 34 (a) and 34 (b)
ESRS S1-5 paragraphs 47 (a) to 47 (c)
ESRS S4-3 paragraphs 25 (a) to 25 (d)
ESRS G1 Protection of personal data
(e) Tracking the effectiveness of these efforts and
communicating
ESRS 2 SBM-1 paragraphs 45 to 45 (d)
ESRS E1-5 paragraphs 37 to 39
ESRS E1-6 paragraphs 44 to 52 (b)
ESRS S1-2 paragraphs 27 to 27 (e)
ESRS S4-4 paragraphs 31 (d) and 32 (c)
ESRS G1 Protection of personal data
GOV-5 Risk management and internal controls over sustainability reporting
52
We have defined the risk management system and internal controls related to the sustainability
reporting process in the Group’s rules on risk management and internal controls for sustainability
reporting.
As part of the sustainability reporting process, we systematically carry out a risk assessment. We also
perform regular internal controls. The findings of internal controls and risk assessments are regularly
reported to the management and supervisory bodies, which use this information to make strategic
decisions and set priorities for process improvements.
We are committed to continuously improving our sustainability reporting processes. This includes the
gradual digitalisation of reporting processes, the enhancement of existing systems for data collection
and analysis, and the regular updating of internal regulations to ensure compliance with the latest
standards and legal requirements.
SBM-1 Strategy, business model and value chain
53
We are building a customer-centric, flexible and sustainability-oriented insurance group. The Sava
Insurance Group operates in life, non-life, health and pension insurance, asset management and other
complementary activities. We are becoming a comprehensive provider for our customers at all stages
52
ESRS 2 GOV-5 paragraphs 36 (a), 36 (b), 36 (c), 36 (d) and 36 (e).
53
ESRS 2 SBM-1 paragraphs 40 (a) i, 40 (a) ii and 40 (b).

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131
of their lives. We disclose more details about our services in section A.2.5 “Profile of the Sava Insurance
Group”.
We disclose more information on the customers we serve in section ESRS S4.
The number and characteristics of employees is disclosed in section ESRS S1-6.
The Group’s total revenue for 2024 was EUR 832.6 million.
More information on our operations and revenue structure is provided in the business report part.
Sustainability-related goals
54
Across all key product and service groups, customer categories, geographic areas of operation and
stakeholder relationships, we continuously strive to implement the core principles of sustainable
development outlined in our Group’s sustainable business policy. We build long-term corporate social
responsibility through 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,
employees and the wider community.
In pursuing key sustainable development policies, we are guided by:
the United Nations Sustainable Development Goals (SDGs) and the 2030 Agenda, respectively,
with a particular focus on the following goals in our decision-making:
goal 3: Good health and well-being by promoting a healthy lifestyle and well-being
for all at all ages. With a special focus on the needs and interests of customers, in
particular through the provision of appropriate insurance and financial products, and
healthcare and other services, as well as on those of employees and the wider
community;
goal 13: Climate action by taking action to combat climate change and its impacts;
the Paris Agreement and the European Green Deal;
the international commitments, such as:
the United Nations Global Compact (UNGC), which sets out ten principles for
responsible corporate governance, covering human rights, labour standards, climate
change and anti-corruption;
the United Nations Principles for Responsible Investment (UN PRI), which sets out six
principles to guide investors in making responsible investment decisions.
The Sava Insurance Group’s strategic goals, which cover all relevant product and service groups,
customer segments, geographical areas and stakeholder relationships, include:
1. following the EU initiative to reduce greenhouse gas emissions by 55% by 2030, thereby
reducing carbon intensity,
2. responsible (re)insurance underwriting,
3. pursuing sustainability across the value chain and processes,
4. improving customer satisfaction,
5. ensuring satisfied and committed employees and fostering a strong sustainability culture.
54
ESRS 2 SBM-1 paragraphs 40(e), 40 (f) and 40 (g).

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132
Detailed goals are presented under individual sections (E1, S1, S3, S4 and G1).
The Sava Insurance Group’s strategic goals focus on integrating sustainability factors into all aspects of
our business operations across all markets where we are present. The Group companies already offer
innovative and sustainability-oriented products and solutions, thereby increasing their attractiveness
to customers, investors and other stakeholders.
The link between our strategic goals and our products and services is evident at multiple levels:
Reducing the carbon footprint (per employee, per revenue and from investments) across all
Group companies, combined with:
developing sustainability-focused insurance and reinsurance products,
improving business processes and digitalisation, which also makes products and
services more accessible to costumers.
Increasing the share of investments aligned with the EU Taxonomy and the Group’s
sustainability investment policy by:
developing sustainable investments and financial products that promote
environmental and social activities (Article 8 of the SFDR Regulation),
limiting investments in industries that the Group does not wish to support, as set out
in our exclusion list.
Monitoring the share of premiums from products that comply with the EU Taxonomy by:
developing insurance and reinsurance products for sectors with low environmental
impact,
developing insurance and reinsurance products that mitigate climate-related and
other sustainability risks across all the Group’s insurance companies.
Health, well-being and corporate culture initiatives, including:
expanding the range of health insurance products with additional benefits,
implementing prevention and health promotion activities.
Our 20232027 strategy addresses key challenges related to or impacting sustainability. These are
outlined in section A.6 “Mission, vision, strategic focus and goals” and in sections on topical standards.
Our key focus areas are: customer at the centre (ESRS S4), business process optimisation (ESRS G1),
sustainability (stakeholder relations, ESRS 2), IT modernisation (ESRS G1), employee satisfaction and
motivation (ESRS S1), and growth through acquisitions (linked to long-term stability and profitability,
which we disclose in section ESRS G1). Sustainable operations are a key strategic priority for the Sava
Insurance Group.
Related business sectors
55
The operations of the Sava Insurance Group are closely linked to the following sectors:
ESRS insurance business: reinsurance and insurance, including both life and non-life
insurance products, constitute the Group’s core business,
ESRS capital markets: mutual funds and pensions from an investment and asset management
perspective,
ESRS other services: mainly assistance services offered either independently or as part of a
broader range of insurance products and services.
55
ESRS 2 SBM-1 paragraph 41.

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133
Business model and value chain
56
The business model of the Sava Insurance Group is based on providing a comprehensive range of
insurance services, including non-life and life insurance, pension products, reinsurance, asset
management and assistance services. The Group focuses on risk optimisation and investment
management to ensure stability for its customers and investors. For more details, see section A.2.5
“Profile of the Sava Insurance Group”.
The value chain of the Sava Insurance Group encompasses key external stakeholders who contribute
to its operations. These include suppliers, distribution partners, (re)insureds, investment partners and
end-users of the Group’s products and services. The Group collaborates with various business entities
to provide a wide range of services, such as insurance and reinsurance, investment and pension
products, and assistance services, thereby creating long-term value for customers.
We have developed an overview of the Group’s operations, business relationships and the framework
in which these relationships take place, and an understanding of the Group’s key affected
stakeholders.
Activities and business relationships are considered from the perspective of:
analysis of the company’s business plan, strategy, financial statements and, where
appropriate, other information provided to investors;
the company’s operations, products/services and the geographical location of these
operations;
allocation of the company’s business relationships and value chain in the upstream and
downstream supply chain, including the nature and type of business relationships.
We base our input data and approach for collecting, developing and maintaining this input data on the
appropriate legal and regulatory framework in which the Group operates; Insurance Europe, the
European insurance and reinsurance federation, which also provides professional support in the area
of sustainability; analyses of peer companies; existing sector-specific benchmarks and other
publications on general megatrends; and academic articles in the area of sustainability. By engaging in
international voluntary commitments (PCAF, PRI), we also participate in the development of
methodologies for sustainability reporting and promote transparency and disclosures of sustainable
practices.
Outputs and outcomes for stakeholders
57
The Group paid out EUR 448.6 million in claims in 2024. Sava Re’s share rose by 42.9% in the period
form 1 January 2024 to 31 December 2024, and we paid out a gross dividend of EUR 1.75 per share.
Employee and consumer indicators are presented in more detail in sections ESRS S1 and ESRS S4.
56
ESRS 2 SBM-1 paragraphs 42 and 42 (a).
57
ESRS 2 SBM-1 paragraph 42 (b).

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134
Description of the value chain
58
Upstream
Downstream
Sava Insurance Group
Own
Operations
Operation management
Suppliers, contractors
and other service
providers
Own workforce
Property, plant and
equipment held for own use
Investments
Investment activities
Equity investments and
third-party investments
Joint ventures and
associates
Internal asset managers
Third-party asset
managers
Partner investors in joint
ventures and associates
Underwriting
Insurance contracts
Distribution, claims
and underwriting
Large policyholders:
companies
End-users
Private households,
SMEs and
microenterprises
Reinsurers
Yellow Border: Coverage on a quantitative and qualitative basis
Green Border: Use of internal data and/or application of estimates and approximations
The upstream value chain includes our supply chain. We work with many suppliers and partners,
including major reinsurance service providers, technology service providers and professional advisers.
Our relationships with suppliers and service providers provide our Group companies with the
resources and services they need to ensure smooth operations.
As one of the leading insurance groups in the region, we are a key link in the value chain between
suppliers and customers. Our primary role is to develop insurance, financial and investment products
and assistance services tailored to the needs of individual markets and customer segments. Through
appropriate risk management, we ensure efficient operations and create stability for our customers
and the economy as a whole.
The downstream value chain comprises our consumers and end-users, as well as other stakeholders
who directly or indirectly influence the success and sustainability of our operations. Our Group
58
ESRS 2 SBM-1 paragraph 42 (c).

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135
companies offer a wide range of products and services, giving us a diverse customer base with which
to work.
SBM-2 Interests and views of stakeholders
59
Stakeholder engagement is an integral part of the Group’s business processes and encompasses a wide
range of activities and methods, as detailed in the “Interests and views of stakeholders” table. This
table also shows how we understand the interests and views of our key stakeholders in relation to our
strategy and business model.
59
ESRS 2 SBM-1 paragraphs 45, 45 (a), 45 (a) i, 45 (a) ii, 45 (a) iii, 45 (a) iv, 45 (a) v, 45 (b), 45 (c), 45 (c) i, 45 (c) ii, 45 (c) iii and 45 (d).

Graphics
136
Interests and views of stakeholders
Stakeholder
groups
Purpose of
stakeholder
management
Engagement methods
and approaches
Analysis of
views
Consideration of
stakeholder
interests and
views
Communi
cating
stakehold
er
interests
to the
managem
ent and
supervisor
y bodies
Monitoring the
effectiveness of
efforts and
communication
(feedback)
Employees
coordinating
views,
enhancing
organisational
culture and
relationships,
reducing
turnover,
improving
health and well-
being
annual career
development
meetings, internal
events (conferences,
professional training),
communication via
intranet and email,
participation in
governance (works
council), personal
contact, satisfaction
and engagement
measurement, works
council, double
materiality analysis
measuring
satisfaction
and
engagemen
t, thinking
outside of
the box,
personal
relationship
s, annual
performanc
e appraisal
interviews
tailoring training
programmes to
career plans,
adapting working
conditions to
interests and
views, employee
benefits (health
day, volunteer
day, etc.)
briefings
at
managem
ent board
sessions,
briefings
at
executive
meetings,
meetings
with
employee
represent
atives
improving employee
satisfaction
indicators
Suppliers
identifying
modern and
sustainable
solutions
(services and
products), low-
carbon products
and services,
long-term
cooperation
calls for applications,
invitations to
collaborate,
questionnaires,
meetings,
presentations,
appropriate
remuneration policy,
double materiality
analysis
sustainabilit
y
questionnai
res, use of
external
data
sources
coordinating
business
relationships
briefings
at
managem
ent board
sessions,
briefings
at
executive
meetings
long-term
partnerships,
business contacts
External
sales
network
contacting
customers,
identifying real
market needs,
exploring new
sales channels
personal consultations,
regular contacts,
conferences, training,
double materiality
analysis
personal
contacts,
business
meetings,
sales trend
analysis
harmonising
working
conditions and
tailoring the offer
to actual market
needs based on
market
conditions
briefings
at
managem
ent board
sessions,
briefings
at
executive
meetings
monitoring sales
trends, business
meetings
Reinsurers
contacting
major
customers
business-to-
business (B2B),
identifying
market needs
business contacts,
international
conferences, double
materiality analysis
business
contacts,
trend
monitoring
aligning the
terms and
conditions of
business
cooperation with
market
conditions
briefings
at
managem
ent board
sessions,
briefings
at
executive
meetings
reinsurance
portfolio value
trends
Consumers/e
nd-users
identifying
actual market
needs, offering
modern sales
channels,
providing
quality products
and services,
operating in a
sustainable way
personal consultations,
regular contacts,
websites and other
digital channels,
contact centres,
compliments and
complaints,
satisfaction
measurement
(surveys), double
materiality analysis
satisfaction
assessment
s, register
of
commendat
ions and
complaints
aligning the
offering with real
market needs
based on market
conditions
briefings
at
managem
ent board
sessions,
briefings
at
executive
meetings
customer feedback
via sales network or
satisfaction
measurement, sales
trends

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137
Stakeholder
groups
Purpose of
stakeholder
management
Engagement methods
and approaches
Analysis of
views
Consideration of
stakeholder
interests and
views
Communi
cating
stakehold
er
interests
to the
managem
ent and
supervisor
y bodies
Monitoring the
effectiveness of
efforts and
communication
(feedback)
Owners
conducting
business in a
responsible and
sustainable
manner, clearly
defining the
dividend policy
and returns,
providing
adequate
information
regular public
announcements
(SEOnet), website
publications, annual
shareholder letter,
domestic and
international
investment
conferences, in-depth
information on
business operations,
annual plan and
strategic priorities,
double materiality
analysis
individual
meetings,
general
meetings of
shareholder
s,
investment
conference
s
adapting
business
operations to
market
conditions
briefings
at the
general
meeting
of
sharehold
ers
share price
performance
Supervisory
bodies
ensuring
business
transparency
and compliance,
conducting
business in a
responsible and
sustainable
manner, clearly
defining the
dividend policy
and returns,
providing
adequate
information
regular and
extraordinary
supervisory board and
committee sessions
supervisory
board
sessions,
individual
meetings
considering and
reviewing key
topics
briefings
at regular
and
extraordin
ary
supervisor
y board
and
committe
e sessions
long-term
performance
Regulators
ensuring
business
transparency
and compliance,
conducting
business in a
responsible and
sustainable
manner
regular and ad hoc
reporting, monitoring
of regulatory
recommendations
meetings,
written
communica
tion via
email
consistent
tracking of
changes in
legislation,
regulatory
measures and
recommendation
s
briefings
at
managem
ent board
sessions,
briefings
at
executive
meetings
regulatory feedback
during regular and
extraordinary audits
Credit rating
agencies
improving or
maintaining an
appropriate
credit rating
annual review
ensuring proper
business
practices
active
cooperati
on with
credit
rating
agencies,
briefings
at
managem
ent board
sessions
credit rating
Wider
community
addressing open
issues, ensuring
cooperation,
improving
safety,
supporting the
community,
specific
interests and
vulnerable
groups
donations,
sponsorships,
volunteering,
preventive activities
analysis of
initiatives
and open
issues
providing support
in the form of
financial
resources,
volunteer
activities, or
other forms of
assistance/suppo
rt
briefings
at
managem
ent board
sessions,
briefings
at
executive
meetings
corporate/brand
reputation
monitoring, media
monitoring,
feedback from
(local) communities

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138
Stakeholder
groups
Purpose of
stakeholder
management
Engagement methods
and approaches
Analysis of
views
Consideration of
stakeholder
interests and
views
Communi
cating
stakehold
er
interests
to the
managem
ent and
supervisor
y bodies
Monitoring the
effectiveness of
efforts and
communication
(feedback)
Media
informing the
general public,
strengthening a
factual and
positive image
of the company
and the Group,
maintaining
regular and
positive
relations
press releases, press
conferences, email or
other communication
channels
media
inquiries
and
initiatives,
media
briefings on
key events
responding
appropriately to
potential media
enquiries and
initiatives
active
engageme
nt, regular
updates
on media
coverage
monitoring
(analysis) of media
coverage, regular
contacts
Based on the positions and interests of internal and external stakeholders, we adapt the Group’s
business strategy and business model accordingly. To ensure the competitiveness of the business, we
continuously adapt to the prevailing conditions in the specific markets where we are present. The
changes primarily relate to the digital transformation of processes and products, sustainability aspects
of business operations and the development of new products and services (for more details, see
section ESRS S4). We follow the evolution of national and international industry guidelines and
standards.
We are adapting our strategy by incorporating additional sustainability goals, improving data quality
(which enhances the transparency and disclosure of our reporting), driving the digitalisation of
processes, and continuously developing products that meet current market and stakeholder needs.
We expect the planned measures and activities to further strengthen relationships with our
stakeholders and increase their trust in the Group. Our focus is on improving relationships with our
employees, customers and end-users, suppliers, business partners, the wider community and other
external stakeholders.
Information on how administrative, management and supervisory bodies are informed of the views
and interests of affected stakeholders, particularly with regard to the company’s impact on
sustainability, is presented in the above table outlining the interests and views of stakeholders.
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
60
Our Group’s operations have the most material impacts on the social environment. For our own
workforce, we have identified impacts related to working conditions, equal treatment and
opportunities for all, and other work-related rights. We disclose these impacts in section ESRS S1.
For affected communities, we have identified material impacts related to safety and the positive
impact of our sponsorships and donations. We disclose these impacts in section ESRS S3.
For consumers and end-users, we have identified impacts related to information, personal safety and
social inclusion. We disclose these impacts in section ESRS S4.
60
ESRS 2 SBM-3 paragraph 48.

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139
We have not identified any material risks and opportunities related to the above impacts that would
have a material financial impact on our operations.
In terms of governance, we have identified the following as material impacts: long-term stability and
profitability (disclosed in the business report part), corporate culture, innovative products and digital
transformation, anti-corruption and anti-bribery matters, supplier relationship management and
whistleblower protection. These are disclosed in section ESRS G1, where we also report on risks that
we assessed to be financially material (including protection of personal data, operation and robustness
of IT systems, and statutory stakeholder notification).
Our operations also have an impact on the environment, particularly in relation to climate change
mitigation and renewable energy. Adapting to and mitigating climate change presents both risks and
opportunities with a material financial impact on our operations. These are disclosed in section ESRS
E1.
In these sections, we disclose the current and expected implications of our material impacts, risks and
opportunities on our business model, value chain, strategy and financial position. We have explained
how the Group’s material impacts, whether negative or positive, affect people or the environment.
We have also described the key actions taken to manage specific material impacts or risks, or to take
advantage of specific material opportunities.
IRO-1 Description of the process to identify and assess material impacts, risks and
opportunities
61
We have developed a double materiality assessment methodology within the Group based on the ESRS
standards. The methodology includes the identification of material sustainability matters based on the
analysis of impacts on people and the environment and the assessment of risks and opportunities as
well as financial materiality. The methodology consists of multiple steps, as shown in the diagram.
In identifying impacts, risks and opportunities, we relied on our understanding of our business both
in terms of our business model and our value chain. We identified key stakeholders across the entire
61
ESRS 2 IRO-1 paragraph 53 (a).
Understand the double
materiality assessment
framework
Understand the value
chain and its impacts
Identify key stakeholders
Engage stakeholder
groups
Select sustainability
topics in accordance with
the ESRS and other
sources
Define rating scales and
financial thresholds
Identify impacts, risks and
opportunities
1. Preparation
Assess impact
materiality
Assess financial
materiality
2. Execution
Conduct subsequent
expert review of double
materiality
Set the materiality
threshold for reporting
Secure management
board approval of double
materiality assessment
3. Control and
validation

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value chain, both upstream and downstream, and within our own operations, covering all markets
where we are present. We ranked these stakeholders by relevance and developed an engagement plan
to include them in the double materiality assessment.
Impacts
62
We have used the list of subtopics defined in the ESRS standards to identify, assess, prioritise and
monitor the actual and potential impacts of the Group. We have analysed our own strategic and other
corporate documents, which include due diligence processes, and reviewed the relevant legal and
regulatory framework in which we operate, analytical and strategic sustainability-related documents
from Insurance Europe, the European insurance and reinsurance federation, the SASB sectoral
standards, existing sector-specific benchmarks and other publications on general megatrends, as well
as academic articles on sustainability in our value chain. We also analysed the sustainability reports of
major peer companies. Based on this, we further defined a broader list of potentially material, specific
subtopics.
We used a two-tier approach to the impact assessment identifying expert assessors along the
Group’s business lines and consulting with key stakeholders who are materially impacted by our
business and/or who themselves have a material impact on us.
Each significant stakeholder group was fully represented, or it was included by a representative sample
in the assessment. Details are given in the “Interests and views of stakeholders” table. During the
assessment process, we did not identify any significant differences arising from the nature of
operations, geographical areas or other factors that could increase the risk of adverse impacts.
The assessment of the Group’s material impacts on people and the environment is based on the
impacts that are expected to result from our business operations, the achievement of goals and results
stemming from the Group companies’ operations and the impacts across the value chain. The impact
assessment scale considers the identified impacts on people and the environment in terms of three
time horizons (short, medium and long term) and the business relationships involved (own operations
and value chain), namely negative and/or positive and actual and/or potential impacts.
Risks and opportunities
63
To identify, assess and prioritise risks and opportunities, we used a list of identified impacts based on
which external environmental factors could present either a risk and/or an opportunity to our Group.
In doing so, we considered the relationships between impacts, dependencies, risks and opportunities
arising from these. We analysed the Sava Insurance Group’s risk register, in which we have already
identified environmental, social and governance risks with financial implications. In addition, we used
the list of subtopics that are part of the ESRS standards and other documents that we have previously
referred to in the impact assessment process.
Based on this, we have defined a broader list of potential risks and opportunities. A sustainability
matter is financially material to the Group if it has, or is reasonably expected to have, a material
financial impact.
The financial materiality of a sustainability matter is not limited to issues within the Group’s control. It
also includes information on material risks and opportunities related to business relationships that
extend beyond the scope of consolidation used in the preparation of the financial statements.
Opportunity assessment is based on operational analysis, cost-benefit assessment and alignment with
our sustainability strategy. We integrate the identified opportunities into strategic business plans with
the aim of creating greater added value for stakeholders, expanding our operations, improving
business performance and increasing business resilience.
62
ESRS 2 IRO-1 paragraph 53 (b).
63
ESRS 2 IRO-1 paragraphs 53 (c), 53 (d), 53 (e), 53 (f) and 53 (g).

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In the process of identifying, assessing and managing material impacts, risks and opportunities, we
have used various input parameters, including analyses, ratings and rankings from our governance
systems, stakeholder insights and assessments, and external expert analyses and assessments within
our industry and value chain.
Double materiality assessment
Subtopic
Impact, risk,
opportunity
Actual, potential
Environment
E1 Climate change
Climate change adaptation
impact
actual and
potential
Climate change adaptation
risk and
opportunity
potential
Climate change mitigation
impact
actual and
potential
actual
Society
S1 Own workforce
Secure employment
impact
actual
Working time
impact
actual
Adequate wages
impact
actual
Social dialogue
impact
actual
Freedom of association, the existence of
works councils and the information,
consultation and participation rights of
workers
impact
actual
Collective bargaining, including rate of
workers covered by collective agreements
impact
actual
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142
Subtopic
Impact, risk,
opportunity
Actual, potential
Work-life balance
impact
actual
Health and safety
impact
actual
actual and
potential
Gender equality and equal pay for work of
equal value
impact
actual and
potential
Training and skills development
impact
actual
Measures against violence and harassment
in the workplace
impact
actual and
potential
Diversity
impact
actual
Privacy
impact
actual
actual and
potential
S3 Affected communities
Security-related impacts
impact
actual and
potential
Security of affected communities
(specific)
impact
actual and
potential
Donations and sponsorships
impact
actual
S4 Consumers and end-users
Privacy
impact
actual
actual and
potential
Freedom of expression
impact
actual
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143
Subtopic
Impact, risk,
opportunity
Actual, potential
Access to (quality) information
impact
actual
Health and safety
impact
actual
Access to products and services
impact
actual
Responsible marketing practices
impact
actual
Governance
G1
Corporate culture
impact
actual
Protection of whistleblowers
impact
actual
Management of relationships with
suppliers, including payment practices
impact
actual
Corruption and bribery: prevention and
detection including training
impact
actual and
potential
Long-term stability and profitability
(specific)
impact
actual and
potential
Innovative products and digital
transformation (specific)
impact
actual
actual and
potential
Personal data protection
risk and
opportunity
actual and
potential
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144
Subtopic
Impact, risk,
opportunity
Actual, potential
Operation and robustness of IT systems
risk and
opportunity
actual and
potential
Statutory stakeholder notification
risk and
opportunity
actual and
potential
Legend:
Positive impact, opportunity
Negative impact, risk
Own operations
Downstream value chain
Upstream value chain
IRO-2 Disclosure Requirements in ESRS covered by the sustainability report
A list of disclosure requirements that have been met in preparing the sustainability report, based on
the materiality assessment results, including the sections of the sustainability report where the related
disclosures can be found, is presented in appendix A ESRS index.
The disclosures required by Regulation (EU) 2020/852 and related delegated acts are presented in
section 2 “Environmental Information”.
The material information required to be disclosed concerning material impacts, risks and opportunities
has been determined based on the requirements of ESRS 2 General Disclosures and the ESRS topical
standards. We have provided additional disclosures specific to our Group if a material sustainability
matter is either not covered by the ESRS standards or not sufficiently detailed within them. The
information disclosed is included where, in our double materiality assessment, we have determined
that it is material from one or more of the following perspectives: whether the information is
significant in relation to the matter it is intended to present or clarify, or whether the information can
meet the decision-making needs of users, including primary users of general-purpose financial
reporting and/or users primarily interested in impact-related information about our Group.
ESRS 2 IRO-2 paragraphs 56 and 59.
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145
3 Environmental information
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation)
In 2020, Regulation (EU) 2020/852 was adopted as the regulatory framework for promoting
sustainable investments (EU Taxonomy). The regulation aims to promote transparency of sustainability
disclosures for financial market participants and the rest of the business community. The EU Taxonomy
is a classification system that helps companies and investors identify “environmentally sustainable”
economic activities and make sustainable investment decisions. Environmentally sustainable activities
are those that make a significant contribution to at least one of the EU’s six environmental goals,
without significantly harming the other five, are carried out in compliance with minimum safeguards
and meet technical screening criteria. An economic activity that meets the above requirements is
considered to be Taxonomy-aligned.
The EU’s environmental goals are:
climate change mitigation,
climate change adaptation,
the sustainable use and protection of water and marine resources,
the transition to a circular economy,
pollution prevention and control,
the protection and restoration of biodiversity and ecosystems.
KPIs of insurance and reinsurance undertakings, as defined in annexes X and XII to the Delegated
Regulation (EU) 2021/2178 EU Taxonomy, are disclosed below.
Disclosures non-life insurance and reinsurance
Annex X Template: The underwriting KPI for non-life insurance and reinsurance undertakings
Substantial contribution to climate
change adaptation
DNSH (Do No Significant Harm)
Economic activities
Absolute
premiums,
year t
Proporti
on of
premiu
ms, year
t
Proporti
on of
premiu
ms, year
t 1
Climat
e
change
mitigati
on
Water
and
marine
resourc
es
Circ
ular
econ
omy
Poll
utio
n
Biodive
rsity
and
ecosys
tems
Minim
um
safegu
ards
Currency
%
%
yes/no
yes/no
yes/
no
yes/
no
yes/no
yes/no
A.1 Non-life insurance and
reinsurance underwriting
Taxonomy-aligned activities
(environmentally
sustainable)
38,956,756
4.91%
69.54%
yes
yes
yes
yes
yes
yes
A.1.1 Of which reinsured
13,088,490
1.65%
3.98%
yes
yes
yes
yes
yes
yes
A.1.2 Of which stemming
from reinsurance activity
0
0.00%
9.07%
yes
yes
yes
yes
yes
yes
A.1.2.1 Of which reinsured
(retrocession)
0
0.00%
1.67%
yes
yes
yes
yes
yes
yes
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146
A.2 Non-life insurance and
reinsurance underwriting
Taxonomy-eligible but not
environmentally sustainable
activities (not Taxonomy-
aligned activities)
479,935,991
60.55%
0.60%
B. Non-life insurance and
reinsurance underwriting
Taxonomy-non-eligible
activities
273,764,558
34.54%
29.86%
Total (A.1 + A.2 + B)
792,657,305
100.00%
100.00%
Values for 2023 (t 1) are not audited. The indicator is calculated on the basis of gross written premiums.
Taxonomy-aligned non-life insurance activities*
EUR
Gross premiums written
2024
Share
Medical expense insurance
0
0.00%
Income protection insurance
0
0.00%
Workerscompensation insurance
0
0.00%
Motor vehicle liability insurance
0
0.00%
Other motor vehicle insurance
0
0.00%
Marine, aviation and transport insurance
0
0.00%
Fire and other damage to property insurance
38,040,401
4.80%
Assistance
916,354
0.12%
Total (18)
38,956,756
4.92%
Other non-life
753,700,550
95.08%
Total non-life
792,657,305
100.00%
Life insurance
206,661,737
Total
999,319,043
* The baselines for compliance with the technical screening criteria set out in Commission Delegated Regulation (EU) 2021/2139 of 4 June
2021 and the methodology for calculating compliance have been updated for 2024 in line with the positions on the conditions for
compliance with (all) the technical screening criteria set out in chapter 10 of that Regulation.
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147
Disclosures investments
Annex X Template: The proportion of the insurance or reinsurance undertaking’s investments that are
directed at funding, or are associated with, Taxonomy-aligned activities in relation to total investments
The proportion of the insurance or reinsurance undertaking’s investments that are directed at funding, or are associated with, Taxonomy-aligned
activities in relation to total investments
1.
The weighted average value of all the investments of
insurance or reinsurance undertakings that are directed at
funding, or are associated with Taxonomy-aligned
economic activities relative to the value of total assets
covered by the KPI, with following weights for
investments in undertakings per below:
Turnover-based: 2.63%
Capital expenditures-based: 4.51%
The weighted average value of all the investments of insurance or reinsurance
undertakings that are directed at funding, or are associated with Taxonomy-
aligned economic activities, with following weights for investments in
undertakings per below:
Turnover-based: EUR 39,738,092.04
Capital expenditures-based: EUR 68,070,754.42
2.
The percentage of assets covered by the KPI relative to
total investments of insurance or reinsurance
undertakings (total AuM). Excluding investments in
sovereign entities.
Coverage ratio: 98.33%
The monetary value of assets covered by the KPI. Excluding investments in
sovereign entities.
Coverage EUR 1,508,802,041.98
Additional, complementary disclosures: breakdown of denominator of the KPI
3.
The percentage of derivatives relative to total assets
covered by the KPI: 0.00%
The value in monetary amounts of derivatives: EUR 213.43
4.
The proportion of exposures to financial and non-
financial undertakings not subject to Articles 19a and
29a of Directive 2013/34/EU over total assets covered by
the KPI:
For non-financial undertakings: 3.00%
For financial undertakings: 0.27%
Value of exposures to financial and non-financial undertakings not subject to
Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: EUR 45,266,575.97
For financial undertakings: EUR 4,003,690.27
5.
The proportion of exposures to financial and non-financial
undertakings from non-EU countries not subject to
Articles 19a and 29a of Directive 2013/34/EU over total
assets covered by the KPI:
For non-financial undertakings: 0.45%
For financial undertakings: 0.00%
Value of exposures to financial and non-financial undertakings from non-EU
countries not subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: EUR 6,795,814.60
For financial undertakings: EUR 0.00
6.
The proportion of exposures to financial and non-
financial undertakings subject to Articles 19a and 29a of
Directive 2013/34/EU over total assets covered by the
KPI:
For non-financial undertakings: 10.84%
For financial undertakings: 0.87%
Value of exposures to financial and non-financial undertakings subject to
Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: EUR 163,517,511.58
For financial undertakings: EUR 13,118,086.37
7.
The proportion of exposures to other counterparties and
assets over total assets covered by the KPI: 84.58%
Value of exposures to other counterparties and assets: EUR 1,276,100,149.76
8.
The proportion of the insurance or reinsurance
undertaking’s investments other than investments held in
respect of life insurance contracts where the investment
risk is borne by the policy holders, that are directed at
funding, or are associated with, Taxonomy-aligned
economic activities: 53.67%
Value of insurance or reinsurance undertaking’s investments other than
investments held in respect of life insurance contracts where the investment risk
is borne by the policy holders, that are directed at funding, or are associated
with, Taxonomy-aligned economic activities: EUR 809,801,064.94
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148
9.
The value of all the investments that are funding
economic activities that are not Taxonomy-eligible
relative to the value of total assets covered by the KPI:
Turnover-based: 89.10%
Capital expenditures-based: 87.81%
Value of all the investments that are funding economic activities that are not
Taxonomy-eligible:
Turnover-based: EUR 1,344,303,300.51
Capital expenditures-based: EUR 1,324,950,411.30
10.
The value of all the investments that are funding
Taxonomy-eligible economic activities, but not
Taxonomy-aligned relative to the value of total assets
covered by the KPI:
Turnover-based: 6.32%
Capital expenditures-based: 5.75%
Value of all the investments that are funding Taxonomy-eligible economic
activities, but not Taxonomy-aligned:
Turnover-based: EUR 95,307,594.82
Capital expenditures-based: EUR 86,743,785.67
Additional, complementary disclosures: breakdown of numerator of the KPI
11.
The proportion of Taxonomy-aligned exposures to
financial and non-financial undertakings subject to
Articles 19a and 29a of Directive 2013/34/EU over total
assets covered by the KPI:
For non-financial undertakings:
Turnover-based: 1.96%
Capital expenditures-based: 3.48%
For financial undertakings:
Turnover-based: 0.01%
Capital expenditures-based: 0.01%
Value of Taxonomy-aligned exposures to financial and non-financial
undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings:
Turnover-based: EUR 29,543,672.34
Capital expenditures-based: EUR 52,532,621.27
For financial undertakings:
Turnover-based: EUR 119,339.77
Capital expenditures-based: EUR 177,916.86
12.
The proportion of the insurance or reinsurance
undertaking’s investments other than investments held in
respect of life insurance contracts where the investment
risk is borne by the policy holders, that are directed at
funding, or are associated with, Taxonomy-aligned
economic activities:
Turnover-based: 16.83%
Capital expenditures-based: 15.51%
Value of insurance or reinsurance undertaking’s investments other than
investments held in respect of life insurance contracts where the investment risk
is borne by the policy holders, that are directed at funding, or are associated
with, Taxonomy-aligned economic activities:
Turnover-based: EUR 6,688,515.19
Capital expenditures-based: EUR 10,558,363.15
13.
The proportion of Taxonomy-aligned exposures to other
counterparties and assets over total assets covered by
the KPI:
Turnover-based: 0.67%
Capital expenditures-based: 1.02%
Value of Taxonomy-aligned exposures to other counterparties and assets over
total assets covered by the KPI:
Turnover-based: EUR 10,075,079.92
Capital expenditures-based: EUR 15,360,216.29
Breakdown of the numerator of the KPI per environmental goals
Taxonomy-aligned activities provided “do-not-significant-harm” (DNSH) and social safeguards positive assessment
(1) Climate change mitigation
Turnover: 71.85%
Capital expenditures: 74.47%
Transitional activities: 3.89%
(Turnover) 3.06% (CapEx)
Enabling activities: 46.20% (Turnover)
35.68% (CapEx)
(2) Climate change adaptation
Turnover: 0.74%
Capital expenditures: 8.18%
Enabling activities: 0.64% (Turnover)
2.88% (CapEx)
(3) The sustainable use and protection of water and
marine resources
Turnover: 0.05%
Capital expenditures: 0.09%
Enabling activities: 0.03% (Turnover)
0.08% (CapEx)
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149
(4) The transition to a circular economy
Turnover: 0.75%
Capital expenditures: 0.11%
Enabling activities: 0.49% (Turnover)
0.09% (CapEx)
(5) Pollution prevention and control
Turnover: 0.13%
Capital expenditures: 0.02%
Enabling activities: 0.00% (Turnover)
0.00% (CapEx)
(6) The protection and restoration of biodiversity and
ecosystems
Turnover: 0.00%
Capital expenditures: 0.00%
Enabling activities: 0.00% (Turnover)
0.00% (CapEx)
Annex XII Template 1
Template 1: Nuclear energy and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration
and deployment of innovative electricity generation facilities that produce energy from nuclear
processes with minimal waste from the fuel cycle.
yes
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new
nuclear installations to produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production, as well as their safety upgrades,
using best available technologies.
yes
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear
installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well as
their safety upgrades.
yes
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.
yes
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and
operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
yes
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and
operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.
yes
Consolidated key performance indicators
Category
Revenue 2024
Percentage
(A)
KPI
turnover
based
(B)
KPI
CapEx
based
(C)
KPI
turnover
based
weighted
(A*B)
KPI
CapEx
based
weighted
(A*C)
Asset management
24,193,174
2.49%
0.00%
0.00%
0.00%
0.00%
Investments
137,114,030
14.14%
2.63%
4.51%
0.37%
0.64%
Non-life insurance and reinsurance
725,769,172
74.85%
4.92%
4.92%
3.68%
3.68%
Life insurance
74,911,624
7.73%
0.00%
0.00%
0.00%
0.00%
Other
7,699,599
0.79%
0.00%
0.00%
0.00%
0.00%
Total
969,687,599
100.00%
4.05%
4.32%
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150
Annex XI
Qualitative disclosures for insurance and reinsurance undertakings
General description of the approach to sustainable business operations
The Sava Insurance Group strives to integrate sustainability factors into its business strategy, products
and investment decisions. Our business activities support the goals of the EU Taxonomy, particularly
regarding climate change mitigation. We regularly monitor the exposure of our investment portfolio
to environmental risks through an investment exclusion list, as defined in our sustainability investment
policy, which identifies industries in which the Group does not wish to invest, thereby pursuing the
goal of climate change mitigation and achieving ESG criteria. We have implemented internal processes
to assess the impacts of insured risks on climate change and, in line with the Group’s sustainable
development strategy, we are promoting an increase in the share of ESG investments, which is growing
year on year.
In accordance with Article 8 of the Taxonomy Regulation, companies subject to this Article must
disclose the proportion of exposure to EU Taxonomy-aligned economic activities for the financial year
2024, together with other sustainability-related investment information, which the Group follows, as
shown in the tables above in accordance with the Delegated Taxonomy Regulations.
The product acceptability analysis has been carried out at the level of all Group insurance companies,
while the compliance assessment has so far only been based on our largest portfolio, that of
Zavarovalnica Sava. In this regard, we have begun to systematically integrate sustainability principles
into the design of our insurance products, and we manage the integration of sustainability factors into
insurance products through the assessment of such sustainability factors and the implementation of
solutions that follow the technical screening criteria. The first selection of products according to the
Taxonomy-aligned assessment consisted of a motor liability insurance product and a home insurance
product. The nature of the first of these products follows the rule of the driver’s liability for damage
incurred by third parties in an event, so we consider that the technical criterion relating to the
modelling of the product in relation to climate change is rather uncharacteristic of this product.
Therefore, we did not focus our activities on assessing the potential impact of climate change on motor
liability insurance (see the “Restrictionssection for more details). Instead, assessing the compliance
of home insurance products was considered more relevant and appropriate. Based on analyses and
the ability to apply all technical criteria to individual products, home insurance is the only product that
has been recognised as being in line with the Taxonomy.
Our strategy includes the gradual reduction of exposure to carbon-intensive sectors and the promotion
of products that support the transition to a low-carbon economy. We assess the alignment of our
operations with the EU Taxonomy based on internal analyses and external standards. In calculating the
EU Taxonomy key performance indicators for investments, we have used data from the external
provider, MSCI Inc., while for insurance products we have used data obtained directly from subsidiaries
and the strategic planning and controlling department.
One of the main challenges in implementing the EU Taxonomy is the availability and quality of data
required to assess the compliance of our products. In the future, we plan to improve our reporting and
stakeholder engagement processes to obtain more accurate data on the sustainability impacts of our
activities, and we expect to see the development and standardisation of (international) practices in
this area, as we have not yet seen any detailed standardisation of positions and interpretations of
product and underwriting regulations regarding the Taxonomy that take into account the specifics of
the (re)insurance business. For investments, our main challenge is low data coverage, while for
insurance products, we are addressing the challenges mainly through product upgrades to meet the
technical screening criteria, thereby increasing the proportion of alignment.
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151
Alignment with the EU Taxonomy
The content and presentation of the information that companies are required to disclose on
environmentally sustainable economic activities and the methodology for fulfilling these disclosure
obligations are set out in Delegated Regulation (EU) 2021/2178 (the Disclosures Delegated Regulation).
In this respect, the Group discloses below one of its key performance indicators, the proportion of EU
Taxonomy-aligned investments, which is the weighted average of the value of all investments aligned
with the EU Taxonomy over the so-called covered assets. The covered assets consist of the following
items in the statement of financial position: financial investments and investment property. However,
exposures to central governments, central banks and supranational issuers and cash are excluded from
the covered assets in accordance with Article 7 of the Disclosures Delegated Regulation. The covered
assets relate to portfolios covering non-life insurance liabilities, traditional life insurance liabilities, life
insurance liabilities where the investment risk is borne by the policyholders and the company’s own
funds. In 2024, the assets covered amounted to 98.33% of the total amount of assets under
management. For investments in mutual funds, exchange-traded funds (ETFs) and alternative funds
(infrastructure funds, real-estate funds and private debt funds), the Group implemented a look-
through approach to ensure that the EU Taxonomy alignment is calculated for each investment in these
funds. The look-through approach was applied to level 1 investments. The alignment of investments
with the EU Taxonomy in 2024, based on revenue, was 2.63% of the assets covered, or EUR 39.7
million. Meanwhile, the alignment of investments with the EU Taxonomy in 2024, based on capital
expenditure, was 4.51% of the assets covered or EUR 68.1 million. The proportion of investments
where the investment risk is borne by the policyholders that are directed at funding, or are associated
with, Taxonomy-aligned economic activities, amounted to 53.67% or EUR 809,801,064.94 million in
2024. This KPI has been calculated by subtracting from the total portfolio considered in the EU
Taxonomy the investments intended to cover the liabilities of policyholders who bear the investment
risks (equity mutual funds, bond mutual funds, mixed mutual funds, money market funds, other
mutual funds, convertible mutual funds, real-estate funds and infrastructure funds). Information on
the alignment of investments with the EU Taxonomy for the financial year 2024 was obtained from the
external data provider, MSCI Inc., which collects data directly from companies. In October 2024, the
Sava Insurance Group switched from its previous ESG data provider, Moody’s Analytics, to MSCI Inc.
The report includes the latest available data from MSCI Inc.
The disclosures arising from annex XII to the Delegated Regulation on EU Taxonomy were made in this
year’s report only for template 1 of annex XII Nuclear energy and fossil gas related activities. The
Group did not identify this area as material and does not consider this industry to be crucial to the
conduct of its core business. The Group plans to make disclosures for all five templates from annex XII
to the Delegated Regulation on the EU Taxonomy in its next annual report.
With regard to the alignment of non-life products with the Taxonomy, we highlight home insurance,
where (in contrast to motor insurance) the assessment of the product’s link to climate change was
much more relevant and the fulfilment of the criteria and the use of modelling techniques more
meaningful, as mentioned above. In view of the above, the conclusion on the alignment of home
insurance with the Taxonomy was all the more reasonable. In its assessment and design processes for
the home insurance (Dom) product, the insurance company takes into account the risks associated
with climate change, which we disclose in this annual report in line with the requirements of the EU
Taxonomy. These risk monitoring processes are present in a number of areas (notably development,
claims and actuarial), particularly through the adjustment of risk assessment models, which are then
used to determine premiums. We analyse both our own historical data on weather events and data
from meteorological agencies to track forecasts of future climate risks such as floods, storms, hail and
landslides. In this context, it is important to note that we have integrated the assessment of
sustainability elements into our non-life product oversight and governance (POG) framework, taking
into account the requirements of compliance with the EU Taxonomy, with a focus on the coverage of
climate-related perils, while each underwriting process is also based on an individual assessment of

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the requirements and needs of our customers. Given the design of the home insurance (Dom) product,
which is primarily aimed at insuring the property of individuals, we do not yet offer certain coverages
(e.g. business continuity) that are primarily aimed at insuring legal entities.
Restrictions
The low percentage of alignment is due to the discrepancy between the investments included in the
numerator and denominator of the KPI. The numerator, unlike the denominator, does not include
exposures to companies not subject to the requirements of Articles 19a and 29a of Directive
2013/34/EU (the Accounting Directive) and exposures to derivatives, but consequently includes a
smaller number of investments than the denominator. The calculation is also limited by the low
coverage of the investment portfolio with data on the companies’ alignment with the EU Taxonomy.
The limited database of companies for which the external provider provides data is one of the reasons
for this. In addition to large companies that are already subject to Taxonomy-alignment reporting, the
investment portfolio also includes small and medium-sized companies that are not yet subject to such
reporting. In addition, a significant part of the investment portfolio consists of non-EU companies, for
which data are not yet available from the external data provider. The Group did not assess the
alignment with the EU Taxonomy for the investment property portfolio, the value of which, in relation
to the total portfolio, is not significant. In view of the above, it is reasonable to expect that data
coverage will improve as regulatory requirements are extended to more companies and information
on the alignment of investments with the EU Taxonomy becomes more relevant. In the area of
insurance products, in addition to the aforementioned process improvements related to the fulfilment
of technical screening criteria for products in general, challenges remain in particular in obtaining data
related to the principle of ‘do no significant harm’ (DNSH). In premium rating systems, the categories
related to fossil fuels do not contain data exclusively related to fossil fuels but also cover other risk
categories (e.g., the transport of hazardous substances). Therefore, we also relied on official databases
(Statistical Office of the Republic of Slovenia) to collect data and based the compliance with the
category or condition on these databases.
Other restrictions relate to the motor liability insurance product. It should be noted that, due to the
baselines outlined for this product in the section “General description of the approach to sustainable
business operations”, the claims process does not capture data or indirect circumstances of events
(related to climate change-driven causes). As a result, the insurance company does not conduct such
analyses in this context. Therefore, although we believe that the alignment of the product could be
built without applying the technical criterion of modelling the product, we have decided to hold off on
this approach for the time being and focus only on eligibility. For this purpose, we used public records
(data from the Slovenian police) on the circumstances of road traffic accidents, in which
“accompanying circumstances” can also be linked to the effects of weather phenomena on the
occurrence of traffic accidents. Since the insurance company does not yet have precise data on the
relationship between the premium structure and the specific climate-related peril in the case of motor
liability insurance (as opposed to casco insurance, where the effect of weather phenomena on the
occurrence of a traffic accident is much more relevant and is systematically monitored by the
company), the assessments of the eligibility of the motor liability insurance product were based on an
external source. According to this source, 24.57% of road traffic accidents were related to weather
phenomena, which was also the basis for the assessment of the motor liability insurance product’s
eligibility.
A review of the data reveals a low exposure to controversial weapons, which arises only from
investments intended to cover the liabilities to policyholders who bear the investment risks. The
exposure is less than 0.2% and is therefore classified as immaterial by the Group. The Group has a zero-
tolerance policy for investment portfolios that it manages itself, and no exposure to controversial
weapons was detected on these investments.

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We also promote sustainability aspects by offering sustainable unit-linked life insurance products,
which are mostly based on excluding or limiting exposure to controversial activities.

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ESRS E1 Climate change
GOV-3 Integration of sustainability-related performance in incentive schemes
65
The management of climate-related impacts is one of the strategic priorities of the management
board. The way in which climate-related considerations are taken into account in the remuneration of
members of the administrative, management and supervisory bodies is disclosed in section ESRS 2
GOV-3.
E1-1 Transition plan for climate change mitigation
66
In the Sustainable Development Strategy of the Sava Insurance Group for 20232027, we have defined
key goals for a successful transition to a climate-neutral economy in line with limiting global warming
to 1.5°C as set out in the Paris Agreement. We have committed to reducing our scope 1 and 2
greenhouse gas emissions from our own operations by 55% by 2030 and to reducing the carbon
footprint of our investment portfolio. This commitment also includes a target to increase the
proportion of sustainable investments to at least 20% of the portfolio by 2027, compared with 2022,
and to decarbonise the investment portfolio.
In line with the sustainability strategy, we adopted a transition plan for climate change mitigation in
2024, covering the period up to 2030, which was approved by the management board in early 2025.
The plan sets out actions to mitigate climate change by reducing greenhouse gas emissions and
considering excluded sectors in both the insurance and investment portfolios. As the Group does not
have any greenhouse gas emissions associated with its key assets and products, they are not discussed
further in this report.
The key document that outlines the Group’s approach to integrating environmental, social and
governance (ESG) factors into investing activities and managing sustainability risks in such investing
activities is the Group’s sustainability investment policy. This policy was first adopted in June 2021. The
Group aims to decarbonise the investment portfolio by limiting the sectors in which investments can
be made (so-called excluded sectors). Even before the initial adoption of the sustainability investment
policy and the exclusion criteria, the Group had taken a more balanced approach to its investment
portfolios, divesting most of its investments in the thermal coal production sector where a significant
part of revenues exceeds 10%.
The Group also supports sustainability and the green transition by investing in debt securities issued
to finance environmental projects (so-called green bonds) and sustainability bonds, which are intended
to finance the issuers’ green and social sustainability targets and are issued by most governments and
local authorities. As at 31 December 2024, the Group’s ESG investments represented 23.6% of its total
assets, exceeding the Group’s strategic sustainability target of 20% ESG investments in its investment
portfolio.
The Group will continue to actively pursue such investments in the future.
We disclose the specific targets and progress achieved in section ESRS E1-4.
65
ESRS E1.GOV-3 paragraph 13.
66
ESRS E1-1 paragraphs 14, 16 (a), 16 (b), 16 (d), 16 (h), 16 (i), 16 (j), 17, and E1-4 paragraphs 34 (e) and 34 (f).

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SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
67
The strategic management of the Sava Insurance Group includes identifying material impacts, risks and
opportunities and incorporating them into our strategy and business model.
By introducing new (re)insurance products and services related to climate change adaptation, we
positively impact customers and end-users of our products and services.
The carbon footprint of our operations has a negative impact on the environment; however, due to
the nature of our operations, this impact is relatively small. In line with our business strategy, we are
implementing measures and activities to reduce our carbon footprint. In Group companies, we are
gradually transitioning to renewable energy sources, implementing energy efficiency measures in our
operations, optimising business travel, reducing paper consumption, etc. In the long term, we aim to
reduce our carbon footprint throughout the value chain through our investment and (re)insurance
portfolios. A positive impact on climate change mitigation is achieved through the development of
insurance products for e-mobility, solar panels and renewable energy production. In the medium and
long term, we will also have a positive impact on the environment through investments in renewable
energy production, which will benefit the entire value chain.
We have identified both risks and opportunities that have a material financial impact on our operations
in the area of climate change adaptation and mitigation.
Across all operating segments, we consider the following physical risks to be material:
the risk of widening credit spreads on government bonds of countries exposed to the physical
effects of climate change,
the risk of declining property values due to natural catastrophes,
the risk of increased costs and/or business interruption due to natural catastrophes affecting
the assets of Group companies.
The concentration of risk in our investment portfolio is low due to its strong diversification, which we
expect to maintain in the future. For more information on the sectoral and geographical diversification
of the Group’s investment portfolio, see section C.3.6.4.3 “Credit risk”.
We see financial opportunities primarily in investing in sustainable projects and assets that support
the green transition.
In non-life (re)insurance, the main physical risks are:
the risk of an increase in the number and/or severity of non-life (re)insurance claims due to
natural catastrophes,
the risk of reduced availability and/or high prices of reinsurance protection due to the
increasing frequency and severity of natural catastrophes,
the risk of loss of income and poor diversification due to non-life (re)insurance underwriting
restrictions.
These risks are primarily concentrated in Slovenia, with some exposure in the former Yugoslav
countries where several Group companies operate. Our reinsurance operations are global, with limited
exposure to individual regions. For more information on the insurance portfolio’s exposure, see section
C.3.6.3.1 “Non-life underwriting risks”.
67
ESRS E1.SBM-3 paragraphs 18, 19 (a), 19 (b), AR 7 (b), 19 (a), 19 (b) and 19 (c), and E1-4 paragraph AR 30 (c).

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In this operating segment, we see opportunities to introduce new innovative (re)insurance products
and services, raise customer awareness and provide assistance services.
Climate change mitigation across all operating segments includes the risk of a decrease in the value of
investments in companies and countries that have a negative impact on climate change, and the risk
of higher interest rates due to economic instability resulting from an inadequate or delayed transition
to a green economy. The concentration of risk is low due to the well-diversified investment portfolio
and the implementation of a sustainability investment policy.
Climate change mitigation in the non-life (re)insurance segment presents the following transition risks
with material financial implications:
the risk of an inadequate non-life underwriting strategy and/or rules that do not take sufficient
account of climate change,
the risk of insufficient insurance premiums for new products covering green technologies,
the risk of deteriorating credit ratings of reinsurance partners due to their inadequate
adaptation to climate change.
At the same time, we see opportunities in this operating segment, such as developing new innovative
(re)insurance products and services, fostering innovation and adaptation among customers and
business partners, and exploring new business cooperation models. Material financial opportunities
include reducing the Group’s carbon footprint and managing sustainable investments in line with
international guidelines. Through our strategy and business model, we seek to ensure that the positive
impact of financial and environmental opportunities outweighs the potential negative impact of risks
that may materialise.
Effects of material impacts, risks and opportunities on the business model, value chain, strategy and
decision-making
The Group is already experiencing the effects of climate change, particularly in non-life (re)insurance.
During the transition period, we anticipate potential impacts on the investment portfolio. To ensure a
timely response, the Sava Insurance Group and its companies are incorporating these changes into
their business plans. We do not foresee any changes to our business model, but we are implementing
the necessary measures and adjustments within individual operating segments. In non-life insurance,
we have already adjusted premiums, coverage and terms to ensure adequate coverage for customers
and sufficient premiums to cover losses from natural catastrophes.
With an innovative approach to product development, we are tailoring our offering to market needs
and raising consumer awareness about health and property protection.
Through insurance, the Group has a positive impact on people, for example, by providing non-life
insurance cover against natural catastrophes.
Financial effects of material risks and opportunities
In recent years, the Sava Insurance Group has experienced the impact of climate change on certain
non-life insurance products as both the frequency and severity of natural catastrophes have increased.
In 2023, Slovenia was affected by large-scale flooding characterised by prolonged and intense rainfall.
In 2024, a major hailstorm was among major loss events. Multi-year trends indicate an increase in the
volume of hailstorms, which cause greater property damage.
The Group ensures that its insurance companies adapt their product and service offering by identifying
environmental (stakeholder) changes in a timely manner, adapting to new legislation and aligning with
new sustainability strategies.

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Expected financial effects of material risks and opportunities on financial position, financial
performance and cash flows
We expect the frequency and severity of natural catastrophes to increase in the future, which is
reflected in our business plan. Group companies will monitor developments and ensure appropriate
diversification of insurance portfolios. In response to changing conditions, we will maintain
appropriate reinsurance and retrocession protection and analyse the impact of climate risks. There
may also be some future financial impact on the investment portfolio from both transition and physical
risks. We will mitigate these impacts through portfolio diversification and a sustainability investment
policy.
Resilience of strategy and business model
The resilience of the business model to various climate risks is tested through our annual own risk and
solvency assessment (ORSA). For all business lines significantly affected by climate risks, ORSA includes
analyses to assess key exposures and the effect of different climate scenarios. ORSA includes both
qualitative and quantitative assessments of climate change risks. The qualitative assessment covers
the likelihood and severity of these risks over the long term. Our ORSA risk assessment showed that
the most significant impacts of climate change on the Group and its companies are likely to be in non-
life insurance and the investment portfolio. We therefore conducted additional analyses of physical
and transition risk exposures in these areas.
Based on the risk assessments, we developed three scenarios for the ORSA resilience analysis using
the shared socioeconomic pathways (SSP) scenarios defined by the Intergovernmental Panel on
Climate Change (IPCC). These scenarios incorporate greenhouse gas emission projections together
with socio-economic global change assumptions up to 2100.
We have analysed the following scenarios:
The medium-term transition climate scenario SSP1-1.9, which is consistent with limiting the global
average temperature increase to 1.5°C (with at least a 50% probability) and achieving climate
neutrality by 2050 (Net Zero 2050). In this scenario, we have analysed the transition risks of the
investment portfolio.
The medium-term climate scenario SSP2-4.5, or the delayed transition scenario, which assumes
that greenhouse gas emissions continue to rise slowly at first and then decline in the middle and
towards the end of the 21st century, but remain relatively high. In this scenario, in addition to the
transition risk in the investment portfolio, we have also analysed the materialisation of physical
risks in the insurance portfolio.
The long-term climate scenario SSP5-8.5, which assumes little success in limiting emissions and
takes into account current policies (no future change), predicts that emissions will increase rapidly
in the 21st century, leading to high physical risks (hot house world). In this scenario, we have
analysed the impact of physical risks from climate change on the investment and insurance
portfolios.
For non-life insurance, we used these scenarios to assess the impact of an increase in the number and
severity of natural catastrophes in the medium and long term. The medium-term period covers the
years 2030 to 2050, and the long-term period 2071 to 2100. In assessing the impact of physical risks in
the medium- and long-term climate scenario, we considered events such as hailstorms and floods that
our materiality analysis identified as having the most significant impact on the geographical area in
which the Group operates.

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The analysis of the climate scenarios showed that each scenario could have a material impact on the
financial results in a given year, while the Group’s solvency, and hence its business model, remain
resilient even if these scenarios materialise.
The Group’s actions to adapt to the identified impacts of climate change are set out in section ESRS 2
SBM-3.
IRO-1 Description of the processes to identify and assess material climate-related
impacts, risks and opportunities
68
We disclose the procedures for identifying and assessing material impacts, risks and opportunities in
section ESRS 2 IRO-1.
The assessment and identification of physical risks throughout the value chain that could have a
material impact on the Group’s operations and business results are carried out as part of ORSA and
the assessment of emerging risks, which we describe in section C.3.6.6.1 “Emerging risks”. In
identifying material climate risks, we have also considered EIOPA’s proposal on defining climate risks
69
.
A materiality analysis was carried out as part of ORSA to assess the materiality of individual climate
risks. This analysis, which is detailed in section ESRS 2 SBM-3, served as the basis for defining scenario
analyses, which we use to assess risks that could have a material financial impact on the Group’s
operations in the future. For the scenario analysis, we relied on EIOPA’s guidance
70
on scenario
implementation in relation to climate change. The scenario analysis assesses the impact on both the
insurance and investment portfolios, helping us to assess risks that may have a financial impact on
these parts of the value chain. The scenario analysis also includes a high emissions scenario and a
scenario that considers the global average temperature increase to a maximum of 1.5°C. For more
details, see section ESRS 2 SBM-3 in the resilience analysis of the strategy and business model.
In the scenario analysis, we consider the geographical exposures that are most relevant to the Group.
Therefore, when assessing physical risks, assuming an increase in the frequency of natural
catastrophes, we calculate the impact for Slovenia and several other countries in which the Group
operates.
We qualitatively assess risks over the next ten years in the risk register, where physical and transition
risks are assessed separately. In the short term, we monitor climate risks by tracking loss events and
their subsequent financial impact on insurance portfolios and investment valuations.
Based on these analyses and the potential future impact of climate change, the Group is identifying
business opportunities across various lines of business.
E1-2 Policies related to climate change mitigation and adaptation
71
The Group manages the impact of its companies on climate change through its sustainable
development strategy, sustainable business policy, guidelines for responsible underwriting of
environmental, social and governance risks in non-life insurance, and sustainability investment policy.
68
ESRS E1.IRO-1 paragraphs AR 8 (b), 20 (a), 20 (b), 20 (c), AR 11 (a), AR 11 (b), AR 11 (c), AR 11 (d), 21, AR 12 (a), AR 12 (b), AR 12 (c), AR 12
(d), 21 and AR 15.
69
EIOPA Opinion on the supervision of the use of climate change risk scenarios in ORSA,
https://www.eiopa.europa.eu/document/download/f984b53b-3549-49a4-9beb-
7fe5057ecd94_en?filename=Opinion%20on%20climate%20change%20risk%20scenarios%20in%20ORSA.pdf.
70
EIOPA Application guidance on climate change materiality assessments and climate change scenarios in ORSA,
https://www.eiopa.europa.eu/publications/application-guidance-climate-change-materiality-assessments-and-climate-change-scenarios-
orsa_en.
71
ESRS E1-2 paragraphs 24 and 25.

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The sustainability investment policy provides guidelines for the investment portfolios of Group
companies, with the exception of portfolios where policyholders’ benefits are linked to movements in
the net asset value per unit (NAVPU) of the investment funds of the policyholders’ choice and
investments covering liabilities under investment contracts of Sava Pokojninska Družba and Sava
Penzisko Društvo.
These guidelines restrict investments in industries such as alcohol, tobacco, adult entertainment,
gambling, thermal coal production, shale oil, military industries and the production of controversial
weapons. By implementing these policies, the Group is reducing its carbon footprint and making a
positive contribution to the environment, society and stakeholders.
The Group has adopted the UN Principles for Responsible Investment and is a signatory to the UN
Global Compact, which promotes responsible business practices in the areas of human rights, labour,
the environment and anti-corruption. As part of the investment process, the Group monitors potential
violations of the UNGC and OECD principles and actively works to integrate these principles into the
investment process.
The Group supports the collective efforts of the global investment community to develop common
standards for incorporating environmental, social and governance considerations into investment
decisions. When making investment decisions, we focus primarily on risks related to greenhouse gas
emissions and social risks.
Sava Re, as the parent company of the Group, has entered into an agreement with a data provider to
provide data on the principal adverse impacts (PAIs) of the assets managed by Group companies.
Currently, the Group addresses PAIs through exclusions as defined in its sustainability investment
policy.
At the Group level, climate-related issues are managed by the office of the management board and of
compliance, the insurance, sales and Group governance business centre, the financial operations and
financial investment management business centre and the risk management and asset-liability
management department. Depending on their organisational structure and the materiality of climate-
related impacts, individual Group companies may engage external experts in climate risk management
and participate in national and international industry associations. In addition, funds are allocated for
education, training and other measures aimed at increasing positive climate impacts.
Climate-related targets are defined in the Group’s sustainable development strategy for 2030, while
subsidiaries are responsible for implementing and achieving these targets in line with the Group’s
strategic priorities.
E1-3 Actions and resources in relation to climate change policies
72
To implement climate change policies and strategy, the Group has adopted actions in six key areas,
which are detailed in the transition plan for climate change mitigation.
Actions to reduce the carbon footprint of its own operations include electricity supply, energy
efficiency in buildings, property consolidation and use of space optimisation, sustainable mobility and
employee behaviour. The company provides the necessary financial and other resources for all
planned actions.
Actions to reduce the carbon footprint of the investment portfolio (scope 3 emissions) are based on
the sustainability investment policy.
In the area of responsible (re)insurance underwriting, Sava Re, on behalf of the Sava Insurance Group,
has joined the Partnership for Carbon Accounting Financials (PCAF), an organisation committed to
72
ESRS E1-3 paragraphs 28, 29 (a), 29 (b) and 29 (c).

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aligning the financial industry with the goals of the Paris Agreement. We have used a simplified
methodology to calculate the carbon footprint of the investment portfolio for 2024. The calculations
are based solely on data and the MSCI methodology derived from the SFDR Regulation. We will seek
to improve the methodology for future reporting periods.
E1-4 Targets related to climate change mitigation and adaptation
73

For scope 1 and 2 emissions, our carbon footprint per employee, calculated using the location-based
method, was 1.15 tonnes. This represents a reduction of 21% compared to the baseline year (2022:
1.47 tonnes) (unaudited).
This reduction is mainly due to the transition to renewable electricity sources and lower total
consumption of electricity and heat.

Greenhouse gas emissions of the Sava Insurance Group
74

Emission reductions in 2024 compared to baseline 2022 absolute value (unaudited)
tCO
2
e
2024
Reduction of total GHG emissions*
557,921.13
Reduction of scope 1 GHG emissions
218.85
Reduction of scope 2 GHG emissions location-based method
429.26
Reduction of scope 2 GHG emissions market-based method
589.89
Reduction of scope 3 GHG emissions*
558,569.24
* A negative value indicates an increase in GHG emissions.
Emission reductions in 2024 compared to baseline 2022 percentage (unaudited)
As % of total
2024
Reduction of total GHG emissions*
13,632.15
Reduction of scope 1 GHG emissions
17.41
Reduction of scope 2 GHG emissions location-based method
15.79
Reduction of scope 2 GHG emissions market-based method
20.00
Reduction of scope 3 GHG emissions*
377,386.15
* A negative value indicates an increase in GHG emissions.
The increase in the carbon footprint is mainly due to the expansion of the scope of emissions categories
measured and included in scope 3. Together, these additional categories account for 99% of all
emissions measured.
The key performance indicators and targets that our Group monitors in relation to climate change
mitigation and adaptation include:
reducing scope 1 and 2 greenhouse gas emissions at the Group level in terms of number of
employees and consolidated revenue, with a target of 55% reduc on per employee and per
consolidated revenue by 2030 compared to 2022;
reducing greenhouse gas emissions in the investment portfolio, with a target of a 10% annual
reduc on compared to 2022.

We also monitor and assess:
the share of (re)insurance premiums that follow the principle of ‘do no significant harm’;
the share of premiums aligned with the EU Taxonomy;

73
ESRS E1-4 paragraphs 32 and 33.
74
ESRS E1-4 paragraphs 34 (a) and 34 (b).

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the share of ESG investments in the consolidated portfolio;
the alignment of investments with the sustainability investment policy;
the share of investments aligned with the EU Taxonomy;
the number of financial products that comply with Ar cles 8 and 9 of the SFDR Regula on.

Climate change is one of the greatest challenges our world is facing, and reducing global greenhouse
gas emissions is one of the most important goals in mitigating climate change.
E1-5 Energy consumption and mix
75

Unit of measurement
Unit
2024
Total energy consumption related to own operations
kWh
10,352,446.99
Total energy consumption from fossil sources
kWh
9,268,797.55
Total energy consumption from renewable sources
kWh
1,083,649.44
Total energy consumption from nuclear sources
kWh
n/a
Consumption of purchased or acquired electricity, heat, steam, and cooling
from renewable sources
kWh
794,250.90
Consumption of self-generated non-fuel renewable energy
kWh
289,398.54
Consumption from coal fuel and coal products
t
0.00
Fuel consumption from crude oil and petroleum products
l
335,080.25
Fuel consumption from natural gas
kWh
790,204.25
Consumption of purchased or acquired electricity, heat, steam, or cooling
from fossil sources
kWh
9,268,797.55
Production of renewable energy
kWh
338,863.43
Renewable energy is produced at two locations of Zavarovalnica Sava in Maribor Ulica Eve Lovše 7
and Zagrebška Cesta 83, where solar power plants are installed.
Energy consumption and mix in shares
As % of total
2024
Share of renewable sources in total energy consumption
10.47
Share of fossil sources in total energy consumption
89.53

E1-6 Gross scopes 1, 2, 3 and total GHG emissions
76

Greenhouse gas emissions
77

tCO
2
e
2024
Gross scope 1 GHG emissions
1,038.11
Direct emissions from stationary combustion heating
194.36
Direct emissions from stationary combustion diesel for aggregates
1.44
Direct emissions from mobile combustion fuels
837.11
Process emissions
0.00
Fugitive emissions from HVAC and refrigeration systems
5.19
Gross scope 2 GHG emissions location-based method
2,288.70
Indirect emissions electricity use
1,492.30
Indirect emissions thermal energy use
796.40
Gross scope 2 GHG emissions market-based method
2,360.09
Indirect emissions electricity use
1,563.69
Indirect emissions thermal energy use
796.40
Gross scope 3 GHG emissions
558,717.25
Purchased goods and services water
2.71

75
ESRS E1-5 paragraphs 37, 37 (a), 37 (c), 37 (c) ii, 37 (c) iii, AR 34, 38 (a), 38 (b), 38 (c), 38 (e) and 39.
76
ESRS E1-6 paragraphs 47, AR 39 (b), AR 42 (c), 46 (h) and 46 (i).
77
ESRS E1-6 paragraphs 44, 48 (b), 49 (b), 52 (b), 51, AR 41, AR 45 (d) and AR 45 (e).

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Purchased goods and services paper
49.77
Waste management waste water
3.29
Business travel cars owned by others
81.62
Business travel taxi
1.37
Business travel local shuttle services
0.15
Business travel bus
0.09
Business travel rail
0.03
Business travel air
189.73
Employee commuting motorcycle
8.69
Employee commuting bus
138.59
Employee commuting rail
14.95
Employee commuting tram
2.23
Employee commuting car
1,137.74
Assets rented, leased or hired out
73.12
Leased assets electricity
342.20
Leased assets heating
353.30
Financed emissions investment portfolio
556,317.66
Total GHG emissions location-based method
562,044.06
Total GHG emissions market-based method
562,115.45

Greenhouse gas emissions
78

As % of total
2024
Percentage of scope 1 GHG emissions from regulated emission trading schemes
0.00
Percentage of contractual instruments, scope 2 GHG emissions (location-based method)
11.14

The calculation of scope 2 greenhouse gas emissions is based on green electricity purchase
agreements.
The Group does not generate any biogenic COemissions from the combustion or biodegradation of
biomass (0 t CO₂).
The organisational boundaries of the carbon footprint calculation include all 15 companies of the Sava
Insurance Group and their subsidiaries operating in 253 locations.
The carbon footprint calculation includes:
direct emissions from the use of fossil fuels for space heating and electricity generators, fuel
combustion in vehicles owned or controlled by the company and fugitive refrigerant gases
(scope 1 emissions);
indirect emissions from the consumption of electricity and district heating (scope 2 emissions);
indirect emissions from paper and water purchases, waste water management, business travel
with vehicles not owned or managed by the company, employee commuting, leased assets
(including electricity and heating consumption at leased locations) and financed emissions
investment portfolio (scope 3 emissions).

The Sava Insurance Group’s carbon footprint calculation for 2024 follows the GHG Protocol and is
prepared in accordance with the proposed approach for carbon footprint calculation. Scope 2
emissions from purchased electricity and district heating are calculated using both the location-based
and market-based methods.
For the first time, the 2024 carbon footprint calculation includes employee commuting, investment
portfolio emissions and leased locations not used for own operations.

78
ESRS E1-6 paragraphs 23 (b) and AR 45 (d).

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Details are presented in the report Calculation of the Sava Insurance Group’s Carbon Footprint for
2024, approved by the management board of Sava Re. The report also provides details on currently
excluded categories of greenhouse gas emissions. The main reason for excluding specific categories is
the unavailability or poor quality of data.
Financed emissions
The calculations are based solely on the MSCI methodology derived from the SFDR Regulation,
specifically two PAI indicators measuring greenhouse gas emissions (for companies) and greenhouse
gas emissions intensity for countries. In the calculation shown (scopes 1, 2 and 3), we have taken into
account all the Group’s investments. Government bonds, property, and cash and cash equivalents are
excluded. Of the data analysed, 85% of the data for scope 1 were reported, while 13% were estimated
by MSCI. For scope 2, 83% of the data were reported, while 14% of the data were estimated by MSCI.
For scope 3, 97% of the data were estimated by MSCI, and no reported data were available.
We calculate and report the greenhouse gas emissions intensity of the countries in which we invest. In
the calculation of the emissions intensity for government bonds, 86% of the data were reported, while
the data estimated by MSC were not used in the calculations.
The Group uses a simplified method to calculate the carbon footprint of financed emissions. The
calculations are based solely on the MSCI methodology derived from the SFDR Regulation. We have
used last quarter data for 2024. We will seek to improve the methodology for future reporting periods.
The Group does not currently use the PCAF data quality score for greenhouse gas emissions. Instead,
we rely solely on the quality, accuracy and valuation of the data provided by an external data provider,
MSCI Inc. In our analysis of greenhouse gas emissions, we have considered the Group’s total
consolidated portfolio and investments where the investment risk is borne by the policyholders (unit-
linked), using a look-through approach.
Emissions intensity
79

The emissions intensity is calculated based on the Group’s total revenue, as shown in section ESRS 2
SBM-1.
tCO
2
e per EUR million
2024
Emissions intensity location-based method
5.5
Emissions intensity market-based method
5.6

The calculation of the investment portfolio’s carbon footprint includes government bonds.
tCO
2
e per EUR million of GDP
2024
Emissions intensity for government bonds
290.83





79
ESRS E1-6 AR 53.

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4 Social information
ESRS S1 Own workforce
SBM-2 Interests and views of stakeholders
The Group’s own workforce consists of individuals who have signed an employment contract with one
of the Group companies. As there are no unemployed individuals in the Group, the sustainability report
focuses only on the Group employees and does not report on the non-employee workers in the
Group’s own workforce.
At the Sava Insurance Group, we have set five priorities for our human resource strategy for the 2023
2027 strategy period:
Attracting and retaining the best talent. We are committed to justifying the trust of our
employees and taking care of the image and reputation of the Sava Insurance Group in the labour
market.
Developmental orientation. We continuously identify and develop the potential of our
employees.
Performance management. We enable the development of a high-performance culture in
which successful employees are supported and rewarded, can advance and are effectively managed.
Sustainable working. We promote a values-based culture with a focus on diversity, inclusion,
well-being and sustainable business.
Digitalisation and optimisation. We adapt the organisation, processes, positions and ways of
working towards the future of business.
As part of our sustainability work, we are building a culture that focuses on diversity, equality,
inclusion, employee well-being and the prevention of discrimination and psychosocial risks.
By adopting sustainability guidelines, we focus on the long-term responsible management of our
employees, the development of the Group and the creation of a socially responsible community. We
encourage individuals and groups to take part in socially responsible projects and activities. We are
building a reputation as a trusted employer, modernising our recruitment methods and ensuring a
quality employee experience to attract and retain the best talent.
Our sustainability guidelines support the long-term success of the Group, the satisfaction of our
employees and our responsibility to the wider community and the environment in which we operate.
We recognise our employees as a key stakeholder group whose interests, views and rights are
fundamental to our business. All Group companies ensure that the interests and rights of our
employees are integrated into strategic decisions and business processes.
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
80
The strategic directions and policies apply equally to all employees of all Group companies.
The Group considers all its employees under the own workforce category, regardless of the type or
duration of their contract. Most employees work on permanent contracts. The Group’s own workforce
is not exposed to any material risk of harm, nor does it operate in industries that have material negative
80
ESRS S1 SMB-3 paragraphs 14, 14 (a), 14 (b), 14 (c), 14 (d), 15 and 16, S1-1 paragraphs 22 and 24 (c), and S1-4 paragraph 38 (c).

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impacts. We also do not identify workplaces where employees would be exposed to a higher material
risk. A systematic approach ensures safe working conditions for all.
As a result, we do not identify material risks and opportunities arising from impacts on specific groups
of employees. Group companies focus their activities on promoting equal opportunities and
preventing discrimination for all employees.
We have a number of initiatives in place to improve working conditions and foster positive interactions
among the Group’s employees. In 2024, our human resource management was focused on the
following goals and activities:
1. Digitalisation and process optimisation, which included a comprehensive review and
improvement of HR processes, including:
analysing and planning review of existing HR processes and IT support,
market analysis and selection of a new IT system to support HR processes in
the Group companies,
introducing a new IT system for human resource management the
implementation project is progressing according to the project plan. Key
milestones include the successful set-up and launch of the project, the
completion of the roll-out of the HR administration modules and the
preparation for the implementation of the broader HR processes and priority
integrations.
2. Strengthening employee satisfaction and engagement, including the following key activities:
measuring the organisational climate, employee satisfaction and
engagement,
analysing results the data collected was thoroughly analysed to identify key
areas for improvement,
developing action plans based on our analysis, we have developed concrete
action plans to improve working conditions, boost motivation and improve
overall employee satisfaction.
3. Establishing ESRS-compliant reporting and defining key performance indicators for human
resource management, which are regularly monitored and adjusted to achieve the goals set.
4. Developing a competency model to identify potential and support employee development.
We are currently in the process of developing a Group-wide generic competency model.
5. Promoting health and well-being, including the running of workshops and programmes to
manage stress and promote healthy lifestyles.
6. Promoting sustainable practices and raising employee awareness of the importance of
sustainability through training programmes, workshops, information on sustainability issues,
corporate volunteering and other sustainability programmes.
7. Reviewing and updating Sava Insurance Groups policies to ensure continuous adaptation to
market changes and to ensure alignment with the strategic goals and business requirements of the
Group as a whole.
The Group has not identified any material risks in the area of human resource management. One
potential risk is a shortage of suitably qualified professionals, so the Group has established links with
the labour market and universities to develop potential employees at the level of individual companies
and according to the needs of the local market. We also continually strive to implement activities that

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contribute to a positive working environment and employee well-being: we promote a culture of
sustainability, protect employee rights and have zero tolerance for misconduct.
S1-1 Policies related to own workforce
81
The Group has put in place the following policies with regard to the human resource management:
Remuneration Policy of the Sava Insurance Group,
Fit and Proper Policy for Relevant Persons of the Sava Insurance Group,
Human Resource Development and Succession Planning Policy of the Sava Insurance Group.
The remuneration policy aims to establish a remuneration system that is competitive and efficient, as
well as transparent and internally fair. The key principles of the policy incorporate the main principles
of ethical and sustainable practices and operations.
The aims of this remuneration policy are:
clear and transparent governance,
reliable and efficient risk management,
compliance with regulatory requirements and principles of sound management,
monitoring of and adapting to market trends and practices,
sustainable pay for sustainable performance,
employee motivation and retention.
In line with our policy, we have designed a remuneration package that includes a base salary, variable
pay and additional financial and non-financial benefits. The types and level of potential additional
benefits and incentives are laid down in the companies’ internal regulations. The basic and variable
parts of the remuneration are properly balanced in order to encourage sound and efficient work and
appropriate risk management.
Group companies observe the following guidelines when designing remuneration systems and
schemes:
designing of a balanced remuneration structure,
establishing a direct link between pay and performance,
adopting a multi-annual approach to performance evaluation and aligning variable pay with
sustainable business performance over time,
ensuring that the incentive system remains consistent with its mechanisms, organisational
processes and the activities and behaviours being rewarded.
The fit and proper policy ensures that persons who effectively manage and supervise the company or
who hold key or important positions meet the requirements set out in applicable law and the policy.
These requirements include:
fitness: they have the appropriate professional qualifications, knowledge and experience for
the sound and prudent conduct of business,
propriety: they are of good repute and act with a high degree of integrity.
The policy ensures continued compliance with standards of responsible management and oversight.
81
ESRS S1-1 paragraph 19, S1-2 paragraph 27 (d).

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The human resource development and succession planning policy sets the foundations and guidelines
for the planning and implementation of all forms of personal and professional human resources
development and succession planning in all Group companies.
The aims of the policy are to:
continually encourage the regular acquisition of new knowledge, skills and competencies to do
the work effectively,
continually identify and develop the potential of our employees,
ensure succession planning for key roles in each company and the Group.
Human rights
82
The Group strictly respects and protects internationally proclaimed human rights and fundamental
freedoms. We require our business partners to do the same. We have a zero-tolerance approach to
illegal and unethical behaviour and violence in the workplace.
Ensuring the integrity and protection of the personal dignity of employees and other persons involved
in the work and business processes of the companies is one of the Group’s key priorities.
Every employee has the right to equal treatment, dignity and personal integrity in the workplace.
The inviolability and protection of the personal dignity of individuals is ensured by mechanisms and
actions that provide for a clear, transparent, rapid and pre-defined process for detecting and
sanctioning misconduct. At the Group level, we have an independent external arbitration body that
operates according to key principles such as independent decision-making, professionalism,
autonomy, decision-making outside the Group and strict confidentiality of both whistleblowers and
infringers.
We have procedures for reporting and addressing violations, including protecting the identity of
whistleblowers and sanctioning retaliation, as detailed in section ESRS G1-1.
We have reaffirmed our commitment to human rights and sustainable development by joining the
United Nations Global Compact (UNGC).
We provide appropriate working conditions and equipment for our employees. In accordance with
applicable legislation, we regularly refer employees for health checks and periodic training in
occupational health and safety.
All principles, commitments and core values are further defined in the Policy on Ensuring the
Inviolability of the Person and Protection of Personal Dignity in the Sava Insurance Group, which is
described in more detail in section ESRS G1-1.
S1-2 Processes for engaging with own workforce and workers’ representatives about
impacts
83
The Group has various mechanisms in place to engage with employees, and we strive for open
communication and close collaboration. We keep our staff regularly informed of all major issues by
email and have an internal employee portal (intranet) where we publish important news.
Some Group companies have organised trade unions, works councils and employee representatives.
Through them, we actively promote open social dialogue. The management and professional services
of the companies provide the trade unions, employee representatives and works councils with all
relevant data, information and facts about the work, business and development of the company that
have an impact on the financial and social situation of the employees.
82
ESRS S1-1 paragraphs 20, 20 (a), 20 (c), 21, 23, 24 (a), 24 (b), 24 (c) and 24 (d).
83
ESRS S1-2 paragraphs 27, 27 (a), 27 (b), 27 (c) and 27(d), S1-4 paragraph 38 (d), and S1-5 paragraph 47 (c).

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In companies where there is a works council and/or a trade union, employee representatives meet
regularly with management to discuss proposals for improvements and actions in the area of
cooperation with the employees. Annual performance assessment interviews and surveys are used to
allow structured discussion and develop actions to improve conditions for employees.
S1-3 Processes to remediate negative impacts and channels for own workforce to raise
concerns
84
The process for protecting the personal integrity of individuals, in particular sexual integrity, is
conducted outside the companies with a view to independent and impartial decision-making and with
the aim of building trust in the mechanism and preventing internal abuse. The procedural rules are
governed by the Act on the Procedure for Dealing with Violations of the Rights to Inviolability of the
Person and Personal Dignity in the Sava Insurance Group (the Act).
The channels for raising concerns are described in detail in section ESRS G1-1.
The reporting procedure is managed by an arbitration body, which makes decisions in ad hoc panels
of three members. The members of the arbitration panel are appointed from among the nine
permanent members drawn from the legal and other professions (psychology, psychiatry, social work,
medicine, etc.). Each panel is composed of at least two legal experts, one of whom is the chairperson,
who are to ensure legal certainty, due process and a high level of professionalism for the outcome of
the proceedings. The procedure for the functioning of the arbitration body is set out in more detail in
the Act. The Act is designed to ensure transparency and clarity in the procedures for reporting
violations.
An independent body dealing with the reports prepares a comprehensive factual and legal justification
for further action and proposes specific measures (immediate protection of the victim, request to the
infringer to immediately cease the violation, discussion with the infringer, referral of the infringer to
an interview with a relevant professional, formal notice to the infringer in accordance with the
applicable legislation, issuance of a formal notice or initiation of proceedings for ordinary or
extraordinary termination of the employment contract in accordance with the law, etc.).
The Act is published on the Group’s intranet, together with other internal regulations adopted and
important information, which employees are made aware of when they start working for one of the
Group companies. This information (acts and internal regulations), along with other relevant news, is
available to employees at all times. Any changes to the internal rules and regulations are
communicated to employees through newsletters and monthly updates.
The Group has measures in place to protect whistleblowers, in particular by:
protecting the identity of the whistleblower,
sanctioning attempts to identify the whistleblower,
sanctioning retaliation.
Any employee, posted worker, student, pupil, apprentice or third party (customer, visitor, family
member and others) can make a report. Reports must be submitted in writing by email.
84
ESRS S1-3 paragraphs 32 (a), 32 (b), 32 (c), 32 (d), 32 (e) and 33.

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S1-4 Taking action on material impacts on own workforce, and approaches to managing
material risks and pursuing material opportunities related to own workforce, and
effectiveness of those actions
85
Based on the business strategy, the Group’s human resource departments prepare an annual
recruitment plan, which is approved by the companies’ management boards. This plan defines the key
actions to be taken in relation to the Group’s own workforce. The Group has a system of internal
controls, as part of which we maintain a risk register. The purpose of the risk register is to assess the
operational risks arising from failures in the implementation of internal processes or from
inappropriate behaviour by employees.
Adverse events are recorded monthly and are supported by IT. This enables those responsible to
record and manage adverse events.
The internal control system is based on five key elements:
Internal control environment: the system is based on professionalism, ethical values and a
vision of leadership. Through its policies, management influences target-setting, risk
assessment, control activities, communication systems and monitoring.
Risk identification and assessment: the system allows for the continuous identification and
analysis of risks that could affect the achievement of goals, and for the ongoing adaptation to
new business, regulatory and market changes.
Control activities: procedures to ensure that risk management activities are properly
implemented are embedded in all key business processes.
Keeping employees informed: timely and reliable information enables employees to perform
their jobs effectively and manage risk. Communication channels provide access to internal
policies and procedures.
Supervision activities: ongoing monitoring and evaluation of the system, including periodic
reviews, internal audits and ongoing adjustments where necessary.
We act in accordance with the guidelines of relevant institutions and ensure that the system of internal
controls supports efficient, compliant and secure operations.
We invest in the continuous training and development of our employees, which we believe is key to
achieving our strategic goals. Training programmes are tailored to the needs of individuals, supporting
their professional development and contributing to the innovation and competitiveness of each
company.
We also strive to create an inclusive work environment that values diversity and encourages
collaboration among employees. This contributes to a better understanding of customer needs and
improves the company’s flexibility and responsiveness to market changes.
By integrating the interests, views and rights of our own workforce into our strategy and business
model, we reinforce our commitment to sustainable development and long-term success while
contributing to employee satisfaction and motivation.
We focus on developing a culture of sustainability through professional development programmes,
promoting diversity, inclusion and mentoring programmes, and recruiting young talent and scholarship
students.
85
ESRS S1-4 paragraphs 37, 38 (a), 38 (b), 38 (c), 39, 40 (a), 40 (b), 41 and 43.

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We actively integrate the principles of sustainable development, respect for human rights and
strengthening social responsibility into our business practices, reducing the risk of negative impacts on
our own workforce. Policies in this area are described in more detail in section ESRS S1-1.
All Group companies have human resource departments in place to manage material impacts or
employ people who carry out the human resources function. Depending on the organisation of each
company, external experts in the fields of human resource management, psychology, law and medicine
may also be involved. Funding is also provided for the implementation of training and employee health
and well-being programmes and other actions to increase positive impacts on employees.
S1-5 Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
86
Targets related to own employees are defined at the level of individual companies and are not
consolidated. At the Group level, the human resource management function is responsible for
monitoring and managing the key performance indicators.
The most important key performance indicators that we monitor in the Group are related to
engagement with our own employees:
the number of employees on long-term sick leave, with a view to reducing or at least not
increasing it,
the number of employees participating in promotional activities (such as the health day),
with the aim of maintaining or increasing this number,
the number of awareness-raising activities to prevent discrimination and psychosocial risks,
with a view to preventing such risks,
employee satisfaction and engagement, which measures the organisation’s internal
potential, employee satisfaction and engagement,
promoting a culture of sustainability, measured by employee participation in organised
corporate volunteering activities, with the aim of maintaining engagement levels,
training hours per employee, with a view of maintaining or increasing the number of hours,
staff turnover, with the aim of maintaining staff numbers at current levels.
In terms of employee engagement, the Group also monitors:
the ratio of men to women in a company’s governance bodies,
the ratio of men to women at the B-1 level (and B-2 level in large companies),
the ratio of men to women in management the management board / board of directors
plus the first management level and the supervisory boards of the Group.
We actively involve the Group’s employees and their representatives in the goal-setting phase.
The results are generally published in annual reports, and some results are also communicated to
employees through internal communication channels, such as the intranet and email, to ensure that
all employees are involved and that reporting is transparent.
86
ESRS S1 MDR-T paragraphs 46 and 81 (b) ii, and S1-5 paragraphs 47 (a), 47 (b) and 47 (c).

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S1-6 Characteristics of the undertaking’s employees
The Sava Insurance Group recruited new staff in 2024. The recruitment process is based on timely
identification of needs, careful planning and the recruitment of qualified and motivated workers. We
integrate employees into the workplace through induction and training.
In 2024, we recruited new staff due to increased workload, internal transfers, departures and
maternity leave. Within the Group, sales and IT were the main areas where new employees were
recruited. The recruitment approach described above is aimed at long-term success and effective
adaptation to the needs of individual companies and the Group.
Number of employees in the Sava Insurance Group
Year
2024
2023
Gender
Number
As % of total
Number
As % of total
Women
1,825
60.0
1,803
59.9
Men
1,219
40.0
1,206
40.1
Total
3,044
100.0
3,009
100.0
Number of employees in the Sava Insurance Group by country
Year
2024
Country
Number
As % of total
Slovenia
1,430
47
Croatia
186
6
Serbia
603
20
Kosovo
290
10
North Macedonia
274
9
Montenegro
261
9
Total
3,044
100.0
Average number of employees in the Sava Insurance Group in 2024
Year
2024
Month
Number
January
3,007
February
3,011
March
3,020
April
3,021
May
3,009
June
2,996
July
3,012
August
3,011
September
3,017
October
3,032
November
3,048
December
3,044
Average number of employees in 2024
3,019
Full-time equivalent on last day of year
Year
2024
Gender
Number
As % of total
Women
1,696
58.6
Men
1,197
41.4
Total
2,892.9
100.0
ESRS S1-6 paragraphs 50 (a), 50 (b), 50 (c), 50 (d), 50 (d) i, 50 (d) ii and 51.
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172
Average full-time-equivalent in the Group in 2024
Year
2024
Month
Number
January
2,907.2
February
2,904.0
March
2,890.8
April
2,881.2
May
2,881.4
June
2,869.3
July
2,877.7
August
2,860.8
September
2,873.5
October
2,883.2
November
2,901.1
December
2,892.9
Average number of FTEs in 2024
2,885.3
The following is an overview of some characteristics of Sava Insurance Group employees.
Number of Group employees by type of contract on last day of year
Year
2024
Type of employment
Permanent contracts
Temporary contracts
Gender
Number
As % of total
Number
As % of total
Men
991
32.6
240
7.9
Women
1,481
48.7
332
10.9
Total
2,472
81.2
572
18.8
Number of Group employees by type of employment relationship on last day of year
Year
2024
Type of employment relationship
Full-time
Part-time
Gender
Number
As % of total
Number
As % of total
Men
1,096
36.0
123
4.0
Women
1,537
50.5
288
9.5
Total
2,633
86.5
411
13.5
At the Group level, the turnover rate has decreased compared to the previous year and stands at
16.2%.
Year
2024
2023
Number
Number
Difference
Number of employees who left
492
506
-14.0
Number of employees as at last day of year
3,044
2,944
100.0
Employee turnover rate (%)
16.2
17.2
-1.0
Formula for calculating turnover:
Number of staff who left during the year
Employee turnover rate (%) = × 100
Total number of employees as at last day of year
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173
S1-8 Collective bargaining coverage and social dialogue
Social dialogue is organised in different ways across the Group, reflecting the specificities of each
country and its legal framework. We recognise that good quality social dialogue is the cornerstone for
creating a supportive and inclusive working environment, and we encourage regular, open and
constructive communication at all levels. To strengthen the bond between management and
employees, we organise team-building activities that contribute to closer cooperation, better
relationships and greater employee loyalty. At the Group level, we organise sports games to bring
together employees from all Group companies. The aim of the event is to promote team spirit,
strengthen mutual relationships and build closer ties between colleagues from different backgrounds.
Group employees covered by collective bargaining agreements on last day of year
Year
2024
Number
As % of total
Employees covered by the collective bargaining agreement
2,151
70.7
Employees not covered by the collective bargaining agreement
893
29.3
Total
3,044
100.0
The Group has various forms of association that enable employees to participate and protect their
rights. Seven companies have at least one of the forms of association listed:
trade unions: in companies with trade unions, employees can voluntarily join a trade union to
represent their interests, campaign for better working conditions, wages and other employee
rights, and bargain collectively with the company’s management;
works council: the works council is a body that enables employees to participate directly in
decision-making on important company matters that affect them;
employee representatives: the role of employee representatives is to represent the interests
of employees, protect their rights and promote good working conditions; they act impartially,
protect confidential information and safeguard employee interests.
These forms of association give employees a voice in shaping their working conditions and securing
their rights. In companies where legislation or the size of the company does not yet require an
association, we organise various meetings for employees to provide them with key information about
the business, to involve them in discussions and to take their views into account in business decisions.
S1-9 Diversity metrics
The Group has put in place a comprehensive system of procedures and policies to promote diversity,
eliminate discrimination and ensure equal opportunities for all employees. In 2024, Zavarovalnica Vita
became a signatory of the diversity charter and received the “Include.All” award from the Managers’
Association of Slovenia. This underlines its commitment to promoting diversity and creating an
inclusive work environment, in line with the values of the entire Sava Insurance Group.
Members of management body by gender
Year
2024
2023
Gender
Number
As % of total
Number
As % of total
Number of men
34
68.0
36
72.0
ESRS S1-8 paragraphs 60 (a) and AR 70.
ESRS S1-9 paragraphs 66 (a) and 66 (b), and AR 71.
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174
Number of women
16
32.0
14
28.0
Total
50
100.0
50
100.0
Employees at management levels 1 and 2 by gender
Year
2024
2023
Gender
Number
As % of total
Number
As % of total
Number of men at management levels 1 and 2
146
57.7
153
56.0
Number of women at management levels 1 and
2
107
42.3
120
44.0
Total
253
100.0
273
100.0
The age structure shows that the largest group of employees is aged between 31 and 50.
Employees by age group on last day of year
Year
2024
Women
Men
Total
Age group
Number
Number
Number
As % of total
Up to 30 years
241
117
358
12.0
From 31 to 50
1,104
748
1,852
61.0
51 years and over
477
357
834
27.0
Total
1,822
1,222
3,044
100.0
S1-10 Adequate wages
All Sava Insurance Group employees are paid more than the national minimum wage required by law.
Year
2024
Number
As % of total
Employees paid less than the minimum wage
0
0.0
Employees paid more than the minimum wage
3,044
100.0
Total
3,044
100.0
S1-12 Persons with disabilities
Number of persons with disabilities employed by gender on last day of year in Group
Year
2024
Gender
Number
As % of total
Women
23
1.3
Men
15
1.2
Total
38
2.5
S1-13 Training and skills development metrics
At the Sava Insurance Group, we are aware of the importance of monitoring the progress of our
employees and providing them with feedback through regular annual performance appraisal
ESRS S1-10 paragraphs 69 and 70.
ESRS S1-12 paragraphs 79 and 80, and AR 76.
ESRS S1-13 paragraphs 83 (a), 83 (b) and 84.
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175
interviews. Most companies conduct annual performance appraisal interviews, at least for employees
up to the B-1 level.
Performance appraisal interviews are held in an open and constructive spirit, focusing on the following
key aspects:
reviewing achievements and potential challenges,
agreeing on the goals for the next period,
identifying training or additional support needs,
obtaining feedback from employees on their satisfaction and suggestions for improvement.
Employees are actively involved in the process of setting the company’s goals. Annual performance
appraisal interviews provide an opportunity to gain a deeper insight into long-term goals, support
employee development, monitor the achievement of goals and suggest improvements based on the
results achieved.
Employees involved in annual performance appraisal interviews in the Group
Year
2024
Gender
Number of participants
Share of participants (%)
Women
847
27.8
Men
835
27.4
Total
1,682
55.3
We provide professional and personal development opportunities for our employees by:
engaging in work and projects in a culturally diverse international environment,
promoting and integrating a wide range of training and development programmes that are
relevant to the needs of the workplace and the business, taking into account the individual’s
personal and career development,
designing e-learning programmes and selecting the most appropriate platform to make e-
learning effective and accessible to all employees,
encouraging intergenerational cooperation between young talent and experienced
employees,
identifying promising professional and managerial talent and involving them in targeted
development programmes.
We promote the development and transfer of knowledge and skills throughout the Sava Insurance
Group. To this end, we organise professional meetings of all companies in the form of events or
professional conferences to share experiences, knowledge, results and plans. In 2024, we organised
internal conferences for the managers in charge of data protection, compliance, human resources,
procurement, sustainability, internal audit, information technology, actuarial and risk management,
sales and Group governance, finance, controlling and accounting.
We also held an international Group strategy conference, bringing together senior management and
other key employees from across the Group. The main objective was to address current issues,
challenges and opportunities.
For the second year in a row, Zavarovalnica Sava received the Top Investor in Education certificate,
awarded by Planet GV to organisations that systematically invest in the development and training of
their employees. It also won the title of Styria’s (northeast Slovenia) Employer of the Year 2023. They
impressed the jury with their innovative programmes, socially responsible practices and
comprehensive approach to employee development, health and well-being, which also reflects the
wider practices of the Sava Insurance Group.
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Average number of hours of employee education/training in current year
2024
Gender
Number of
participants
Hours of
training/education
Average hours
per participant
Average hours
per employee
Women
1,325
36,205
27.3
19.8
Men
908
25,806
28.4
21.2
Total
2,233
62,011
S1-14 Health and safety metrics
At the Sava Insurance Group, we ensure the health and safety of our employees through a variety of
actions that promote a healthy lifestyle, physical health, work-life balance and safe work. We take all
the necessary actions for occupational safety, health and fire protection, as required by law and
internal regulations. We provide our employees with pre-recruitment and periodic occupational health
assessments, as well as to new and periodic training in occupational safety, health and fire protection.
In 2024, most companies offered employees the opportunity to participate in so-called health days,
which included collective and sporting events (such as hiking, cycling and skiing), lectures (on healthy
eating, stress management and healthy living) or similar individual activities of their choice.
Throughout the year, the company also offers employees the opportunity to participate in various
sports activities (volleyball, basketball and tennis), take short active breaks or participate in individual
sports activities (yoga, gymnastics and fitness) at a reduced cost. Some companies also offer their
employees healthy snacks or fruit at work.
The Slovenia-based companies also offer employee assistance programmes (EAP) and similar support.
The following provides information on the involvement of employees in the health and safety
management system in accordance with legal requirements and/or recognised standards and
guidelines, as well as information on work-related injuries and absenteeism.
Employees covered by the health and safety management system in accordance with legal
requirements and/or recognised standards or guidelines
Year
2024
Number
As % of total
Employees covered by the health and safety management system
3,044
100.0
Employees not covered by the health and safety management system
0
0.0
Total
3,044
100.0
Work-related injuries
Year
2024
Injuries
Number
Number of injuries in the workplace
8
Number of fatalities as a result of work-related injuries
0
Total
8
ESRS S1-14 paragraphs 88 (a), 88 (b) and 88 (c).
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Absenteeism rate
Year
2024
2023
Number
Number
Difference
Number of working days lost
25,988
28,576
-2,588.6
Average number of employees
3,019
2,988
30.8
Number of working days per year
6,887
5,064
1,823.0
Absenteeism rate (%)
0.12
0.19
Formula for calculating absenteeism:
* Number of working days lost (all employees) per year
Absenteeism rate (%) = × 100
** Average number of employees × total number of working days per year
* Number of working days lost = number of working days lost due to diseases/illness, injuries at and away from
work, occupational diseases, care, function of guardian, etc.
** Average number of employees = (number of employees
31 January
+ … + number of employees
31 December
) / 12
S1-15 Work-life balance metrics
At the Sava Insurance Group, we are committed to promoting work-life balance, improving employees’
mental and physical health, reducing stress and preventing burnout.
Our work-life balance activities include:
clearly defined working hours,
flexible working,
health days,
teambuilding events,
measuring internal potential, employee satisfaction and employee engagement,
delivering mental health programmes and training,
raising awareness of the right to disconnect,
training for managers to ensure that the right to disconnect is respected.
All employees are entitled to take family-related leave in accordance with collective agreements and
internal company rules.
Year
2024
Employees on family-related leave
Number
As % of total
Women
247
13.5
Men
127
10.4
Total
374
24.0
ESRS S1-15 paragraphs 93 (a), 93 (b) and 94.
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S1-16 Remuneration metrics (pay gap and total remuneration)
At the Sava Insurance Group, we strive for gender balance at all levels of management and provide
equal opportunities for advancement. We select our staff on the basis of professionalism and
competence and without regard to gender, race, religion or nationality.
The base salary of women is the same as the base salary of men in all employee categories. The pay
gap at the Group level is 20.1, calculated using the following formula:
(Average gross hourly pay of male employees minus the average gross hourly pay of
female employees)
Pay gap = x 100
Average gross hourly pay of male employees
To calculate the annual total remuneration ratio, we took into account all employees in the Group.
The following formula was used to calculate the ratio:
Annual total remuneration of the highest-paid individual
Annual total remuneration ratio =
median annual total remuneration for all employees
(excluding the highest-paid individual)
Annual total remuneration ratio in the Group
Gender
Annual total remuneration ratio
Men
5.0
Women
4.9
S1-17 Incidents, complaints and severe human rights impacts
In order to prevent bullying and harassment in the workplace, the Sava Insurance Group has the
necessary mechanisms in place to ensure that an employee who believes he or she is a victim of such
acts can be adequately protected. The Group had no human rights incidents related to its own
workforce. In 2024, one employee concern was submitted to external arbitration body at the Group
level.
Year
2024
Number
Number of incidents of discrimination
0
Number of complaints filed through channels for employees to raise concerns
1
Number of severe human rights incidents involving employees
0
Total
1
ESRS S1-16 paragraphs 97 (a), 97 (b) and 97 (c).
ESRS S1-17 paragraphs 103 (a), 103 (b), 103 (c), 104 (a) and 104 (b).
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Total amount of fines, penalties and compensation for damages as a result of incidents and complaints
Year
2024
Amount (EUR)
Total amount of fines, penalties and compensation for damages as a result of serious
human rights issues and incidents related to employees
0
Total
0.0
ESRS S3 Affected communities
SBM-2 Interests and views of stakeholders
At the Sava Insurance Group, we monitor the interests and views of local people and communities in
a variety of ways and try to integrate them into our business process in a meaningful way that is
consistent with the goals of the company.
In most cases, we receive offers of cooperation directly or indirectly (through our
employees) from interested stakeholders via publicly available email or postal addresses,
which we then consider.
The Sava Insurance Group also conducts its own screening of local community interests in
cases where we identify opportunities that can have a direct positive impact on enhancing or
strengthening our reputation in the (local) environment and our employer brand. These
opportunities are mainly related to socially responsible activities and projects, such as
corporate volunteering and cooperation with educational institutions.
Many partnerships are long-term companies enter into long-term contracts or agree to renew them
on an annual basis.
Our primary objective is to improve safety and quality of life, either through financial contributions or
other forms of engagement with the local community. Through the partnerships with communities,
the Group companies primarily pursue interests, such as:
higher levels of safety and prevention, loss prevention (prevention activities),
improving conditions for the development of sport, culture and talent (sponsorship,
donations and volunteering),
promoting sport as a good way to improve health and well-being (partnerships with local
sports associations),
improving the living conditions of vulnerable groups in the local community (fundraising
campaigns, donations and volunteering),
restoring the natural environment (reforestation and landscaping),
education, awareness and skills development (financial literacy and capital market
development),
youth development, support for young talent and science development (scholarships),
intergenerational cooperation,
ESRS 2 SBM-2 paragraph 45 (b), ESRS S3-1 paragraph 16 (b), and ESRS S3-2 paragraph 21 (a).
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improving animal welfare (zoos and sanctuaries),
co-creating sustainability communities (environment and society).
We are continuously expanding and adapting our community partnerships to meet the needs of the
local environment.
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
In the area of material impacts on affected communities, we did not identify any negative impacts, but
we did identify some positive impacts.
Through the Group’s slogan, “Among Good People”, we communicate the increasing collaboration
between Group companies and, more importantly, our focus on people as an overarching value and
key approach. We work with communities at a national level in all markets, with a particular focus on
communities in local areas where we have a physical presence, as this is where we can best and most
easily identify the needs and potential of individual groups. It also provides opportunities to promote
the company as a responsible employer and to attract local talent.
All Group companies have a strong positive impact on various stakeholders in the communities in
which we operate, creating jobs and ensuring the financial stability of our employees. We also support
community development through our involvement in sports, the arts, education, prevention and
volunteering. We support vulnerable and marginalised groups through donations and charitable
activities. We also promote sustainable development, care for the natural environment and
infrastructure development.
We place a strong emphasis on safety, increasing awareness of the importance of safety through
preventive activities, raising awareness of the importance and appropriateness of insurance cover and
investment opportunities, contributing to improving the overall safety of people and property through
preventive measures and partnerships, contributing to road safety and raising awareness of safety
issues.
As the largest company in the Group, Zavarovalnica Sava carries out the largest volume of activities
related to community support projects. Most of these are long-term sponsorship and donation
programmes. The company’s commitment to the community is also demonstrated by its long-term
support of projects such as the Call of Loneliness (Klic osamljenosti) and You’ve Got It! (Maš to!), which
raise awareness of the importance of mental health.
Zavarovalnica Sava continues to develop the SavaFit incentive programme to encourage its
policyholders and the wider community to spend their leisure time actively. It offers a pay-as-you-live
discount on insurance premiums and additional benefits from selected partners to encourage
policyholders to be more physically active. SavaFit is also used as a platform for charity programmes
involving policyholders.
The Group companies are also receiving awards and recognition for their work in engaging with
affected communities, confirming our positive impact on affected communities. It is worth mentioning
Zavarovalnica Sava’s TOP Investor in Education certificate and the award for the You’ve Got It! (Maš
To!) project for the best content and innovation.
ESRS 2 SBM-3 paragraph 48, and ESRS S3 paragraphs 9, 9 (a), 9 (b), 9 (c), 9 (d), 10 and 11.
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A key function of insurance companies is to bear risk and provide the insured with an adequate
(desired) level of security. Through the Group’s prevention activities, we also encourage stakeholders
to identify various risks and thus contribute to the protection of health, life and property.
We also see opportunities:
networking through projects, sponsorships, donations, volunteer initiatives and
prevention campaigns,
raising awareness and educating the wider community on sustainable development and
best sustainable practices,
improving technical performance by investing in preventive activities,
investing in projects to implement preventive measures, protect against the effects of
climate change and improve safety.
All Group companies have community involvement plans that include activities to improve the local
environment and projects to help vulnerable groups such as children, the elderly and people with
disabilities. These mainly take the form of sponsorship, donations and volunteering.
S3-1 Policies related to affected communities
99
Group companies regulate their engagement with communities through a code of ethics and a
communications policy and/or a sponsorship and donations policy.
The code of ethics is a guide for companies to act in accordance with our Never Alone promise, the
Group’s mission, vision and culture. Through the code of ethics, the Group companies have committed
themselves to, among other things, sustainability and respect for human rights. The Group does not
fund political parties, organisations that promote racial, sexual, religious or other forms of
discrimination, or projects that are offensive or ethically or morally questionable. Our donations and
prevention funds are primarily used for health, social welfare, ecology, scientific development,
education and protection of life (disaster relief). The code also states that sponsorship must be
proportionate to the economic purpose.
The sponsorship and donations policy sets out the procedures and rules for companies to plan the
costs of donations and sponsorship, make donations, allocate sponsorship funds, ensure the
traceability and monitoring of donation and sponsorship agreements and report on donations and
sponsorship. We recognise that by investing in sponsorship and donations, we can strengthen our
brand while supporting the development of the local environment.
We communicate our sponsorship and donation activities primarily through our web portals and social
media.
The larger Group companies also have a communications strategy in place to ensure consistent and
coordinated communication with stakeholders and target audiences. A communications strategy can
have a positive impact on building trust and is important in differentiating the Group from its
competitors, as well as helping to build reputation and targeted brand positioning.
Group companies determine annually the financial volume of resources to be allocated to prevention
activities. In the insurance companies, the allocation and use of funds for prevention activities is
governed by internal rules.
99
ESRS S3-1 paragraphs 14 and 16 (a).

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Human rights
100
The main human rights commitments related to working with local communities include promoting
equality, improving education and access to basic necessities, and social inclusion of vulnerable groups.
All Group companies engage with communities in an ethical manner, ensuring an equal dialogue and
providing feedback. Community representatives have available the means to complain in the event of
potential violations of their rights, and all complaints are handled in accordance with the corporate
approach (as described in section ESRS G1-1).
Our policies are also aligned with international human rights principles, such as:
the UN Guiding Principles on Business and Human Rights,
the OECD Guidelines for Multinational Enterprises,
the international Sustainable Development Goals (SDGs).
We have not identified any cases of non-compliance by Group companies with the UN Guiding
Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at
Work or the OECD Guidelines for Multinational Enterprises involving affected communities.
S3-2 Processes for engaging with affected communities about impacts
101
At the Sava Insurance Group, we are in favour of long-term partnership programmes because our
ongoing support enables the long-term development of the programmes we support, thus achieving
better results for both parties. At the same time, we are open to new partnerships and are ready to
submit proposals for cooperation to interested community representatives.
Regular dialogue with affected communities enables us to understand their interests and views and to
integrate them into our activities in a meaningful way. We disclose our approach in this area in section
ESRS 2 SBM-2.
The companies support communities continuously throughout the year, with more intensive
campaigns at certain times of the year. For the projects in which the companies are involved, we
monitor both the impact and the success of the project.
At the Group level, the community engagement area is managed by the office of the management
board and of compliance. Each company has two designated people, one responsible for managing the
area and the other responsible for overseeing it, depending on how the company is organised.
However, in most cases, the area is covered by communications, marketing or public relations.
To assess the success of engagement with affected communities, we regularly monitor projects at all
stages of the engagement. Depending on the nature of the engagement, feedback on the success of
the project may include:
feedback from the communities and organisations supported,
any coverage in the media or other information channels,
internal analysis of the results achieved,
monitoring of project implementation.
100
ESRS S3-1 paragraphs 16, 16 (c) and 17.
101
ESRS S3-2 paragraphs 21 (a), 21 (b), 21 (c) and 21 (d).

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S3-3 Processes to remediate negative impacts and channels for affected communities to
raise concerns
102
At the Sava Insurance Group, we strive to continuously improve the quality of our work, including in
the area of community engagement. We are aware that in the course of our business, situations may
arise where our actions or decisions differ from the expectations of external stakeholders. To this end,
the companies have various communication channels in place through which concerns or complaints
can be raised.
As the majority of our activities have a positive impact on the communities in which we operate, the
Group companies have not identified any instances where community representatives have sought to
raise concerns about negative impacts. Therefore, there are no specific mechanisms in place to address
the concerns of affected communities, but channels are available to communicate them. In such cases,
companies would address the concerns and protection of individuals in the process in the same way
as they would address complaints from consumers and end-users (ESRS S4-3) or concerns from other
affected stakeholders (ESRS G1-1).
S3-4 Taking action on material impacts on affected communities, and approaches to
managing material risks and pursuing material opportunities related to affected
communities, and effectiveness of those actions
103
Although the Sava Insurance Group has not identified any direct negative impact on communities as a
result of its activities, we closely monitor the substance of our community involvement.
We also strengthen our role in the community by working with schools and colleges, and through
financial education for young people and presentations on careers in the areas we cover. We also
participate in careers fairs and, depending on the activity, with schools and colleges covering
professions that are also relevant to us in terms of potential recruitment. We are aware of our
responsibility to develop our professional workforce and are therefore strengthening our role as an
attractive potential employer.
In the area of prevention, we are particularly concerned with supporting the most vulnerable groups
in society, and some of our projects are aimed at improving the quality of life for animals and
preserving the natural environment.
Sponsorships and donations
In the communities where we operate, we are committed to community development in the areas of
sport, culture, infrastructure improvement, education and skills development, particularly financial
literacy. At the Group level, we sponsor the ABA basketball league and the ACH Volley Ljubljana
volleyball club. The Group has also joined the Green Heart of Carst project, which aims to reforest the
Slovenian Carst forests affected by forest fires. In addition, the Group companies allocate available
resources and actively implement projects to support communities, in line with their financial plans,
opportunities and market needs.
102
ESRS S3-3 paragraphs 27 (a), 27 (b), 27 (c) and 27 (d).
103
ESRS S3-4 paragraphs 32 (a), 32 (b), 32 (c), 32 (d), 33 (a), 33 (b), 33 (c), 34 (b), 35, 36 and 38.

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Prevention projects
A key focus is to raise awareness among policyholders and the wider community of the importance of
asset protection, health protection, and fire and road traffic safety. Through prevention activities, we
aim to prevent and reduce the number of claims while raising awareness of the importance and
appropriateness of insurance coverage and investment opportunities.
Our insurance companies set up special funds for such projects in accordance with local legislation.
In the area of prevention, the insurance companies of the Sava Insurance Group focus mainly on:
health protection (physical and mental health),
road safety (in Slovenia in cooperation with the national automobile association AMZS,
otherwise with local organisations working in this area),
fire safety (cooperation with fire brigades),
hail protection and other actions to protect property.
In order to prevent and eliminate risks to insured property and persons directly related to the
insurance business, the Group’s insurance companies participate directly or in partnership in the
financing of programmes with a preventive content or preventive purpose. Forms of such cooperation
include:
making available own staff and funds directly with insured persons,
financing of prevention programmes outside the insurance company,
making financial contributions to preventive investments or investments that help reduce
losses.
Corporate volunteering Heart for the World
The Heart for the World initiative is a volunteering programme that engages employees in a wide range
of community activities. The programme focuses on helping vulnerable groups, improving animal
welfare, preserving and revitalising the natural environment, health education and other social issues.
In 2024, a total of 6,574 hours of corporate volunteering was provided in collaboration with employees
of Group companies.
Commitment to external initiatives
We participate in initiatives that promote ethical conduct and sustainable business practices. We
comply with the fundamental standard of professional business conduct as set out in the Insurance
Code of the Slovenian Insurance Association. We follow the recommendations of the Ljubljana Stock
Exchange for listed companies on disclosure of information and have signed the Slovenian Corporate
Integrity Guidelines. At Sava Re, we follow the Slovenian Corporate Governance Code for Listed
Companies as a reference code for corporate governance.
Membership in associations
All Group companies are active in national and local associations and take a proactive role in the
development of their industry and other social developments.
We regularly monitor and evaluate the implementation of actions in a variety of ways, depending on
the nature of the action, by:
keeping records of funds in each category of sponsorship and donation,
tracking media coverage and announcements through other channels,
keeping a record of the hours of corporate volunteering by employees,

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tracking the number of scholarship students employed in our companies,
tracking feedback from the communities and organisations we support (not measurable),
conducting an internal analysis of the results achieved.
We communicate regularly with affected communities and have not identified any negative impacts
based on the responses to date. In the event of potential negative impacts, we follow the approach
described in sections ESRS S3-4 and S3-3.
We describe our approach to managing risks and identifying opportunities in section ESRS 2 SBM-3.
On this basis, we implement the actions described in section S3-4.
We follow the policies set out in section S3-1 when planning activities and projects to engage with
affected communities to ensure that our practices do not cause material negative impacts.
To date, we have not been involved in any serious human rights issues or adverse events relating to
affected communities.
The following is a breakdown of the financial resources we committed to sponsorships, donations and
prevention activities in 2024.
Sponsorships and donations by substance
EUR
2024
2023
Index
Charity
294,812
47,420
621.7
Arts
162,685
137,731
118.1
Sports
2,203,151
2,922,675
75.4
Education, training
128,456
67,981
189.0
Science
1,400
500
280.0
Social care
11,249
7,600
148.0
Disability
4,600
2,693
170.8
Health
24,664
40,226
61.3
Other
649,846
522,829
124.3
Total
3,480,863
3,749,655
92.8
Resources allocated to prevention
EUR
2024
2023
Index
Zavarovalnica Sava
679,322
507,979
133.7
Sava Osiguranje (MNE)
205,500
134,371
152.9
Sava Neživotno Osiguranje (SRB)
209,099
65,580
318.8
Total giving back to the community
1,093,921
707,930
154.5
S3-5 Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
104
The main objectives of the Group companies are to promote social responsibility and to enhance brand
awareness and reputation in the local environment.
On this basis, our goals in terms of promoting positive impacts on affected communities are not aimed
at measuring specific outcomes but are focused on:
carrying out activities in line with the annual financial plan in the areas of donations,
sponsorship and prevention,
maintaining the same level of volunteer activities as in the previous year,
104
ESRS S3-5 paragraphs 41, 42 (a), 42 (b) and 42 (c), and MDR-T paragraph 81 (b) ii.

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strengthening the reputation of the Sava Insurance Group as a respected partner of the
local community.
We do not have specific metrics to track and monitor our goals in relation to the affected communities,
except for measuring the reputation of Zavarovalnica Sava in Slovenia (brand reputation monitoring
survey) and keeping records of investments in sponsorship, donations and prevention activities.
Indirectly, the effectiveness of our activities in the affected communities is monitored against targets
and metrics set in relation to other stakeholders, mainly consumers and end-users, who are also mostly
stakeholders in affected communities. These targets and metrics include, for example, customer
satisfaction, market share by geographic location, building a company’s profile as a good employer,
monitoring media coverage and social media posts.
We engage in regular dialogue with affected communities to identify their interests and views, which
are then taken into account in the achievement of our goals. Our cooperation with them is described
in section ESRS 2 SBM-2.
Sector-specific topics
In the double materiality assessment, we have identified the safety of affected communities and
donations and sponsorship as sector-specific topics. We have included information on these topics in
the core generic standard disclosures and therefore do not disclose them again.
ESRS S4 Consumers and end-users
SBM-2 Interests and views of stakeholders
105
At the Sava Insurance Group, we put our customers at the centre of everything we do. We also disclose
how we take into account the interests and views of our consumers and end-users in our strategy and
business model in section ESRS 2 SBM-2.
In companies regulated by the European Union and carrying on insurance and reinsurance activities
within the Group, we regularly assess compliance with sustainability factors as part of the approval
process for new or renewed insurance products and services in the following areas:
non-life and health insurance,
life insurance,
pension insurance.
All insurance policies have sustainability factors that are published on the insurer’s website for
customers to see.
The Group companies carry out one or more of the following activities in the course of their business:
1 Non-life insurance
Non-life insurance products are designed to provide individuals, families and businesses with
comprehensive protection against a wide range of risks, as well as financial security and peace of mind
in everyday life.
105
ESRS 2 SBM-3 paragraphs 10, 10 (a), 10 (a) i, 10 (a) ii, 10 (a) iii and 10 (a) iv.

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A Personal sector
The Group’s insurers offer a wide range of non-life insurance products tailored to the different needs
of individuals and families.
B Commercial sector
Our commercial insurance products offer businesses protection against the financial risks associated
with their operations. With flexible products, we offer our customers the insurance they need to
protect their property, liability and employees. Our flexibility allows us to develop tailored solutions in
response to economic changes and emerging trends.
When underwriting non-life insurance, the Group companies follow guidelines for the responsible
underwriting of environmental, social and governance risks. This allows us to monitor the profile of
policyholders from a sustainability risk perspective during due diligence. As a result, the Group’s
insurers may decline coverage for certain policyholders if the insured interest is identified as a high or
immediate risk.
2 Life insurance
The Group’s insurance companies offer a wide range of life insurance products, including term
insurance, endowment insurance and flexible combinations of insurance products with an investment
component. The product range also includes life insurance policies where the policyholder bears the
investment risk. Policyholders can choose from among a range of investment funds and potentially
achieve higher returns while bearing the investment risk themselves. Policies are designed to provide
financial security for families, to accumulate savings for future use or to meet the specific needs of
individuals at different stages in their lives. The product development and control process includes
actions and procedures that take sustainability factors into account. Before purchasing a policy, the
customer completes a needs and requirements questionnaire, which provides us with an insight into
the customer’s sustainability orientation.
The savings under a unit-linked life insurance policy are linked to the performance of the selected
funds. Customers of Zavarovalnica Sava and Zavarovalnica Vita can also choose funds that promote
environmental and social characteristics but do not have ESG goals as a core objective, which are
considered Article 8 funds under the SFDR Regulation. The promotion of environmental and social
characteristics in the context of unit-linked life insurance is linked to the choice of at least one fund
promoting environmental and social characteristics at the time the policy is taken out or during the
policy term, or to the share of these funds in the premium or in the assets under the policy during the
policy term.
3 Reinsurance
At Sava Re, we are building a globally diversified reinsurance portfolio.
Guidelines for the responsible underwriting of environmental, social and governance risks are also
taken into account in the reinsurance business. Based on these guidelines, we monitor exposure to
ESG criteria when accepting reinsurance business, especially for non-Group facultative business.
In the non-Group treaty reinsurance, we seek reinsurance opportunities that have a positive impact
on sustainability.
4 Asset management
The Group’s asset management company manages client assets in 19 Infond sub-funds, 12 of which
are considered Article 8 funds under the SFDR Regulation. This means that they promote
environmental and social characteristics. The other seven sub-funds do not invest in industries
considered to be harmful.
5 Pension insurance

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We offer a comprehensive range of supplementary pension products in the EU markets, as well as
mandatory and voluntary pension fund management activities outside the EU.
6 Assistance services
We complement our core insurance business with assistance services, providing motor, home, travel
and other assistance services to our policyholders. The EU-based insurers offer health insurance with
assistance services to help policyholders book and organise treatment in the event of an illness or
injury.
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
106
The insurance and investment industry is intrinsically linked to the dynamic changes in society and the
economy and therefore requires constant adaptation. Our business strategy is based on understanding
the needs of different groups of consumers and end-users, protecting their rights and responding to
environmental, technological, demographic and regulatory changes. The primary purpose of insurance
is to provide security and financial protection to policyholders in case of unforeseen events.
Material impacts that may pose risks to consumers and end-users include climate change adaptation
and mitigation, policyholder privacy issues and the associated vulnerability to potential cyberattacks.
In response and in line with our strategy and business model, we offer products linked to climate
change adaptation, we work to reduce our carbon footprint over the long term, we have a strong
consumer privacy policy and good security systems in place, and we train and sensitise our employees
to handle our customers’ personal data as securely as possible. We also continually invest in improving
IT processes, the control environment and the availability of products and services.
In addition to activities related to the development of sustainability elements in products, we focused
in 2024 on the implementation of new legal requirements in the area of sustainable business, including
ensuring a higher level of data quality, preparing internal bases and formalising rules in this area. In
line with the existing criteria for defining sustainability factors, insurers in markets regulated by EU
legislation have started activities to adapt and update the documents related to the assessment of
sustainability elements in individual products.
We also follow the responsible market practice of not abusing the vulnerable position of the insured.
In this case, we take an even more prudent approach and disclose all material information.
In the non-life segment, insurance products with a particularly strong social component are personal
accident and health insurance.
Negative impacts
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There may be material negative impacts on the privacy of policyholders. We collect a large amount of
personal data in the course of underwriting insurance policies, making investments or engaging in
other forms of business relationships with consumers, and we also process and use this data for
reporting and disclosure purposes, particularly in the personal lines of business, where the majority of
the Group’s business is written. We recognise the broader societal implications of potentially
irresponsible management of personal data, especially given the development of artificial intelligence,
smart devices and other modern digital technologies. To minimise any negative impact, and in line with
the Group’s commitment to high ethical standards, we pay particular attention to the protection of
106
ESRS 2 SBM-3 paragraph 48.
107
ESRS 2 SBM-3 paragraph 10 (b).

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personal data in conjunction with ensuring cybersecurity, going beyond the minimum requirements of
the law (for more information, see section ESRS G1 “Protection of personal data”).
Positive impacts
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Our products and services have a positive impact on our consumers and end-users in many ways.
All companies have complaint mechanisms in place to ensure freedom of expression. At the Group
level, we maintain a register of complaints and, in addition to the Group’s guidelines and rules, the
companies have internal rules, procedures and instructions for receiving and resolving complaints, all
in accordance with applicable law.
We provide consumers and end-users with access to quality information relevant to their decision-
making. In the area of unit-linked insurance and the underlying investment options (funds), we provide
access to sustainability-related information in accordance with the SFDR Regulation. We are
committed to the financial education of our customers and develop advanced digital solutions that
provide users easy and fast access to information anytime, anywhere. The Slovenia-based companies
use the SavaNet personal portal, which makes it easier for users to access information and manage
insurance services. There is also a call centre staffed by trained advisers.
Consumer health and safety are fundamental elements of most of our products and services. We play
an important role in promoting healthy habits among our insureds through appropriately designed
offers (e.g., the SavaFit incentive programme). Health and life insurance products increase the
possibility of taking care of one’s health and security in case of unforeseen events or illness. In Slovenia
and North Macedonia, we are expanding our activities in the area of hospital and healthcare services.
We provide financial security for our policyholders with a wide range of non-life insurance products.
We are also adding a security element to our assistance services.
Our activities with consumers and end-users are based on responsible marketing practices, where we
take a responsible approach to marketing and advertising, adhering to the principles of clear,
transparent and accountable communication. Within our Group companies, we promote transparency
and clear communication of product terms, rights and obligations. We promote financial inclusion and
protect consumers and vulnerable groups by introducing simple and accessible insurance products.
We have established a net promoter score (NPS) system to measure customer satisfaction and invest
in green technologies and sustainable projects that have a long-term positive impact on community
well-being.
Certain insurance products are tailored to specific customer segments, such as the protection of
children. These include pre-school and school accident insurance, supplementary accident insurance
and unit-linked scholarship policies. Life insurance is also an important protection for children and is
taken out to provide financial security for dependants in the event of death. The companies’ assistance
segment also offers tailor-made services for children.
We disclose the material risks and opportunities arising from the impact on consumers and end-users
in sections ESRS G1 “Protection of personal data” and ESRS G1 “Statutory stakeholders notification”,
under the “Impacts, risks and opportunities” subsection.
S4-1 Consumer and end-user policies
109
All Group companies have adopted rules, protocols or instructions to manage our service delivery
processes, which are essential to ensure quality and hence customer satisfaction. They cover
underwriting, claims handling, recourse procedures and complaints handling. Our engagement with
consumers and end-users is governed by documents adopted at the Group level:
108
ESRS 2 SBM-3 paragraphs 10 (c) and 10 (d).
109
ESRS S4-1 paragraphs 15 and 17.

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the Group’s business strategy,
the Group’s sustainable development strategy for 2023–2027,
the Group’s sustainable business policy,
guidelines for responsible underwriting of environmental, social and governance risks in non-
life insurance.
On an individual basis, depending on their business and applicable local laws or regulations, the
companies have adopted additional internal strategies, policies and rules for considering sustainability
factors, managing consumer processes, distributing insurance products, implementing after-sales
processes and managing investments.
The heads of each business function in the parent company draft proposals for Group policies or
guidelines, and the final decision on these proposals is taken by the parent company’s management
board (in certain cases the approval of the supervisory board is required). The policies or guidelines
thus drafted serve as reference documents for the formulation of policies or guidelines in the
subsidiaries. The subsidiary’s management or supervisory bodies, as part of their responsibilities for
implementing the Group’s policies and guidelines, consider any necessary amendments to adapt to
local law or any other necessary adaptations and, in accordance with the procedures set out in the
Group’s policies and guidelines, determine their own amendments to such policies and guidelines and
ensure that the subsidiary’s amendments do not violate any applicable laws, regulations or prudential
rules.
Human rights
110
The Group companies strive to respect all fundamental human rights, such as privacy, non-
discrimination, physical accessibility, access to information, personal safety, inclusion of vulnerable
groups, and protection of personal data and others, in the conduct of their non-life, life and pension
insurance, asset management and assistance services businesses. Through the implementation of our
product oversight and governance (POG) policy, we ensure that our products are consistent with our
customers’ interests, sustainability goals and international standards. We pay particular attention to
inclusive practices and accessibility for diverse customer groups.
We also ensure respect for the human rights of consumers and end-users, who are individuals, by
adhering to the Group’s policy on the responsible underwriting of environmental, social and
governance risks in non-life insurance, by implementing a sustainability investment policy for life
insurance and unit-linked products, and by implementing internal rules on respect for privacy and the
protection of personal data.
On an individual basis, depending on the nature of their business and applicable local laws or
regulations, some Group companies have adopted additional internal strategies, policies and rules
relating to the integration of sustainability factors, the management of customer processes, the
distribution of insurance products, the implementation of after-sales processes and the management
of investments. We disclose our approach to consumer and end-user engagement in section ESRS S4-
2.
We have strengthened our commitment to human rights by joining the UN Global Compact and
focusing on the UN Global Sustainable Development Goals. The Group’s policies are aligned with
international standards such as the UN Guiding Principles on Business and Human Rights, the OECD
Guidelines for Multinational Enterprises and data protection legislation. We are committed to
transparency and compliance in all markets in which we operate.
110
ESRS S4-1 paragraphs 16, 16 (a) and 16 (b).

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Remediation
The Group’s insurers assess the potential impacts on customers’ privacy, personal security and social
inclusion as part of the product development process. Any potential risk of violating the rights of
individuals is managed in accordance with the Group’s code of ethics, the Group’s policy on ensuring
the inviolability of the person and protection of personal dignity and other internal policies governing
the conduct of companies and employees in relation to consumers and end-users.
The insurance ombudsman is responsible for protecting the interests of policyholders and ensuring fair
and transparent business operations in Slovenia and strives to achieve fair solutions for the benefit of
policyholders.
We did not identify any violations or non-compliance with the UN Guiding Principles on Business and
Human Rights in the Group companies’ dealings with consumers and end-users.
S4-2 Processes for engaging with consumers and end-users about impacts
The Group companies have organised and opened up a number of distribution channels to consumers
in order to meet different market needs as efficiently as possible, depending on the type of product
and consumer group. In addition, we regularly monitor consumer and end-user satisfaction in a variety
of ways, and based on the feedback, we adjust our products and services as necessary and build long-
term relationships with our customers.
We engage with consumers and end-users mainly directly, through a variety of communication
channels that enable two-way communication:
personal contact at the company’s headquarters or offices,
written communication (email or traditional mail),
telephone contact / call centre,
internal network of in-house insurance agents,
external network of insurance agents, agencies, banks as distribution channels and other
contractual partners,
external network of insurance intermediaries (agents),
social networks,
corporate websites and other digital platforms such as mobile applications, which, in
addition to their function as distribution channels, provide comprehensive support to our
customers.
We also communicate with consumers and end-users in a one-way manner by providing
documentation (electronically or by post), legally required communications and information, sales and
promotional material, or informative or educational content.
We engage with consumers and end-users at all key stages, such as the development of new products
and services, sales activities, contractual relationships and after-sales activities, with particular
emphasis on services during the claims-handling phase.
At Zavarovalnica Sava, we have also developed a “design thinking” approach where new product
concepts are based on ongoing validation and feedback from target groups. Similarly, insurers in other
markets conduct pre-launch product testing to assess alignment with the needs of the target market.
The head of the insurance, sales and Group governance business centre is responsible for developing
and supporting the development of the relevant business function at the subsidiary level, whose role
is to engage with consumers and end-users. His work is overseen by the parent company’s
ESRS S4-1 paragraph 16 (c).
ESRS S4-2 paragraphs 20, 20 (a), 20 (b), 20 (c), 20 (d), 21 and 26.
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management board. The responsibility for implementing the activities and ensuring that they are
adequately funded lies with the management board of each company.
The effectiveness of the cooperation is measured through metrics such as net promoter score (NPS),
customer satisfaction score(CSAT) and customer effort score (CES). Data are collected through call
centres, online platforms and regular surveys.
Insurance companies also use specific market approaches, including target market needs assessments,
to develop tailored products for children or other specific target groups, such as those based on age
or other categories.
We have processes in place in the major Group companies to keep up to date with customer feedback,
enabling us to be immediately aware of customer opinions and take proactive action.
S4-3 Processes to remediate negative impacts and channels for consumers and end-
users to raise concerns
In dealing with complaints from policyholders and other beneficiaries of insurance policies, each Group
company follows its rules and procedures for handling complaints, which are in line with local law and
the guidelines of the European Insurance and Occupational Pensions Authority (EIOPA). In addition to
the applicable law and implementing regulations in the area, the Group’s asset management company
also complies with the guidelines of the European Securities and Markets Authority (ESMA).
In accordance with the Group’s governance rules, Sava Re keeps a record of complaints made regarding
the conduct of its subsidiaries. After a complaint has been investigated, it is submitted to the relevant
subsidiary for resolution. Sava Re’s Group governance department maintains an internal online
register of such complaints.
In 2024, five complaints were lodged against two companies domiciled outside the EU. All complaints
were referred to the two companies concerned for resolution in accordance with a protocol.
The Group companies have established a number of channels through which customers can express
their concerns, dissatisfaction and complaints. This information is collected through the sales network,
the call centre, email, the website, the complaints and grievance management system or other
channels. Customers can also submit their concerns or complaints at the companies’ headquarters and
business offices by telephone or post. Consumers may also lodge complaints anonymously.
Consumers and end-users are informed of the available complaints procedures at the time of the
conclusion of the contract, in the contract documents, on the website and in other information
material.
All subsidiaries also have internal rules, prescribed procedures and instructions in place for monitoring
and handling complaints in accordance with applicable laws. Details are provided in section ESRS S4-4.
S4-4 Taking action on material impacts on consumers and end-users, and approaches to
managing material risks and pursuing material opportunities related to consumers and
end-users, and effectiveness of those actions
In our dealings with consumers and end-users, we work in a variety of ways to prevent and address
potentially material negative impacts on their privacy. The Group companies consistently follow the
requirements of the General Data Protection Regulation (GDPR) and local data protection laws to
ESRS S4-3 paragraphs 25 (a), 25 (b), 25 (c) and 25 (d).
ESRS S4-4 paragraphs 30, 31 (a), 31 (b), 31 (c), 31 (d), 32 (a), 32 (b), 32 (c) and 33 (a).
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ensure consumer privacy, as described in sections G1 “Protection of personal data” and G1 “Operation
and robustness of IT systems and cyber intrusions”.
We pay particular attention to responsible marketing practices to build trusting, long-term
relationships with consumers and end-users and to positively influence their choices. We promote
responsible marketing practices through actions such as:
regular training of distribution network staff and all employees (face-to-face or distance
training, visits to points of sale, marketing materials and other information and guidance),
availability during normal working hours in person, by telephone, through electronic media,
website and call centres,
clearly defined content that sales representatives must disclose to customers when
concluding contracts (both before and after the conclusion of a contract),
full public presentation of products and services on company websites,
the publication of frequently asked questions and answers on company websites,
the promotion of sustainability and attention to the sustainability aspect of products
(guidelines for responsible underwriting of sustainability risks and sustainability investment
policies),
the development of loyalty programmes and personalised insurance products tailored to the
specific needs of consumers and making products and services more accessible (and
affordable).
The effectiveness of the actions taken is verified by measuring consumer response to the actions taken.
Our approach to assessing effectiveness in relation to consumers and end-users is explained in section
ESRS S4-2.
The Group seeks to minimise any actual or potential negative impacts on consumers. To achieve this,
we have a number of processes in place to identify potential negative impacts and, where necessary,
to identify and implement measures to reduce or eliminate them. These processes include complaint
analysis, input from internal audit, feedback from the distribution network and guidance from
regulators.
The handling of consumer complaints is systematic throughout the Group and is carried out in
accordance with internal complaints handling rules, which govern the handling of all complaints
received and internal observations. The Group companies maintain complaint records that document
communications with consumers.
Complaints about more serious breaches by larger companies are handled by a multi-member panel
to ensure impartiality and thoroughness. A customer can submit a complaint without having to comply
with format requirements, which is more convenient. In addition, the customers of Slovenian insurers
can initiate a mediation or out-of-court consumer dispute resolution with the Slovenian Insurance
Association. In other markets, insurers protect consumer rights in accordance with local laws.
Criteria used by the complaints committee:
compliance with legal requirements (legislation, insurance code and EIOPA or ESMA
guidelines),
principles of impartiality and good business practice,
internal rules and policies to protect consumer rights and avoid conflicts of interest.
Where we identify material negative impacts on consumers or end-users, we investigate the situation
thoroughly to develop a remedial action plan. Depending on the nature of the negative impact, an
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action plan is developed that includes key actions and goals, metrics and timelines for implementing
the actions. We review whether the implementation of the actions is effective and whether the goals
are being met using various metrics defined in section S4-2.
We report on our approach to ensuring that remediation procedures are in place in the event of
material negative impacts on consumers and end-users in section ESRS S4-3.
The Group companies have a strong interest in ensuring that our consumers are satisfied with the
quality of the products and services we provide, including the treatment of consumers, the protection
of privacy and the provision of adequate insurance cover and/or investment returns. Negative
consumer experiences can lead to loss of trust, reputation and sales, while positive experiences
strengthen long-term relationships and increase market share. We therefore have a number of
measures in place to mitigate consumer and end-user privacy risks.
The effectiveness of these measures in practice is primarily reflected in customer loyalty, increased
sales and shareholder value, consumer and end-user satisfaction, and regulatory compliance.
In line with the nature of their business and market practices, the Group companies have developed a
number of positive incentives that offer significant opportunities in relation to consumers and end-
users.
Actions for positive incentives
New products: In response to the growing need for affordable and quality healthcare and financial
security in retirement, as well as to demographic changes and increasing life expectancy, the Group
companies are developing health and pension products that include advanced services such as
coverage for scientific treatments or various assistance services related to consumers’ health and
medical needs. This type of product offering can help ensure that consumers have financial security in
retirement and adequate protection in the event of a claim. An appropriate insurance proposal also
strengthens consumer confidence in the Sava Insurance Group’s reliability, which contributes to its
reputation.
Protecting children and vulnerable groups: The Group companies are committed to the inclusion of
vulnerable groups and to strengthening social inclusion in general. To improve the accessibility of
insurance products, we are introducing specific insurance products that protect children and adapting
existing products to make them suitable for vulnerable groups.
Strengthening the range of products with a sustainability element: In line with the Group’s
sustainability strategy, we are expanding our range of products and services that promote sustainable
practices. Across all sectors, we are developing a range of products and services that meet modern
needs and support environmental and social goals. We are encouraging our insurance customers to
improve road traffic safety and fire safety for property and reward more sustainable practices. This
gives consumers the opportunity to actively contribute to their sustainability commitments through
the use of modern products while strengthening the market offering and raising awareness of the
wider societal impacts of climate change. The Group’s sustainable products and services are used to
raise the Group’s profile as a socially responsible community partner.
Digitalisation: Customer expectations and demand for simpler, faster and paperless services are
increasing. The Group companies are therefore introducing new digital solutions and online platforms
(e.g., SavaNet) for claims reporting, underwriting, remote damage assessment, access to claim status
information and resolution of other consumer queries. This also reduces the administrative burden,
improves the user experience and increases the transparency of processes. As a result, customers have
greater insight into the status of their claims.
ESRS S4-4 paragraphs 33 (b), 34 and 37.
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An innovative approach to product development: We involve all employees in the process of finding
ideas for innovation through innovation support systems and training. Employees can make
suggestions to improve processes. We provide training in the use of digital solutions and artificial
intelligence to train and empower employees in the use of new technologies. We also provide training
for our external partners involved in our sales processes.
Communication and optimisation: The Group recognises the need to develop multi-channel access,
not only for underwriting and claims reporting but also for providing information on other products
and special customer benefits. To this end, we are developing new digital solutions in our businesses
to improve the quality of communication between the Group companies and their customers. In
addition, we are raising customer awareness of the potential benefits of becoming a long-term partner
of the Group.
Loyalty rebates: To reinforce the positive relationship with customers who have been long-term
partners of Group companies, we are developing loyalty rebate schemes and strengthening our
bundled service offerings. Insurance companies typically offer package and volume discounts to
customers for a larger number of policies, a longer period of cover or coverage for a group of people.
This helps increase customer satisfaction and the long-term stability of the business.
Zavarovalnica Sava has developed the SavaFit bonus scheme to encourage its policyholders to spend
their leisure time actively. To encourage more physical activity, we offer a pay-as-you-live payment
scheme and additional benefits from selected partners. The scheme is also used as a platform for
charitable activities involving policyholders.
We are seeking an open and transparent relationship with consumers. In the process of developing
and monitoring insurance products, we ensure that both the development of new insurance products,
or the redesign or modification of existing ones, and the distribution of such products take due account
of the goals, interests and characteristics of the target market, including sustainability goals. This
process also ensures that conflicts of interest and negative impacts of marketing practices on
consumers are avoided. We monitor our marketing practices for compliance with legislation, internal
policies and rules, and ethical principles, and respond quickly to complaints, with zero tolerance for
greenwashing and human rights abuses.
We allocate financial, human and other resources to carry out the business activities defined in our
strategic plan. The allocation of resources is derived from the companies’ annual business plans, which
set out the planned activities and the financial means to implement the planned actions.
S4-5 Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
In the area of customer privacy, our overarching goal is to have zero valid claims of privacy violations
or misuse of data. This is in line with the Group’s code of ethics, the Group’s policy on ensuring the
inviolability of the person and protection of personal dignity and the internal rules on respect for
privacy and the protection of personal data.
The Group companies are constantly working to communicate effectively and professionally with
customers and to ensure that the highest possible level of customer satisfaction is achieved while
minimising the potential for any abuse of privacy. One of the ways in which we have begun to do this
in 2024 is by gradually implementing a Group-level customer relationship management system for use
in our call centres, with the aim of:
improving data structuring and insight into our customer relationships,
MDR-T paragraphs 80 and 81 (b) ii, and ESRS S4-5 paragraphs 41 (a), 41 (b) and 41 (c).
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increasing efficiency and automating processes,
improving customer satisfaction and the experience of those who use our products and
services.
We monitor key performance indicators to achieve our strategic goals for consumers and end-users.
Goals are set at the level of the Group companies and are not consolidated at the Group level. Each
company sets its goals according to its own customer group and the specificities of the national market
where it operates. At the Group level, the insurance, sales and Group governance business centre is
responsible for monitoring key performance indicators.
The most important key performance indicators we monitor in the Group relate to consumers and
end-users:
the proportion of customers who have given their consent to communicate electronically,
with the aim of increasing this proportion of customers,
the proportion of claims reported online, with a view to increasing online reporting,
the number of policies taken out online (or by email) paperless business,
the proportion of consumers who have made a complaint, with the aim of reducing the
proportion of complaints,
the average number of policies per customer, with a view to increasing the average number
of policies per customer,
customer satisfaction, or the adequacy of processes to meet customer expectations, with the
aim of maintaining or improving the customer satisfaction measurement score.
We set our consumer and end-user targets based on trends or benchmarks in our industry and by
measuring customer satisfaction using internationally comparable methods. We also incorporate
customer feedback into our target setting, which we receive through the various channels established
to communicate with consumers and end-users, depending on how the business is organised. When
setting targets, we take care to ensure that all our targets are consistent with legal requirements.
The Group companies regularly train their employees and external partners on appropriate customer
contact.
To monitor and improve customer satisfaction, we carry out regular checks at various touch points. All
the Group companies use a standard metric, the net promoter score, which allows us to make
comparisons across the Group and the industry. However, in the larger Group companies we also use
other common metrics, such as customer satisfaction and customer effort scores, to monitor customer
experience.
We analyse all customer responses received and use the information gathered to address any
weaknesses, improve the customer experience in the future and set or improve targets.
As part of our normal business operations, we also monitor customer response to new developments.
Where customer feedback leads to product improvements, this reflects the effectiveness of the
cooperation.
The sales and commercial performance of products is verified by measuring sales and claims
performance.
We measure the effectiveness of our services through metrics such as:
the number of complaints submitted,
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the number of complaints resolved,
the speed with which complaints are resolved,
monitoring satisfaction scores (NPS method),
customer churn, including comparisons with previous periods.
This reduces the risk of customer dissatisfaction and poor service while creating sales opportunities.
We use customer satisfaction surveys and other customer communication channels to incorporate
our findings into the improvement of existing products and services or the development of new ones.
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5 Governance information
ESRS G1 Business conduct
GOV-1 The role of the administrative, supervisory and management bodies
We disclose the role of the administrative, supervisory and management bodies in section A.5
“Corporate governance statement”.
IRO-1 Description of the process to identify and assess material impacts, risks and
opportunities
We disclose the procedures for identifying and assessing material impacts, risks and opportunities in
section ESRS 2 IRO-1.
G1-1 Business conduct policies and corporate culture
At Sava Re and the companies of the Sava Insurance Group, we have established a corporate culture
that we continuously develop, promote and assess. We have also defined standards of business
conduct.
The basic documents governing business conduct and corporate culture include:
the Group’s code of ethics, which regulates the values and principles of ethical and business
conduct,
the policy on ensuring the inviolability of the person and protection of personal dignity in the
Group,
the diversity policy, which governs gender and age balance in the management and supervisory
boards (applicable only to Sava Re),
the rules on conflict of interest management, which aims to mitigate and manage conflicts of
interest that may arise in the course of performing duties and tasks within the company
(applicable only to Sava Re),
the policy on establishing an internal reporting procedure, adopted in accordance with the
applicable legislation on whistleblower protection,
the Group’s and Sava Re’s compliance policy,
the Group’s fit and proper policy for relevant persons.
We have fraud prevention and detection systems in place in all Group companies.
In addition to the aforementioned documents developed within the Group, we also adhere to
established guidelines and codes:
the Group’s insurance companies comply with the provisions of the adopted insurance code to
ensure business development, professional underwriting and professional conduct,
ESRS G1-1 paragraphs 9, 10 (a), 10 (c), 10 (e), 10 (h), ESRS S1-1 paragraph 24 (b), and S1-2 paragraph AR 24 (c).
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by signing the corporate integrity guidelines, Sava Re has committed itself to creating a work
environment based on a culture of corporate integrity, zero tolerance for illegal and unethical
conduct by its employees, and compliance with legislation, rules and values while maintaining
high ethical standards,
at Sava Re we comply with the corporate governance code for listed companies.
Sava Re and our Group companies pay special attention to the following areas:
anti-corruption conduct, in accordance with the corporate integrity guidelines and the Group’s
procurement policy,
personal data protection, where Sava Re has set up a support function for privacy and personal
data protection and adopted a Group privacy and personal data protection policy,
cybersecurity, through continuous strengthening of internal system controls with information
and organisational solutions, as well as training and education of employees in information
security,
human rights, where, in line with the Group’s sustainable business policy, we ensure respect for
human rights in accordance with international conventions and applicable legislation. Our
commitment to human rights, labour standards, climate change and anti-corruption is further
reinforced by our membership in the UNGC.
Key documents governing corporate culture and standards of business conduct also include measures
to promote and assess such conduct.
The values and principles of ethical conduct are defined in the Group’s code of ethics, which was also
adopted by the Group’s subsidiaries. The general principles of the code of ethics are the Group’s core
values, which are binding on all our employees and include, among others, business compliance,
protection of reputation, respect for the dignity and integrity of the individual, protection of trade
secrets and other confidential information, honest and fair business practices, respect for market rules,
professionalism and care for employees, equal information to all shareholders, transparency and
integrity of information, avoidance of conflicts of interest, sustainability orientation and respect for
human rights.
Employees who become aware of violations of the code of ethics or other binding rules must report
them to the compliance function holder. The compliance function reviews each report and investigates
any alleged irregularities. Each Group member takes appropriate action against any person who
violates the code, depending on the seriousness of the violation. In accordance with the Group’s and
Sava Re’s compliance policy, the compliance function holder in each Group company holds a position
that ensures independence, sufficient authority and necessary powers. The independence of the
compliance function from other key and business functions is ensured by the senior management of
each company.
The compliance function holder of each company prepares annual and semi-annual (periodic) reports
on the adequacy of controls implemented to manage compliance risks. These reports include a
summary of any instances of non-compliance reviewed, any material adverse events or irregularities,
their consequences and the actions taken. The compliance function holders in Group companies report
periodically to the management and supervisory bodies or, where applicable, to the audit or other
supervisory board committees and, in specific cases, also to sectoral committees and local regulators,
in accordance with the national legislative framework and the internal regulations of each company.
The periodic reports from subsidiaries are also shared with the Group compliance function holder.
No violations of the code of ethics were observed in 2024.
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Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the
protection of persons who report breaches of Union law was transposed into Slovenian law with the
adoption of the Slovenian Reporting Persons Protection Act (ZZPri), which entered into force on
22 February 2023.
At Sava Re and other Group subsidiaries that are subject to the provisions of ZZPri, we fully comply
with all sectoral regulatory requirements. We have put in place appropriate mechanisms within the
Group to ensure that employees are properly encouraged to safely raise any concerns they may have
about possible misconduct in the workplace. We have a vested interest in ensuring that all reports are
thoroughly investigated and that violations are remedied while ensuring that a system is in place to
protect employees from retaliation.
The internal reporting procedure for violations is set out in the policy for establishing the internal
reporting procedure under ZZPri.
In most of our subsidiaries, we have already integrated the Group’s internal regulations into their
operations, while in some this has been done only partially or in different ways due to different local
legislation (e.g., North Macedonia and Montenegro).
At Sava Re, we have appointed a confidential adviser and a deputy confidential adviser to receive and
handle reports. The confidential adviser works independently and is not subject to any instructions or
policies in any particular case, as defined in the policy. The confidential adviser at Sava Re is an
executive employee within the meaning of the Slovenian Employment Relationships Act and holds the
key compliance function at the Group level.
We have established a secure and confidential reporting procedure. Employees can make reports in
writing to the confidential adviser’s email address, by post to the Company’s address, or verbally by
calling the confidential adviser’s telephone number or meeting him or her in person. Violations may
also be reported anonymously without disclosing personal data.
In accordance with the policy, the confidential adviser reviews and processes each report following the
prescribed procedure. He or she advises the whistleblowers, informs them of the reporting procedures
and provides assistance in case of retaliation. If the confidential adviser determines that the report is
substantiated, he or she takes all necessary steps to stop the violation. If the confidential adviser is not
authorised to take such action, he or she notifies the responsible organisational unit and makes
recommendations for corrective action.
The confidential adviser provides written reports to the company’s management board on handled
cases and prepares an annual statistical report on the previous year’s reported cases.
The confidential adviser may consult an advisory group to support him or her when assessing and
handling reports. This group consists of experienced professionals who are not employed within the
Sava Insurance Group. The advisory group is organised and operates in a manner and according to a
procedure that ensures that it is independent and separate from the management board of any
company in the Sava Insurance Group. The advisory group submits an annual statistical report on its
activities to the management board.
The confidential advisers in each Group company have the opportunity to receive training to improve
their expertise and understanding of whistleblowing procedures.
Sava Re’s confidential adviser participated in training sessions during the preparation of ZZPri, where
proposed legislative amendments and employer obligations regarding whistleblower protection were
discussed. In addition, the confidential adviser attended the European Institute of Compliance and
Ethics (EICE) conference, where the challenges of implementing ZZPri in companies were addressed.
The confidential adviser also develops his or her knowledge independently through professional
materials and by following current sources and research on the subject. Such continuous development
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ensures that the confidential adviser is able to effectively deal with reports of irregularities and protect
whistleblowers in accordance with sectoral legislation and internal rules.
Sava Re employees were informed of the adoption of the policy and the rules. Both internal regulations
were presented to them in a webinar, a recording of which is available to them on the Company’s
intranet.
Beyond the whistleblower reporting procedures at Sava Re, we adhere to the principles and policies
of the rules on the management of conflicts of interest and the policy on ensuring the inviolability of
the person and the protection of personal dignity.
The rules on the management of conflicts of interest aim to mitigate the effects of conflicts of interest
and manage conflicts of interest that may arise in the performance of the duties and tasks of individuals
in the Company by establishing and implementing procedures and measures to be applied when a
conflict of interest arises. If a person subject to the disclosure requirements fails to disclose a conflict
of interest, the compliance function initiates a review of the circumstances and, if necessary, provides
opinions, recommendations or policies on the specific case or in general. If the review process reveals
that damage has been done to the company, the compliance function prepares a report for the
management board. According to the policy, any violation of its provisions is considered a breach of
employment or contractual obligations, while an intentional violation or a violation due to gross
negligence is considered a serious breach of employment or contractual obligations and constitutes
the basis for extraordinary dismissal of the employment relationship. For more information, see
section A.5 “Corporate governance statement”.
In 2023, we established a policy on ensuring the inviolability of the person and the protection of
personal dignity at the Group level. Under this policy, we are committed to ensuring equal treatment
irrespective of nationality, race or ethnic origin, national and social origin, gender, colour, medical
condition, disability, religion or belief, age, sexual orientation, marital status, trade union membership,
financial standing or any other personal circumstances. Ensuring the inviolability and protection of the
personal dignity of employees and others involved in work and business processes is one of the Group’s
key priorities, and we strive to provide and maintain a safe workplace in which no one is subjected to
violence (in particular sexual violence) or harassment, discrimination and bullying. The inviolability of
the person and protection of personal dignity are guaranteed by mechanisms and measures that
provide for a clear, transparent, swift and predefined procedure for detecting and sanctioning
undesirable conduct, independent decision-making, professionalism, autonomy and independence of
the arbitration body, decision-making at a level outside the Group, and the strictly protected principle
of confidentiality for whistleblowers and infringers.
Every employee has the right to equal treatment, dignity and personal integrity in the workplace. The
act on the procedure for dealing with violations of the rights to inviolability of the person and personal
dignity in the Group establishes a protocol for identifying and resolving such risks. In 2024, we have
initiated two proceedings for violations of inviolability of the person and personal dignity within the
Group. By the end of 2024, these proceedings were still pending. There were no other reports of
bullying, harassment or other forms of workplace violence in 2024.
We are committed to the highest standards of ethical business conduct and compliance. As part of our
efforts to prevent corruption and bribery, we identify specific functions and activities where potential
risks are higher. These include functions with direct contact with external customers and partners,
functions responsible for selecting external service providers and suppliers or managing the
companies’ or Group’s financial assets, and functions that manage the Group’s assets and resources.
We actively seek to prevent corruption and bribery through training programmes, the establishment
of clear procedures, codes of conduct for employees and reporting procedures for violations. We have
also put in place internal control systems, such as audits, compliance reviews, adherence to the four-
eyes principle and similar mechanisms.
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G1-2 Management of relationships with suppliers
Supplier relationships within the Sava Insurance Group are governed by the Procurement Policy of the
Sava Insurance Group (the procurement policy) and the General Terms and Conditions of Business
Cooperation with the Sava Insurance Group (the general terms and conditions).
At the Group level, there are no specific rules in place to prevent late payments. At Sava Re and its
subsidiaries, we generally fulfil our obligations in accordance with the agreed payment terms, ensuring
support for suppliers through long-term contracts and regular payments.
In 2024, there were no proceedings against any Group company for late payments.
As part of our procurement policy, we regularly monitor key suppliers and assess supplier relationships,
from both a business risk and sustainability perspective. Key suppliers are those who have a material
impact on the company’s business and, because they are embedded in the company’s business
processes, cannot be replaced at short notice in the event of operational difficulties. These suppliers
include information technology (IT) service providers.
For IT services, supplier monitoring is established in accordance with the requirements of Regulation
(EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital
operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No
648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (the DORA Regulation). We are
currently developing internal rules and procedures for monitoring and managing third-party risks
related to IT procurement and IT-related goods and services.
We also review the sustainable practices and dimensions of our suppliers. The sustainability
questionnaire is sent to all existing and new suppliers whose estimated annual turnover with any
Group company exceeds EUR 5,000, including VAT. These are providers of goods and services in a
competitive market, insurance intermediaries, loss adjustment service providers and assistance service
providers. We do not include in the collection of responses to the sustainability questionnaire entities
that are not providers of goods and services in a competitive market, i.e., state authorities,
autonomous local authorities, public service providers, public authority holders, concessionaires (e.g.,
utility services) and others that provide goods and services to the organisation under public law (e.g.,
fees, costs of administrative procedures, etc.).
When selecting suppliers based on the questionnaire, we assess the following social and
environmental criteria:
Regular and timely fulfilment of obligations under employment contracts and other contracts
with workers working for them in other forms of employment, in accordance with legal and
contractual deadlines.
Provision of a healthy and safe working environment for employees and workers working for
them in other forms of employment in accordance with legal requirements.
Implementation of measures to protect employees and other workers working for them in
other forms of employment from verbal, physical and sexual harassment and other acts
against their dignity.
Compliance with national laws and regulations in their countries of operation, as well as
international human rights instruments (particularly on prohibition of child labour, forced
labour, undeclared work and discrimination).
Adherence to environmental regulations in all countries in which they operate.
Regular and timely fulfilment of payment and tax obligations.
ESRS G1-2 paragraphs 14, 15 (a) and 15 (b).
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If a supplier fails to meet the minimum sustainability requirements, the Group companies have the
right to withdraw from the procurement process or terminate an existing contract by unilateral
declaration and without notice.
G1-3 Prevention and detection of corruption and bribery
We have a zero-tolerance policy in the Sava Insurance Group towards all forms of bribery and
corruption, which applies to all employees of the Group and our customers and business partners. In
accordance with the provisions of the corporate integrity guidelines, the Group’s procurement policy
and internal regulations of the Slovenia-based Group members, all contracts establishing legal
relations must include an anti-corruption clause, general terms and conditions of business
cooperation, which are communicated to suppliers, and provisions on confidential data and personal
data protection. Anti-corruption provisions are also part of the Group’s code of ethics.
Sava Re’s rules on the management of conflicts of interest set out procedures and rules relating to
receiving gifts, entertainment and hospitality. This approach helps us to mitigate the risk of unfounded
allegations and the spread of distrust regarding the integrity of employees in the performance of their
duties.
Group employees have access to reporting mechanisms for corruption and bribery as described in
section ESRS G1-1 (reporting procedures for violations of the code of ethics, whistleblower protection
procedures, etc.).
No cases of corruption were detected within the Group in 2024.
We inform employees of the adopted internal regulations through various channels, including intranet
postings and monthly updates on recent developments. Each employee is also briefed on these policies
when he or she joins a Group company.
We inform our customers and business partners of these policies through a variety of means, including
our website, contractual agreements and face-to-face consultations. Suppliers are specifically made
aware of the anti-corruption clause when signing the contract.
All employees and persons holding office at Sava Re are required to familiarise themselves with the
rules on conflict of interest management and sign a conflict of interest avoidance statement upon
assuming their position or function. Through this statement, they undertake to avoid situations that
could lead to conflicts of interest and affect their impartiality in performing their duties or making
decisions, and to immediately disclose in writing any circumstances related to their duties or functions
where a conflict of interest with Sava Re or the Sava Insurance Group is foreseeable. This obligation
remains valid throughout the duration of their employment contract or function at Sava Re.
The rules are available to all employees at all times through internal communication channels. We do
not organise regular training for members of management and supervisory bodies on the prevention
and detection of corruption and bribery.
The rules on conflict of interest management (applicable to Sava Re) prohibit persons subject to the
disclosure requirement from accepting gifts or other benefits in connection with the performance of
their duties or functions, with the exception of symbolic or promotional gifts of small value (the
threshold is defined in the rules). Under no circumstances is the acceptance of a gift permitted if its
giving or acceptance constitutes a criminal offence, is prohibited by law or related regulations, involves
cash, securities, gift certificates, vouchers, gift tokens or precious metals, or has the appearance of
influencing the recipient’s impartial performance of duties or functions within the company.
Employees must disclose gifts that exceed the threshold defined in the rules or are otherwise
ESRS G1-3 paragraphs 18 (a), 20, 21 (a), 21 (b) and 21 (c).
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prohibited by completing a gift disclosure form. The rules also include a protocol for handling gifts
received, which outlines the procedure for handing over gifts to the company.
G1-4 Confirmed incident of corruption or bribery
In 2024, Sava Re and its subsidiaries were neither convicted nor fined for violations of legislation
related to corruption and bribery. At Sava Re, we strive to comply with all applicable regulations and
ethical standards in the fight against corruption.
As there were no confirmed incidents of corruption or bribery during the reporting period, it was not
necessary to implement measures to address violations of anti-corruption and anti-bribery procedures
and standards.
G1-5 Political influence and lobbying activities
In accordance with the adopted code of ethics and the rules on sponsorship, Sava Re and other Group
companies do not finance political parties. Our activities are limited exclusively to professional
engagement within industry associations, and we do not participate in political campaigns, influencing
or lobbying. Therefore, the function of overseeing political influence and lobbying activities has not
been delegated to members of the administrative, management or supervisory bodies in the Group
companies.
G1-6 Payment practices
As payment terms are agreed upon in each procurement process in accordance with the general terms
and conditions, there is no need for standard payment terms. The timing of payments is recorded in
each company’s accounting system but is not monitored at the Group level.
Sava Re and its subsidiaries are not involved in any pending litigation for late payment.
Sector-specific topics
G1 Operation and robustness of IT systems and cyber intrusions
Governance
We have identified the effective operation of the IT system, which enables the execution of our
business processes and protection against cybersecurity breaches as one of the Group’s key areas in
our industry, closely linked to the large volume of our customers’ data.
The strategic management of IT systems is the responsibility of the IT steering committee (ITSC), which
ensures a comprehensive overview of strategy implementation and interim tactical-level decisions
through collaboration with the relevant committees responsible for IT architecture and security and
the committee responsible for projects and business processes.
The steering committee has been established to:
ESRS G1-4 paragraphs 24 (a) and 24 (b).
ESRS G1-5 paragraphs 29 (a) and 29 (b).
ESRS G1-6 paragraphs 33 (a), 33 (b), 33 (c) and 33 (d).
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align IT development with other business areas within the Group by coordinating ICT and IT
projects / development tasks,
ensure that the IT strategy is developed and implemented in line with the Group’s business
goals,
coordinate decision-making on the development and use of human and financial IT resources
within the Group,
monitor IT risks effectively (as part of a line IT process) within the Group,
guide the development and allocation of resources based on strategic directions and decide
on the distribution of resources between different areas within the Group.
Information security is managed at two levels:
1. The Group has established the function of chief information security officer (CISO), who holds
primary responsibility for the strategic management of information security and reports to the
management board. CISO leads the overall security framework and works with key
stakeholders such as IT departments, internal audit, risk management, compliance, privacy
and personal data protection, and legal affairs.
2. A cyber resilience team has been established within the IT department, with primary
responsibility for operational management and execution of day-to-day security operations,
including monitoring and management of security systems, incident response and
implementation of security policies.
The management boards and senior management of the Group companies are responsible for
adopting, overseeing and directing the information security strategy in line with the Group’s vision,
business goals and EU regulations.
At the operational and execution level, tasks are carried out by the relevant IT departments in
collaboration with content owners, project teams and specialists responsible for implementing IT-
related developments. In addition, we have established an internal audit function that continuously
assesses IT operations and governance.
Strategy and business model
In 2023, we adopted a new strategy of the Sava Insurance Group and a set of execution plans for the
2023–2027 period. We have two key objectives in optimising the Group’s business processes to
speed up and to simplify customer service and internal processes. This will also help us achieve cost
efficiency, which will play a more important role in the next strategy period than in the past, given the
changed macroeconomic environment.
To achieve strategic goals in specific areas, we are replacing certain business solutions on a large scale,
which involves a thorough review of processes and the identification of opportunities for
improvement. Going forward, processes will be restructured and, where necessary, the organisation
will be adapted to the new processes. Particular attention is given to IT security and enhancements of
technological, process and organisational capabilities in this area.
As part of this effort, we have developed an information security strategy for the Group as a subset of
the IT strategy. This strategy defines six key operational goals that will serve as the foundation for
achieving the overarching goal of establishing a high level of cybersecurity resilience.
We continue our practice of conducting IT process maturity audits, combined with independent
external peer reviews of operational performance, architecture and implementation of system and
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solution configurations. We use the feedback to plan upgrades and improvements to the IT processes
we use.
Impacts, risks and opportunities
Due to continuous changes and innovations in IT architecture, the Group operates in a dynamic and
evolving environment that requires us to continuously adapt the IT security procedures and business
continuity measures. The ability to respond in this way must be ensured regardless of the scale and
scope of changes introduced in response to business needs.
While we do not have a material direct impact on the resilience of IT systems in our industry, we do
identify key risks and opportunities.
We have identified the following risks across all major operating segments:
the risk of reduced functionality or system failure due to a cyberattack,
the risk of data loss due to IT system malfunction or failure,
the risk of security vulnerabilities or deficiencies in IT systems,
the risk of security vulnerabilities or deficiencies in external service providers,
the risk of unauthorised disclosure of confidential information,
the risk associated with the increased use of cloud services and the introduction of new digital
solutions.
Our EU-based companies are most exposed to these risks, as this is where our largest operating
segments are concentrated. These risks affect the entire value chain.
We have identified several opportunities in this segment, including the development of process
support, the use of advanced technologies, the transfer of best practices within the Group, the
education, training and development of employees, the sales networks and the encouragement of
stakeholders to adopt digitalised products and services.
Effects of material impacts, risks and opportunities on the business model, value chain, strategy and
decision-making
The operation and robustness of IT systems is critical for delivering services to our customers and
executing all back-office processes in Group companies. We provide efficient underwriting of policies,
claims handling and other services to our customers while maintaining the security of their databases.
Given that our services rely on ICT technologies, a robust IT system is essential to the functioning of
our companies. The Group also places great importance on selecting appropriate service providers
responsible for the security of the network and ICT solutions provided to us.
The most important aspect of IT system operation and robustness is security, as vulnerabilities leading
to cyberattacks can arise in several areas, as shown by the identified risks. Due to digitalisation, these
risks are already material in the short term and will become even more so in the medium and long
term with the emergence of new technologies and artificial intelligence. Cybersecurity has therefore
been one of the Group’s key strategic priorities for several years, and we integrate it into business and
strategic planning. Actions implemented in this area include the operation of an information security
committee, the development of a cyber incident response plan, the integration of a multi-factor user
authentication system and the establishment of a database protection system. As of 2025, the DORA
Regulation came into effect, introducing new network and information security requirements for
financial institutions.
Key opportunities in the area of cybersecurity and IT system functionality include the training and
development of employees and the sales network, thereby improving protection against external
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cyber intrusions. The development of appropriate process support and the use of advanced
technologies will further strengthen resilience and spread best practices across the Group.
Financial effects of material risks and opportunities
In 2024, there were no negative financial impacts on the Group’s financial results from these risks. By
implementing appropriate measures, we ensure the seamless operation of IT systems and maintain a
high level of cybersecurity.
We increase efficiency at the Group level and mitigate operational risks by further automating and
optimising business processes.
Expected financial effects of material risks and opportunities on financial position, financial
performance and cash flows
The potential financial effects may materialise in the medium term in the event of a cyber incident or
other business disruption. As a result, the Group will continue to invest in upgrading IT systems to
strengthen security and resilience.
We increase efficiency at the Group level and mitigate operational risks by further automating and
optimising business processes.
Resilience of strategy and business model
In recent years, we have made significant investments in developing IT systems and enhancing security
at the Group level, thereby increasing resilience to potential cyber incidents and other IT system
operational issues. This also improves the customer experience.
Policies
The overarching policy is the Sava Insurance Group’s business strategy, which defines information
technology as one of the six key pillars of the Group’s strategic development. Our focus areas include:
business solutions and data warehouse: we are gradually replacing core business information
solutions, expanding capacity and improving processes;
IT processes and organisation: we plan to establish a competence centre, upgrade the IT
environment at the Group level and recruit new IT personnel;
infrastructure: we will improve the internal cloud infrastructure and integrate it more closely
with external cloud services;
security: we will strengthen crisis response procedures in IT security while continuing to invest
in organisational and technical safeguards.
Our other IT and cybersecurity policies include:
Information security policy of Sava Re, which aims to ensure business continuity and minimise
business losses by preventing and mitigating the effects of security incidents. The information
system is of immeasurable value to the Company, and the confidentiality, integrity and
availability of information are critical to achieving the Company’s competitive advantage,
efficiency and reputation. The purpose of information security is to enable us to fulfil our
mission and achieve our goals by setting up an information security management system to
ensure:
availability: information or services are accessible whenever needed,
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integrity: information remains unchanged from its original form during processing,
transmission or storage,
confidentiality: information is accessible only to authorised recipients.
An appropriate level of security awareness and a culture of information protection should be fostered
in all employees of the Company. All employees are required to comply with relevant sectoral
legislation, standards, policies and internal rules related to information security.
General security policies of Sava Re, which include provisions on:
proper use of all IT resources,
management of IT resources,
electronic business operations,
protection of equipment and IT resources.
These rules apply to all employees and other users of IT resources.
As part of the Sava Insurance Group’s business strategy, we also adopted the following two operational
plans:
cyber incident response plan,
business continuity plan.
We regularly update our policies on the operation of IT systems to reflect the latest guidelines and best
practices. We have also improved our operational plans for implementing our strategy for 20242025
in the areas of IT development, security, and infrastructure. Independent security testing and security
system analyses are carried out on a regular basis.
Actions
We are continuously taking a number of actions to implement our strategic priorities and policies in IT
systems and cybersecurity:
We have set up an IT steering committee (ITSC) at the Group level. For more information, see
the governance subsection.
We focus on establishing and enforcing technical and organisational standards that ensure the
consistent and effective use of modern technologies. This approach aims to standardise the
use of technology, improve compliance with best practices and ensure higher levels of security,
reliability and efficiency in the operation of IT systems.
We are implementing and expanding the IT service management (ITSM) platform as the core
IT governance process and database, with automation and artificial intelligence capabilities to
address internal IT efficiency.
We update our security policies on a regular basis (once a year).
We continuously raise awareness of key security policies and best practices for the secure use
of IT across all Group companies.
We have technical security controls and proactive safeguards (detection mechanisms and
response procedures) in place.
In connection with the IT system upgrade, which is being implemented based on the feedback from
the process maturity audit, we have undertaken activities in 2024 to replace the core reinsurance, non-
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life, life and HR solutions. In 2024, we have paid particular attention to IT architectural planning, with
an expansion of both internal and external resources dedicated to this area.
In terms of IT infrastructure and security, we are upgrading systems and expanding cloud computing
capabilities to meet business needs.
In addition, organisational and procedural improvements have been introduced to support IT-related
committees, improving integration with supporting processes for more effective decision-making at all
levels. The companies have adequate resources for all the actions planned.
Goals
Our primary objective with regard to the operation and robustness of IT systems and cyber intrusions
is to ensure operational IT support for the uninterrupted conduct of core business and a stable, robust
IT environment that is resilient to cyber intrusions, enabling rapid and effective recovery and maximum
protection of personal data for all our stakeholders. Accordingly, we provide appropriate IT
infrastructure, security and support for the development and enhancement of business applications.
Particular emphasis is placed on optimising business processes to improve the end-customer
experience.
We regularly evaluate the effectiveness of the actions implemented against defined targets. Our
strategic goal for information security is a high level of cyber resilience. This underpins our strategic
operational goals, which include:
establishing coordination of cybersecurity implementation across the Group,
improving the robustness of infrastructure security and the resilience of key IT infrastructure,
expanding technical cybersecurity defences,
improving incident response procedures,
developing information security training programmes for employees across the Group,
establishing partnerships with external partners in the area of cybersecurity defence.
We are developing key performance indicators to measure effectiveness in achieving all operational
goals. In addition, performance indicators have already been introduced in the IT systems processes,
such as:
cybersecurity protection ratio,
implementation of the annual staff establishment plan,
execution of contingency plans: in accordance with regulatory requirements, we regularly
carry out mandatory business continuity tests, supported by additional internal business
continuity tests.
All key performance indicators are measured at the level of individual companies and are not
aggregated to the Group level.
G1 Innovative products and digital transformation
Governance
We monitor social developments and follow current trends at the Group level, with the aim of
becoming a long-term partner for its customers in the area of insurance, financial and assistance
services. We are developing our offering in terms of both content and accessibility, with the aim of
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providing customers with a high level of accessibility across multiple channels. To improve the
customer experience, we are continuously investing in innovation and digital transformation of our
products and services.
The area of innovative products for the entire Group is managed by Sava Re’s insurance, sales and
Group governance business centre, while oversight of this area is carried out by the Company’s
management board. The area of digital transformation is managed by both the business centre and
the IT department working together.
Strategy and business model
Our innovative products and digital transformation strategy is based on proactively developing
innovative solutions, automating processes and improving responsiveness to market changes. We
focus on improving customer experience, sustainability and automation. We support digital
transformation by introducing new technologies, automating processes, collaborating with verified
external partners, and implementing environmentally friendly solutions that are paperless and readily
available. Market trends are monitored through research, surveys and workshops, including regular
stakeholder engagement. We make decisions based on data from internal analyses and external
market research.
Our key strategic goals in this area are:
Digital transformation of products
The digitalisation of processes and the gradual adoption of advanced technologies, such as the use of
geographic information system (GIS) data and the automation of underwriting processes, enable
insurers to improve risk management. This allows us to segment and tailor our products to the specific
needs of our customers.
Development of new products linked to sustainability-related market changes
In response to sustainability-related market changes, we develop new products and services, which
we build on with innovative services or sustainable solutions, as described in more detail in section
ESRS S4.
Innovative approach to product development
Group companies are adapting to market needs with new approaches, including modular product
structures, in order to offer more flexible insurance products. We use innovative product development
methods where internal sales teams, either independently or in collaboration with external
stakeholders, identify current customer needs and preferences and, based on feedback, continuously
update the offering and adapt insurance products accordingly.
Impacts, risks and opportunities
Through innovation in sustainable solutions and digitalisation, we are creating new opportunities for
growth while supporting the adoption of green technologies and the development of digital solutions.
In the area of sustainable products, we have introduced insurance for electric vehicles, photovoltaic
power plants and energy storage systems, and enabled investments in sustainable funds. This
strengthens our customer support and ensures flexible solutions in line with modern trends.
By providing additional customer support, we mitigate risks such as a lack of understanding of new
technologies. Our aim is to enhance the competitiveness and reliability of our services based on a
sustainable and innovative approach.
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Within the Group, we are expanding our portfolio of digitally accessible products. By integrating
products and services through portals, call centres and communication channels, we ensure a 360-
degree customer view. Group companies use data analytics and predictive models to improve service
quality. We recognise that digitalisation increases the risk of vulnerability to cyberattacks and the
possibility that new digital products and services may not be adequately integrated with existing
systems or may not fully support key business functions, which could affect operational reliability. For
this reason, our companies are continuously improving internal and customer processes through the
use of advanced IT technology to ensure secure, fast and information-rich communication with
consumers. It is also important that consumers and employees understand the complexity of new
technologies. We address this through tailored solutions, training and support.
Despite these challenges, digital transformation offers many opportunities for the Group. The
development of advanced solutions for customer support and the optimisation of internal processes,
as well as investments in employee training in new technologies, strengthen the Group’s resilience. By
supporting sustainable development, we facilitate the transition to environmentally friendly business
practices and thus increase our attractiveness to sustainability-oriented customers. In addition, the
introduction of innovative digital and sustainable solutions provides access to specific market
segments and further strengthens the Group’s market position.
Policies
All Group companies follow the policy of focusing on the development of innovative digital solutions
and processes, adapting to specific market needs and expectations and local legislation.
Policies aimed at the development of insurance products and processes, innovative approaches and
the digitalisation of operations are either embedded in the internal rules of each subsidiary or reflected
in the Group’s predefined strategic goals. These internal regulations are independently adopted and
implemented by the respective business line managers in each subsidiary. In this way, the policy
direction is effectively translated into practice.
Actions
Actions are implemented in three segments linked to key strategic goals: digital transformation of
products, development of new products linked to sustainability-related market changes and an
innovative approach to product development.
We present these actions in section ESRS S4-4.
Digitalisation measures are being implemented across all business services in all Group companies and
for all markets. Digitalisation projects follow the strategic plans for the 20232027 period. Each
company implements its digital services step by step, based on financial capabilities, market needs or
expectations, and the portfolio of products and services offered. Our goal is for all Group companies
to be recognised in their respective markets for a high-quality and extensive range of digital solutions,
enabling customers to access fast, efficient and always-available services and to communicate securely
with the companies.
To improve the quality of service, enhance the customer experience and thus increase customer
satisfaction, Zavarovalnica Sava is introducing a questionnaire for reporting changes to an insured
building prior to policy renewal. This will contribute to more accurate risk management and
appropriate coverage. The companies have adequate resources for all the actions planned.

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Goals
Our goals focus on increasing the number of electronic insurance policies written, expanding the use
of e-assistance, improving customer satisfaction with digital solutions and increasing the share of
sustainable products.
In the area of e-mobility, Zavarovalnica Sava aims to increase its presence and market share, striving
to meet customer expectations and follow industry development trends through innovative
approaches.
The key performance indicators we measure in this area are set out in section ESRS S4-5.
G1 Protection of personal data
Governance
Responsible handling of personal data is the duty of every employee. At the Group level, the
management board of the parent company has appointed the holder of the supporting business
function for privacy and personal data protection in the Group. In the directly controlled Group
companies, the senior management has appointed a data protection officer (DPO) who reports directly
to the senior management of that company and to the holder of the Group’s supporting business
function. Oversight is provided by the DPO and internal audit. The risks of personal data breaches are
included in the operational risk register.
Strategy and business model
Personal data protection is deeply embedded in all our business processes and development priorities
for the 20232027 period. Therefore, in all activities involving the personal data of our employees,
business partners, consumers and end-users, we act in compliance with the law, handle personal data
with care and implement solutions to make the systemic environment as secure as possible for data
protection.
Impacts, risks and opportunities
We have identified risks of personal data breaches in all major operating segments, both in EU and
non-EU countries. Due to regulatory requirements, the highest exposure is in EU-based companies.
This risk also affects the downstream value chain.
The provision of life and pension insurance services, assistance services, a large part of non-life
insurance and asset management is intrinsically linked to the processing of individuals’ personal data,
which affects individuals and poses risks to their rights, as well as financial and reputational risks to
the Group.
We also recognise opportunities in this area, such as the development of process support, the use of
advanced technology, the transfer of best practices across the Group and the training of employees to
mitigate risks and capitalise on opportunities.
Effects of material impacts, risks and opportunities on the business model, value chain, strategy and
decision-making
Due to extensive regulation, particularly in the EU, and the need to maintain a proper relationship with
internal and external stakeholders whose personal data we process, the protection of personal data is
already a very important issue and will remain so in the medium and long term. Personal data

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protection is important both for our own operations and internal stakeholders (e.g., employees) as
well as for customers who use our services (downstream value chain). It affects strong stakeholder
relationships and, in the long term, our reputation, which is why we pay particular attention to this
area. In today’s environment, characterised by the extensive use of new technologies, digitalisation
and artificial intelligence, data protection is becoming an increasingly complex task and is crucial to the
Group’s business model. We therefore regularly address this area in various aspects of business
strategy development.
We recognise that there are significant long-term financial benefits to be gained from the proper
management of this business segment. As a result, we continue to work with all employees and provide
appropriate support in our business processes to ensure adequate data protection at all times.
Financial effects of material risks and opportunities
In 2024, we did not experience any adverse financial effects in the Sava Insurance Group related to the
protection of personal data. By implementing appropriate measures, we ensure responsible handling
of personal data in the Group.
The development of process support and the use of advanced technologies are part of the Company’s
regular activities to ensure compliance within the EU markets, allowing other Group companies to
efficiently transfer best practices into their operations, thereby increasing their competitive advantage
in their respective markets.
Expected financial effects of material risks and opportunities on financial position, financial
performance and cash flows
This risk remains relevant in the medium and long term, and the Group will continue to focus on it as
it can affect relationships with customers, employees and other stakeholders whose data we store and
process. In addition, breaches can have material financial impacts due to the high potential fines.
By continuously developing process support and deploying advanced technologies, we will ensure
compliance with personal data protection legislation, thereby maintaining and increasing consumers’
trust, upholding a strong reputation and building resilience. We expect these efforts to deliver positive
financial impacts that exceed the investment in development.
Resilience of strategy and business model
Through all measures implemented within the Group, we seek to minimise the likelihood of breaches
as much as possible. The Group invests in new technologies, implements internal controls and audit
trails in IT systems, and trains employees. Designated data protection officers are appointed in EU-
based companies and at the Group level, where a designated data protection business function is in
place. The Group has also implemented privacy and personal data protection policies, security policies
and data protection rules in its companies. Going forward, the Group companies will continue to
improve processes and systems to mitigate this risk and thus further enhance the Group’s resilience.
Policies
At the Group level, we have adopted a policy on privacy and personal data protection and area-specific
internal regulations of the parent company and individual subsidiaries. The policy defines the Group’s
principles of personal data protection (qualitative objectives) and reporting criteria (metrics).

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Actions
To ensure diligent and effective protection of personal data, we implement various actions, including
risk assessments (quarterly, annually and as needed), record keeping (regularly), reporting (semi-
annually, annually), integration of measures into IT and process solutions (regularly and as needed),
organisational actions (regularly and as needed), mandatory employee training (bi-annually and as
needed), contractual commitments from external partners (regularly) and transparency towards
individuals (regularly). The companies have adequate resources for all the actions planned.
Goals
At the Group level, our overarching personal data protection goal is zero personal data breaches.
The personal data protection metrics we monitor include the number of breaches, the number of
proceedings before supervisory authorities, the number of requests received from individuals and the
resources allocated to the activities of data protection officers.
G1 Statutory stakeholder notification
Governance
Information is provided in section A.3.1 “Responsibility to investors” and in section ESRS S4.
Information to customers in pre-contractual disclosures in the distribution of financial products
In accordance with the SFDR Regulation, the Group’s financial service providers give detailed
information on investment decisions and their impact on sustainability. This information is made
available to customers on company websites and through pre-contractual and contractual disclosures
on financial products.
Information to customers about sustainability factors in insurance products
In accordance with legislation, the Group’s insurance companies operating in relevant markets
(Slovenia and Croatia) consider sustainability factors and goals in their processes of developing or
approving an insurance product and determining its target market, distribution, management and
control. These insurance companies regularly publish documents on their websites detailing the
sustainability factors of their products.
Strategy and business model
The primary interest of stakeholders is to ensure compliance with legal requirements and to receive
accurate and timely information that affects their rights and obligations. Such communication helps to
build trust and maintain good relationships between insurance companies and their customers.
Investors
The Group’s overarching goal in its statutory notification of stakeholders is to establish an open
channel of communication with investors. We aim to increase the recognition of the true value of the
Sava Re and Sava Insurance Group brands, thereby improving the understanding of investment in Sava
Re shares. In 2024, we continued our efforts to improve the liquidity of the share. Our responsibility
to investors is reflected in our cooperation and in setting up a two-way relationship using various
communication tools.
In 2024, we reached out to investors through investor and analyst conferences, webcasts held by the
Ljubljana Stock Exchange, a press conference to announce unaudited results, a letter to shareholders,
an invitation to the general meeting of shareholders, an e-mail newsletter and through similar means.

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We also sponsored the Ljubljana Stock Exchange’s capital market development and financial literacy
project.
We also use our official website, in particular the Investors section, to ensure that investors,
shareholders and other members of the financial community receive the same information in a timely
manner.
Investor relations at Sava Re are managed by the office of the management board and of compliance.
Consumers
Customers of insurance companies receive written communication of all legally required information
related to insurance products and other important updates on the insurers’ operations and offerings.
The Group’s insurance companies are committed to maximising the use of digital communication
channels, enabling customers to track their insurance status, access necessary information and
manage their data. We follow environmental guidelines that reduce paper consumption and mitigate
negative environmental impacts. The use of digital communication channels also makes it easier and
faster for customers to access important information.
Customers of the Group’s insurance companies receive annual updates on their insurance product
benefits, as required by applicable regulations and insurance policy terms and conditions, depending
on the type of insurance products offered.
Impacts, risks and opportunities
We have identified reputational risk for the Group in all major operating segments in the event of non-
transparent or inadequate reporting. Our EU-based companies are most exposed to this risk, as this is
where our largest operating segments are located. This risk also affects the downstream value chain.
Other risks include potential delays and errors or ineffective communication and unforeseen legislative
changes. These factors can have a negative impact on customer satisfaction and business compliance.
At the same time, we see numerous opportunities in this area, such as increasing trust among
customers, business partners, investors and other stakeholders, promoting sustainable practices
among stakeholders in the value chain, increasing transparency of sustainable practices, improving
process optimisation and digitalising communication. Regulatory reporting requirements also provide
opportunities for developing insurance products that support corporate compliance with applicable
legislation, such as sustainability risk insurance or cybersecurity insurance. By ensuring compliance
with regulatory reporting requirements, we strengthen the trust of stakeholders, particularly
investors, regulators, customers and employees, who have access to transparent financial and
sustainability information about the Group and its subsidiaries.
In the coming years, stakeholder awareness of sustainability issues will continue to grow, accompanied
by increased demands for transparent disclosure of each company’s sustainable business operations.
This may have a material impact on the reputation of the Sava Insurance Group and, as a result, indirect
financial effects that could affect specific operating segments in the long term.
Through transparent and timely reporting on our sustainable operations, which goes beyond
regulatory requirements, we maintain a high level of trust with investors, consumers and other key
stakeholders.
Financial effects of material risks and opportunities
In 2024, there were no material adverse financial effects related to statutory notification of
stakeholders. The Group invests in developing best reporting practices by participating in voluntary
international initiatives and publishing reports. This strengthens the Group’s reputation and
encourages the adoption of sustainable practices by key stakeholders and the wider business
community.

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In the medium to long term, increased stakeholder expectations or regulatory changes may result in
direct and indirect financial effects.
The Group is committed to ensuring transparent reporting to stakeholders on the sustainability aspects
of its operations, recognising the importance of stakeholder communication, and proactively managing
the associated risks to the greatest extent possible. To this end, we have established internal controls
in Group companies. We also monitor the development of voluntary reporting frameworks and
participate in international organisations and initiatives.
Goals
We aim to maintain a high level of compliance with regulations in our reporting to stakeholders. Our
communication and information approach ensures the appropriate and timely dissemination of all key
information.
Group companies take consistent action to ensure the highest standards, as described in the
subsection on strategy and business model.
The Group’s insurance companies aim to achieve 100% compliance with regulatory reporting
requirements and to increase the use of digital communication channels.
Measures of success in digitalising reporting processes, developing innovative approaches and
improving the customer experience include customer response tracking, notification delivery times
and improvements in customer satisfaction indices.
G1 Long-term stability and profitability
The Sava Insurance Group pursues a policy of long-term stability and profitability of its operations. We
have no negative impact in this area, but do have several positive one, since our approach of putting
long-term prospects before short-term results ensures a stable business environment for employees,
security and reliable protection for the insured, and a stable and fair return for investors in the long
term. In this way, we connect our sustainability goals, as defined in our sustainability strategy, to our
financial statements.
The long-term stability policy covers the growth and development of the Group in terms of its
employees, which includes new job opportunities, career development opportunities and increased
financial security for employees. Long-term stability provides an opportunity for business cooperation
with suppliers and compliance with payment deadlines. We also ensure long-term stability by investing
in the improvement of all processes, increased quality of our products and services, and by ensuring
adequate profitability and (re)insurance cover, which is reflected in a stable market share, high
customer satisfaction and healthy financial statements. We ensure long-term financial stability and
profitability through a diversified portfolio of insurance and reinsurance services in different markets
and an investment portfolio focused on safe and profitable investments, taking into account
sustainability guidelines. We adapt our business model to this policy, which is reflected in our business
strategy.
Key areas where we are taking action to ensure stability and profitability include engagement with
employees and customers, and investments in digitalisation to improve accessibility, quality and
security of services, as detailed in sections ESRS S1, ESRS S4 and G1 Sector-specific topics. Long-term
stability and profitability are measured by both non-financial (employee training and satisfaction,
market share, customer satisfaction, etc.) and financial metrics and indicators.

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The Group’s stability and profitability are also confirmed by our financial results, as we have recorded
an increase in revenue and profit in recent years. The existing business model and management
approach create a solid foundation for further growth and the expectation of strong profitability in the
future.
EUR
2022
2023
2024
Insurance revenue and non-insurance revenue
630,392,310
723,113,891
832,573,569
Net profit or loss for the period
46,923,441
64,657,171
87,846,542
The long-term stability of the system is also ensured by the high solvency ratio, which was 191% at the
end of 2023 and is estimated to be even higher in 2024, as the Group and the parent company
generated a profit in 2024, while Sava Re issued an additional EUR 50.0 million of subordinated debt,
which is included in the solvency calculation.
Our strategic direction, plans and achievements are presented in more detail in the business report
part, while the Group’s key performance indicators are presented in more detail in the notes to the
financial statements.

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6 Sustainability performance indicators of the Sava Insurance Group and
Sava Re
Select Sava Insurance Group sustainability performance indicators
2024
2022
Index
2024/2022
Environmental aspect
CO
2
e emissions per employee (tonnes) scope 1 and 2 (location-based method)
1.15
1.47
78.2
2024
2023
Index
2024/2023
Number of paperless claims reported
300,120
243,106
123.5
Percentage of ESG-integrated investments as at 31 December
23.6%
16.9%
139.6
Social aspect
2023
Index
2024/2023
Percentage of employees involved in annual performance appraisal interviews
55.3%
47.9%
115.4
Women as a percentage of all employees as at 31 December
60.0%
59.9%
100.2
Employee turnover rate
16.2%
17.1%
94.7
Number of injuries in the workplace
8
8
100.0
Average hours of training per employee
20.5
22.5
91.1
Heart for the World corporate volunteering (hours)
6,574
5,114
128.5
Governance aspect
2023
Percentage of women in management positions
32.0
28.0%
114.3
Percentage of women on Group companies’ supervisory boards
20.0
19.7%
101.5
Business volume (EUR)
1,035,134,973
910,113,382
113.7
We compare CO
2
emissions to 2022, our baseline year for monitoring the strategic decarbonisation target.
The carbon footprint data for 2022 and 2023 are verified but are not subject to audit as part of this year’s audit process, and may differ from
the publicly available data in the 2022 and 2023 annual reports. The data for 2022 and 2024 cover all locations where Group companies
conduct their business operations.
Select Sava Re sustainability performance indicators
2024
2022
Index 2024/2022
Environmental aspect
CO
2
e emissions per employee (tonnes) scope 1 and 2 (location-based method)
1.02
1.31
77.9
Annual electricity consumption per employee (kWh)
1,296
1,485
87.3
Social aspect
2023
Index 2024/2023
Percentage of employees involved in annual performance appraisal interviews
90.5%
86.3%
104.9
Women as a percentage of all employees as at 31 December
64.9%
63.1%
102.9
Employee turnover rate
4.2%
6.1%
68.9
Number of injuries in the workplace
2
0
Average hours of training per employee
22.0
26.8
82.1
Governance aspect
Index 2024/2023
Percentage of women in management positions
25%
25%
100.0
Percentage of women on supervisory boards
16.67%
17%
98.1
Percentage of independent members on Sava Re’s supervisory board
100%
100%
100.0
We compare CO
2
emissions to 2022, our baseline year for monitoring the strategic decarbonisation target.
The carbon footprint data for 2022 and 2023 are verified but are not subject to audit as part of this year’s audit process, and may differ from
the publicly available data in the 2023 and 2022 annual reports.

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219
7 Appendices to the sustainability report
Appendix A ESRS index
123

No.
ESRS disclosures
Page
3
ESRS 2 SBM-1 paragraphs 40 (a) i, 40 (a) ii and 42
12
4
ESRS 2 SBM-1 paragraph 40 (a) ii
14
8
ESRS 2 GOV-1 paragraph 22 (c)
42
9
ESRS 2 GOV-1 paragraphs 22 (c) i, 22 (c) ii and 22 (c) iii
42
10
ESRS 2 GOV-1 paragraph 21 (d)
44
11
ESRS 2 GOV-1 paragraph 22 (b)
44
12
ESRS 2 GOV-1 paragraph 22 (d), and ESRS 2 GOV-2 paragraphs 26 (a), 26 (b) and 26 (c)
44
13
ESRS 2 GOV-2 paragraph 26 (c)
45
14
ESRS 2 GOV-1 paragraph 21 (a)
46
15
ESRS 2 GOV-1 paragraph 22 (a)
49
16
ESRS 2 GOV-1 paragraph 21 (b)
49
17
ESRS 2 GOV-1 paragraph 23 (a)
49
18
ESRS 2 GOV-1 paragraph 21 (c)
49
19
ESRS 2 GOV-1 paragraph 23 (a)
49
20
ESRS 2 GOV-1 paragraph 21 (e)
49
21
ESRS G1-5 paragraph 30
50
22
ESRS 2 GOV-1 paragraph 22 (c)
52
23
ESRS 2 GOV-1 paragraph 22 (c) ii and ESRS 2 GOV-2 paragraph 26 (a)
52
24
ESRS 2 GOV-1 paragraph 21 (a)
53
25
ESRS 2 GOV-1 paragraph 21 (a)
54
26
ESRS 2 GOV-1 paragraph 21 (c)
54
27
ESRS 2 GOV-1 paragraph 23 (a) and ESRS G1.GOV-1 paragraph 5 (b)
54
28
ESRS G1-5 paragraph 30
55
29
ESRS 2 GOV-1 paragraph 23 and ESRS G1-1 paragraph 10 (g)
56
30
ESRS 2 GOV-1 paragraphs 23 (a) and 23 (b)
56
31
ESRS 2 GOV-1 paragraphs 22 (a), 22 (b), 22 (c) and 22 (c) ii
56
32
ESRS 2 SBM-1 paragraph 40 (g)
63
45
ESRS 2 BP-1 paragraphs 5 (a), 5 (b) i, 5 (b) ii, 5 (c) and 5 (d)
125
46
ESRS 2 BP-2 paragraphs 9 (a), 9 (b), 10 (a), 10 (b), 10 (c), 10 (d) and AR 1 (c)
125
47
ESRS 2 BP-2 paragraphs 15 and 16
126
48
ESRS 2 GOV-1 paragraphs 21 to 23
128
49
ESRS 2 GOV-2 paragraphs 26 (a), 26 (b), 26 (c) and 26 (c) ii
129
50
ESRS 2 GOV-3 paragraphs 29, 29 (a) and 29 (b)
129
51
ESRS 2 GOV-4 paragraphs 30, 32 and AR 48
129
52
ESRS 2 GOV-5 paragraphs 36 (a), 36 (b), 36 (c), 36 (d) and 36 (e)
130
53
ESRS 2 SBM-1 paragraphs 40 (a) i, 40 (a) ii and 40 (b)
130
54
ESRS 2 SBM-1 paragraphs 40(e), 40 (f) and 40 (g)
131
55
ESRS 2 SBM-1 paragraph 41
132
56
ESRS 2 SBM-1 paragraphs 42 and 42 (a)
132
57
ESRS 2 SBM-1 paragraph 42 (b)
133
58
ESRS 2 SBM-1 paragraph 42 (c)
134
59
ESRS 2 SBM-1 paragraphs 45, 45 (a), 45 (a) i, 45 (a) ii, 45 (a) iii, 45 (a) iv, 45 (a) v, 45 (b), 45 (c), 45 (c) i, 45 (c) ii, 45 (c)
iii and 45 (d)
134
60
ESRS 2 SBM-3 paragraph 48
137
61
ESRS 2 IRO-1 paragraph 53 (a)
138
62
ESRS 2 IRO-1 paragraph 53 (b)
138
63
ESRS 2 IRO-1 paragraphs 53 (c), 53 (d), 53 (e), 53 (f) and 53 (g)
139
64
ESRS 2 IRO-2 paragraphs 56 and 59
143
65
ESRS E1.GOV-3 paragraph 13
152
66
ESRS E1-1 paragraphs 14, 16 (a), 16 (b), 16 (d), 16 (h), 16 (i), 16 (j), 17, E1-4 paragraphs 34 (e) and 34 (f)
152
67
ESRS E1.SBM-3 paragraphs 18, 19 (a), 19 (b), AR 7 (b), 19 (a), 19 (b) and 19 (c), and E1-4 paragraph AR 30 (c)
152
68
ESRS E1.IRO-1 paragraphs AR 8 (b), 20 (a), 20 (b), 20 (c), AR 11 (a), AR 11 (b), AR 11 (c), AR 11 (d), 21, AR 12 (a), AR 12
(b), AR 12 (c), AR 12 (d), 21 and AR 15
156

123
ESRS 2 IRO-2 paragraph 56.

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220
71
ESRS E1-2 paragraphs 24 and 25
156
72
ESRS E1-3 paragraphs 28, 29 (a), 29 (b) and 29 (c)
157
73
ESRS E1-4 paragraphs 32 and 33
158
74
ESRS E1-4 paragraphs 34 (a) and 34 (b)
158
75
ESRS E1-5 paragraphs 37, 37 (a), 37 (c), 37 (c) ii, 37 (c) iii, AR 34, 38 (a), 38 (b), 38 (c), 38 (e) and 39
159
76
ESRS E1-6 paragraphs 47, AR 39 (b), AR 42 (c), 46 (h) and 46 (i)
159
77
ESRS E1-6 paragraphs 44, 48 (b), 49 (b), 52 (b), 51, AR 41, AR 45 (d) and AR 45 (e)
159
78
ESRS E1-6 paragraphs 23 (b) and AR 45 (d)
160
79
ESRS E1-6 AR 53
161
80
ESRS S1 SMB-3 paragraphs 14, 14 (a), 14 (b), 14 (c), 14 (d), 15 and 16, S1-1 paragraphs 22 and 24 (c), and S1-4
paragraph 38 (c)
162
81
ESRS S1-1 paragraph 19, S1-2 paragraph 27 (d)
164
82
ESRS S1-1 paragraphs 20, 20 (a), 20 (c), 21, 23, 24 (a), 24 (b), 24 (c) and 24 (d)
165
83
ESRS S1-2 paragraphs 27, 27 (a), 27 (b), 27 (c) and 27(d), S1-4 paragraph 38 (d), and S1-5 paragraph 47 (c)
165
84
ESRS S1-3 paragraphs 32 (a), 32 (b), 32 (c), 32 (d), 32 (e) and 33
166
85
ESRS S1-4 paragraphs 37, 38 (a), 38 (b), 38 (c), 39, 40 (a), 40 (b), 41 and 43
166
86
ESRS S1 MDR-T paragraphs 46 and 81, and S1-5 paragraphs 47 (a), 47 (b) and 47 (c)
168
87
ESRS S1-6 paragraphs 50 (a), 50 (b), 50 (c), 50 (d), 50 (d) i, 50 (d) ii and 51
168
88
ESRS S1-8 paragraphs 60 (a) and AR 70
170
89
ESRS S1-9 paragraphs 66 (a) and 66 (b), and AR 71
171
90
ESRS S1-10 paragraphs 69 and 70
173
91
ESRS S1-12 paragraphs 79 and 80, and AR 76
173
92
ESRS S1-13 paragraphs 83 (a), 83 (b) and 84
173
93
ESRS S1-14 paragraphs 88 (a), 88 (b) and 88 (c)
174
94
ESRS S1-15 paragraphs 93 (a), 93 (b) and 94
176
95
ESRS S1-16 paragraphs 97 (a), 97 (b) and 97 (c)
176
96
ESRS S1-17 paragraphs 103 (a), 103 (b), 103 (c), 104 (a) and 104 (b)
177
97
ESRS 2 SBM-2 paragraph 45 (b), ESRS S3-1 paragraph 16 (b), and ESRS S3-2 paragraph 21 (a)
178
98
ESRS 2 SBM-3 paragraph 48, and ESRS S3 paragraphs 9, 9 (a), 9 (b), 9 (c), 9 (d), 10 and 11
179
99
ESRS S3-1 paragraphs 14 and 16 (a)
180
100
ESRS S3-1 paragraphs 16, 16 (c) and 17
180
101
ESRS S3-2 paragraphs 21 (a), 21 (b), 21 (c) and 21 (d)
181
102
ESRS S3-3 paragraphs 27 (a), 27 (b), 27 (c) and 27 (d)
181
103
ESRS S3-4 paragraphs 32 (a), 32 (b), 32 (c), 32 (d), 33 (a), 33 (b), 33 (c), 34 (b), 35, 36 and 38
182
104
ESRS S3-5 paragraphs 41, 42 (a), 42 (b) and 42 (c), and MDR-T paragraph 81 (b) ii
184
105
ESRS 2 SBM-3 paragraphs 10, 10 (a), 10 (a) i, 10 (a) ii, 10 (a) iii and 10 (a) iv
185
106
ESRS 2 SBM-3 paragraph 48
187
107
ESRS 2 SBM-3 paragraph 10 (b)
187
108
ESRS 2 SBM-3 paragraphs 10 (c) and 10 (d)
187
109
ESRS S4-1 paragraphs 15 and 17
188
110
ESRS S4-1 paragraphs 16, 16 (a) and 16 (b)
189
111
ESRS S4-1 paragraph 16 (c)
189
112
ESRS S4-2 paragraphs 20, 20 (a), 20 (b), 20 (c), 20 (d), 21 and 26
190
113
ESRS S4-3 paragraphs 25 (a), 25 (b), 25 (c) and 25 (d)
191
114
ESRS S4-4 paragraphs 30, 31 (a), 31 (b), 31 (c), 31 (d), 32 (a), 32 (b), 32 (c) and 33 (a)
191
115
ESRS S4-4 paragraphs 33 (b), 34 and 37
193
116
MDR-T paragraphs 80 and 81 (b) ii, and ESRS S4-5 paragraphs 41 (a), 41 (b) and 41 (c)
194
117
ESRS G1-1 paragraphs 9, 10 (a), 10 (c), 10 (e), 10 (h), ESRS S1-1 paragraph 24 (b), and S1-2 paragraph AR 24 (c)
196
118
ESRS G1-2 paragraphs 14, 15 (a) and 15 (b)
199
119
ESRS G1-3 paragraphs 18 (a), 20, 21 (a), 21 (b) and 21 (c)
200
120
ESRS G1-4 paragraphs 24 (a) and 24 (b)
201
121
ESRS G1-5 paragraphs 29 (a) and 29 (b)
203
122
ESRS G1-6 paragraphs 33 (a), 33 (b), 33 (c) and 33 (d)
203
123
ESRS 2 IRO-2 paragraph 56
216
127
ESRS 2 SBM-3 paragraph 48 (a) and ESRS E1 SBM-3 paragraph 18
302
135
ESRS 2 SBM-3 paragraph 48 (a) and ESRS E1 SBM-3 paragraph 18
333
140
ESRS E1.IRO-1 paragraph 20 (b) (AR 11)
348



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221



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222
Appendix B GRI index
The GRI index is unaudited.
GRI 1 used
GRI 1: Foundation 2021


GRI 1: Foundation
2021
GRI 1-07 Publication of GRI list
Appendix B
GRI index





GRI 2: General
disclosures
The organisation and its reporting practices



GRI 2-1
Organisational details
A.2.1, A.2.5,
A.2.6, A.2.7
Sava Insurance
Group and Sava
Re

GRI 2-2
Entities included in the organisation’s
sustainability reporting
A.2.5, A.2.6,
A.2.7, B.ESRS
2, C.3
Sava Insurance
Group

GRI 2-3
Reporting period, frequency and contact point
A.2.7, B.ESRS 2
Sava Insurance
Group

GRI 2-4
Restatements of information
B.ESRS 2
Sava Insurance
Group

GRI 2-5
External assurance
B.1, C.1
/

Activities and workers



GRI 2-6
Activities, value chain and other business
relationships
A.2.5, A.2.7,
A.2.8, B.ESRS 2
Sava Insurance
Group






Governance



GRI 2-9
Governance structure and composition
A.2.7, A.5,
B.ESRS 2
Sava Insurance
Group

GRI 2-10
Nomination and selection of the highest
governance body
A.4
Sava Re

GRI 2-12
Role of the highest governance body in
overseeing the management of impacts
A.5.3, B.ESRS 2
Sava Insurance
Group

GRI 2-13
Delegation of responsibility for managing impacts
A.5.3, B.ESRS 2
Sava Insurance
Group

GRI 2-14
Role of the highest governance body in
overseeing the management of impacts
A.5.3, B.ESRS 2
Sava Insurance
Group

GRI 2-15
Conflict of interest
ESRS G1-3
Sava Insurance
Group

GRI 2-16
Mechanisms for managing internal and external
risks
A.10, B.ESRS 2,
C.3.6
Sava Insurance
Group and Sava
Re

GRI 2-17
Collective knowledge of the highest governance
body
A.5.3, B.ESRS 2
Sava Insurance
Group and Sava
Re

GRI 2-18
Evaluation of the performance of the highest
governance body
A.5.4, B.ESRS 2
Sava Insurance
Group

GRI 2-19
Remuneration policies
B.ESRS 2 GOV-
3
Sava Insurance
Group

GRI 2-20
Process to determine remuneration
A.5.3
Sava Re





Strategy, policies and practices



GRI 2-22
Statement on sustainable development strategy
B.ESRS 2
Sava Insurance
Group

GRI 2-23
Policy commitments
A.5, A.6.1,
A.10, B.ESRS 2
Sava Insurance
Group

GRI 2-24
Corporate culture and values
A.6, B.ESRS 2
Sava Insurance
Group

GRI 2-27
Reducing the negative impact of the operations
on the environment
B.ESRS 2 in
B.ESRS E1
Sava Insurance
Group

Graphics
223
GRI 1 used
GRI 1: Foundation 2021
GRI 2-28
Membership in associations
B.ESRS G1
Sava Insurance
Group and Sava
Re
Approach to stakeholder engagement
GRI 2-29
Approach to stakeholder engagement
A.3, B.ESRS 2
Sava Insurance
Group
GRI 2-30
Collective bargaining agreements
B.ESRS S1-8
Sava Insurance
Group
GRI 3: Material
Topics 2021
Disclosures on material topics
GRI 3-3
Management of material topics
A.5, A.10,
B.ESRS 2, C.3.5
Sava Insurance
Group
GRI 3-1
Process to determine material topics
B.ESRS 2
Sava Insurance
Group
GRI 3-2
List of material topics
B.ESRS 2
Sava Insurance
Group
ECONOMIC
IMPACTS
GRI 201: Economic
performance
GRI 3-3
Management of material topics
A.6.4, A.8
Sava Insurance
Group
201-01
Direct economic value generated
A.8.1
Sava Insurance
Group
201-02
Financial implications and other risks and
opportunities due to climate change
B.ESRS
E1.SBM-3,
C.3.6.3.1,
C.3.6.4.3
Sava Insurance
Group
201-04
Donations and sponsorships
B.ESRS S3
Sava Insurance
Group
GRI 202: Market
presence
GRI 3-3
Management of material topics
B.ESRS S1
Sava Insurance
Group
202-01
Creating direct employment opportunities
B.ESRS S1-6
Sava Insurance
Group
GRI 203: Indirect
economic impacts
GRI 3-3
Management of material topics
B.ESRS S3
Sava Insurance
Group
203-01
Infrastructure investments and services
supported
B.ESRS S3
Sava Insurance
Group
GRI 205: Prevention
of corruption
GRI 3-3
Management of material topics
B.ESRS G1
Sava Insurance
Group
205-01
Operations assessed for risks related to
corruption
B.ESRS G1-1
Sava Insurance
Group
205-02
Anti-corruption training
B.ESRS G1-3
205-03
Confirmed incidents of corruption and actions
taken
B.ESRS G1-4
Sava Insurance
Group
ENVIRONMENTAL
STANDARDS
GRI 302: Energy
GRI 3-3
Management of material topics
B.ESRS E1-2,
E1-3
Sava Insurance
Group
302-01
Energy consumption within the organisation
B.ESRS E1-5
Sava Insurance
Group
GRI 305: Emissions
GRI 3-3
Management of material topics
B.ESRS E1-3
Sava Insurance
Group
305-01
direct GHG emissions
B.ESRS E1-4,
E1-6
Sava Insurance
Group

Graphics
224
GRI 1 used
GRI 1: Foundation 2021
305-02
indirect GHG emissions
B.ESRS E1-4,
E1-6
Sava Insurance
Group
305-03
other indirect GHG emissions
B.ESRS E1-4,
E1-6
Sava Insurance
Group
GRI 308: Supplier
environmental
assessment
308-01
Suppliers that were screened using
environmental criteria
B.ESRS G1-2
Sava Insurance
Group
SOCIAL IMPACTS
GRI 2 and GRI 3:
Recruitment
GRI 3-3
Management of material topics
B.ESRS S1
SBM-3, S1-1,
S1-2
Sava Insurance
Group
401-02
Work-related injuries
B.ESRS S1-14
Sava Insurance
Group
2-7
Recruitment, staffing levels
B.ESRS S1-6
Sava Insurance
Group
2-21
Responsibility for ethical practices
B.ESRS S1-16
Sava Insurance
Group
2-23
Respect for human rights of employees
B.ESRS S1-1
Sava Insurance
Group
2-24
Implementation of organisation’s commitments
with and through its relationships with
employees; training that the organisation
provides on implementing the commitments
B.ESRS S1-4
Sava Insurance
Group
2-29
The organisation’s commitment to provide for, or
cooperate in, the remediation of adverse impacts
in the employee area
B.ESRS S1-1
Sava Insurance
Group
2-25
The organisation’s approach to identifying and
addressing complaints, including grievance
mechanisms
B.ESRS S1-1,
S1-3, S1-17
Sava Insurance
Group
2-12
Description of the governance bodies’
engagement with employees in the organisation’s
due diligence and other processes to identify the
organisation’s impacts
B.ESRS S1-2
Sava Insurance
Group
2-26
Mechanisms for raising concerns regarding
employees
B.ESRS S1-3
Sava Insurance
Group
2-30
Collective bargaining
B.ESRS S1-8
Sava Insurance
Group
2-27
Collective bargaining agreements
B.ESRS S1-17
Sava Insurance
Group
GRI 202
202-1
Adequate wages
B.ESRS S1-10
Sava Insurance
Group
GRI 401:
Recruitment
GRI 3-3
Management of material topics
B.ESRS S1
SBM-3
Sava Insurance
Group
401-1
Employee turnover
B.ESRS S1-6
401-3
Work-life balance
B.ESRS S1-15
GRI 403: Health and
safety at work
GRI 3-3
Management of material topics
B.ESRS S1
SBM-3
Sava Insurance
Group
403-01
Occupational health and safety management
system
B.ESRS S1-1
Sava Insurance
Group
403-02
Hazard identification, risk assessment and
incident investigation for employees
B.ESRS S1-3
Sava Insurance
Group
403-08
Occupational health and safety programmes for
employees
B.ESRS S1-14
Sava Insurance
Group
403-09
The work-related hazards that pose a risk of
injury, including measures
B.ESRS S1-4,
S1-14
Sava Insurance
Group

Graphics
225
GRI 1 used
GRI 1: Foundation 2021
403-10
The work-related hazards that pose a risk of ill
health, including measures
B.ESRS S1-4,
S1-14
Sava Insurance
Group
GRI 404: Education
and training
GRI 3-3
Management of material topics
B.ESRS 2 SBM-
3
Sava Insurance
Group
404-01
Employee training and development
B.ESRS S1-13
Sava Insurance
Group
404-03
Performance and career development reviews
B.ESRS S1-13
Sava Insurance
Group
GRI 405: Diversity
and equal
opportunities
GRI 3-3
Management of material topics
B.ESRS SBM-3
Sava Insurance
Group
405-01
Employee characteristics
B.ESRS S1-6,
S1-9
Sava Insurance
Group
405-1
Persons with disabilities
B.ESRS S1-12
Sava Insurance
Group
405-02
Remuneration metrics, ratio of basic salary of
women to men
B.ESRS S1-16
Sava Insurance
Group
GRI 406
GRI 3-3
Management of material topics
B.ESRS SBM-3
Sava Insurance
Group
406-01
Discrimination
B.ESRS S1-17
Sava Insurance
Group
Local communities
GRI 3-3
Management of material topics
B.ESRS S3
Sava Insurance
Group
GRI 2-23
Respect for human rights of community
representatives
B.ESRS S3-1
Sava Insurance
Group
GRI 2-25
Processes to remediate negative impacts
B.ESRS S3-1,
S3-3, S3-4
Sava Insurance
Group
GRI 2-26
Grievance mechanisms for local communities
B.ESRS S3-3
Sava Insurance
Group
GRI 2-29
Approach to local community engagement
B.ESRS S3-2
Sava Insurance
Group
203-02
Significant indirect economic impacts on local
communities
B.ESRS S3-4
Sava Insurance
Group
GRI 413: Local
communities
413-01
Operations with local community engagement,
impact assessments, and development programs
B.ESRS S3
SBM-3
Sava Insurance
Group
413-02
Operations with negative impacts on local
communities
B.ESRS S3
SBM-3 (not
identified)
Sava Insurance
Group
Consumers and end-
users
GRI 3-3
Management of material topics
B.ESRS S4
Sava Insurance
Group
2-23
Respect for human rights of customers
B.ESRS S4-1
Sava Insurance
Group
2-29
The organisation’s commitment to provide for, or
cooperate in, the remediation of adverse impacts
in the customer area
B.ESRS S4-1,
S4-2
Sava Insurance
Group
2-25
The organisation’s approach to identifying and
addressing customer complaints, including
grievance mechanisms
B.ESRS S4-1,
S4-3, S4-4
Sava Insurance
Group
2-12
Role of the highest governance body in
overseeing and managing sustainability topics in
relation to customers
B.ESRS S4-2
Sava Insurance
Group
2-26
Grievance mechanisms
B.ESRS S4-3
Sava Insurance
Group

Graphics
226
GRI 1 used
GRI 1: Foundation 2021
GRI 417: Marketing
and labelling
417-01
Requirements for product and service
information and labelling
B.ESRS S4-2
Sava Insurance
Group
GRI 418: Consumer
privacy and data
protection
418-01
Complaints concerning customer privacy and
personal data protection
B.ESRS S4-3,
G1
Protection of
personal data
Sava Insurance
Group
GOVERNANCE
IMPACTS
GRI 2 and GRI 3
GRI 3-3
Management of material topics
B.ESRS G1
Sava Insurance
Group
2-9
Organisational structure
B.ESRS G1-5
Sava Insurance
Group
2-16
Corporate governance and responsibility for
sustainability
B.ESRS G1-1
Sava Insurance
Group
2-23
Methods and extent of control over the
organisation
B.ESRS G1-1
Sava Insurance
Group
2-24
Relations with stakeholders
B.ESRS G1-1
Sava Insurance
Group
2-26
Grievance and feedback mechanisms
B.ESRS G1-1
Sava Insurance
Group
2-27
Compliance with laws and regulations
B.ESRS G1-4
Sava Insurance
Group
GRI 204:
Procurement
practices
204-01
Proportion of spending on local suppliers
B.ESRS G1:
proportion not
disclosed
Sava Insurance
Group
GRI 205: Corruption
205-1
Anti-corruption in the company
B.ESRS G1-3
Sava Insurance
Group
205-2
Anti-corruption procedures
B.ESRS G1-3
Sava Insurance
Group
GRI 308: Suppliers’
environmental
impacts
308-1
Screening of suppliers for environmental impacts
B.ESRS G1-2
Sava Insurance
Group
GRI 401: Suppliers’
social impacts
414-1
Screening of suppliers for social impacts
B.ESRS G1-2
Sava Insurance
Group
GRI 415:
Contributions to
political parties
405-01
Contributions to political parties
B.ESRS G1-5
Sava Insurance
Group

Graphics
227

Graphics
228

Graphics
229
C. Financial statements with
notes

Graphics
230
STATEMENT OF MANAGEMENT’S RESPONSIBILITY
The management board of Sava Re d.d. hereby approves the financial statements of the Sava Insurance
Group and Sava Re for the year ended 31 December 2024, and the accompanying appendices to the
financial statements, accounting policies and notes to the financial statements. The management
board confirms that the financial statements, including the notes, have been prepared on a going
concern basis regarding the operations of the Company and the Group and that they comply with
Slovenian law and the International Financial Reporting Standards as adopted by the EU. The financial
statements have been prepared using relevant judgements, estimates and assumptions, including
actuarial judgements, which apply the methods most suited to the Company and the Group under
given circumstances, based on which we can give the below assurances.
The management board members ensure that to the best of their knowledge:
the financial statements and the accompanying notes have been drawn up in accordance with the
reporting principles adopted by the Company and the Group and give a true and fair view of the
assets and liabilities, financial position, profit and loss of the Company and the Group;
the business report includes a fair presentation of the development and results of operations of
the Company and the Group, and their financial position, including a description of the significant
risks and opportunities that Sava Re and the Sava Insurance Group are exposed to;
Furthermore, the management board is responsible for keeping appropriate records that at all times
present, in understandable detail, the financial position of the Company and the Group, for adopting
appropriate measures to protect assets, and for preventing and detecting fraud and other
irregularities.
The tax authorities may, at any time within five years of the end of the year in which the tax was
assessed, review the operations of the Company, which could result in additional tax obligations,
default interest or penalties related to corporate income tax or other taxes or levies. The Company’s
management board is not aware of any circumstances that may give rise to any such significant liability.
Marko Jazbec, Chairman of the Management Board
Polona Pirš, Member of the Management Board
Peter Skvarča, Member of the Management Board
David Benedek, Member of the Management Board
Ljubljana, 14 March 2025

Graphics

231
1 Auditor’s report



Graphics

232



Graphics

233



Graphics

234



Graphics

235



Graphics

236



Graphics

237



Graphics

238



Graphics
239
2 Financial statements
The financial statements of the Sava Insurance Group and Sava Re d.d for 2024
2.1 Statement of financial position
EUR
Note
Sava Insurance Group
Sava Re
31 December
2024
31 December
2023
31 December
2024
31 December
2023
ASSETS
Intangible assets and goodwill
3.7.1
65,562,925
65,148,831
6,482,385
4,674,935
Property, plant and equipment
3.7.2
58,730,561
59,686,798
2,550,365
2,675,158
Investment property
3.7.5
24,147,256
24,890,278
7,431,872
7,582,168
Right-of-use assets
3.7.3
10,794,664
8,573,398
254,940
277,158
Investments in subsidiaries
3.7.6
0
0
305,834,606
305,666,793
Investments in associates and joint ventures
3.7.6
25,615,695
23,834,620
19,575,000
19,575,000
Investments in associates accounted for using equity method
25,615,695
23,834,620
0
0
Investments in associates measured at cost
0
0
19,575,000
19,575,000
Deferred tax assets
3.7.4
4,429,192
6,584,400
4,155,469
5,087,420
Financial investments measured at
3.7.7
2,329,080,204
2,012,532,633
444,386,051
354,384,196
Fair value through other comprehensive income
1,438,662,572
1,276,147,045
400,200,967
311,285,620
Amortised cost
75,722,712
76,303,166
5,677,769
5,811,776
Fair value through profit or loss
814,694,920
660,082,422
38,507,315
37,286,800
Investment contract assets
3.7.8
201,171,005
180,628,137
0
0
Insurance contract assets
3.7.9
10,842,363
9,607,288
5,670,015
5,095,344
Reinsurance contract assets
3.7.9
77,518,752
107,481,560
65,962,107
95,762,621
Current tax assets
3.7.17
2,168,191
444,616
671,315
0
Trade and other receivables
3.7.17
16,714,805
14,271,358
360,778
198,366
Non-current assets held for sale
3.7.20
1,225,892
259,649
0
0
Cash and cash equivalents
3.7.19
52,349,765
50,559,964
14,724,094
12,260,049
Other assets
3.7.18
5,057,343
4,042,606
994,736
715,114
Total assets
2,885,408,613
2,568,546,136
879,053,733
813,954,322
LIABILITIES
Subordinated liabilities
3.7.30
125,058,474
74,987,535
125,058,474
74,987,535
Deferred tax liabilities
3.7.4
3,445,418
3,436,591
0
0
Insurance contract liabilities
3.7.9
1,831,367,970
1,651,022,247
286,075,675
295,752,723
Reinsurance contract liabilities
3.7.9
3,983,205
1,642,043
2,192,025
446,848
Investment contract liabilities
3.7.8
200,954,895
180,437,695
0
0
Provisions
3.7.31
8,582,417
8,074,255
474,263
419,660
Lease liability
3.7.3
11,136,702
8,844,737
260,617
280,366
Other financial liabilities
3.7.32
431,656
737,085
0
0
Current tax liabilities
3.7.33
1,471,324
9,930,830
0
6,319,991
Other liabilities
3.7.34
50,416,096
43,769,505
6,039,922
4,850,021
Total liabilities
2,236,848,157
1,982,882,523
420,100,976
383,057,144
EQUITY
Share capital
3.7.21
71,856,376
71,856,376
71,856,376
71,856,376
Capital reserves
3.7.22
42,490,942
42,702,320
54,239,757
54,239,757
Profit reserves
3.7.23
308,021,790
281,693,666
308,076,624
281,959,459
Treasury shares
3.7.24
-24,938,709
-24,938,709
-24,938,709
-24,938,709
Accumulated other comprehensive income
3.7.25
-25,735,420
-28,195,652
-6,824,097
-9,766,315
Retained earnings
3.7.27
217,470,401
205,041,879
30,425,642
32,809,209
Net profit or loss for the period
3.7.26
61,511,032
39,702,056
26,117,164
24,737,401
Foreign currency translation reserve
3.7.28
-2,965,039
-3,049,094
0
0
Equity attributable to owners of the controlling company
647,711,373
584,812,842
458,952,757
430,897,178
Non-controlling interests in equity
3.7.29
849,083
850,771
0
0
Total equity
648,560,456
585,663,613
458,952,757
430,897,178
Total liabilities and equity
2,885,408,613
2,568,546,136
879,053,733
813,954,322
The notes to the financial statements in sections 3.4 to 3.9 form an integral part of these financial statements and should be read in
conjunction with them.


Graphics
240
2.2 Income statement
EUR
Note
Sava Insurance Group
Sava Re
112/2024
112/2023
112/2024
112/2023
Insurance revenue
3.7.36
801,213,638
697,562,811
171,664,689
167,804,126
Insurance service expenses
3.7.36
-662,350,015
-657,125,518
-115,918,533
-174,490,918
Insurance service result from insurance contracts issued
138,863,623
40,437,293
55,746,156
-6,686,792
Revenue from reinsurance contracts held
3.7.37
23,616,154
86,112,246
14,702,386
73,904,850
Expenses from reinsurance contracts held
3.7.37
-53,870,334
-43,071,777
-38,193,095
-30,235,703
Net result from reinsurance contracts held
-30,254,180
43,040,469
-23,490,709
43,669,147
Insurance service result
108,609,443
83,477,762
32,255,447
36,982,355
Interest income
3.7.38
27,602,417
21,119,902
7,680,291
4,735,050
Dividend income
3.7.38
1,053,524
1,099,061
140,821
217,967
Income or expenses from financial investments measured at
FVTPL
3.7.38
100,737,461
58,342,472
1,201,805
1,211,782
Gains and losses arising from the derecognition of financial
investments measured at FVOCI
3.7.38
131,649
-821,329
45,016
-120,448
Gains and losses arising from the derecognition of financial
investments measured at amortised cost
3.7.38
28,104
0
0
0
Net impairment losses and reversals of impairment losses
on financial investments
3.7.38
582,566
343,794
96,917
54,426
Net other investment income or expenses
3.7.38
6,978,309
-1,659,159
3,102,402
-3,754,391
Net investment result
137,114,030
78,424,741
12,267,252
2,344,386
Finance result from insurance contracts
3.7.16
-118,528,642
-62,000,579
-11,250,891
736,264
Finance result from reinsurance contracts
3.7.16
4,257,920
-612,578
3,810,171
-774,623
Net insurance finance income or expenses
-114,270,722
-62,613,157
-7,440,720
-38,359
Net insurance and finance result
22,843,308
15,811,584
4,826,532
2,306,027
Asset management revenue
3.7.39
23,660,332
19,589,410
4,034
0
Non-attributable operating expenses
3.7.40
-31,079,973
-29,432,276
-16,182,385
-13,805,508
Net impairment losses and reversals of impairment losses
on non-financial assets
67,847
231,724
0
0
Finance costs
3.7.30
-3,969,473
-3,114,997
-3,577,180
-2,882,998
Share of profit or loss of investments accounted for using
equity method
3.7.6
1,781,075
2,169,860
0
0
Net income and expenses from subsidiaries and associates
3.7.41
0
116,348
39,035,925
30,755,010
Gains or losses on disposal of discontinued operations
3.7.20
440,673
353,684
0
0
Net other operating income and expenses
3.7.42
-12,550,833
-9,589,746
-38,853
234,323
Profit or loss before tax
109,802,399
79,613,353
56,323,520
53,589,209
Income tax expense
3.7.43
-21,955,857
-14,956,182
-4,089,191
-4,114,407
Net profit or loss for the period
87,846,542
64,657,171
52,234,329
49,474,802
Net profit or loss attributable to non-controlling interests
190,817
192,367
0
0
Net profit or loss attributable to owners of the controlling
company
3.7.26
87,655,725
64,464,804
52,234,329
49,474,802
Earnings per share (basic and diluted)
3.7.26
5.66
4.16
The notes to the financial statements in sections 3.4 to 3.9 form an integral part of these financial statements and should be read in
conjunction with them.


Graphics
241
2.3 Statement of other comprehensive income
EUR
Note
Sava Insurance Group
Sava Re
112/2024
112/2023
112/2024
112/2023
PROFIT OR LOSS FOR THE PERIOD, NET OF TAX
87,846,542
64,657,171
52,234,329
49,474,802
OTHER COMPREHENSIVE INCOME, NET OF TAX
3.7.25
2,542,395
17,146,991
2,942,218
4,530,414
a) Items that will not be reclassified subsequently to profit or loss
1,933,742
818,871
-12,298
26,439
Net gains or losses on investments in equity instruments at FVOCI
1,983,179
1,042,213
0
0
Other items that will not be reclassified subsequently to profit or loss
3.7.30
-47,313
-196,565
-12,298
27,063
Tax on items that will not be reclassified subsequently to profit or loss
3.7.41
-2,124
-26,777
0
-624
b) Items that may be reclassified subsequently to profit or loss
608,653
16,328,120
2,954,516
4,503,975
Finance income or expenses from insurance contracts
3.7.16
-21,201,880
-33,063,968
-2,801,470
-6,255,975
Finance income or expenses from reinsurance contracts
3.7.16
1,623,603
1,378,743
1,649,433
1,304,240
Fair value gain or loss on investments in debt instruments measured at FVTOCI
3.7.7
23,578,124
50,742,502
4,939,878
9,952,809
Tax on items that may be reclassified subsequently to profit or loss
3.7.41
-3,475,539
-2,935,470
-833,325
-497,099
Net gains or losses from translation of financial statements
84,345
206,313
0
0
COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX
90,388,937
81,804,162
55,176,547
54,005,216
Comprehensive income attributable to owners of the controlling company
90,199,818
81,614,473
55,176,547
54,005,216
Comprehensive income attributable to non-controlling interests
189,119
189,689
0
0
The notes to the financial statements in sections 3.4 to 3.9 form an integral part of these financial statements and should be read in conjunction with them.


Graphics
242
2.4 Cash flow statement
Sava Insurance Group
Sava Re
EUR
Note
112/2024
112/2023
112/2024
112/2023
A.
Cash flows from operating activities
a)
Items of the income statement
-9,324,780
7,726,211
11,757,228
16,384,524
Net profit or loss for the period
3.7.26
87,846,542
64,657,171
52,234,329
49,474,802
Adjustments for:
-97,171,322
-56,930,960
-40,477,101
-33,090,278
Depreciation and amortisation expense
10,102,851
9,990,892
809,017
738,774
Depreciation of right-of-use assets
3.7.3
2,730,145
1,716,035
108,365
82,608
Finance expenses
48,603,234
53,158,033
6,332,694
5,903,268
Finance income
-178,971,924
-130,692,979
-52,089,680
-40,894,811
Gains or losses on the disposal of property, plant and equipment assets
283,604
-855,957
-28,489
-28,323
Gains or losses of investments accounted for using equity method
3.7.6
-1,781,075
-2,169,860
0
0
Gains or losses on the disposal of subsidiaries and associates
3.7.6
0
-116,348
0
-112,595
Gains or losses on disposal of discontinued operations
-576,175
46,651
0
0
Increase or decrease in provisions
543,619
-122,242
134,148
106,404
Net exchange differences
-61,458
-2,841,367
167,653
-3,000,010
Income tax expense
3.7.43
21,955,857
14,956,182
4,089,191
4,114,407
b)
Changes in operating cash flow items
163,800,654
90,618,113
8,088,261
-11,218,791
Net change in insurance and reinsurance contracts
190,326,951
100,504,161
19,107,825
-10,313,260
Change in other receivables and other assets
-24,130,787
-17,184,956
-61,536
1,586,660
Change in other liabilities
31,060,755
20,055,151
18,146
-2,147,977
Corporate income tax paid
-33,456,265
-12,756,243
-10,976,174
-344,214
c)
Net cash from/used in operating activities (a + b)
154,475,874
98,344,324
19,845,489
5,165,733
B.
Cash flows from investing activities
a)
Cash receipts from investing activities
581,457,980
373,072,106
180,264,334
134,050,429
Interest received classified as investing activities
23,121,365
20,214,734
5,370,837
4,030,654
Cash receipts from dividends and participation in the profit of others
929,262
399,271
39,176,746
30,860,382
Proceeds from sale of property, plant and equipment assets
549,048
4,150,446
68,798
42,155
Proceeds from disposal of non-current assets held for sale
461,445
885,018
0
0
Proceeds from disposal of financial investments
556,396,860
347,422,637
135,647,953
99,117,238
Proceeds from disposal of subsidiaries and other companies
3.7.6
0
112,596
0
112,595
Proceeds from repayment of loans to subsidiaries
0
0
850,000
0
Other proceeds from disposal of financial investments
556,396,860
347,310,041
134,797,953
99,004,643
b)
Cash disbursements in investing activities
-747,597,713
-486,542,321
-216,912,674
-123,198,731
Purchase of intangible assets
-5,190,147
-4,683,220
-2,191,569
-967,769
Purchase of property, plant and equipment
-7,235,399
-4,885,865
-190,119
-363,031
Purchase of investment property
-3,535
-2,612,918
0
-10,045
Purchase of financial investments
-735,168,632
-474,360,318
-214,530,986
-121,857,886
Purchase of subsidiaries or other companies
-167,813
-1,993,500
-167,813
-1,993,500
Disbursement for loans to subsidiaries
0
0
-850,000
0
Other disbursements to acquire financial investments
-735,000,819
-472,366,818
-213,513,173
-119,864,386
c)
Net cash from/used in investing activities (a + b)
-166,139,733
-113,470,215
-36,648,340
10,851,698
C.
Cash flows from financing activities
a)
Cash receipts from financing activities
51,435,970
2,633,769
49,313,661
0
Proceeds from paid-in capital
0
263,999
0
0
Proceeds from borrowing
51,435,970
2,369,770
49,313,661
0
b)
Cash disbursements in financing activities
-37,982,310
-30,171,545
-30,046,765
-27,683,411
Interest paid
-3,204,617
-3,051,818
-2,819,902
-2,807,331
Repayments of loans and borrowings
-2,431,103
-2,188,659
0
0
Repayments of lease liabilities
-5,022,110
0
-105,895
-79,765
Dividends and other profit participations paid
3.7.27
-27,324,480
-24,931,068
-27,120,968
-24,796,315
c)
Net cash from/used in financing activities (a + b)
13,453,660
-27,537,776
19,266,896
-27,683,411
C2.
Closing balance of cash and cash equivalents
52,349,765
50,559,964
14,724,094
12,260,049
x)
Increase or decrease in cash and cash equivalents for the period (Ac + Bc + Cc)
1,789,801
-42,663,667
2,464,045
-11,665,980
y)
Opening balance of cash and cash equivalents
3.7.19
50,559,964
93,223,631
12,260,049
23,926,029
The notes to the financial statements in sections 3.4 to 3.9 form an integral part of these financial statements and should be read in
conjunction with them.


Graphics
243
2.5 Statement of changes in equity for 2024
EUR
Sava Insurance Group
Share capital
Capital
reserves
Profit reserves
Accumulated
other
comprehensive
income
Retained
earnings
Net profit
or loss for
the period
Foreign
currency
translation
reserve
Equity
attributable to
owners of the
controlling
company
Non-
controlling
interests in
equity
Total
Legal reserves
and reserves
provided for in
the articles of
association
Capital
redemption
reserve
Treasury
shares
Other profit
reserves
Closing balance in previous financial year
71,856,376
42,702,320
12,176,144
24,938,709
-24,938,709
244,578,813
-28,195,652
205,041,879
39,702,056
-3,049,094
584,812,842
850,771
585,663,613
Equity (start of period)
71,856,376
42,702,320
12,176,144
24,938,709
-24,938,709
244,578,813
-28,195,652
205,041,879
39,702,056
-3,049,094
584,812,842
850,771
585,663,613
Comprehensive income for the period, net of tax
0
0
0
0
0
0
2,460,038
0
87,655,725
84,055
90,199,818
189,119
90,388,937
Net profit or loss for the period
0
0
0
0
0
0
0
0
87,655,725
0
87,655,725
190,817
87,846,542
Other comprehensive income
0
0
0
0
0
0
2,460,038
0
0
84,055
2,544,093
-1,698
2,542,395
Dividends paid
0
0
0
0
0
0
0
-27,171,948
0
0
-27,171,948
-152,532
-27,324,480
Allocation of net profit to profit reserve
0
0
34,082
0
0
26,294,042
0
-183,431
-26,144,693
0
0
0
0
Settlement of previous years’ losses
0
-83,363
0
0
0
0
0
83,363
0
0
0
0
0
Transfer of profit
0
0
0
0
0
0
0
39,702,056
-39,702,056
0
0
0
0
Acquisition of non-controlling interests
0
-128,015
0
0
0
0
0
-1,518
0
0
-129,533
-38,275
-167,808
Other
0
0
0
0
0
0
194
0
0
0
194
0
194
Equity (end of period)
71,856,376
42,490,942
12,210,226
24,938,709
-24,938,709
270,872,855
-25,735,420
217,470,401
61,511,032
-2,965,039
647,711,373
849,083
648,560,456
EUR
Sava Re
Share capital
Capital reserves
Profit reserves
Accumulated
other
comprehensive
income
Retained
earnings
Net profit
or loss for
the period
Equity
attributable to
owners of the
controlling
company
Total
Legal reserves
and reserves
provided for in
the articles of
association
Capital
redemption
reserve
Treasury shares
Other profit
reserves
Closing balance in previous financial year
71,856,376
54,239,757
14,986,525
24,938,709
-24,938,709
242,034,225
-9,766,315
32,809,209
24,737,401
430,897,178
430,897,178
Equity (start of period)
71,856,376
54,239,757
14,986,525
24,938,709
-24,938,709
242,034,225
-9,766,315
32,809,209
24,737,401
430,897,178
430,897,178
Comprehensive income for the period, net of tax
0
0
0
0
0
0
2,942,218
0
52,234,329
55,176,547
55,176,547
Net profit or loss for the period
0
0
0
0
0
0
0
0
52,234,329
52,234,329
52,234,329
Other comprehensive income
0
0
0
0
0
0
2,942,218
0
0
2,942,218
2,942,218
Dividends paid
0
0
0
0
0
0
0
-27,120,968
0
-27,120,968
-27,120,968
Allocation of net profit to profit reserve
0
0
0
0
0
26,117,165
0
0
-26,117,165
0
0
Transfer of profit
0
0
0
0
0
0
0
24,737,401
-24,737,401
0
0
Equity (end of period)
71,856,376
54,239,757
14,986,525
24,938,709
-24,938,709
268,151,390
-6,824,097
30,425,642
26,117,164
458,952,757
458,952,757
The notes to the financial statements in sections 3.4 to 3.9 form an integral part of these financial statements and should be read in conjunction with them.

Graphics
244
2.6 Statement of changes in equity for 2023
EUR
Sava Re
Share capital
Capital reserves
Profit reserves
Accumulated
other
comprehensive
income
Retained
earnings
Net profit or
loss for the
period
Equity
attributable to
owners of the
controlling
company
Total
Legal reserves and
reserves provided
for in the articles
of association
Capital
redemption
reserve
Treasury shares
Other profit
reserves
Closing balance in previous financial year
71,856,376
54,239,757
14,986,525
24,938,709
-24,938,709
217,296,824
-14,296,729
24,225,388
33,367,515
401,675,656
401,675,656
Equity (start of period)
71,856,376
54,239,757
14,986,525
24,938,709
-24,938,709
217,296,824
-14,296,729
24,225,388
33,367,515
401,675,656
401,675,656
Comprehensive income for the period, net of tax
0
0
0
0
0
0
4,530,414
0
49,474,802
54,005,216
54,005,216
Net profit or loss for the period
0
0
0
0
0
0
0
0
49,474,802
49,474,802
49,474,802
Other comprehensive income
0
0
0
0
0
0
4,530,414
0
0
4,530,414
4,530,414
Dividends paid
0
0
0
0
0
0
0
-24,796,314
0
-24,796,314
-24,796,314
Allocation of net profit to profit reserve
0
0
0
0
0
24,737,401
0
0
-24,737,401
0
0
Transfer of profit
0
0
0
0
0
0
0
33,367,515
-33,367,515
0
0
Other
0
0
0
0
0
0
0
12,620
0
12,620
12,620
Equity (end of period)
71,856,376
54,239,757
14,986,525
24,938,709
-24,938,709
242,034,225
-9,766,315
32,809,209
24,737,401
430,897,178
430,897,178
The notes to the financial statements in sections 3.4 to 3.9 form an integral part of these financial statements and should be read in conjunction with them.
Sava Insurance Group
EUR
Share capital
Capital
reserves
Profit reserves
Accumulated
other
comprehensive
income
Retained
earnings
Net profit or
loss for the
period
Foreign
currency
translation
reserve
Equity
attributable to
owners of the
controlling
company
Non-controlling
interests in
equity
Total
Legal reserves
and reserves
provided for in
the articles of
association
Capital
redemption
reserve
Treasury
shares
Other profit
reserves
Closing balance in previous financial year
71,856,376
42,702,320
12,150,797
24,938,709
-24,938,709
219,856,085
-45,138,332
214,047,218
18,712,745
-3,256,083
530,931,126
532,551
531,463,677
Equity (start of period)
71,856,376
42,702,320
12,150,797
24,938,709
-24,938,709
219,856,085
-45,138,332
214,047,218
18,712,745
-3,256,083
530,931,126
532,551
531,463,677
Comprehensive income for the period, net
of tax
0
0
0
0
0
0
16,942,680
0
64,464,804
206,989
81,614,473
189,689
81,804,162
Net profit or loss for the period
0
0
0
0
0
0
0
0
64,464,804
0
64,464,804
192,367
64,657,171
Other comprehensive income
0
0
0
0
0
0
16,942,680
0
0
206,989
17,149,669
-2,678
17,146,991
Dividends paid
0
0
0
0
0
0
0
-24,795,600
0
0
-24,795,600
-135,468
-24,931,068
Allocation of net profit to profit reserve
0
0
25,347
0
0
24,722,728
0
14,673
-24,762,748
0
0
0
0
Transfer of profit
0
0
0
0
0
0
0
18,712,745
-18,712,745
0
0
0
0
Acquisition and disposal of subsidiary
0
0
0
0
0
0
0
0
0
0
0
263,999
263,999
Other
0
0
0
0
0
0
0
-2,937,157
0
0
-2,937,157
0
-2,937,157
Equity (end of period)
71,856,376
42,702,320
12,176,144
24,938,709
-24,938,709
244,578,813
-28,195,652
205,041,879
39,702,056
-3,049,094
584,812,842
850,771
585,663,613


Graphics
245
3 Notes to the financial statements


3.1 Basic details
Reporting company
Sava Re d.d. (hereinafter also the Company) is the parent of the Sava Insurance Group (hereinafter
also the Group). The Company was established under the Foundations of the Life and Non-Life
Insurance System Act, and was entered in the company register kept by the Ljubljana Basic Court,
Ljubljana Unit (now Ljubljana District Court), on 10 December 1990. Its legal predecessor,
Pozavarovalna Skupnost Sava, was established in 1977.
Business address of the controlling company Dunajska cesta 56, Ljubljana, Slovenia
Name of reporting entity Pozavarovalnica Sava, d.d. (Sava Reinsurance Company
d.d., Sava Re d.d.)
Legal form of entity delniška družba (public limited company)
Domicile of entity Slovenia
Address of entity’s registered office Slovenia
Country of incorporation Slovenia
Principal place of business Slovenia
Description of nature of entity’s operations and reinsurance
principal activities
Name of parent entity Pozavarovalnica Sava, d.d. (Sava Reinsurance Company
d.d., Sava Re d.d.)
Name of ultimate parent of group Pozavarovalnica Sava, d.d. (Sava Reinsurance Company
d.d., Sava Re d.d.)
Explanation of change in name of reporting entity or no change in 2024
other means of identification from end of preceding
reporting period
Description of nature of financial statements financial statements of the Sava Insurance Group and
Sava Re d.d for 2024
Date of end of reporting period 31 December 2024
Period covered by financial statements 1 January 2024 – 31 December 2024
Description of presentation currency euro
Level of rounding used in financial statements rounded to the nearest whole number








The Group transacts reinsurance business (12.3% of the business volume), non-life insurance business
(64.8% of the business volume), life insurance business (19.6% of the business volume), pension
business and asset management (2.6% of the business volume) and other non-insurance business
(0.7% of the business volume)
124
.

The number of staff employed by the Group on the last day of 2024 was 2,892.9 (31 December 2023):
2,744.8 employees), calculated on a full-time equivalent basis. The number of full-time employees
according to the different criteria is presented in section B.ESRS S1 “Own workforce”.

As at 31 December 2024, the Company employed 148.3 people (31 December 2023: 144.1 employees),
calculated on a full-time equivalent basis. The number of full-time employees according to the
different criteria is presented in section B.ESRS S1 “Own workforce”.
124
Data for 2024.


Graphics
246
The bodies of the Company are the general meeting, the supervisory board and the management
board.
The Company’s largest shareholders are Slovenian Sovereign Holding (Slovenski državni holding) and
the Republic of Slovenia (which is the founder and sole shareholder of Slovenian Sovereign Holding),
which together hold 31.6% of the shares. InterCapital Securities Ltd. holds 19.2% of the shares in a
fiduciary account. The largest ultimate beneficial owners of the shares registered in the mentioned
fiduciary account are Croatia Osiguranje d.d. and Adris Grupa d.d., which, according to the information
available on 6 May 2024, hold a total of 3,278,049 POSR shares.
The table “Ten largest shareholders and the list of holders of qualified holdings pursuant to the
Takeovers Act as at 31 December 2024” (section A.3 “Shareholders and share trading”) is followed by
an additional note on the share of voting rights in Sava Re (section A.3 “Shareholders and share
trading”).
It is the responsibility of the Company’s management board to prepare the annual report and authorise
it for issue to the supervisory board. The audited annual report is then approved by the Company’s
supervisory board. If the annual report is not approved by the supervisory board, or if the management
and supervisory boards leave the decision about its approval (authorisation for issue) to the general
meeting of shareholders, the general meeting also decides on the approval (authorisation for issue) of
the annual report.
The general meeting has the power to amend the annual report after it has been approved by the
Company’s management board; however, it must be re-audited by the external auditor within two
weeks after its approval by the general meeting.





3.2 Business combinations and overview of Group companies
Changes in 2024
On 22 February 2024, Sava Re signed a contract to acquire a 2.5% stake in TBS Team 24. Upon
completion of the transaction on 27 February 2024, Sava Re held a 90% stake in the company.

Changes in 2023
In April 2023, Sava Re finalised the sale of its ownership interest in G2I, an associated company
marketing online motor policies. The effect of the sale on the consolidated financial statements was a
gain of EUR 112,594.

In August 2023, Sava Re established Vita S Holding d.o.o., based in Skopje, North Macedonia, in which
it holds an 80% stake. As at 31 December 2023, the balance of the investment was EUR 1,056,000. The
company was established to provide a platform for Sava Re to develop healthcare services in North
Macedonia. The date of first-time inclusion of the company in the financial statements is 30 September
2023.
In December, the company SO Poslovno Savjetovanje d.o.o. ceased trading. The company was
summarily wound up and struck off the register of companies on 22 December 2023. As from the strike
off, the company has not been included in the consolidated financial statements. The exclusion of the
company had no impact on the consolidated financial statements.



Graphics
247

Subsidiaries as at 31 December 2024
EUR Equity as at Profit or Share
Activity Country of Assets Liabilities 31 loss for Total of voting
incorporation December 2024 income rights (%)
2024
Zavarovalnic insurance Slovenia 1,147,983,808 864,324,223 283,659,584 47,834,593 639,537,037 100.00%
a Sava
Sava
Neživotno insurance Serbia 44,406,416 32,228,162 12,178,254 394,228 50,688,171 100.00%
Osiguranje
(SRB)
Illyria insurance Kosovo 30,645,967 18,814,240 11,831,727 1,431,733 20,471,397 100.00%
Sava North
Osiguruvanje insurance Macedonia 27,625,593 18,659,424 8,966,169 512,067 25,775,105 93.86%
(MKD)
Sava
Osiguranje insurance Montenegro 34,525,822 21,380,329 13,145,494 2,474,402 23,174,997 100.00%
(MNE)
Illyria Life insurance Kosovo 19,902,527 12,382,167 7,520,360 1,197,426 3,714,670 100.00%
Sava Životno
Osiguranje insurance Serbia 19,133,633 11,169,327 7,964,305 761,160 6,515,847 100.00%
(SRB)
Sava Car technical
(MNE) testing and Montenegro 1,552,538 907,324 645,214 88,632 1,012,338 100.00%
analysis
ZM insurance Slovenia 139,242 106,412 32,830 -69,130 827,980 100.00%
Svetovanje agency
Asistim
(former call centre Slovenia 145,264 66,820 78,444 20,170 745,297 100.00%
Ornatus KC)
Sava Agent insurance Montenegro 2,202,907 1,918,771 284,136 141,139 901,834 100.00%
agency
technical North
Sava Station testing and Macedonia 457,942 35,018 422,924 80,576 224,968 93.86%
analysis
Sava pension fund Slovenia 238,774,531 230,481,254 8,293,277 550,560 3,563,770 100.00%
Pokojninska
provision of
TBS Team 24 assistance Slovenia 6,334,973 4,481,878 1,853,095 1,838,853 28,381,610 90.00%
services
Sava pension fund North
Penzisko managemen Macedonia 14,421,455 960,524 13,460,931 2,709,618 6,866,496 100.00%
Društvo t
fund
Sava Infond managemen Slovenia 14,142,574 2,570,289 11,572,285 5,151,090 16,917,984 100.00%
t activities
Vita insurance Slovenia 832,034,472 761,333,067 70,701,405 8,434,451 37,304,913 100.00%
Sava Car technical
(SRB) testing and Serbia 51,035 7,891 43,144 6,682 227,588 100.00%
analysis
computer
ASP (SRB) programmin Serbia 291,233 9,982 281,252 60,499 882,824 100.00%
g
Vita S non-
Holding specialised North 2,373,649 1,207,554 1,166,096 -141,582 0 80.00%
(MKD) wholesale Macedonia
trade



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Subsidiaries as at 31 December 2023
EUR Equity as at Profit or Share of
Activity Country of Assets Liabilities 31 loss for Total voting
incorporation December 2023 income rights (%)
2023
Zavarovalnic insurance Slovenia 1,070,662,541 822,568,735 248,093,806 26,313,921 590,454,064 100.00%
a Sava
Sava
Neživotno insurance Serbia 36,984,172 24,941,666 12,042,506 1,177,260 43,994,910 100.00%
Osiguranje
(SRB)
Illyria insurance Kosovo 27,071,632 16,550,901 10,520,731 1,025,462 18,836,128 100.00%
Sava North
Osiguruvanje insurance Macedonia 24,383,956 15,850,119 8,533,837 -40,791 22,129,006 93.86%
(MKD)
Sava
Osiguranje insurance Montenegro 32,096,784 19,774,812 12,321,972 3,585,668 21,627,386 100.00%
(MNE)
Illyria Life insurance Kosovo 18,144,263 11,204,276 6,939,987 1,074,443 2,989,118 100.00%
Sava Životno
Osiguranje insurance Serbia 16,083,286 8,693,789 7,389,497 640,302 4,901,309 100.00%
(SRB)
Sava Car technical
(MNE) testing and Montenegro 1,692,500 898,736 793,764 64,878 1,004,399 100.00%
analysis
ZM insurance Slovenia 194,125 86,286 107,839 -24,251 769,117 100.00%
Svetovanje agency
Asistim
(former call centre Slovenia 108,529 50,256 58,273 13,730 611,660 100.00%
Ornatus KC)
Sava Agent insurance Montenegro 2,195,357 1,842,616 352,741 150,720 899,415 100.00%
agency
technical North
Sava Station testing and Macedonia 383,778 41,260 342,518 116,353 258,370 93.86%
analysis
Sava pension fund Slovenia 215,013,455 206,735,828 8,277,627 506,936 3,339,857 100.00%
Pokojninska
provision of
TBS Team 24 assistance Slovenia 5,986,410 4,455,392 1,531,018 1,516,776 23,041,366 87.50%
services
Sava pension fund North
Penzisko managemen Macedonia 12,907,901 602,331 12,305,570 2,247,309 5,923,762 100.00%
Društvo t
fund
Sava Infond managemen Slovenia 11,338,888 1,926,327 9,412,561 4,144,562 13,248,955 100.00%
t activities
Vita insurance Slovenia 724,798,357 648,173,670 76,624,687 8,980,780 33,121,987 100.00%
Sava Car technical
(SRB) testing and Serbia 52,352 16,036 36,316 -45,646 202,756 100.00%
analysis
computer
ASP (SRB) programmin Serbia 306,636 82,122 224,514 86,564 287,881 100.00%
g
Vita S non-
Holding specialised North 1,307,325 234 1,307,091 -10,941 0 80.00%
(MKD) wholesale Macedonia
trade
If the new companies had been part of the Group since 1 January 2023, total revenue and net profit for 2023 would have totalled
EUR 788,480,228 and EUR 51,591,512, respectively.



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Overview of companies with non-controlling interests
Sava Osiguruvanje Sava Station TBS Team 24 S Vita Holding
2024 2023 2024 2023 2024 2023 2024 2023
Non-controlling interest as % of equity 6.14% 6.14% 6.14% 6.14% 10.00% 12.50% 20.00% 20.00%
Proportion of non-controlling interest
voting rights, in % 0.915% 0.915% 0.915% 0.915% 12.50% 12.500% 20.00% 20.00%
Statement of profit or loss and other
comprehensive income
Income 25,775,105 22,129,006 224,968 258,370 28,381,610 23,041,366 0 0
Net profit for the year 512,067 -40,791 80,576 116,353 1,838,853 1,516,776 -141,582 -10,941
Of non-controlling interest 31,424 -2,503 4,945 7,140 183,885 189,597 -28,316 -2,188
Other comprehensive income 96,694 283,570 254 13,919 0 49,087 0 263,606
Of non-controlling interest 5,934 17,402 16 854 0 6,136 0 52,721
Total comprehensive income 608,761 242,779 80,830 130,272 1,838,853 1,565,863 -141,582 252,665
Of non-controlling interest 37,358 14,899 4,960 7,994 183,885 195,733 -28,316 50,533
Dividends to non-controlling interests 13,060 14,630 0 0 37,919 120,124 0 0
Statement of financial position
Assets 27,625,593 24,383,956 457,942 383,778 6,334,973 5,986,410 2,373,649 1,307,325
Liabilities 18,659,424 15,850,119 35,018 41,260 4,481,878 4,455,392 1,207,554 234
Equity 8,966,169 8,533,837 422,924 342,518 1,853,095 1,531,018 1,166,096 1,307,091


3.3 Consolidation principles
The parent company prepared both separate and consolidated financial statements as at 31 December
2024.
The consolidated financial statements of the Sava Insurance Group include Sava Re as the parent
company and all companies directly or indirectly controlled by Sava Re. It controls a company if and
only if it has all the following elements:
power over the company (directs the relevant activities that significantly affect the company’s
returns),
exposure, or rights, to variable returns from its involvement with the company, and
the ability to use its power over the company to affect the amount of its returns.
The Group’s consolidated financial statements also include associate companies in which the members
of the Sava Insurance Group (parent and subsidiaries) hold, directly or indirectly, between 20% and
50% of all voting rights. If they hold less than 20%, they can still have significant influence, provided
such influence can be demonstrated.
All subsidiaries in the Sava Insurance Group are fully consolidated. The Group does not apply the
exemption to exclude any of its companies from full consolidation. Interests in associates and joint
ventures are accounted for in the consolidated financial statements using the equity method.
The financial year of the Group is the same as the calendar year.
Subsidiaries are fully consolidated as of the date of obtaining control and are deconsolidated as of the
date that such control is lost.
Subsidiaries that manage pension funds (except Slovenia-based Sava Pokojninska Družba) and
management companies that manage the funds’ assets are consolidated without the funds as under
law such fund assets are separate from the assets of the company that manages them. Accordingly,
these funds are not included in the consolidated financial statements.


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Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any
non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity
interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets
acquired and the liabilities assumed. Subsequently, goodwill is measured at cost less any impairment
losses. The non-controlling interest is measured at the current proportionate share of the equity
interests in the acquiree’s recognised net assets.

When acquiring a non-controlling interest in a subsidiary (when the Group already holds a controlling
interest), the carrying amounts of the controlling and non-controlling interests are adjusted to reflect
the changes in their relative interests in the subsidiary. The Group recognises any difference between
the amount by which the non-controlling interests are adjusted, and the fair value of the consideration
paid directly in equity, and attributes it to the owners of the parent. The difference between cost and
the carrying amount of the non-controlling interest is accounted for in equity under capital reserves.
Profits earned and losses made by subsidiaries are included in the Group’s income statement. Intra-
Group transactions (receivables and liabilities, expenses and income between the consolidated
companies) have been eliminated.
All companies within the Group apply uniform accounting policies. If the accounting policies of a
subsidiary differ from the accounting policies applied by the Group, appropriate adjustments are made
to the financial statements of such subsidiary prior to the compilation of the consolidated financial
statements to ensure compliance with the accounting policies of the Group.


3.4 Significant accounting policies
Significant accounting policies applied in the preparation of the consolidated and separate financial
statements are set out below. In 2024, the Group applied the same accounting policies as in 2023.
Statement of compliance

The consolidated and separate financial statements have been prepared in accordance with the
International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards
Board (IASB), and interpretations of the International Financial Reporting Interpretations Committee
(IFRIC), as adopted by the European Union.
They have also been prepared in accordance with
applicable Slovenian legislation (the Companies Act ZGD-1). The “Sava Insurance Group financial
control rules” lay down accounting policies that must be followed by subsidiaries when reporting for
consolidation purposes. The “Rules on accounting and accounting policies of Sava Re d.d.” set down in
detail the accounting policies of the Company.
Interested parties can obtain information on the financial condition and results of operations of the
Sava Insurance Group by consulting the annual report. Annual reports are available on Sava Re’s
website and at its registered office.
In selecting and applying accounting policies, as well as in preparing the financial statements, the
management board of the parent company aims at providing understandable, relevant, reliable and
comparable accounting information.
The Company’s management board approved the audited financial statements on 14 March 2025.
3.4.1 Measurement basis
The financial statements have been prepared based on the going-concern assumption, which is further
described in section 3.6.1.4 “Risk assessment and going concern assumption”.



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The financial statements have been prepared on the historic cost basis, except for financial assets,
including policyholder assets, which are valued on both the fair value and amortised cost basis.
3.4.2 Presentation currency, translation of transactions and items
The financial statements are presented in euros (EUR) without cents. For ease of presentation, some
figures in the notes to the financial statements are rounded to million euro.
The euro is the functional
and presentation currency of Sava Re. The financial statements of the subsidiaries that have a
functional currency different from the presentation currency are translated into euros as described
below.
Rounding of values may result in insignificant differences in the table totals.
All balances as at 31 December 2024 whose original value is in a foreign currency have been translated
into euro at the rates of the European Central Bank (ECB) reference rate list published by the Bank of
Slovenia as at 31 December 2024. Amounts in the income statements have been translated using the
average exchange rate. Balances as at 31 December 2023 and 31 December 2024 have been translated
at the applicable daily or monthly ECB exchange rate for each currency. If the Bank of Slovenia does
not publish the exchange rate for a particular currency, the exchange rate published on Bloomberg is
used. Foreign exchange differences arising on settlement of transactions and on translation of
monetary assets and liabilities are recognised in the income statement. Exchange rate differences
associated with non-monetary items, such as equity securities carried at fair value through profit or
loss, are also recognised in the income statement, while exchange rate differences associated with
equity securities classified as available for sale are recognised in the fair value reserve. Since equity
items in the statement of financial position as at 31 December 2024 are translated using the exchange
rates of the ECB on that day and since interim movements are translated using the average exchange
rates of the ECB, any differences arising therefrom are disclosed in the equity item translation reserve.

In the consolidated financial statements, exchange rate differences resulting from the translation of a
net investment in a foreign subsidiary are recognised in the equity item translation reserve.
In measuring insurance contracts under IFRS 17, an individual group of insurance contracts that
generates cash flows in a foreign currency, including the contractual service margin, is treated as a
monetary item. The Company and the Group have endorsed the single currency denomination
approach, which means that a single currency is determined for the calculation of the contractual
service margin based on the prevailing currency of cash flows. The dominant or principal currency for
a contract may be determined in the underwriting process or may be determined on the basis of the
prevailing cash flows of the contracts included in a group of contracts, for example, portfolios of
contracts from specific foreign markets.

3.4.3 Use of major accounting estimates, sources of uncertainty
Assumptions and other sources of uncertainty relate to estimates that require management to make
complex, subjective and comprehensive judgements. The most important areas that involve significant
management judgement are presented below.
The source of uncertainty and significant risk in the measurement of insurance and reinsurance
contracts is discussed in section 3.4.20.7 “Measurement of (re)insurance contracts issued”:
Estimates of future cash flows are based on deterministic forecasting models.
The adjustment of the expected cash flows for the time value of money and the financial risks
associated with those cash flows is calculated using current discount rates determined using a
bottom-up approach.
The Group and the Company use deterministic and stochastic models to calculate value at risk
and tail value at risk, when calculating risk adjustments for non-financial risk.



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The need for impairment of goodwill is assessed using the accounting policy under section 3.4.6
“Goodwill” and note 3.7.1.
The method for determining the need for impairment of investments in subsidiaries and associates
is set out in accounting policy 3.4.12 “Investments in subsidiaries and associates” and in note 3.7.6.
Financial investments, investment contract assets and assets held for the benefit of policyholders
who bear the investment risk: The classification, recognition, measurement and derecognition,
impairment of investments and fair value measurement are based on the accounting policy set out
in section 3.4.13 Financial investments”. Movement in investments and their classification are
shown in note 3.7.7, whereas the related income and expenses are shown in note 3.7.37.
Other areas of management judgement:
The determination of the fair value of land and buildings for the purpose of impairment testing is
disclosed in section 3.4.7.
The determination of the fair value of investment property for the purpose of impairment testing
is disclosed in section 3.4.11, and the fair value of investment property is disclosed in note 3.7.35.
Intangible assets are tested for impairment at least annually. If there is any indication of
impairment, the recoverable amount of the intangible asset is reviewed.
Deferred tax assets and liabilities are recognised if Group entities plan to realise a profit in their
medium-term projections. For details, see section 3.4.10; deferred tax assets and liabilities are
presented in note 3.7.4.
Receivables are impaired in line with the accounting policy set out in section 3.4.15 “Receivables”.
The actuarial assumptions used in the calculation of employee benefits for severance pay upon
retirement and jubilee benefits are described in section 3.4.21 “Other provisions”, and the
sensitivity analysis of the assumptions used is presented in note 3.7.31 “Other provisions”.
The valuation of non-current assets held for sale is set out in section 3.4.9.

3.4.4 Cash flow statement
The cash flow statement has been prepared using the indirect method. The cash flow statement has
been prepared as the sum of all cash flows of all Group companies less any intra-Group cash flows.
Cash flows from operating activities have been prepared based on data from the 2024 statement of
financial position and income statement, with appropriate adjustments for items that do not constitute
cash flows. Cash flows from financing and investing activities are shown based on actual receipts and
disbursements. Items relating to changes in net current assets are shown net.




3.4.5 Intangible assets
Intangible assets, except goodwill, are stated at cost, including any expenses directly attributable to
preparing them for their intended use, less accumulated amortisation and any impairment losses.

Amortisation is calculated for each item separately, on a straight-line basis. Intangible assets are first
amortised upon their availability for use.
Intangible assets include computer software and software-related licences (which typically have a
useful life of between 5 and 7 years). In case of recognition of a specific intangible asset (such as a
customer list or contractual customer relationships), the useful life is determined for each such asset
separately.

Intangible assets are tested for impairment at least annually. If there is any indication of impairment,
the recoverable amount of the intangible asset is reviewed. The recoverable amount is the net value





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in use estimated using future cash flows. Value in use is determined based on management’s
assessment.
If the recoverable amount exceeds or is equal to the carrying amount, the asset is not impaired. An
impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount.


3.4.6 Goodwill
Goodwill arises on the acquisition of subsidiaries. In acquisitions, goodwill relates to the excess of the
cost of the business combination over the acquirer’s interest in the fair value of the identifiable assets,
liabilities and contingent liabilities of the acquired company. If the excess is negative (a gain on a
bargain purchase), it is recognised directly in the income statement. The recoverable amount of the
cash-generating unit so calculated is compared against its carrying amount, including goodwill
belonging to such unit. The recoverable amount of an asset or cash-generating unit is the higher of its
fair value less costs of disposal and value in use. Goodwill is not amortised.
Method of calculating value in use
Value in use for each cash-generating unit is calculated using the discounted cash flow method (DCF
method). The starting point for the calculation is the detailed business plans of each acquired company
representing a cash-generating unit and the estimate of the long-term results achievable. Value in use
is determined by reference to free cash flows discounted at an appropriate discount rate.
The discount rate is determined as the cost of equity (COE), using the capital asset pricing model
(CAPM). It is based on the interest rate on risk-free securities, equity risk premium, and insurance
business prospects applying the beta factor. Added is a country risk premium and a size premium.
The elements of the discount rate have been taken from:
The risk-free rate of return is based on the yield to maturity of 30-year German government bonds
(source: Bloomberg).
The equity risk premium has been taken from the publication of KPMG “Equity market risk
premium,” Research Summary, December 2024.
Tax rates included in the discount rate calculation are the applicable tax rates in individual
countries where companies operate.
Beta for individual industries has been calculated with reference to comparable companies of the
same industry of MSCI Small Cap Europe (source: Bloomberg).
The country risk premiums have been calculated as the difference between the yield to maturity
of German long-term government bonds and a comparable local bond issued (source: Bloomberg).
Size premium: CRSP Deciles Study, Duff & Phelps, December 2023.
The bases for the testing of value in use are prepared in several phases: In phase one, the Company
prepares five-year projections of performance results for each company as part of the regular planning
process unified Group-wide. These strategic plans are approved by the parent company and confirmed
by the relevant governance body. For insurance, pension and mutual fund management companies, it
is additionally assessed whether the capital required for an insurance company to operate under local
regulations would be fully engaged.
Premium growth and profitability was planned for foreign insurance companies in five-year projections
in view of the low insurance penetration rates. Insurance penetration is expected to increase markedly
due to the expected convergence of their countries’ macroeconomic indicators towards levels
common in western European countries. Western Balkan markets, which have a relatively low
penetration rate, are expected to see a faster growth in gross premiums than in expected GDP.




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The profitability of pension companies is expected to grow, driven by increased contributions to
pension funds as the result of demographic trends and at relatively fixed operating costs.
To estimate the residual value used in the calculation of the estimated value of equity, the calculation
considers normalised cash flow in the last year of the forecast made using the Gordon growth model.
The valuations used a long-term growth rate (g) of the risk-free rate of return (2.6%) to estimate the
residual value beyond the projection period.
A cash-generating unit consists of an individual company. Movement in goodwill is discussed in detail
in section 3.7.1.
Goodwill of associate companies is included in their respective carrying amount. Any impairment
losses on their goodwill are treated as impairment losses on investments in associate companies.
Section 3.7.1 sets out the main assumptions for cash flow projections with a calculation of value in use.




3.4.7 Property, plant and equipment
Items of property, plant and equipment are initially recognised at cost, including cost directly
attributable to the acquisition of the asset. Subsequently, the cost model is applied: assets are carried
at cost, less accumulated depreciation and any impairment losses.
Items of property, plant and equipment are first depreciated upon their availability for use.
Depreciation is calculated for each item separately, on a straight-line basis. Depreciation rates are
determined so as to allow the cost of property, plant and equipment assets to be allocated over their
estimated useful lives.
Depreciation rates of property, plant and equipment assets
Depreciation group Rate
Land 0.0%
Buildings 1.32.0%
Transportation means 15.520.0%
Computer equipment 33.33%
Office and other furniture 10.012.5%
Other equipment 6.720.0%

An assessment is made annually to determine whether there is any indication of impairment. If any
such indication exists, an estimate of the recoverable amount of the asset is made. The recoverable
amount is the higher of the value in use and fair value less costs to sell. If the recoverable amount
exceeds or is equal to the carrying amount, the asset is not impaired. Value in use is assessed in terms
of a cash-generating unit, with a company as a whole constituting a cash-generating unit.

Gains and losses on the disposal of items of property, plant and equipment, calculated as the difference
between sales proceeds and carrying amounts, are included in profit or loss. The costs of property,
plant and equipment maintenance and repairs are recognised in profit or loss as incurred.
The cost of major repairs and replacement of part of an item of property, plant and equipment is
recognised in the carrying amount of the asset, if it is probable that future economic benefits
embodied within the part will flow to the Group and its cost can be measured reliably. Replaced parts
are derecognised.
Investments in property, plant and equipment assets that increase future economic benefits are
recognised in their carrying amount.



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3.4.8 Right-of-use assets and lease liability
At inception of a contract, an assessment is made whether the contract is, or contains, a lease. A
contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset
for a period of time in exchange for consideration.
The Group reassesses whether a contract is, or contains, a lease only if the terms and conditions of the
contract are changed.
At the commencement date of the lease, an asset acquired under a lease is recognised as a right-of-
use asset and a lease liability. Short-term leases (of up to 12 months) and low-value leases (the cost of
an asset is less than EUR 5000) are exempt from recognition as right-of-use assets and lease liabilities.
Short-term and low-value leases are treated by the Group companies as lease expenses, which are
recognised in the income statement and classified within operating activities in the cash flow
statement.
Right-of-use assets are measured applying a cost model. On initial recognition at the commencement
date of the lease, the cost of a right-of-use asset comprises the amount of the initial measurement of
the lease liability, any lease payments made at or before the commencement date of the lease, any
initial direct costs incurred by the lessee, and an estimate of the costs to be incurred by the lessee in
dismantling and removing the underlying asset. On subsequent measurement, the initial cost of a right-
of-use asset is reduced by any accumulated depreciation and any accumulated impairment losses and
adjusted for any remeasurement of the lease liability.
Right-of-use assets are depreciated on a straight-line basis over the lease term. If, by the end of the
lease term, the lease transfers the ownership of the underlying asset to the lessee, or if the value of
the right-of-use asset reflects that the lessee will exercise a purchase option, the lessee depreciates
the right-of-use asset from the commencement date until the end of the useful life of the underlying
asset. Otherwise, the lessee depreciates the right-of-use asset from the commencement date to the
earlier of the end of the useful life of the right-of-use asset or the end of the lease term.

At the commencement date, the Group measures the lease liability at the present value of the lease
payments that are not paid at that date. The lease payments are discounted using the interest rate
implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined,
the lessee uses the lessee’s incremental borrowing rate. After initial recognition, the lease liability is
measured by increasing the carrying amount to reflect interest on the lease liability and by reducing
the carrying amount to reflect the lease payments made. Right-of-use assets and lease liability are
recognised net of taxes.
The lessee’s incremental borrowing rate is the rate of interest that a lessee would have to pay to
borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a
similar value to the right-of-use asset in a similar economic environment. The incremental borrowing
rate is determined based on the yield to maturity of unsecured bonds given the credit rating of Sava
Re and the maturity profile (130 years). To this is added a country risk premium as the difference
between the credit rating of each country and that of Sava Re, which already includes the country risk
of Slovenia.
The lease term is the non-cancellable period for which a lessee has the right to use an underlying asset.
The lease term includes periods covered by an option to extend the lease, if the lessee is reasonably
certain to exercise that option, and periods covered by an option to terminate the lease, if the lessee
is reasonably certain not to exercise that option.
For leases of indefinite duration and leases with an extension option, the lease term is either
contractually fixed or estimated based on the Group’s past experience and strategic priorities.



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Right-of-use assets and lease liability are presented as two separate line items in the statement of
financial position. In the income statement, the depreciation charge is a component of operating
expenses or expenses, whereas interest expense is a component of finance costs. In the statement of
cash flows, cash payments for the principal portion of the lease liability are classified within financing
activities, and cash payments for the interest portion within operating activities.
A lease modification is deemed a separate lease only if it involves the addition of the right to use one
or more underlying assets at a price that would apply if the additional asset were leased on a stand-
alone basis. The existing liability is remeasured by taking into account the new level of the
consideration for the lease, when the new asset is added, the total consideration is spread evenly over
all the related underlying assets, taking into account the new lease term, and remeasuring the lease
liability using the new discount rate in effect at the time of the modification.
On the other side, an adjustment is made to the right-of-use asset based on the difference between
the remeasured liability and the liability before the modification. If the carrying amount of the latter is
zero and there is a further reduction in the measurement of the lease liability, any remaining amount
of the remeasurement is recognised in profit or loss.

3.4.9 Non-current assets held for sale
A non-current asset is classified as held for sale if its carrying amount will be recovered principally
through a sale transaction rather than through continuing use. For this to be the case, its sale must be
highly probable, and it must be available for immediate sale in its present condition. There must be a
management commitment to sell the asset, and the sale should be completed within one year. Such
assets are measured at the lower of the assets’ carrying amount or fair value less costs to sell. Non-
current assets are tested for impairment at least annually. If there is any indication of impairment, the
recoverable amount of the non-current asset is reviewed.

3.4.10 Deferred tax assets and liabilities
Deferred tax assets and liabilities are amounts of income taxes expected to be recoverable or payable,
respectively, in future periods depending on taxable temporary differences. Temporary differences are
differences between the carrying amount of an asset or liability in the statement of financial position
and its tax base.
Deferred tax assets and liabilities are established from:
temporary non-deductible impairment losses on investments in portfolio securities,
established allowances for receivables,
unused tax losses,
provisions for employees and actuarial gains/losses resulting from their calculation,
revaluation of investments to fair value,
the effect of changes in interest rates on the calculation of insurance and reinsurance liabilities.
Deferred tax liabilities are created for fair value adjustments and on initial recognition of intangible
assets (customer lists or contractual relationships with customers) on acquisition of a new company.
For Group companies that have not yet adopted IFRS 17 and IFRS 9 by 31 December 2024, deferred
tax liabilities have been recognised.
Deferred tax assets and liabilities of a Group company are offset only if they relate to income taxes
levied by the same taxation authority and the company has a legally enforceable right to set off current
tax assets against current tax liabilities. In the consolidated financial statements, deferred tax assets
and liabilities are offset depending on the jurisdiction.



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A deferred tax asset is recognised for unused tax losses to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences can be utilised.

3.4.11 Investment property
Investment property comprises assets not used directly for carrying out business activities but held to
earn rent or to realise capital gains at disposal.
Investment property is accounted for using the cost
model and straight-line depreciation. Investment property is depreciated at the rate of 1.32.0%. The
basis for calculating the depreciation rate is the estimated useful life.
All leases where the Group
companies act as lessors are cancellable operating leases. Lease payments (rentals) received are
recognised as income on a straight-line basis over the lease term. A cash-generating unit consists of an
individual property. An assessment is made annually as to whether there is an indication of impairment
of investment property. If any such indication exists, an estimate of the recoverable amount of the
asset is made. The recoverable amount is the higher of the value in use and the net selling price less
costs to sell. If the recoverable amount exceeds or is equal to the carrying amount, the asset is not
impaired.


3.4.12 Investments in subsidiaries and associates
Investments in subsidiaries are measured at cost, less any impairment losses. Subsidiaries are entities
in which the Company holds more than 50% of voting rights and which the Company controls, i.e. has
the power to control their financial and operating policies so as to obtain benefits from their activities.
Subsidiaries are included in the consolidated financial statements using the full consolidation method.
Associates are entities in which the Company holds between 20% and 50% of voting rights or over
which the Company has significant influence. Associates are accounted for using the equity method.
Impairment
Impairment testing in Group companies and associates is carried out at least on an annual basis.
Pursuant to IAS 36, the controlling company, when reviewing whether there are indications that an
asset may be impaired, considers external (changes in market or legal environment, interest rates,
elements of the discount rate, capitalisation) as well as internal sources of information (business
volume, manner of use of asset, actual versus budgeted performance results, decline in expected cash
flows and such like).
If impairment is necessary, an impairment test is carried out for each individual investment by
calculating the recoverable amount of the cash-generating unit based on the value in use. Cash flow
projections used in these calculations are based on the business plans approved by the management
for the period until and including 2028. The discount rate used is based on market rates adjusted to
reflect company-specific risks. The recoverable amount of each cash-generating unit so calculated was
compared to its carrying amount.
Main assumptions for cash flow projections with calculations of value in use
Discounted cash flow projections are based on the Group companies’ business plans covering a 5-year
period (business plans for individual companies for the period 20252029).
Growth in premiums earned by insurance companies reflects the growth expected in their insurance
markets, as well as the characteristics of their portfolios (a small share of non-motor business). In all
their markets, insurance penetration is relatively low. However, insurance penetration is expected to
increase due to the expected convergence of their countries’ macroeconomic indicators towards EU
levels. Social inflation is also expected to rise, i.e. claims made against insurance companies are
expected to become more frequent and higher. Costs are expected to lag slightly behind premiums




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owing to expected business process optimisation in subsidiaries. Business process optimisation will
thus contribute to the growth in net profits.
Growth in pension companies’ revenues is due to increased contributions to pension funds as a result
of demographic trends, at relatively fixed operating costs, which may lead to greater profitability.
The discount rate is determined as the cost of equity (COE), using the capital asset pricing model
(CAPM). It is based on the risk-free interest rate and equity premium, as well as prospects for the
relevant business. Added is a country risk premium and a size premium.
Assessments as to whether there is any indication of impairment of investments in subsidiaries are
made using the same model as for goodwill. For more information on the assumptions, see section
3.4.6 Goodwill.



3.4.13 Financial investments
Financial investments and financial liabilities are classified, recognised and measured in accordance
with IFRS 9 “Financial Instruments”, as further described as follows.
Classification
In accordance with IFRS 9, the Group and the Company classify financial assets on the basis of both
their business models for managing the financial assets and the contractual cash flow characteristics
of their financial asset. On initial recognition, a financial asset is classified into one of the following
measurement categories:
at amortised cost (AC),
at fair value through other comprehensive income (FVOCI), and
at fair value through profit or loss (FVTPL).
The business model for managing financial assets reflects the management of a group of financial
assets to achieve certain objectives. The management of such a group of financial assets is based on:
the nature of the company’s liabilities supported by any investment portfolio;
how the performance of a business model and the financial assets held within that business model
are evaluated and reported to the key management personnel;
the risks that affect the performance of the business model (and the financial assets held within
that business model) and, in particular, the way in which those risks are managed; and
how managers of the business are compensated.
The business model is determined based on a consideration of the main factors mentioned above that
influence the purpose of achieving the asset management objectives.
The following business models are defined:
a business model whose objective is to hold assets in order to collect contractual cash flows (the
hold-to-collect model),
a business model whose objective is to both collect contractual cash flows and sell financial assets
(the hold-to-collect-and-sell model),
other business models.




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For the purpose of classifying financial assets in terms of their contractual cash flow characteristics
(the SPPI test), the principal amount represents the fair value of the financial asset at initial recognition.
For the purpose of classifying financial assets in terms of their contractual cash flow characteristics
(the SPPI test), interest consists of consideration for the time value of money, for the credit risk
associated with the principal amount outstanding during a particular period of time and for other basic
lending risks and costs, as well as a profit margin.
A financial asset is measured at amortised cost (AC) if both of the following conditions are met:
the financial asset is held within a business model whose objective is to hold financial assets in
order to collect contractual cash flows, and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
A financial asset is measured at fair value through other comprehensive income (FVOCI) if both of the
following conditions are met:
the financial asset is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets, and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
A financial asset is measured at fair value through profit or loss (FVTPL) if:
it is a debt instrument and does not fall into one of the above measurement categories (AC/FVOCI),
it is an equity instrument and is not designated for measurement at fair value through other
comprehensive income (FVOCI option),
it eliminates or significantly reduces an “accounting mismatch”,
it is a derivative.

Assets measured at amortised cost in accordance with IFRS 9 are deposits with a maturity of more than
three months, loans and debt securities classified as hold to collect at the date of transition to IFRS 9
that the Group and the Company will hold to maturity.
Upon adoption of IFRS 9, the Group and the Company classify debt instruments into the hold to collect
and sell business model. The classification of an investment in this business model is subject to the
SPPI test, which confirms that the contractual cash flows are solely payments of principal and interest.
It follows from the above that the Group and the Company have the majority of their debt securities
classified as financial assets measured at fair value through other comprehensive income (FVOCI).
Under IFRS 9, equity instruments are classified as at fair value through profit or loss, but the option to
measure at fair value through other comprehensive income (FVOCI) exists for shares and participations
in accordance with the standard. The Group companies have equity instruments classified mainly in
the fair value through profit or loss (FVTPL) group.
Other types of investments, such as units in collective investment undertakings, ETFs, alternative
funds, etc. are classified as measured at fair value through profit or loss (FVTPL) under IFRS 9.
Classification of financial liabilities
The Group and the Company classify financial liabilities as subsequently measured at amortised cost.
The Group and the Company do not have any financial liabilities that are irrevocably designated as at
fair value through profit or loss at initial recognition as this results in more relevant information




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because it eliminates or significantly reduces a measurement or recognition inconsistency (accounting
mismatch) that would otherwise arise from measuring assets or liabilities or recognising the related
gains and losses on different bases.

Recognition, measurement and derecognition
Initial recognition
The Group and the Company recognise a financial asset or a financial liability in their statements of
financial position when, and only when, the Group and the Company become party to the contractual
provisions of the financial instrument. When the Group and the Company first recognise a financial
asset, it is classified and measured in accordance with the Group’s and the Company’s accounting
policies.
A regular way purchase or sale of a financial asset is recognised and derecognised using trade date
accounting.
Except for trade receivables, at initial recognition, the Group and the Company measure a financial
asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial
liability not at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition or issue of the financial asset or financial liability.


After initial recognition, the Group and the Company measure a financial asset at:
amortised cost,
fair value through other comprehensive income, or
fair value through profit or loss.
The Group and the Company apply the impairment requirements of the standard to financial assets
that are measured at amortised cost and financial assets that are measured at fair value through other
comprehensive income.
After initial recognition, the Group and the Company measure a financial liability at:
amortised cost, or
fair value through profit or loss.

Amortised cost measurement
Financial assets measured at amortised cost are measured at amortised cost using the effective
interest method. They are stated at the principal amount outstanding, plus any unpaid interest and
fees, less any impairment. Interest income is calculated using the effective interest method. This is
calculated by applying the effective interest rate to the gross carrying amount of a financial asset,
except for:
a. purchased or originated credit-impaired financial assets. For those financial assets, the Group
and the Company apply the credit-adjusted effective interest rate to the amortised cost of the financial
asset from initial recognition,
b. financial assets that are not purchased or originated credit-impaired financial assets but
subsequently have become credit-impaired financial assets. For these financial assets, the Group and
the Company apply the effective interest rate to the amortised cost of the financial asset in subsequent
reporting periods.
The effective interest rate is determined when the investments are purchased. The effective interest
rate is the rate that exactly discounts estimated future cash payments or receipts through the expected




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life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the
amortised cost of a financial liability.
When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the
renegotiation or modification does not result in the derecognition of that financial asset in accordance
with the accounting policies, the Group and the Company recalculate the gross carrying amount of the
financial asset and recognise a modification gain or loss in profit or loss.
The Group and the Company directly reduce the gross carrying amount of a financial asset when they
have no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. A
write-off constitutes a derecognition event.

Derecognition
The Group and the Company derecognise a financial asset when, and only when, the contractual rights
to the cash flows from the financial asset expire or the financial asset is transferred and the transfer
qualifies for derecognition in accordance with the Group’s and the Company’s accounting policies. On
derecognition of a financial asset in its entirety, the difference between the carrying amount
(measured at the date of derecognition) and the consideration received (including any new asset
obtained less any new liability assumed) is recognised in profit or loss.
The Group and the Company remove a financial liability (or part of a financial liability) from their
statements of financial position when, and only when, it is extinguished, i.e. the contractual obligation
is discharged, cancelled or expires. The difference between the carrying amount of a financial liability
(or part of a financial liability) extinguished or transferred to another party and the consideration paid,
including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.


Impairment of financial investments
General approach
The Group and the Company apply the expected credit loss concept under IFRS 9, which is based on
the recognition and measurement of an allowance for expected credit losses for financial assets
measured at amortised cost or fair value through other comprehensive income (bonds, deposits, loans
granted). In the case of a financial asset measured at fair value through other comprehensive income,
an allowance for expected credit losses is recognised in other comprehensive income and does not
result in a reduction in the carrying amount of the financial asset in the statement of financial position.
The Group and the Company determine the expected credit loss by recognising and measuring a loss
allowance for expected credit losses, which is calculated based on the classification into one of three
stages:
Stage 1: for assets for which credit risk has not increased significantly since initial recognition, expected
12-month credit losses are calculated.
Stage 2: for assets for which credit risk has increased significantly since initial recognition, lifetime
expected credit losses are calculated.
Stage 3: for assets that are credit-impaired or in default, where the lifetime expected credit loss is
calculated and considers the appropriate probability of default as well as expected cash flows
stemming from proceeds from sale, etc., but at the net carrying amount (the gross carrying amount
less any impairment loss).
At each investment valuation, the Group and the Company perform a classification into stages based
on the information obtained on the change in the credit risk of each issuer. In order to assess significant





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increases in credit risk, the Group and the Company regularly monitor and analyse any changes in
external credit ratings obtained from external credit assessment institutions (ECAIs). The first measure
of increased credit risk since initial recognition used by the Group and the Company is a three-notch
downgrade and reclassification of the investment from investment grade to speculative grade.
In addition, the Group and the Company use an internal model to assess external credit ratings or use
internal credit ratings to identify increased credit risk, monitor the zero-volatility spread (Z-spread) of
investments and other available qualitative information when an external credit rating is not available.
If, at the reporting date, the credit risk on a financial instrument has not increased significantly since
initial recognition, the Group and the Company measure the loss allowance for that financial
instrument at an amount equal to 12-month expected credit losses. For assets for which credit risk has
increased significantly since initial recognition, lifetime expected credit losses are calculated.

Measurement of expected credit losses
Expected credit losses are a probability-weighted estimate of credit losses (i.e. the present value of all
cash shortfalls) over the expected life of the financial instrument.
Expected credit losses are determined based on historical data on recoverability, expected
macroeconomic trends and certain other factors that indicate the expected solvency of a debtor. The
main input parameters for determining credit losses are the probability of default (PD), the loss given
default (LGD) and the exposure at default (EAD). The expected credit loss is the product of the expected
probability of default, the expected loss given default and the expected exposure at the time of default.
The Company and the Group obtain the PD parameter from Moody’s rating reports, where long-term
averages of default rates and transition matrices from initial to final rating over a given period can be
obtained. The reports are separate for corporate and government bonds, and the data is updated once
a year. The underlying data have been adjusted based on expectations for the economic situation, thus
achieving the forward-looking approach required by the standard.
The standard provides no guidance on how to determine the loss given default (LGD) or the recovery
rate (RR), which is why the Group and the Company follow established practice and use data provided
by credit rating agencies annually calculated based on historical data. Such reports contain a section
on corporate and one on government bonds. Due to ease of access and the comprehensive
presentation of default rates in reports, the Group’s and the Company’s methodology has focused on
the credit rating agency Moody’s, while comparative information can also be obtained from the
reports prepared by S&P Global Ratings.
Definition of default
In determining counterparty default risk, the Group and the Company consider criteria such as that at
least one of the rating agencies assesses that the issuer or a specific issue of financial instruments is in
default (excluding technical default, i.e. default by the borrower) or 30 days past due for bonds and 90
days past due for loans with respect to the payment of principal or interest.
Write-off
The Group and the Company write off an asset if there is no reasonable expectation that the financial
asset will be recovered, in whole or in part. A write-off is treated as a derecognition event.

Gains and losses
Any gain and loss arising from a change in the fair value of financial assets at fair value through profit
or loss are recognised in profit or loss in the period in which it arises.
Dividends are recognised in profit or loss only when:






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the entity’s right to receive payment of the dividend is established,
it is probable that the economic benefits associated with the dividend will flow to the entity, and
the amount of the dividend can be measured reliably.

At initial recognition, the Group and the Company may make an irrevocable election to present in other
comprehensive income subsequent changes in the fair value of an investment in an equity instrument
that is neither held for trading nor contingent consideration recognised in other comprehensive
income. If an entity makes this election, it recognises in profit or loss dividends from that investment.
A gain or loss on a financial asset that is measured at amortised cost and is not part of a hedging
relationship is recognised in profit or loss when the financial asset is derecognised, reclassified,
through the amortisation process or in order to recognise impairment gains or losses.
The Group and the Company recognise a gain or loss on a financial liability that is designated as at fair
value through profit or loss as follows:
the amount of change in the fair value of the financial liability that is attributable to changes in the
credit risk of that liability is presented in other comprehensive income; and
the remaining amount of change in the fair value of the liability is presented in profit or loss unless
the treatment of the effects of changes in the liability’s credit risk may create or enlarge an
accounting mismatch in profit or loss.
A gain or loss on a financial asset measured at fair value through other comprehensive income is
recognised in other comprehensive income, except for impairment gains or losses and foreign
exchange gains and losses, until the financial asset is derecognised or reclassified. When a financial
asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive
income is reclassified from equity to profit or loss as a reclassification adjustment. Interest calculated
using the effective interest method is recognised in profit or loss.

Determination of fair values
The Group and the Company measure all financial instruments at fair value, except for deposits, shares
not quoted in any regulated market that do not represent a significant portion of the investment
portfolio, loans (assuming that their carrying amount is a reasonable approximation of fair value) and
financial instruments measured at amortised cost. The fair value of investment property, land and
buildings used in business operations and the fair value of financial instruments measured at amortised
cost are set out in note 2.7.35.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place
either (i) in the principal market for the asset or liability, or (ii) in the absence of a principal market, in
the most advantageous market for the asset or liability. The principal or the most advantageous market
must be accessible to the Group and the Company. The fair value of an asset or a liability is measured
using the assumptions that market participants would use when pricing the asset or liability, assuming
that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use. Valuation techniques are used
that are appropriate in the circumstances and for which sufficient data are available to measure fair
value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.





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On the valuation date, the fair value of a financial investment is established by determining the price
in the principal market based on:
for stock exchanges: the quoted closing price on the stock exchange on the valuation date or on
the last trading day of the stock exchange on which the investment is listed;
for the OTC market: the quoted CBBT closing bid price or, if unavailable, the Bloomberg BVAL bid
price, which may not be more than 15 days old.
the price calculated based on an internal valuation model or yield curve valuation.
For the valuation, the Group and the Company use the closing price on the stock exchange or the
published BID bid price for debt investments (according to the defined Bloomberg methodology) as
the unadjusted quoted price, while the BVAL bid price calculated on the basis of the internal valuation
model or the yield curve valuation do not represent unadjusted quoted prices.
The BVAL bid price (based on the defined Bloomberg methodology) represents a price that is not
quoted but calculated based on directly and indirectly observable market inputs. When calculating the
price using a valuation model, the Group and the Company first use directly and indirectly observable
market inputs. If these are not available, the Group and the Company determine the price of a financial
investment using a model with unobservable inputs, as defined in IFRS 13.86 to IFRS 13.90.
To assess the quality of the BVAL rate, the Company uses the BVAL Score, the number of direct
observations and the proportion and age of quotes.
Assets and liabilities measured or disclosed at fair value in the financial statements are measured and
presented in accordance with the IFRS 13 fair-value hierarchy that categorises the inputs of valuation
techniques used to measure fair value into three levels.
Assets and liabilities are classified based primarily on the availability of market information, which is
determined by the relative levels of trading identical or similar instruments in the market, with a focus
on information that represents actual market activity or binding quotations of brokers or dealers.
Investments measured or disclosed at fair value are presented in accordance with the levels of fair
value, which categorises the inputs used to measure fair value into the following three levels of the
fair value hierarchy:
Level 1: financial investments for which fair value is determined based on quoted prices
(unadjusted) in active markets for identical financial assets that the Company can access at the
measurement date. This level includes the prices of debt investments with CBBT prices and those
BVAL prices that are composed exclusively of direct observations with at least 90% binding quotes
and where at least 3 binding quotes must not be more than one day old.
Level 2: financial investments whose fair value is determined using data that are directly or
indirectly observable other than quoted prices included within level 1. Pursuant to IFRS 13.82, level
2 data may include:
quoted prices for similar financial investments in active markets,
quoted prices for identical or similar financial investments in markets that are not active,
inputs other than quoted prices that are observable for financial investments,
market-corroborated inputs.
This level includes BVAL prices of debt investments that consist of at least 90% direct observations,
where market inputs are used for a directly or indirectly identical or similar asset, and where at
least 3 quotes must be no more than 15 days old.
Level 3: financial investments for which observable market data is not available. Fair value is thus
determined based on valuation techniques using inputs that are not directly or indirectly





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observable in the market. The Company classifies securities valued using an internal model that
does not take into account level 2 inputs into this level.
This level includes BVAL prices of debt investments that do not meet the criteria for level 1 or level
2 and for which the inputs for the model-based valuation are not readily and objectively
determinable and available to the company.
The Group and the Company classify as level-3 investments their investments in alternative funds,
such as real-estate funds, infrastructure funds, private debt funds, private equity funds and similar.
There are no market prices available for such investments; therefore, valuation based on available
market data is not possible.
In accordance with IFRS 13.97 and accounting policies, the Group and the Company categorise within
the fair value hierarchy also those financial investments that are not measured at fair value in the
statement of financial position but for which the fair value is disclosed.
The policy for determining when transfers between levels of the fair value hierarchy are deemed to
have occurred is disclosed and is fully complied with. The policy on the timing of recognising transfers
is the same for transfers into the levels and out of the levels. Examples of policies include: (a) the date
of the event or change in circumstances that caused the transfer; (b) the beginning of the reporting
period; (c) the end of the reporting period. The Group and the Company review the classification of
investments into the three levels of the fair value hierarchy on a half-yearly basis. To this end, they
apply the rules for determining the fair value set out under note 3.7.35. If the conditions for
classification change, financial investments are reclassified into the relevant level.
The following table shows the classification of financial investments according to the inputs used and
market activity.





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Determination of fair values
Asset class / principal Level 1 Level 2 Level 3
market
Debt securities
OTC market Debt securities measured Debt securities measured based on •Debt securities measured using an internal
based on the CBBT price in the CBBT price in an inactive market. model that does not consider level 2 inputs.
an active market. Debt securities valued at the BVAL •Debt securities measured using BVAL prices,
Debt securities valued at the price if no CBBT price is available and if no CBBT price is available and the BVAL
BVAL price if no CBBT price where the BVAL price consists of at price does not meet the criteria for level 1 or
exists and which have a least 90% direct observations, with at 2 and for which the inputs for the model-
BVAL price composed least 3 quotes no more than 15 days based valuation are not readily and
exclusively of direct old. objectively determinable and available to the
observations, with at least company.
90% of firm quotes, with at Debt securities measured using an
least 3 firm quotes no more internal model based on level 2
than one day old. inputs.
Stock exchange Debt securities measured Debt securities measured based on Debt securities measured using an internal
based on stock exchange stock exchange prices in an inactive model that does not consider level 2 inputs.
prices in an active market. market.
Debt securities measured using an
internal model based on level 2
inputs.
Quoted portfolio shares
Stock exchange Shares measured based on Shares measured based on prices in Shares are measured using an internal model
prices in an active market. an inactive market. that does not consider level 2 inputs.
Shares with unavailable market prices
measured using an internal model
based on level 2 inputs.
Mutual funds
Mutual funds measured at
the quoted unit value on
the measurement date.
Alternative funds
The fair value is determined based on the
valuation of individual projects for which
discounted cash flow methods are used.
Deposits with a maturity of more than 3 months and loans
Measured at amortised cost.


3.4.14 Investment contract assets and liabilities
Contracts of homogeneous groups are classified as investment contracts if they bear significant
financial risk and are accounted for in accordance with IFRS 9.

Investment contract assets and liabilities
only include the investment contract assets and liabilities of the company Sava Pokojninska, which
manages pension funds. Investment contract assets comprise the assets supporting the liability funds
“My Life-Cycle Funds” for the transaction of voluntary supplementary pension business. Valuation is
described in section 3.4.13 “Financial investments”. Classification and valuation of assets is presented
in detail in note 3.7.8.
Investment contract liabilities are liabilities arising out of pension insurance
business under group and individual plans for voluntary supplementary pension insurance, for which
the administrator maintains personal accounts for pension plan members. These are liabilities relating
to the voluntary supplementary pension life liability fund for premiums paid, guaranteed returns and
additional liabilities to cover the difference between the actual return and the guaranteed return.
Investment contract liabilities are presented in note 3.7.8.





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Sava Pokojninska initially recognises investment property assets in respect of pension fund business
under investment contract assets using the cost model, plus any transaction costs. The following
measurements are made using the fair value model due to regulatory requirements and the fact that
these are pension fund assets. An assessment is made annually as to whether there is an indication of
impairment of investment property. If such indications exist, the process of assessing the value is
initiated. At least every three years, appraisals are carried out by certified real estate appraisers
licensed by the Slovenian Institute of Auditors. The amounts of investment property in investment
contract assets are not adjusted for consolidation purposes.



3.4.15 Receivables
Recognition of receivables
Initial recognition of receivables is based on invoices or other credible documents (e.g. interest
statement). Receivables comprise receivables from accrued interest receivable, prepayments
receivable and other receivables that can be allocated to individual debtors. In the statement of
financial position, receivables are stated at amortised cost. Depending on the significance of each type
of receivable in the companies’ financial statements, an allowance is recognised for expected credit
losses based on the debtor’s expected future solvency in accordance with IFRS 9. Impairment is
recognised using a simplified approach where the loss allowance is measured as an amount equal to
the lifetime expected credit losses. The Group companies do not recognise impairment losses on
current receivables and on receivables that are regularly paid by the debtor.
The Group companies have pledged no receivables as security.
Receivables write-offs
Write-offs of receivables require appropriate supporting documents, such as a court decision,
bankruptcy order or other document evidencing that the company has lost its legal title, or in cases
where it is evident that collection is not meaningful due to excessive costs of the proceedings.

3.4.16 Other assets
Other assets consist of capitalised short-term accruals and deferrals, namely short-term deferred
costs.
3.4.17 Cash and cash equivalents
The statement of financial position and cash flow item “cash and cash equivalents” comprises:
cash, including cash in hand, cash in bank accounts of commercial banks and other financial
institutions, and overnight deposits, and
cash equivalents, including demand deposits and deposits with an original maturity of up to three
months.

3.4.18 Equity
Equity consists of:
share capital, i.e. the par value of paid-up ordinary shares expressed in euro;
capital reserves comprise amounts paid up in excess of the par value of shares;



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profit reserves comprise reserves provided for in the articles of association, legal reserves, the
capital redemption reserve and other profit reserves;
treasury shares acquired in line with a share repurchase programme published on the Company’s
website, at https://www.sava-re.si/en-si/investor-relations/our-share/;
accumulated other comprehensive income revaluation of investments, changes in interest rates
used to calculate insurance and reinsurance contract liabilities, and actuarial gains and losses on
provisions for employees;
retained earnings;
net profit or loss for the year;
foreign currency translation reserve;
non-controlling interest.
Reserves provided for in the articles of association are used:
cover the net loss that cannot be covered (in full) out of retained earnings and other profit
reserves, or when these two sources of funds are insufficient to cover the net loss in full (an
instrument of additional protection of tied-up capital);
to increase share capital;
to regulate the dividend policy.
Pursuant to the Companies Act, the Company’s management board has the power to allocate up to
half of the net profit to other reserves.

3.4.19 Subordinated liabilities
Subordinated liabilities of the Group and the Company represent a long-term liability of the Group and
the Company in the form of two subordinated bond issues to be used for general corporate purposes
of the Sava Insurance Group and to optimise its capital structure and are valued at amortised cost.
Details are set out in note 3.7.30.
3.4.20 Insurance contracts
Description of products
The Group issues the following types of insurance contracts:
Non-participating life insurance contracts measured using the general approach, which include:
- fixed and decreasing term life insurance contracts purchased with a single premium or
instalments and
- endowment policies.
Direct participating life insurance contracts comprising:
- Life insurance contracts linked to units of mutual funds or internal funds, in some cases
with an interest-rate guarantee, measured using the variable fee approach.
- Hybrid life insurance contracts, part of which is linked to units of mutual funds, measured
using the variable fee approach, and part of which is an endowment insurance contract
with an interest-rate guarantee, which in some cases is valued separately using the general
approach.
Life insurance contracts with indirect or discretionary participation features, which include:
- Endowment life insurance contracts or whole life insurance contracts with guaranteed
sums assured and participation features. The cash flows of these insurance contracts



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depend on the performance of the life insurance portfolio and/or the returns on the
underlying items, where the underlying items are not specified in the insurance contract.
The Group measures these contracts using the modified general approach.
Investment contracts with discretionary participation features
- These contracts entitle the policyholder to additional amounts based on the performance
of the underlying items. These amounts are at the discretion of the Group and are
expected to represent a significant proportion of the distributions. Such contracts are
measured using the modified general approach.
Immediate annuities in accordance with ZPIZ-2, which include:
- annuities with a guaranteed interest rate and, in some cases, a guaranteed annuity payout
period, measured using the modified general approach.
Non-life insurance contracts, which include:
- motor, property, miscellaneous financial loss, liability, marine and aircraft, goods in transit,
credit, suretyship, accident and supplementary health insurance, with multi-year accident,
credit, suretyship, construction and erection insurance contracts mainly measured using
the general approach and all other contracts measured using the premium allocation
approach.
Reinsurance contracts issued, including:
- quota share, surplus, excess of loss and stop loss reinsurance covers. Reinsurance
contracts issued are primarily measured using the general approach, and partly the
premium allocation approach.
The Group and the Company also have reinsurance contracts that transfer the assumed risks to
reinsurers with the aim of reducing risk. These include quota share, surplus, excess of loss and stop
loss reinsurance covers. These contracts are primarily measured using the general approach for
reinsurance contracts and partly also using the premium allocation approach.

Classification of insurance contracts
The Group and the Company apply IFRS 17 to:
insurance contracts issued, including reinsurance contracts issued,
reinsurance contracts held by the Group and the Company, and
investment contracts with discretionary participation features.
All references in IFRS 17 to insurance contracts issued also apply to reinsurance contracts issued, to
insurance contracts acquired by the Group and the Company in a transfer of insurance contracts or a
business combination, and to reinsurance contracts held by the Group and the Company (unless it is
specifically stated that a particular section applies only to (re)insurance contracts issued).
A contract is deemed an insurance contract if the issuer accepts significant insurance risk from another
party by agreeing to compensate the other party if it is adversely affected by a specified uncertain
future event (an insured event).
A contract that transfers significant insurance risk from the Group or the Company to a reinsurance
company is a reinsurance contract held by the Group or the Company.
In the following, the Company’s and the Group’s inward reinsurance contracts are referred to as
insurance contracts and the outward reinsurance contracts are referred to as reinsurance contracts.
They are presented in the same way in the financial statements.
The Group also issues insurance contracts with direct participation features for which, at the inception
of cover:



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the contractual terms specify that the policyholder participates in a share of a clearly identified
pool of underlying items;
the Group expects to pay to the policyholder an amount equal to a substantial share of the fair
value returns on the underlying items;
The Group expects a substantial proportion of any change in the amounts to be paid to the
policyholder to vary with the change in the fair value of the underlying items.
An investment contract with discretionary participation features is a financial instrument that provides
a particular investor with the contractual right to receive, as a supplement to an amount not subject
to the discretion of a Group company, additional amounts:
that are expected to be a significant portion of the total contractual benefits;
the timing or amount of which are contractually at the discretion of the issuer; and
that are contractually based on:
- the returns on a specified pool of contracts or a specified type of contract;
- realised and/or unrealised investment returns on a specified pool of assets held by a Group
company; or
- the profit or loss of the Group company issuing the contract.
Insurance risk is significant if, and only if, the insured event could cause the issuer having to pay
additional amounts that are significant in any single scenario, excluding scenarios that have no
commercial substance (i.e., no discernible effect on the economics of the transaction), even if the
insured event is extremely unlikely or if the expected (i.e., probability-weighted) present value of the
contingent cash flows is a small proportion of the expected present value of the remaining cash flows
from the insurance contract. Underwriting risk is considered significant to the Group and the Company
if the Group and the Company bear at least 5% of the additional payouts in the event of an insured
event.
The assessment of whether the above conditions and criteria are met for an insurance contract, an
insurance contract with direct participation features or an investment contract with discretionary
participation features is made on a contract by contract basis at the time the contract is concluded. In
doing so, the Group and the Company take into account all their substantive rights and obligations
under the contract.
Combination of contracts and distinct elements of a contract
A set or series of insurance contracts with the same or a related counterparty may achieve, or be
designed to achieve, a common commercial effect. In order to report the substance of such contracts,
it may be necessary to treat the set or series of contracts as a whole. For example, if the rights or
obligations in one contract do nothing other than entirely negate the rights or obligations in another
contract entered into at the same time with the same counterparty, the combined effect is that no
rights or obligations exist. The Group and the Company have identified some contracts that should be
measured together.
An insurance contract may contain, in addition to the insurance component, one or more components
that would be within the scope of another standard if they were separate contracts. These components
include:
an investment component,
a service component,
embedded derivatives.
The Group and the Company separate the above components from a host insurance contract if they
are distinct from the contract, applying the relevant other IFRSs to the measurement of the separate
component.



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The Group and the Company have not identified any identifiable derivatives, investment components
or service components.
An investment component exists if an insurance contract requires the Group or the Company to repay
an amount to a policyholder in all circumstances, regardless of whether an insured event occurs.
An investment component is distinct from a host insurance contract if, and only if, both of the following
conditions are met:
the investment component and the insurance component are not highly interrelated;
a contract with similar terms and conditions is or could be sold separately in the same market or
jurisdiction by the Group or the Company issuing the insurance contract or by third parties. In
making this determination, the Company and the Group take into account all information
reasonably available in making this determination.
An investment component and an insurance component are highly interrelated if, and only if:
the company is unable to measure one component without considering the other. If the value of
one component varies with the value of the other, the Group and the Company apply IFRS 17 to
account for the combined investment and insurance component; or
the policyholder is unable to benefit from one component unless the other is also present. If the
lapse or maturity of one component in a contract causes the lapse or maturity of the other, the
Company applies IFRS 17 to account for the combined investment component and insurance
component.
The Group and the Company issue contracts with an investment component. Examples include certain
life insurance policies that pay a surrender value, annuities with a guaranteed payout period and
reinsurance contracts with a sliding-scale or profit commission. The investment and insurance
components of such contracts are closely related because the Group and the Company cannot
measure the insurance contract without considering the investment component and vice versa.
Therefore the investment component is not distinct.
The service component refers to the transfer of goods or services that are not insurance-related and,
as such, are not dependent on the occurrence of an insured peril (occurrence of a claim). A service
component is distinct if the policyholder can benefit from the good or service either on its own or
together with other resources readily available (sold separately or already owned by the policyholder).
A good or service other than an insurance contract service that is promised to the policyholder is not
distinct if:
the cash flows and risks associated with the good or service are highly interrelated with the cash
flows and risks associated with the insurance components in the contract; and
the entity provides a significant service in integrating the good or service with the insurance
components.
The Group issues contracts that include derivatives, but these instruments are closely related to the
host insurance contract and are therefore measured using IFRS 17. Examples of such derivatives
include:
life insurance contracts with a guaranteed minimum return in the event of the insured’s death:
These contracts have an option for payment of a guaranteed amount to the policyholder in the
event of the insured’s death. As the payment of the guaranteed amount is contingent on an
insured event (death) and represents a loss to the contract holder, the guarantee itself meets the
definition of an insurance contract. The payment of the guaranteed amount is therefore not
distinct, and the entire contract is measured using IFRS 17.
Savings-linked life insurance contracts include a surrender option, where the policyholder is paid
a fixed surrender value set at the time the contract is made. This option is closely related to the



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host insurance contract because the insurance cover ceases on surrender and therefore the
contract as a whole is measured using IFRS 17.
Some direct participation contracts contain an option where the surrender value varies with
changes in the underlying items, but the value of the option is closely related to the value of the
insurance contract and therefore the whole contract is measured using IFRS 17.
The Group and the Company also consider whether a single insurance contract should be split into
multiple insurance components to be treated as separate contracts to reflect the substance of the
transaction.
In determining whether the components of an insurance contract should be recognised and measured
separately, the Group and the Company consider whether there is interdependence between the
different risks covered, whether the components of an insurance contract extinguish independently of
each other and whether the components can be priced and sold separately.
When the Group and the Company enter into one legal contract with different insurance components
that operate independently of each other, the insurance components are recognised and measured
separately using IFRS 17. The Group has identified non-life insurance contracts where the insurance
components are distinguishable by homogeneous risk groups if they meet the conditions for
distinguishing the components of insurance contracts. The Group has also identified life insurance
contracts where the insurance components may be separated according to different insurance and
economic risks if the insurance contract as a whole does not present the economic impact in a credible
way.
Level of aggregation of insurance contracts
Portfolios of insurance contracts comprise contracts subject to similar risks and managed together.
Contracts within the same product line, as defined for management purposes, are expected to be
subject to similar risks and are therefore grouped together in a single portfolio. Where contracts are
issued by different Group companies, they are managed separately by each company and are therefore
grouped into different portfolios. If the Group and the Company consider that the legal form of
insurance contracts does not reflect their economic substance, homogeneous groups of risks arising
from those insurance contracts are considered in the construction of portfolios.
Individual portfolios are divided into groups of insurance contracts according to their profitability and
the year in which the contract was written. Contracts issued more than one year apart should not be
included in the same group of insurance contracts.
Portfolios are categorised by profitability as:
a group of contracts that are onerous upon initial recognition (unprofitable);
a group of contracts that, on initial recognition, are highly unlikely to become onerous
subsequently, if any; and
a group of the remaining contracts, if any.
The determination of whether a contract or group of contracts is onerous is based on expectations at
the date of initial recognition. The Group determines the appropriate level at which reasonable and
supportable information is available to assess whether contracts are onerous at initial recognition and
whether it is probable that contracts that are not onerous at initial recognition will become onerous
subsequently. In the absence of such information, the Group assesses each contract individually.
Insurance contracts are classified into groups of insurance contracts on initial recognition and are not
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Reinsurance contracts are divided into segments in the same way as insurance contracts, except that
a reinsurance contract cannot be unprofitable (in which case there is a net gain or net loss on initial
recognition). In identifying groups of reinsurance contracts, the Group and the Company apply the rule
that each reinsurance contract issued or held is a separate portfolio because of the different
characteristics of the individual reinsurance contracts.
For contracts that are measured using the premium allocation approach (PAA), the Group and the
Company determine that the contracts are not onerous unless facts and circumstances indicate
otherwise. If the facts and circumstances indicate that certain contracts are onerous on initial
recognition, the Group performs a quantitative assessment. If the assessment indicates that such
contracts are onerous, the Group classifies such contracts as onerous and increases the liability for
remaining coverage by the amount of the identified loss, which is recognised immediately in profit or
loss.
All IFRS 17 measurements are made at the level of groups of insurance contracts.
Initial recognition
Insurance contracts
The Group recognises a group of insurance contracts it issues from the earliest of the following:
the beginning of the coverage period of the group of contracts;
the date when the first payment from a policyholder in the group becomes due; and
for a group of onerous contracts, when the group becomes onerous.
A group of insurance contracts is recognised upon recognition of the first contract that is part of the
group. An insurance contract is included in a group of insurance contracts based on portfolio, annual
cohort and profitability when it meets the recognition criteria in paragraph 1 of this section.
Reinsurance contracts
Reinsurance contracts held by the Group and the Company are recognised on the earlier of the
following dates:
the beginning of the coverage period of a group of reinsurance contracts held by the Group or the
Company; and
the date on which the underlying group of onerous insurance contracts is recognised if, on or
before that date, a related reinsurance contract from the group of reinsurance contracts held by
the Group and the Company has been entered into.
Notwithstanding the above provision, the recognition is delayed for a reinsurance contract that
provides proportionate coverage until the date on which any underlying insurance contract is initially
recognised if that date is later than the beginning of the coverage period of the reinsurance contract.
Insurance and reinsurance contracts acquired in a transfer of contracts or a business combination are
recognised on the date of the transaction.

Contract boundary
A group of insurance contracts is measured by including all future cash flows that are within the
boundary of the insurance contracts in the group.
In determining which cash flows are within the contractual boundary, the Group and the Company
consider the substantive rights and obligations arising under the insurance contracts, laws and
regulations.
Cash flows are within the boundary of an insurance contract if they arise from substantive rights and
obligations that exist during the reporting period in which the Group or the company can compel the



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policyholder to pay the premiums or in which the Group or the Company have a substantive obligation
to provide services to the policyholder under the insurance contract.
Cash flows are within the boundary of a reinsurance contract if the contract holder can require the
reinsurer to provide cover and other services or if there is a material obligation on the contract holder
to pay a reinsurance premium to the reinsurer.
Liabilities or assets that are outside the boundary of recognised insurance contracts and relate to
future contracts are shown separately in the statement of financial position.
In estimating the expected future cash flows, the Group and the Company use their judgement about
the future behaviour of policyholders in exercising the options available to them, including the
potential for surrender values to be paid.
The Group and the Company assess the contractual boundary at initial recognition and at each
subsequent reporting date to incorporate the effect of changes in circumstances on the substantive
rights and obligations.
Measurement of (re)insurance contracts issued
All IFRS 17 measurements are made at the level of groups of insurance contracts.
The basic method of measuring insurance and reinsurance contracts under IFRS 17 is the general
measurement model or building block approach (BBA). The standard also permits the use of a
simplified measurement approach in some cases called the premium allocation approach (PAA). The
standard requires the mandatory use of the variable fee approach (VFA) in the case of a group of
insurance contracts with direct participation features and when the application criteria specified in the
standard are met. Reinsurance contracts cannot be valued using the variable fee approach. The Group
companies use all of the above approaches to value insurance and reinsurance contracts. The Company
uses the general measurement model and, to a lesser extent, the premium allocation approach.
A description of the different measurement approaches is given in the following.
3.4.20.7.1 Measurement of insurance and reinsurance contracts issued using the BBA and VFA
approaches
3.4.20.7.1.1 Initial measurement by BBA and VFA
On initial recognition, a group of insurance contracts is measured as the sum of:
fulfilment cash flows, which comprise:
- estimates of future cash flows,
- an adjustment to reflect the time value of money and the financial risks related to the future
cash flows, to the extent that the financial risks are not included in the estimates of the future
cash flows,
- a risk adjustment for non-financial risk (RA),
the contractual service margin (CSM).



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Estimates of future cash flows
Estimates of expected cash flows represent an explicit, unbiased and probability-weighted estimate of
future cash flows adjusted for the time value of money and associated financial risks. They include cash
flows attributable to the fulfilment of existing insurance contracts and also expectations about the
future behaviour of the insured persons.
Estimates of future cash flows reflect conditions existing at the measurement date, including
assumptions at that date about the future.
Estimates of future cash flows are primarily determined using deterministic forecasting models, with
stochastic techniques used additionally to model future cash flows for certain groups of contracts. The
estimates of future cash flows are used to determine the expected value, or probability-weighted
mean of the full range of possible outcomes, considering all reasonable and supportable information
available at the reporting date. Potential impacts related to sustainability and climate change are also
appropriately considered when estimating future cash flows.
Cash flows within the insurance contract boundary are those that relate directly to the fulfilment of
the contract, including cash flows for which the entity has discretion over the amount or timing.
Cash flows within the contract boundary of an insurance contract include:
premiums and any additional cash flows arising from those premiums,
claims incurred but not yet settled, whether reported or not, including expected recoveries
(subrogation recoveries) and bonuses and commissions paid by the Group or the Company (e.g.,
no-claim bonuses, sliding-scale commissions and profit commissions),
payments to (or on behalf of) a policyholder arising from derivatives, such as options and
guarantees embedded in the contract, to the extent that such options and guarantees are not
separated from the insurance contract,
directly attributable costs, including:
- an allocation of insurance acquisition cash flows attributable to the portfolio,
- policy administration and maintenance costs,
- claim handling costs,
- an allocation of fixed and variable overheads,
- other costs directly chargeable to the policyholder,
transaction-based taxes that arise directly from existing insurance contracts.
For contracts with investment activities or direct participation contracts, cash flows also include:
payments to (or on behalf of) a policyholder that vary depending on returns on underlying items,
costs incurred for:
- performing investment activity, to the extent the Group performs that activity to enhance
benefits from insurance coverage for policyholders,
- providing investment-return service to policyholders of insurance contracts without direct
participation features,
- providing investment-related service to policyholders of insurance contracts with direct
participation features.
Cash flows within the contract boundary include both fixed and variable administrative expenses that
are directly attributable to the fulfilment of insurance contracts. Expenses that cannot be directly
allocated to an insurance policy are allocated to groups of insurance contracts using methods that are
systematic, rational and consistently applied to all expenses that have similar characteristics. Expenses
that are not attributable to or not strictly necessary for the fulfilment of insurance contracts are
directly recognised in the income statement outside the insurance service result when incurred.



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Adjustment to reflect the time value of money and financial risks discount rates
Estimates of expected cash flows are adjusted for the time value of money and the financial risk
associated with those cash flows, using a risk-free interest rate curve plus a liquidity premium to
discount future cash flows.
Appropriate discount rates are calculated using the bottom-up approach. A risk-free interest rate in
the form of a swap curve plus a liquidity premium is used as the discount rate in estimating future cash
flows. The liquidity premium is determined on the basis of yield data for AAA-rated covered bonds and
a multiple of the liquidity premium. The multiple of the liquidity premium is determined by taking into
account the characteristics of the groups of insurance contracts. Cash flows that vary based on the
returns on the contractually defined set of assets are discounted using risk-neutral measurement
techniques. Discount interest rates are set at each balance sheet date.
The Company and the Group have chosen to disaggregate finance income and expenses from
insurance and reinsurance contracts between the income statement and the statement of other
comprehensive income.
Risk adjustment for non-financial risk
The risk adjustment for non-financial risk is the compensation the Group and the Company require for
bearing the uncertainty related to the amount and timing of the cash flows that arise from non-
financial risk as they fulfil the contractual agreements. The risks covered by the risk adjustment for
non-financial risk are insurance risk (including climate change risk) and other non-financial risks such
as lapse risk and expense risk.
The risk adjustment for non-financial risk is thus the compensation that the Group and the Company
would require to make them indifferent between:
fulfilling a liability that has a range of possible outcomes arising from non-financial risk, and
fulfilling a liability that will generate fixed cash flows with the same expected present value as the
insurance contracts.
The Group and the Company assess the risk adjustment for non-financial risk using the confidence level
technique (VaR and TVaR) to determine the maximum possible loss at a given confidence interval. The
Group and the Company take into account a confidence interval of 75% to 85% for VaR and 40% for
TVaR.
Changes in the risk adjustment for non-financial risk are fully reflected in the income statement.
Contractual service margin (CSM)
The contractual service margin (CSM) represents the unearned profit arising from insurance contracts
that the Group and the Company will recognise as they provide insurance services under these
contracts in the future. The contractual service margin is recognised when the net present value of
future cash flows is positive (inflows are expected to exceed outflows) and is determined as the excess
of cash inflows over cash outflows, less an adjustment for non-financial risk. A contractual service
margin is established to prevent the recognition of a profit before it is realised and is released over the
life of the insurance contract.
In the case of a transfer of insurance contracts or a business combination, the calculation uses the
consideration received or paid at the acquisition date as a proxy for the premiums received.



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Loss component
For identified future losses arising out of insurance contracts, when the net present value of future
cash flows is negative (more outflows than inflows are expected), the loss is recognised in the current
period. For onerous (non-profitable) groups of contracts, the loss component is shown in the liability
for remaining coverage, while the loss is shown immediately in the income statement.
3.4.20.7.1.2 Subsequent measurement
The carrying amount of a group of insurance contracts at the end of each reporting period is the sum
of:
the liability for remaining coverage comprising:
the fulfilment cash flows relating to future services allocated to a group of insurance contracts
at that date;
the contractual service margin of a group of insurance contracts at that date; and
the liability for incurred claims, which includes fulfilment cash flows in respect of past services
allocated to a group of insurance contracts at that date.
When calculating assets and liabilities under insurance contracts on the balance sheet date, the
company uses current estimates of future cash flows, current discount rates and current estimates of
the risk adjustment for non-financial risk. Changes in these components affect the following items:
Change in assumptions Impact
Changes related to future service Change in CSM
Changes related to current or past service Change in the insurance service result for the
financial year
The effects of the time value of money, financial risk Change in finance income or expense and change in
and changes thereof on estimated future cash flows other comprehensive income
After initial recognition, the contractual service margin for each group of insurance contracts is
remeasured on the balance sheet date.
Insurance contracts without direct participation features measured using the BBA
For insurance contracts without direct participation features, the carrying amount of the contractual
service margin of a group of contracts on measurement at the reporting date equals the carrying
amount at the start of the reporting period adjusted for:
the effect of any new contracts added to the group,
interest accreted on the carrying amount of the contractual service margin during the reporting
period;
the changes in the fulfilment cash flows relating to future service, except to the extent that:
- such increases in the fulfilment cash flows exceed the carrying amount of the contractual
service margin, resulting in a loss, or
- such decreases in the fulfilment cash flows are allocated to the loss component of the liability
for remaining coverage;
the effect of any currency exchange differences on the contractual service margin; and
the amount recognised as insurance revenue due to the transfer of insurance contract services
during the period, determined by the allocation of the contractual service margin remaining at the
end of the reporting period.



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The changes in fulfilment cash flows relating to future service consist of:
adjustments arising from premiums received in the period relating to future service, and related
cash flows, such as insurance acquisition cash flows and premium-based taxes, measured at the
discount rates at which the group of contracts is recognised,
changes in estimates of the present value of the future cash flows in the liability for remaining
coverage (experience and assumptions), measured at specified discount rates at the time the
contract is recognised,
differences between the investment component expected to become payable during the period
and the investment component that actually becomes payable in the period,
differences between the policyholder loan expected to become repayable in the period and the
policyholder loan that actually becomes repayable during the period, and
changes in the risk adjustment for non-financial risk that relate to future service.
The amount of the contractual service margin for a group of insurance contracts is recognised in profit
or loss in each period to reflect the insurance contract services provided under the group of insurance
contracts during that period. The amount is determined by:
identifying the coverage units in the group. The number of coverage units in a group is the quantity
of insurance contract services provided by the contracts in the group, determined by considering
for each contract the quantity of the benefits provided under a contract and its expected coverage
period,
allocating the contractual service margin at the end of the period (before recognising any amounts
in profit or loss to reflect the insurance contract services provided in the period) equally to each
coverage unit provided in the current period and expected to be provided in the future,
recognising in profit or loss the amount allocated to coverage units provided during the period.
The present value of changes in fulfilment cash flows for the purpose of calculating the contractual
service margin is measured using locked-in discount rates at the time of recognition. In some cases,
these discount rates are averaged when contracts are recognised over successive reporting periods.
Insurance contracts with direct participation features measured using the VFA
Insurance contracts with direct participation features are insurance contracts that, in addition to
providing insurance cover, also provide the policyholder with investment services provided by the
Group.
For insurance contracts with direct participation features, the carrying amount of the contractual
service margin of a group of contracts at the end of the reporting period equals the carrying amount
at the beginning of the reporting period adjusted by the amounts set out below.
the effect of any new contracts added to the group,
the change in the amount of the entity’s share of the fair value of the underlying items, except to
the extent that:
- the decrease in the amount of the entity’s share of the fair value of the underlying items
exceeds the carrying amount of the contractual service margin, giving rise to a loss, or
- the increase in the amount of the entity’s share of the fair value of the underlying items
reverses the amount referred to in the previous paragraph,
the changes in the fulfilment cash flows relating to future service, except to the extent that:



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- such increases in the fulfilment cash flows exceed the carrying amount of the contractual
service margin, resulting in a loss, or
- such decreases in the fulfilment cash flows are allocated to the loss component of the liability
for remaining coverage,
the effect of any currency exchange differences arising on the contractual service margin, and
the amount recognised as insurance revenue because of the transfer of insurance contract services
in the period.
3.4.20.7.2 Measurement of insurance contracts using the premium allocation approach (PAA)
The majority of non-life business is measured using the premium allocation approach when the
coverage period of a group of contracts is less than 12 months or the simplification is expected to be
a reasonable approximation of the valuation results under the building block approach.
The criterion in the preceding paragraph is not met if, at the inception of a group of contracts,
significant variability is expected in the fulfilment cash flows that would affect the measurement of the
liability for remaining coverage during the period until a claim is incurred.
Upon initial recognition, the carrying amount of the liability for remaining coverage is:
the premiums, if any, received at initial recognition,
minus any insurance acquisition cash flows at that date, unless the entity elects to recognise the
payments as an expense, and
plus or minus any amount arising from the derecognition of assets or liabilities at that date.
The carrying amount of the liability at the end of each subsequent reporting period is the carrying
amount at the beginning of the reporting period:
plus the premiums received during the period,
minus any insurance acquisition cash flows, unless the entity chooses to recognise these payments
as an expense,
plus any amounts relating to the amortisation of insurance acquisition cash flows recognised as an
expense in the reporting period, unless the entity chooses to recognise these payments as an
expense, and
minus the amount recognised as insurance revenue for providing coverage during that period.
If, at any time during the coverage period, facts and circumstances indicate that a group of insurance
contracts is onerous, to the extent that the fulfilment cash flows exceed the carrying amount, the
Group and the Company recognise a loss in profit or loss and increase the liability for remaining
coverage.
If the PAA is used, the Group and the Company make no adjustments for the time value of money and
the effect of financial risk, as the period between the premium due date and the provision of insurance
services is expected to be no more than one year.



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3.4.20.7.3 Measurement of the liability for incurred claims
Liability for incurred claims represents the expected cash flows for claims and related costs that have
already been incurred and have not yet been paid. The liability for incurred claims includes claims
incurred but not yet reported (IBNR) and claims reported but not yet resoled or settled (RBNS). Even
when the liability for remaining coverage is measured using the PAA, the liabilities for claims incurred
are valued using the general measurement approach (BBA) and the future cash flows are adjusted for
the time value of money and the effect of financial risk.
Measurement of reinsurance contracts held by the Group and the Company
The valuation methods for reinsurance contracts held by the Group and the Company (referred to in
this section as reinsurance contracts) are the same as for insurance contracts, using consistent
assumptions in the valuation of insurance and reinsurance contracts covering those insurance
contracts, to the extent possible. In this case, the future cash flows in the valuation of reinsurance
contracts are increased by a cash flow representing the effect of the reinsurer default risk, including
the effects of collateral and litigation losses.
The risk adjustment for non-financial risk for reinsurance contracts represents the amount of risk being
transferred from the insurer to the reinsurer.
In the valuation of reinsurance contracts, the unearned profit represented by the contractual service
margin is replaced by the net gain or loss on the purchase of reinsurance. The net gain or loss on the
initial recognition of reinsurance contracts is measured at:
the fulfilment cash flows,
the amount derecognised at that date of any asset or liability previously recognised for cash flows
related to the group of reinsurance contracts,
any cash flows arising from reinsurance contracts in a group of reinsurance contracts at that date,
income recognised in the income statement as a result of the recognition of the reinsurance loss-
recovery (LR) component of the asset for remaining coverage which mitigates the creation of a loss
component for the liability for remaining coverage on the gross part.
If the net cost of purchasing reinsurance coverage relates to events that occurred before the purchase
of the group of reinsurance contracts, the Group and the Company recognise this cost immediately as
an expense in profit or loss.
The contractual service margin at the end of each reporting period for a group of reinsurance contracts
is determined as the contractual service margin at the beginning of the reporting period, adjusted for:
the effect of any new reinsurance contracts added to the group of reinsurance contracts,
accrued interest on the amount of the CSM,
income recognised in the income statement as a result of the recognition of the reinsurance loss-
recovery (LR) component of the asset for remaining coverage,
any reversals of the loss-recovery component to the extent that those reversals are not part of the
change in fulfilment cash flows of a group of reinsurance contracts,
changes in fulfilment cash flows for the remaining coverage, unless the change relates to a change
in cash flows that do not change the CSM of the insurance contracts or, in the case of the PAA on

direct business, affect the creation of a loss component of the liability for remaining coverage,
the effect of foreign exchange differences on the CSM,
the amount recognised in profit or loss because of services received in the period, determined by
the allocation of the contractual service margin remaining at the end of the reporting period
(before any allocation) over the current and remaining coverage period of the group of reinsurance
contracts.



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Changes in fulfilment cash flows resulting from changes in the reinsurer's default risk are unrelated to
future service and consequently do not adjust the CSM.
The Group and the Company adjust the contractual service margin of a group of reinsurance contracts
and, consequently, recognise revenue when they recognise an onerous group of insurance contracts
underlying the reinsurance contracts or when they add onerous insurance contracts underlying the
reinsurance contracts to the group (this is the so-called loss-recovery component of an asset for
remaining coverage of a group of reinsurance contracts). This adjustment is made only if the
reinsurance contract has already been written at the time the loss component of the liability for
remaining coverage on the onerous insurance contracts is recognised.
The amount of this adjustment is equal to the product of the recognised loss on the gross business and
the share of the claims covered by that reinsurance contract on the insurance contracts from which
that loss arises.
The Group and the Company establish (or adjust) a loss-recovery component of the asset for remaining
coverage for a group of reinsurance contracts depicting the recovery of losses recognised in
accordance with the above paragraphs. The loss-recovery component determines the amounts that
are recognised in profit or loss as reversals of recoveries of losses from reinsurance contracts and are
consequently excluded from the premiums paid to the reinsurer.
The loss-recovery component is adjusted to reflect changes in the loss component of an onerous group
of underlying insurance contracts. The carrying amount of the loss-recovery component must not
exceed the portion of the carrying amount of the loss component of the onerous group of underlying
insurance contracts that the Company expects to recover from the group of reinsurance contracts.
The PAA approach may also be used to measure reinsurance contracts if:
the Company reasonably expects that such simplification would result in a measurement of the
liability for remaining coverage for the group of reinsurance contracts that is not materially
different from the measurement under the BBA approach, or
the coverage period of each contract in the group of reinsurance contracts is one year or less.
The criterion in the first bullet point above is not met if, at the inception of a group of reinsurance
contracts, the Group and the Company expect significant variability in the fulfilment cash flows that
would affect the measurement of the liability for remaining coverage during the period before a claim
is incurred.
If the PAA approach is used, the carrying amount of the asset is adjusted for the remaining coverage
in the event that a loss recovery component is created.
Presentation of insurance and reinsurance contracts
Insurance revenue comprises the provision of services, during the reporting period, arising from a
group of insurance contracts, specifically for an amount that reflects the consideration to which the
Group and the Company expect to be entitled in exchange for the services provided. Insurance service
expenses represent incurred claims, expenses and other expenses related to insurance services
incurred in the reporting period. Neither insurance revenue nor insurance service expenses include an
investment component.
The total amount of insurance revenue for each group of insurance contracts is equal to the premiums
paid, adjusted for a financing effect and excluding any investment components.
The allocation of insurance revenue by period is determined by the amount of insurance services
provided during the reporting period, which includes:
the expected insurance service expenses for each reporting period, net of any adjustment for non-
financial risk and amounts allocated to the loss component of the liability for remaining coverage;



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the risk adjustment for non-financial risk, excluding any amounts allocated to the loss component
of the liability for remaining coverage;
the contractual service margin;
amounts related to income tax that are specifically chargeable to the policyholder;
amounts related to policy acquisition costs.
When the Group and the Company provide insurance services during a period, they reduce the liability
for the remaining coverage and recognise insurance revenue during the period. The reduction in the
liability for remaining coverage does not include changes that are not related to the provision of
insurance services, such as:
changes resulting from cash inflows from premiums received,
changes that relate to investment components in the period,
amounts relating to transaction-based taxes collected on behalf of third parties,
finance income or expenses from insurance contracts,
acquisition costs,
derecognition of liabilities transferred to a third party,
changes in the loss component of the liability for remaining coverage.
Consequently, insurance revenue for the period can also be analysed as the sum total of the changes
in the liability for remaining coverage during the period that relates to services for which the Group
and the Company expect to receive consideration. Those changes are:
insurance service expenses incurred during the period (measured at the amounts expected at the
beginning of the period), excluding:
- amounts allocated to the loss component of the liability for remaining coverage,
- repayments of investment components,
- amounts relating to transaction-based taxes collected on behalf of third parties (such as
premium taxes, value added taxes and goods and services taxes),
- policy acquisition expenses, and
- the amount related to the risk adjustment for non-financial risk,
the change in the risk adjustment for non-financial risk, excluding:
- changes included in finance income or expenses from insurance contracts,
- changes that adjust the contractual service margin because they relate to future service, and
- amounts allocated to the loss component of the liability for remaining coverage,
the amount of the contractual service margin recognised in profit or loss,
other amounts, if any, for example, experience adjustments for premium receipts other than
those that relate to future service.
Insurance revenue related to insurance acquisition cash flows are determined by allocating the portion
of the premiums that relate to recovering those cash flows to each reporting period in a systematic
way on the basis of the passage of time. The same amount is recognised as insurance service expenses.
If the simplified premium allocation approach (PAA) is used to measure liabilities for future coverage,
the insurance revenue is the amount of the expected premiums, excluding any investment component
relating to the reporting period. Premiums are allocated by period evenly over the duration of the
cover or, in the case of unevenly spread risk, over the expected period of incurrence of the insurance



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service expense (decrease in the amount of insurance cover for credit insurance, increase in the
amount of insurance cover for construction and erection insurance and reinsurance contracts).
Finance income or expenses from insurance and reinsurance contracts comprise:
the effect of the time value of money and changes in the time value of money; and
the effect of financial risk and changes in financial risk.
For all its groups of insurance contracts without direct participation features, the companies allocate
finance income and expense between profit or loss and the statement of other comprehensive income
(OCI). The companies include in profit or loss an amount determined by a systematic allocation of the
expected total finance income or expenses from insurance contracts over the duration of the group of
insurance contracts. A systematic allocation is an allocation of the total expected finance income or
expenses of a group of insurance contracts over the duration of the group that:
is based on characteristics of the contracts, without reference to factors that do not affect the cash
flows expected to arise under the contracts,
results in the amounts recognised in other comprehensive income over the duration of the group
of contracts totalling zero. The cumulative amount recognised in other comprehensive income at
any date is the difference between the carrying amount of the group of contracts and the amount
that the group would be measured at when applying the systematic allocation.
For groups of insurance contracts without direct participation features for which changes in
assumptions that relate to financial risk do not have a substantial effect on the amounts paid to the
policyholder, the systematic allocation is determined using the discount rates at the date of initial
recognition of the group of insurance contracts, or at the date of loss in the case of the PAA approach.
For groups of insurance contracts without direct participation features for which changes in
assumptions that relate to financial risk have a substantial effect on the amounts paid to the
policyholders:
a systematic allocation for the finance income or expenses arising from the estimates of future
cash flows is determined by using a rate that allocates the remaining diluted expected financial
income or expense over the remaining term of the group of contracts at constant rates;
a systematic allocation for the finance income or expenses arising from the risk adjustment for
non-financial risk, is determined using an allocation consistent with that used for the allocation for
the finance income or expenses arising from the future cash flows;
a systematic allocation for the finance income or expenses arising from the contractual service
margin is determined:
- for insurance contracts without direct participation features, using discount rates determined
at the date of initial recognition of the group of insurance contracts; and
- for insurance contracts with direct participation features, using an allocation consistent with
that used for the allocation for the finance income or expenses arising from the future cash
flows.
For groups of insurance contracts with direct participation features for which the company holds the
underlying items, the company disaggregates insurance finance income or expenses between the
statement of profit or loss and other comprehensive income for the period to include in profit or loss
an amount that eliminates accounting mismatches with income or expenses included in profit or loss
on the underlying items held (the financial expenses or income from insurance contracts included in
profit or loss exactly matches the income or expense included in profit or loss for the underlying items,
resulting in the net of the separately presented items being nil). The company includes in other
comprehensive income the difference between the finance income or expenses from insurance



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contracts measured on the basis set out above and the total insurance finance income or expenses for
the period.


3.4.21 Other provisions
Employee benefits include severance pay upon retirement and jubilee benefits. Provisions for
employee benefits are the net present value of the Group’s future liabilities proportionate to the years
of service in the Group (the projected unit credit method). Pursuant to IAS 19 “Employee benefits”
actuarial gains and losses arising on re-measurement of net liabilities for severance pay upon
retirement are recognised in other comprehensive income.
These provisions are calculated based on personal data of employees: date of birth, date of
commencement of employment in the Group, anticipated retirement and salary. For each Group
company, the amounts of severance pay upon retirement and jubilee benefits are in accordance with
local legislations, employment contracts and other applicable regulations. Expected pay-outs also
include tax liabilities where payments exceed statutory non-taxable amounts.

The probability of an employee staying with the Group includes both the probability of death and the
probability of termination of employment relationship.
Assumptions relating to future increases in
salaries, severance pay upon retirement and jubilee benefits, as well as those relating to employee
turnover depend on developments in individual markets and individual Group companies. The same
term structure of risk-free interest rates is used for discounting as that in the capital adequacy
calculation under Solvency II.


3.4.22 Other financial liabilities
Other financial liabilities mainly include unpaid dividends payable from previous years and current
interest and loan liabilities.

3.4.23 Current tax liabilities
Current tax liabilities are recognised at the amount of the current tax liability for the financial year not
yet paid.

3.4.24 Other liabilities
Liabilities are initially recognised at amounts recorded in the relevant documents. Subsequently, they
are increased or decreased in line with documents, and reduced through payments.
Other liabilities include amounts due to employees and suppliers and other current liabilities (accrued
expenses).

3.4.25 Investment income and expenses
The Company discloses investment income and expenses by type of income and expense:
income from dividends and participating interests,
interest income and expenses,
income or expenses from financial investments measured at FVTPL,
gains and losses arising from the derecognition of financial investments measured at FVOCI
exchange differences arising on financial investments, and



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other finance income and expenses (including income and expenses from investment property).

3.4.26 Other operating income and expenses
Other operating income includes income:
from foreign exchange gains, excluding foreign exchange gains on (re)insurance contracts and
investment transactions,
from the sale of fixed assets,
from the sale of green cards (international motor insurance certificates),
from claims settled on behalf of other Group companies,
from sales by non-insurance companies (including asset management, such as entry and exit fee
income),
from other services.
This income is recognised in the income statement at the time services are completed or invoices
issued.
Revenue is measured based on the consideration to which the Group and Company are expected to
be entitled under their contracts with customers. Amounts collected on behalf of third parties are
excluded.
Revenue is recognised when the customer has taken control of the goods or has received the benefits
from the services rendered. Sales revenue does not include any charges paid upon purchase or sale. It
is included in “other income” in the income statement and relates either to the pensions and asset
management or the “other” operating segments. This revenue is not multi-year in nature, is recognised
on an accrual basis in the financial year and presented under note 3.7.41.
Other operating expenses include:
allowances for other receivables,
impairment losses on property, plant and equipment and intangible assets.
non-attributable expenses and
other expenses.
Other expenses are recognised in the income statement at the time the service is rendered.
3.4.27 Income tax expense
Income tax expense for the year comprises current and deferred tax. Current income tax is presented
in the income statement, except for the portion relating to the items presented in equity; deferred tax
for these items is also presented in equity. Current tax is payable on the taxable profit for the year
using the tax rates enacted by the date of the statement of financial position, as well as on any
adjustments to tax liabilities of prior periods.
Deferred tax is recognised using the statement of
financial position method, providing for temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. The
deferred tax amount is based on the expected manner of recovery or settlement of the carrying
amount of assets and liabilities, using the tax rates effective on the date of the statement of financial
position. Deferred tax assets are recognised only to the extent that it is probable that future taxable
profits will be available against which they can be utilised. Deferred tax assets are reduced to the
extent that it is no longer probable that the related tax benefit will be realised.



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The Group income tax expense has been determined in accordance with the requirements of each
member’s local legislation.


3.4.28 Information about reportable operating segments
Operating segments as disclosed and monitored were determined based on the different activities
carried out in the Group. Segments were formed through the aggregation of operations of companies
that generate revenue and expenses, including revenue and expenses arising from intra-group
transactions, based on similar services provided by companies (features of insurance products, market
networks, and the circumstances in which companies operate).
The operating segments comprise reinsurance (reinsurance business), non-life (non-life insurance
business, broken down into EU and non-EU), life (life insurance business, broken down into EU and
non-EU), pensions and asset management (pension insurance business in Slovenia and North
Macedonia, and fund management) and the “other” segment (organisation of assistance in connection
with motor, homeowners and health insurance, and software development). In the following, more
detail is provided on how the companies are included in operating segments.
The performance of these segments is monitored using a variety of indicators, with IFRS net profit
being a common performance indicator for all segments. The management board monitors
performance by segment to the level of insurance and reinsurance service results, net investment
income and aggregated business results, amounts of assets, equity and insurance and reinsurance
contract liabilities on a quarterly basis.
The operations of the Sava Insurance Group are organised into the following operating segments:
reinsurance, non-life (insurance), life (insurance), pensions and asset management, and the other”
segment. The non-life and life segments are further subdivided geographically into EU and non-EU.
The following companies are included in the individual operating segments:
reinsurance: Sava Re (non-Group business);
non-life, EU: Zavarovalnica Sava (the Slovenian and Croatian part of non-life insurance business),
Vita (non-life insurance business);
non-life, non-EU: Sava Neživotno Osiguranje (SRB), Illyria (RKS), Sava Osiguranje (MNE), Sava
Osiguruvanje (MKD), Sava Car (MNE), Sava Agent (MNE), Sava Station (MKD), Sava Car (SRB);
life, EU: Zavarovalnica Sava (the Slovenian and Croatian part of life insurance business), Vita (life
insurance business), ZS Svetovanje (SVN), ASISTIM (SVN);
life, non-EU: Sava Životno Osiguranje (SRB), Illyria Life (RKS);
pensions and asset management: Sava Pokojninska (SVN), Sava Penzisko Društvo (MKD), Sava
Infond (SVN);
other: TBS Team 24 (SVN), ASP (SRB) and Vita S Holding (MKD); DCB (SVN) using the equity method.
This operating segment also includes expenses on subordinate debt. The company G2I (GBR) was
sold in mid-2023. Since then, it is no longer included in the consolidated statements.
The following reallocations were made in the consolidated income statement:
The effects of reinsurance (retrocessions) relating to business with subsidiaries (Sava Re, as the
parent company, reinsures the major part of the subsidiaries’ business) are transferred from the
reinsurance segment to other operating segments. In the segment reporting information, income
and expenses from reinsurance ceded are allocated to the segments from which they originate.
The same applies to finance expenses and recoveries from reinsurance contracts.
Operating expenses of the reinsurance segment are reduced by the portion of expenses
attributable to the administration of the Sava Insurance Group. Sava Re operates as a virtual
holding company; hence, a part of its expenses relates to the administration of the Group. Such




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expenses relating to the reinsurance segment are allocated to other segments based on each
subsidiary’s revenue. Operating expenses associated with reinsurance business within the Group
are also reallocated to other segments. In this way, 75.7% of operating expenses were allocated
to the segments in 2024 (2023: 75.6%). In addition, there were reallocations of operating expenses
of the company TBS Team 24 (SVN) associated with the companies conducting business in the
Slovenian or international non-life segments from the “other” segment to these two segments.
Investment income and expenses are reallocated from the reinsurance segment to the non-life
insurance and life insurance segments using the key for the allocation of liabilities for incurred
claims and liabilities for remaining coverage.
Subordinated debt expenses are shown under the “other” segment.
The proceeds from the sale of G2I (2023) have been included in the “other” segment.
The following reclassifications were made in the consolidated statement of financial position:
Goodwill was attributed to the segment where it arose.
The balance of financial investments is transferred from the reinsurance segment to the non-life
and life segments using the key for the allocation of liabilities for incurred claims and liabilities for
remaining coverage.
Reinsurance contract assets and liabilities are reallocated to other segments in the same way as
described in the first paragraph (point) of the description of reallocations in the income statement.
Subordinated liabilities are shown in the “other” segment.




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Statement of financial position items by operating segment as at 31 December 2024
EUR Non-life, non- Pensions and asset
Reinsurance Non-life, EU EU Life, EU Life, non-EU management Other Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2024 2024 2024 2024 2024 2024 2024 2024
ASSETS
Intangible assets and goodwill 6,482,386 13,351,199 9,670,001 4,210,978 209,139 27,731,796 3,907,428 65,562,925
Property, plant and equipment 2,550,365 36,735,677 11,094,370 4,850,185 1,058,168 877,089 1,564,707 58,730,561
Investment property 7,431,872 11,168,035 5,515,791 31,558 0 0 0 24,147,256
Right-of-use assets 204,768 4,554,639 3,638,723 1,031,429 213,523 1,151,582 0 10,794,664
Investments in associates and joint ventures 0 0 0 0 0 0 25,615,695 25,615,695
Investments in associates accounted for using equity method 0 0 0 0 0 0 25,615,695 25,615,695
Deferred tax assets 4,018,394 3,761,244 0 -2,748,165 0 -602,281 0 4,429,192
Financial investments measured at 309,292,893 630,295,606 102,268,899 1,192,202,055 35,164,660 59,856,090 0 2,329,080,204
Fair value through other comprehensive income 280,015,556 558,333,789 75,547,293 469,178,808 18,483,730 37,103,395 0 1,438,662,572
Amortised cost 2,334,256 4,363,658 23,088,908 12,047,105 16,434,625 17,454,160 0 75,722,712
Fair value through profit or loss 26,943,081 67,598,159 3,632,698 710,976,141 246,305 5,298,534 0 814,694,920
Investment contract assets 0 0 0 0 0 201,171,005 0 201,171,005
Insurance contract assets 5,083,103 3,235,064 7,603 2,109,892 406,701 0 0 10,842,363
Reinsurance contract assets 13,880,033 57,833,926 5,540,858 263,935 0 0 0 77,518,752
Current tax assets 671,315 136,843 186,523 1,171,826 1,683 0 0 2,168,191
Trade and other receivables 245,648 3,645,458 6,541,448 831,491 622,469 1,720,463 3,107,828 16,714,805
Non-current assets held for sale 0 400,000 68,892 757,000 0 0 0 1,225,892
Cash and cash equivalents 10,302,262 18,211,265 5,756,901 11,553,212 1,138,412 2,107,796 3,279,918 52,349,765
Other assets 994,736 1,439,578 647,296 447,201 42,470 974,886 511,177 5,057,343
Total assets 361,157,776 784,768,533 150,937,304 1,216,712,596 38,857,225 294,988,426 37,986,752 2,885,408,613
LIABILITIES
Subordinated liabilities 0 0 0 0 0 0 125,058,474 125,058,474
Deferred tax liabilities 0 -6,526 651,432 194,871 678,346 1,725,931 201,365 3,445,417
Insurance contract liabilities 170,061,985 487,071,711 75,723,627 1,049,626,652 21,092,392 27,791,602 0 1,831,367,970
Reinsurance contract liabilities 3,905,726 -1,407,458 1,491,924 -29,544 22,557 0 0 3,983,205
Investment contract liabilities 0 0 0 0 0 200,954,895 0 200,954,895
Provisions 474,263 5,899,082 378,983 1,214,865 25,736 508,557 80,930 8,582,417
Lease liability 208,372 4,722,144 3,774,424 1,048,557 218,191 1,165,014 0 11,136,702
Other financial liabilities 0 7,157 422,556 0 1,941 0 0 431,656
Current tax liabilities 0 0 679,602 0 63,866 593,705 134,151 1,471,324
Other liabilities 6,027,362 24,256,743 7,612,310 3,517,485 1,247,144 2,421,749 5,333,303 50,416,096
Total liabilities 180,677,711 520,542,853 90,734,860 1,055,572,885 23,350,174 235,161,453 130,808,222 2,236,848,157
Total equity 648,560,456
Total liabilities and equity 2,885,408,613



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Statement of financial position items by operating segment as at 31 December 2023
EUR Pensions and
asset
Reinsurance Non-life, EU Non-life, non-EU Life, EU Life, non-EU management Other Total
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2023 2023 2023 2023 2023 2023 2023 2023
ASSETS
Intangible assets and goodwill 4,674,935 13,627,701 9,325,953 4,428,761 233,499 28,757,254 4,100,728 65,148,831
Property, plant and equipment 2,675,158 38,886,005 11,321,042 5,249,059 1,060,243 417,230 78,061 59,686,798
Investment property 7,582,167 11,730,934 5,544,277 32,900 0 0 0 24,890,278
Right-of-use assets 209,205 3,915,031 3,133,713 1,116,305 154,707 44,437 0 8,573,398
Investments in associates and joint ventures 0 0 0 0 0 0 23,834,620 23,834,620
Investments in associates accounted for using equity method 0 0 0 0 0 0 23,834,620 23,834,620
Deferred tax assets 5,087,419 3,548,166 0 -1,299,657 0 -751,528 0 6,584,400
Financial investments measured at 237,893,483 535,119,866 89,686,313 1,066,267,612 30,860,472 52,704,887 0 2,012,532,633
Fair value through other comprehensive income 210,351,892 460,487,600 63,847,713 492,306,747 18,524,902 30,628,191 0 1,276,147,045
Amortised cost 2,344,960 4,409,489 21,772,816 20,466,505 12,300,659 15,008,737 0 76,303,166
Fair value through profit or loss 25,196,630 70,222,777 4,065,785 553,494,360 34,911 7,067,959 0 660,082,422
Investment contract assets 0 0 0 0 0 180,628,137 0 180,628,137
Insurance contract assets 4,966,239 3,686,689 16,211 753,959 184,190 0 0 9,607,288
Reinsurance contract assets 24,595,405 77,665,255 4,949,262 271,639 0 0 0 107,481,560
Current tax assets 0 0 435,426 0 1,683 0 7,507 444,616
Trade and other receivables 123,348 3,389,546 5,599,934 563,570 573,186 1,199,140 2,822,634 14,271,358
Non-current assets held for sale 0 191,021 68,628 0 0 0 0 259,649
Cash and cash equivalents 8,284,753 17,871,533 4,004,142 14,774,669 753,814 2,670,941 2,200,112 50,559,964
Other assets 715,114 1,235,294 419,561 394,674 41,483 763,264 473,216 4,042,606
Total assets 296,807,225 710,867,041 134,504,462 1,092,553,491 33,863,277 266,433,762 33,516,878 2,568,546,136
LIABILITIES
Subordinated liabilities 0 0 0 0 0 0 74,987,535 74,987,535
Deferred tax liabilities 0 54,689 578,579 86,516 696,551 1,784,777 235,479 3,436,591
Insurance contract liabilities 163,562,295 463,154,147 64,660,233 917,651,804 17,396,207 24,597,561 0 1,651,022,247
Reinsurance contract liabilities 287,726 103,984 942,342 307,990 0 0 0 1,642,043
Investment contract liabilities 0 0 0 0 0 180,437,695 0 180,437,695
Provisions 419,660 5,619,443 308,683 1,186,602 16,617 462,626 60,624 8,074,255
Lease liability 210,798 4,096,675 3,212,030 1,116,412 156,186 52,636 0 8,844,737
Other financial liabilities 0 7,154 728,545 0 1,386 0 0 737,085
Current tax liabilities 6,319,991 116,825 670,658 2,363,508 27,152 276,482 156,214 9,930,830
Other liabilities 4,718,067 22,980,315 5,664,583 3,154,137 1,374,904 1,739,401 4,138,098 43,769,505
Total liabilities 175,518,538 496,133,232 76,765,653 925,866,969 19,669,003 209,351,177 79,577,950 1,982,882,523
Total equity 585,663,613
Total liabilities and equity 2,568,546,136



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Income statement items by operating segment for 2024
EUR Pensions and
asset
Reinsurance Non-life, EU Non-life, non-EU Life, EU Life, non-EU management Other Total
2024 2024 2024 2024 2024 2024 2024 2024
Insurance revenue 99,346,893 522,286,220 104,136,059 66,401,607 8,510,017 532,842 0 801,213,638
Insurance service expenses -59,359,306 -456,204,172 -95,250,896 -44,778,719 -6,350,780 -406,141 0 -662,350,015
Claims incurred -49,131,794 -323,385,553 -58,222,741 -15,023,444 -2,740,303 -103,362 0 -448,607,197
Operating expenses -10,054,083 -135,175,763 -36,893,712 -29,050,613 -3,643,023 -120,073 0 -214,937,268
Onerous contracts -173,430 2,357,143 -134,443 -704,662 32,546 -182,706 0 1,194,450
Result before reinsurance 39,987,587 66,082,047 8,885,163 21,622,889 2,159,237 126,700 0 138,863,623
Reinsurance result -11,985,804 -14,233,019 -3,675,270 -332,338 -27,750 0 0 -30,254,180
Insurance service result 28,001,783 51,849,028 5,209,893 21,290,551 2,131,487 126,700 0 108,609,443
0
Investment result 8,081,958 13,058,379 4,219,341 8,322,111 1,317,203 1,689,313 0 36,688,305
Net insurance finance result -5,626,381 -2,629,639 -589,584 -3,340,332 -625,600 -769,842 0 -13,581,379
Net foreign exchange gains/losses -391,440 157,874 -20,042 -754 -9,508 253 0 -263,618
Finance result 2,064,136 10,586,614 3,609,715 4,981,024 682,095 919,724 0 22,843,308
0 0 0 0 0 0
Income from non-insurance activities 0 0 0 0 0 23,660,332 7,699,599 31,359,931
Other costs -4,326,695 -17,012,269 -5,214,942 -6,299,867 -789,937 -15,746,872 -7,532,504 -56,923,086
Income from investments in subsidiaries and associates 1 0 0 0 0 0 1,781,075 1,781,075
Other net income/expenses -726,307 2,794,051 2,510,561 671,506 394,568 57,794 -3,570,445 2,131,728
Profit or loss before tax 25,012,918 48,217,424 6,115,227 20,643,215 2,418,213 9,017,678 -1,622,276 109,802,399
Income tax expense -21,955,857
Net profit or loss for the period 87,846,542



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Income statement items by operating segment for 2023
EUR Pensions and
asset
Reinsurance Non-life, EU Non-life, non-EU Life, EU Life, non-EU management Other Total
2023 2023 2023 2023 2023 2023 2023 2023
Insurance revenue 104,029,407 436,996,472 89,711,654 59,872,919 6,530,594 421,765 0 697,562,811
Insurance service expenses -81,494,383 -445,956,710 -83,631,610 -40,909,530 -4,820,572 -312,713 0 -657,125,518
Claims incurred -71,430,181 -324,341,925 -52,147,491 -15,502,210 -1,966,927 -85,420 0 -465,474,154
Operating expenses -10,318,051 -118,758,015 -31,575,713 -25,752,177 -3,047,991 -113,073 0 -189,565,020
Onerous contracts 253,849 -2,856,770 91,594 344,857 194,346 -114,220 0 -2,086,344
Result before reinsurance -8,960,238 6,080,044 18,963,389 1,710,022 22,535,024 109,052 0 40,437,293
Reinsurance result 906,976 41,486,560 885,641 -238,707 0 0 0 43,040,469
Insurance service result 23,442,000 32,526,322 6,965,685 18,724,682 1,710,022 109,052 0 83,477,762
0 0 0 0 0 0
Investment result 5,521,148 7,882,690 3,094,209 9,103,691 955,738 1,365,801 0 27,923,277
Net insurance finance result -5,210,202 -3,070,764 -629,162 -3,302,541 -400,071 -691,457 0 -13,304,198
Net foreign exchange gains/losses 1,270,540 -79,847 -8,803 -1,520 14,640 -2,505 0 1,192,505
Finance result 1,581,486 4,732,079 2,456,244 5,799,629 570,307 671,839 0 15,811,584
0 0 0 0 0 0
Income from non-insurance activities 0 0 0 0 0 19,589,410 5,806,493 25,395,903
Other costs -3,693,151 -16,349,800 -6,237,092 -5,161,413 -492,069 -13,370,630 -5,710,391 -51,014,545
Income from investments in subsidiaries and associates 0 3,754 0 0 0 0 2,282,455 2,286,209
Other net income/expenses -631,045 4,411,830 2,603,285 -507,641 -20,696 516,535 -2,715,827 3,656,441
Profit or loss before tax 20,699,290 25,324,185 5,788,122 18,855,257 1,767,563 7,516,206 -337,270 79,613,354
Income tax expense -14,956,182
Net profit or loss for the period 64,657,172



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Inter-segment business inter-segment consolidation eliminations
EUR Reinsurance Non-life insurance Life insurance Pensions and asset management Other
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Insurance service result from insurance contracts issued -15,758,570 29,221,815 105,477 346,830 -763,347 -233,171 0 0 0 0
Net result from reinsurance contracts held 0 0 17,823,788 -32,466,249 417,897 341,809 0 0 0 0
Net investment result -120,961 -72,248 -397,853 -289,315 0 0 0 0 0 0
Net insurance finance income or expenses 3,302,066 1,073,695 -3,514,843 -1,157,607 969,884 776,640 0 0 0 0
Other operating income and expenses -39,583,189 -30,661,000 2,244,123 1,226,967 -786,339 -1,336,470 131,568 703,688 -1,792,232 -1,601,219
Cost of intangible and property, plant and equipment assets by operating segment
EUR Reinsurance Non-life insurance Life insurance Pensions and asset management Other Total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Investments in intangible assets 2,203,290 973,700 2,530,756 1,892,653 416,107 367,356 180,434 97,047 3,096 1,357,106 5,333,684 4,687,862
Investments in property, plant and equipment 190,119 424,457 2,292,384 3,390,832 314,330 770,292 623,707 251,666 1,579,352 54,136 4,999,892 4,891,383



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3.5 Standards and interpretations issued but not yet effective, and new
standards and interpretations
New and amended IFRS Accounting Standards that are effective for the current year
In the current year, the Group and the Company have applied a number of amendments to IFRS
Accounting Standards issued by the International Accounting Standards Board (IASB) and adopted by
the EU that are mandatorily effective for reporting period that begins on or after 1 January 2024. The
adoption of these amendments to existing standards has not resulted in any material changes to the
financial statements of the Group and the Company.
Amendments to IAS 1 “Presentation of Financial Statements
Classification of Liabilities as Current or Non-Current with Covenants. The amendments clarify how
conditions with which an entity must comply within 12 months after the reporting period affect the
classification of a liability.
Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: notes
Supplier Finance Arrangements. Amendments add disclosure requirements and “signposts” within
existing disclosure requirements to provide qualitative and quantitative information about supplier
finance arrangements.
Amendments to IFRS 16 “Leases”
Lease Liability in a Sale and Leaseback Amendments to IFRS 16 require a seller-lessee to subsequently
measure lease liabilities arising from a leaseback in a way that it does not recognise any amount of the
gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-
lessee from recognising in profit or loss any gain or loss relating to the partial or full termination of a
lease.

New and revised IFRS Accounting Standards in issue and adopted by the EU but not
yet effective
At the date of authorisation of these financial statements, the Group and the Company have not
applied the following revised IFRS Accounting Standards that have been issued by IASB and adopted
by EU but are not yet effective:
Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”
Lack of Exchangeability (effective date: 1 January 2025). Amendments contain guidance to specify
when a currency is exchangeable and how to determine the exchange rate when it is not.




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New standards and amendments to the existing standards issued by the IASB but not
yet adopted by the EU
Currently, IFRSs as adopted by the EU do not significantly differ from IFRSs adopted by the International
Accounting Standards Board (IASB) except for the following new standards and amendments to the
existing standards, which were not adopted by the EU at the date of approval of these financial
statements:
Standard Title EU adoption status
Amendments to IFRS 9 Amendments to the Classification and not yet adopted by the EU
and IAS 7 Measurement of Financial Instruments (IASB
effective date: 1 January 2026)
Amendments to IFRS 9 Contracts Referencing Nature-dependent not yet adopted by the EU
and IAS 7 Electricity (IASB effective date: 1 January 2026)
Amendments to Annual Improvements to IFRS Accounting not yet adopted by the EU
IFRS 1, IFRS 7, IAS 9, Standards Volume 11 (IASB effective date:
IFRS 10 and IAS 7 1 January 2026)
IFRS 18 Presentation and Disclosures in Financial not yet adopted by the EU
Statements (IASB effective date: 1 January 2027)
IFRS 19 Subsidiaries without Public Accountability: not yet adopted by the EU
Disclosures (IASB effective date: 1 January 2027)
IFRS 14 Regulatory Deferral Accounts (IASB effective The European Commission has
date: 1 January 2016) decided not to launch the
endorsement process of this
interim standard and to wait
for the final standard.
Amendments to IFRS Sale or Contribution of Assets between an endorsement process
10 and IAS 28 Investor and its Associate or Joint Venture and postponed indefinitely until
further amendments (effective date deferred by the research project on the
IASB indefinitely but earlier application equity method has been
permitted) concluded
The Group and the Company expect that the adoption of the above new standards and amendments
to the existing standards in future periods will have a material impact on the financial statements of
the Group or the Company.
Hedge accounting for a portfolio of financial assets and liabilities the principles of which have not been
adopted by the EU remains unregulated. The Group and the Company assess that the application of
hedge accounting to a portfolio of financial assets or liabilities pursuant to IAS 39 “Financial
Instruments: Recognition and Measurement” would not have had a significant impact on the financial
statements of the Group and the Company, if it had been applied at the balance sheet date.




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3.6 Risk management
The main risk categories that the Group is exposed to are:
insolvency risk,
underwriting risks (non-life, life and health underwriting risks),
financial risks (market risks, liquidity risks, credit risks and risk of failure to realise interest-rate
guarantees),
operational risk,
strategic risk.
The following table shows a summary of risks in 2024.
Risk profile of Sava Insurance Group and Sava Re
Risks Summary of risks in 2024 Risk described in section
The Group and Sava Re ensure an adequate level of excess capital.
During 2024, the Group’s capital adequacy in accordance with the
Solvency II standard formula remained within the target capital range as
Insolvency risk defined in the risk strategy and well above regulatory requirements. 3.6.2
Throughout 2024, Sava Re’s capital adequacy was also consistently
assessed to be above the optimal level of the solvency ratio as defined
in the risk strategy and significantly above regulatory requirements.
In terms of capital requirements, the Group’s most significant risks
include non-life, life, and health underwriting risks. These risks are
managed appropriately and remain at similar levels to last year. In the
Underwriting risks non-life insurance business, the premium and reserve risk decreased 3.6.3
slightly, and the catastrophe riskincreased slightly. No major impact
from claims inflation was observed in 2024. Sava Re is mainly exposed
to non-life underwriting risks; the risks remained unchanged compared
to 2023.
The Group and the Company ensure the appropriate management of
financial risks. We actively monitor and manage the exposure to these
risks and the appropriate diversification of the investment portfolio. We
Financial risks also ensure the management of assets and liabilities. Financial risks did 3.6.4
not increase further in 2024 compared to 2023. We adapt our
investment policy to market conditions, and we aim to maintain a
sufficient level of highly liquid investments.
Operational risks are actively managed through the enhancement of the
internal control environment and continuous process improvements.
Operational risks The risks are at a similar level compared to last year. We carefully 3.6.5
manage key operational risks such as cyber risk, process execution risk
and the risk of legal non-compliance. We also place an important
emphasis on the risks related to data protection and data security.
Strategic risks are an important risk category for the Group and the
Company due to the uncertain geopolitical environment and the
associated unpredictability. The risks were at a similar level compared
Strategic risks to the previous year. The strategic risks section also discusses 3.6.6
sustainability risk and climate change risk. We strive to limit the risks
sufficiently and to respond and adapt effectively to changes in the
environment.
The following is an overview of risks in terms of the potential volatility of business results and the
resulting impact on the financial statements of the Group and the Company. Sensitivity analyses are
included for each risk group, showing the impact on profit or loss and accumulated other
comprehensive income (AOCI).
The potential impact of an extreme internal or external risk materialising and its impact on the Group’s
and the Company’s solvency position will be addressed in the Solvency and Financial Condition Report


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of the Sava Insurance Group for 2024, which will be posted on the Sava Re website on 16 May 2025,
and in the Solvency and Financial Condition Report of Sava Re d.d. for 2024, which will be posted on
the Company’s website on 4 April 2025.
3.6.1 Key challenges and associated risks
Geopolitical uncertainty and the macroeconomic environment
Geopolitical uncertainty is also a feature of 2024. The military conflict between Russia and Ukraine
continued, and the military conflict between Israel and Hamas escalated to the point where other
countries became involved. Tensions between China and Taiwan intensified in 2024. USChina rivalry
is on the rise, particularly in the technology and military sectors, and protectionism by major
economies could have an impact on global supply chains. These frictions also affect the free movement
of goods and international trade.
The year was marked by elections in major and developed countries, which had an impact on financial
markets. The election outcomes have added uncertainty to expectations for the coming year, as they
are likely to affect the dynamics of relations between countries and pose new challenges to the free
market. The strategic positioning of imports and exports of key commodities and products could be
affected by high price volatility and supply chain congestion in the future.
In terms of returns, 2024 was a good year for equities and bonds, and optimism has lingered in the
financial markets. This prompted several central banks, including the US Federal Reserve (Fed) and the
European Central Bank (ECB), to cut key interest rates. In Europe, the ECB implemented a second 25
basis point rate cut in September, motivated by growing confidence in inflation dynamics and weak
economic growth. Inflation fell to 2.2% in November 2024, close to the ECB target. Inflation in the euro
area is forecast by the ECB to be 2.1% in 2025 and 1.9% in 2026. Next year, it is expected that the ECB
and the Fed will continue their trend of lowering interest rates. Uncertainty about economic growth
in Europe is relatively high. The Organisation for Economic Co-operation and Development (OECD) has
forecast that the global economy will grow by 3.3% in 2025. The US is expected to grow by 2.4% and
the EU by 1.3%.
125
Europe’s structural challenges and its dependence on Russian gas, which has been significantly
reduced in recent years, also pose risks. Political instability in some European countries and declining
economic activity in Germany were also contributing to a deteriorating economic environment.
The Group believes that risks related to the macroeconomic or geopolitical situation will continue to
increase somewhat in the future, and the Group and the Company monitor such risks in order to take
timely action. Risks have also been considered in the context of scenarios in the Own Risk and Solvency
Assessment (ORSA).
Climate change and transition to sustainable business
Climate change is a significant sustainability risk for the Group and Company, as it has a direct and
indirect impact on our business activities, and monitoring and managing this risk is crucial for the
Group’s long-term performance.
The Group monitors the risks from the physical impacts of climate change (physical risks) and the risks
from the transition to a low-carbon and climate-resilient economy (transition risks). The most
significant risks for the Group arise from insurance (physical risks related to natural catastrophes) and
investment portfolios (risks related to potential transition effects on the investment portfolio). Climate
risk was also analysed (qualitatively and quantitatively) in ORSA. For more information on climate risks
125
OECD (2024), OECD Economic Outlook, https://www.oecd.org/en/publications/oecd-economic-outlook-volume-2024-issue-
2_d8814e8b-en.html.


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and impacts, see section B.ESRS E1 “Climate Change” SBM3 “Material impacts, risks and
opportunities and their interaction with strategy and business model”.
The Group recognises that the transition to sustainable business involves many challenges and risks.
We have established a system for monitoring and reporting sustainable development and social
responsibility risks. There is also a strong focus on effective and meaningful implementation of
sustainability legislation.
Cyber risk
Cyber risks were among the key operational risks in 2024 but are also important from a strategic
perspective. Monitoring and managing these risks will continue to be vital for the Group in the future.
The realisation of cyber risks can lead to a complete disruption of operations and high financial losses
while also affecting the Group’s reputation. We are therefore planning and implementing additional
activities at the Group level in addition to the risk prevention measures already in place in this area.
Security threats and incidents are also regularly monitored through the Security Operations Centre
(SOC).
In 2024, we implemented all necessary activities for all Group companies to comply with the new DORA
regulation
126
, which sets new requirements for the security of network and information systems of
financial entities. Activities carried out at the Group level include ICT risk management, ICT incident
reporting, digital operational resilience testing, third-party ICT risk management and the establishment
of information sharing processes.
Risk assessment and the going-concern assumption
The Group exceeded its planned result in 2024. Estimates of the solvency ratios of the Group and the
Company show that their solvency ratios in 2024 were well above the legally required level and in line
with internal criteria. The Group and the Company constantly identify, monitor, analyse and manage
risks, adopt relevant decisions and make any necessary adjustments.
A possible deterioration in the macroeconomic and geopolitical situation may continue to have an
adverse effect on the assets and liabilities of the Group and the Company in 2025, which may have a
direct or indirect impact on their business. The solvency of the Group and the Company may also be
affected, but it is not expected to be compromised given their strong capitalisation. The effects of
individual scenarios and events on the solvency position are also examined in ORSA. The basis for
conducting the 2025 ORSA (which was reported to the regulator in March 2025) is the business plan
of the Group and the Company for 2025, which was approved in December 2024, and financial
projections for 2026 and 2027. The capital adequacy projections in the 2025 ORSA confirmed that the
solvency position in 20252027 is consistent with the regulatory requirements, as well as consistent
with the Group’s and the Company’s internal criteria and the ability to ensure sufficient liquidity at all
times. The Group’s and the Company’s solvency ratios are therefore robust and resilient even in the
event of various adverse scenarios, as the solvency ratios are well above regulatory requirements even
in such scenarios.
Both the Group and the Company are managing liquidity risk well, and we do not expect a significant
increase in liquidity risk over the next 12 months. For the Company, the going concern assumption
continues to apply, based on the expected cash flow from the core business and the composition of
the investment portfolio, which can provide sufficient liquidity for a prolonged period of stress.
126
Digital Operational Resilience Act.



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3.6.2 Capital adequacy and capital management in the Sava Insurance Group and Sava
Re
At the Group and Company level, the standard formula is used to calculate the capital requirements in
accordance with the Solvency II legislation. The solvency capital requirement (SCR) is fully calculated
once a year, whereas the eligible own funds supporting the Group’s solvency requirements are
assessed quarterly, and the solvency position is assessed during the year. Thus, on a quarterly basis,
the solvency position is shown as an interval within which the solvency ratio is estimated to lie in the
relevant quarter. The following is the unaudited estimate of the Group’s solvency position, whereas
for Sava Re the audited solvency position as at 31 December 2024 is presented.
The Group’s estimated solvency position as at 31 December 2024 shows that the Group is well
capitalised, with an expected solvency ratio of between 207% and 213% (31 December 2023: 191%).
The Group’s eligible own funds to cover the solvency capital requirement (SCR) amounted to EUR 645.3
million as at 31 December 2023 and are estimated to have been higher at year-end, mainly due to the
strong performance in 2024 and the issuance of subordinated debt in the fourth quarter of 2024. The
Group’s solvency capital requirement was EUR 337.2 million as at 31 December 2023 and is estimated
to have increased in 2024, mainly due to an increase in non-life underwriting risk.
The assessments therefore show that the Group’s solvency position as at 31 December 2024 is at a
high level, well above the regulatory requirements.
At the Group level, in addition to ensuring regulatory capital adequacy, it is important to manage
capital in such a way that it meets the requirements of credit rating agencies for “A” ratings, and that
the Group remains solvent and is able to meet its obligations even if stress scenarios materialise. To
this end, the risk strategy of the Sava Insurance Group for 20232027, which defines the Group’s risk
appetite, defines the levels of required solvency ratios, as shown below.
Solvency ratio levels of the Group in line with internal rules defined by the risk strategy



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The estimated solvency ratio of the Group at the end of 2024 is therefore also in line with the internal
criteria and is at the upper bound of the optimal capitalisation range, as shown in the following graph.
The graph shows the Group’s solvency ratio ranges by quarter compared to the lower and upper limits
of the optimal level of the solvency ratio under internal criteria.
Capital adequacy of the Sava Insurance Group as at 31 December 2023 and in 2024


The Company’s solvency position as at 31 December 2024 shows that it is well capitalised, with a
solvency ratio of 294% (31 December 2023: 289%). The amount of own funds eligible to cover the
solvency capital requirement (SCR) as at 31 December 2024 was EUR 759.5 million (31 December 2023:
EUR 653.2 million). The increase is mainly due to the strong operating performance in 2024 and the
increase in the value of participations. The Company’s solvency capital requirement as at 31 December
2024 was EUR 258.0 million (31 December 2023: EUR 225.9 million) and increased mainly due to the
increase in non-life underwriting risk and market risk.
Throughout 2024, the Company’s capital adequacy was consistently assessed to have been above the
lower bound of the solvency ratio defined in the risk strategy (more than 200%) and significantly above
regulatory requirements.
The following graph shows the solvency ratio ranges of the Company in 2024, the solvency ratio as at
31 December 2024 and the compliance with the required lower bound of the solvency ratio according
to the internal criteria.

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Capital adequacy of Sava Re as at 31 December 2023 and in 2024



Based on the preceding charts, the Company believes that insolvency risk is low. The scenarios
conducted under ORSA 2024 also demonstrated the robustness of the Group’s and the Company’s
solvency position.
The annual calculation of capital adequacy will be discussed in more detail in the Solvency and Financial
Condition Report of the Sava Insurance Group and the Solvency and Financial Condition Report of Sava
Re d.d.
3.6.3 Underwriting risks
The Group and the Company are exposed to non-life, life and health underwriting risks. Accepted life
reinsurance business of non-Group cedants, including accident reinsurance business, is classified as
health underwriting risk. Due to its one-year duration and according to the nature of its coverage, this
life reinsurance business is comparable to accepted accident reinsurance business. To measure the
exposure of the Group and the Company, we use gross premiums written and gross natural
catastrophe exposures in the following text. These data have not been audited.
First, we present underwriting risks arising out of non-life business. This is followed by risks arising out
of life and health insurance business.
Non-life underwriting risks
127

The Group’s exposure to non-life underwriting risk, measured by the volume of consolidated gross
non-life premiums, is shown in the graph below.

127
ESRS 2 SBM-3 paragraph 48 (a). ESRS E1 SBM-3 paragraph 18.

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Gross premiums written by class of insurance (non-life insurance)
The breakdown of the Group’s gross non-life premiums did not change significantly in 2024.
The Group’s largest premium volume is generated in Slovenia and the Adriatic region, where its direct
insurance subsidiaries operate; exposure to Slovenia is predominant. Premiums were higher in 2024,
and the share of the largest classes of insurance increased further in 2024. The Company’s other
exposures are relatively well diversified globally.
The Group’s and the Company’s exposure to non-life underwriting risk measured by net (re)insurance
contract liabilities is disclosed in note 3.7.9 “Insurance and reinsurance contract assets and liabilities”.
As the Group as a whole has an adequate retrocession programme in place, it is not significantly
exposed to the risk of a sharp increase in net claims, even in the event of catastrophe losses. More
likely is an increase in net claims due to a mass of small adverse developments (an increase in claims
or expenses or decrease in premiums) that would affect the net combined ratio.
The Company’s exposure to non-life underwriting risk, measured by the volume of gross non-life
premiums, is shown in the following graph, by class of insurance.


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Gross premiums of Sava Re by class of insurance (non-life reinsurance)
The breakdown of the Company’s gross non-life (re)insurance premiums did not change significantly
in 2024.
The Company’s exposure to non-life underwriting risk measured by net (re)insurance contract
liabilities is disclosed in note 3.7.9 “Insurance and reinsurance contract assets and liabilities”.
The Group and the Company manage non-life underwriting risks by:
established underwriting processes, comprising processes and an authorisation system for the
underwriting of (re)insurance contracts with higher sums insured, and a process for the
underwriting of (re)insurance contracts in accordance with internal underwriting guidelines for
facultative underwriting for high exposures;
underwriting limits;
geographical diversification;
an appropriate actuarial pricing policy applied in product design and controlling;
an appropriate reinsurance programme.
The following sections describe risk management in more detail for each of the non-life underwriting
risks.
Premium risk
The Group’s and the Company’s premium risk is assessed as moderate and slightly decreased
compared to 2023. Uncertainties include claims inflation, which, although moderating further in 2024
compared to 2023, and the higher frequency and intensity of natural catastrophes. In the future, it will
remain necessary to closely review the adequacy of the assumptions used and to react swiftly by
adjusting premium rates to ensure that the Group achieves its planned results.
Most accepted non-life (re)insurance contracts are renewed annually. This allows insurers to adjust
conditions and rates on an ongoing basis to reflect any adverse developments in the claims experience
of entire classes of business or products, as well as for major policyholders. Thus, in the face of rising
inflation in recent years and intensifying catastrophes, the Group has taken measures to increase
prices for motor and non-life insurance, while the deterioration in macroeconomic conditions and the
increased severity of natural catastrophes in recent years have also led to higher reinsurance premium


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rates, which have improved the management of the premium risks of accepted reinsurance. However,
the reinsurance cycle has already started to turn towards lower premium rates in the second half of
2024, which increases the risks of accepted reinsurance business by relaxing terms and conditions,
making it all the more important to closely monitor and maintain underwriting discipline. On the other
hand, this has resulted in improved retrocession conditions, so the risk of not being able to continue
obtaining adequate retrocession protection along with the uncertain effects of climate change on
natural catastrophes has been reduced.
The Group mitigates price risk by conducting detailed market analyses, monitoring the business
environment (media, competitors, customers) and regulatory requirements, and monitoring historical
claims trends (for the entire insurance market) and projections. In the case of proportional reinsurance
treaties, the Company follows the fortune of its ceding companies, while with non-proportional and
facultative business, the decision on assuming a risk is on the Company. It follows from the foregoing
that in order to manage this risk, it is essential to review the practices of existing and future ceding
companies and to analyse developments by market and class of insurance. Consequently, coverage
may only be granted by following internal underwriting guidelines, and performance must be
consistent with the target combined ratios, based on available information, prices set and other
relevant contractual provisions. The suitability of pricing is verified through modelling and other
detailed profitability reviews.
Another underwriting process risk is PML error, the inaccurate assessment of the probable maximum
loss (PML). In order to mitigate this risk, the Group has in place guidelines for PML assessment,
requirements that PML assessments are a team exercise, and ensures that the reinsurance programme
covers PML error.
The Group mitigates claims risk through in-depth assessments of underwriting process risk, by
restricting the authorisations in the underwriting process, and by developing IT support that allows an
accurate overview of claims accumulation. For accepted reinsurance, this risk, too, can be managed by
means of special clauses in proportional reinsurance contracts, which limit the reinsurer’s share of
unexpected claims, and by not accepting unlimited layers under non-proportional contracts. Also
central to reducing this risk is the annual testing of the appropriateness of reinsurance protection using
a variety of stress tests and scenarios, and setting appropriate retentions.
Risk of insufficient insurance contract liabilities
The risk that the Group or the Company has of insufficient insurance contract liabilities has been
assessed as medium and was at a similar level as in 2023. The risk is managed through the measures
described below.
Insurance contract liabilities may be inadequate due to inaccurate actuarial estimates or unexpected
adverse claims developments. This may be the result of new types of losses that are not excluded in
cedants’ insurance conditions and for which no insurance contract liabilities have yet been established,
which is common in liability insurance, but may also be due to changes in court practice. All the lessons
learned from claims experience are then used to determine insurance contract liabilities in the future.
The adjustment of the assumptions for setting insurance contract liabilities in 2024 was affected by
the change in the forecast of the expected future claims inflation, changes in individual product prices
and changes in the expected level of natural catastrophe claims, whereas the run-off analyses of the
liability for incurred claims previously set show positive results in 2023 (in the following text).
Based on records and understanding of the process of calculating the insurance contract liabilities,
potential risks are identified and described, such as the risks relating to:
data availability and accuracy,
adequacy of methods and assumptions used,
calculation errors,


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process support in the IT system and tools.
Controls are put in place for the mitigation of each identified risk. These controls ensure data quality
and mitigate the risks associated with the calculation of insurance contract liabilities. The design and
operational effectiveness of the controls are reviewed at least annually and whenever there is a
significant change in the process or in the methods and models used to calculate insurance contract
liabilities.
Such controls include:
the reconciliation of technical items with the Company’s accounting records,
peer review of actuarial methods and assumptions,
defined change management controls for IT tools used in the process,
actuarial review and approval of the level of insurance contract liabilities.
The process by which insurance contract liabilities are calculated is subject to periodic approval. Where
substantial changes have been made to the process, the methodology or models used in the
calculation of insurance contract liabilities, a validation is carried out in accordance with the reporting
schedule.
Back-testing of adequacy of insurance contract liabilities in 2024
The Group establishes the liability for remaining coverage separately for each group of insurance
contracts. In addition to the basic amount of liability for remaining coverage, Group companies
establish a loss component if a contract is onerous (described in the accounting policies for insurance
contracts).
The adequacy of the level of the liability for incurred claims is assessed using run-off analysis. This can
only be applied to past years the further back in time, the more precise the results. As the liabilities
for incurred claims are calculated using consistent actuarial methods, we can conclude from historical
differences between originally estimated and subsequently established liabilities at various balance
sheet dates that the liabilities as at 31 December 2024 are adequate.
The Group companies record and analyse data on liabilities for incurred claims by accident year. The
following tables show, for each accident year represented by a column, the development of the
estimated ultimate claims (gross, net) of each accident year in relation to the subsequent claims
development. The values in the tables, except for the last row, are not discounted.
The data in the following tables are only presented from the transition to the new accounting standard
onwards, because the data are insufficient for previous years because of the application of the
premium allocation approach on a large part of the non-life portfolio and the transition to the new
standard using the fair value approach on certain parts of the portfolio measured using the general
measurement model.
All amounts included in the following tables whose original value is in a foreign currency have been
translated into euros at the rates of the ECB reference rate list published by the Bank of Slovenia as at
31 December of the relevant year. On the other hand, all cash flow amounts included in the tables
below that are originally denominated in foreign currencies have been translated into euros using the
average exchange rate for the year.
The actual claims development by accident year shows that the run-off of gross and net liabilities is
predominantly positive. On the basis of the above, it can be concluded that the level of both the gross
and net liabilities for incurred claims as at 31 December 2024 for accident years up to and including
2024 is adequate to cover the expected ultimate liabilities.


0Graphics
305
Development of estimated ultimate gross non-life claims of the Sava Insurance Group
Sava Insurance Group
(EUR thousand) Year ended 31 December
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimates of cumulative gross claims
At end of accident year 500,689,696 617,042,478 629,614,176 /
Re-estimated as of 1 year later 230,203,088 448,781,487 558,485,320 /
Re-estimated as of 2 years later 145,496,372 213,530,184 430,042,622 /
Re-estimated as of 3 years later 113,899,060 136,746,105 206,090,103 /
Re-estimated as of 4 years later 57,209,581 109,242,100 137,257,660 /
Re-estimated as of 5 years later 36,001,013 53,606,089 105,389,137 /
Re-estimated as of 6 years later 25,915,715 36,125,255 57,334,735 /
Re-estimated as of 7 years later 18,097,114 25,247,364 34,258,045 /
Re-estimated as of 8 years later 16,303,107 22,590,991 /
Re-estimated as of 9 years later 14,799,836 /
Cumulative gross claims paid by reporting 8,443,545 10,912,454 17,736,003 46,730,802 79,935,369 99,318,047 161,135,953 375,658,096 457,919,915 340,266,906 /
date
Gross liabilities for accident years 2015 6,356,291 11,678,537 16,522,042 10,603,933 25,453,767 37,939,613 44,954,149 54,384,526 100,565,406 289,347,270 597,805,534
2024
Gross liabilities for prior accident years 58,073,605
Effect of discounting -54,873,540
Gross liabilities for incurred claims
included in the statement of financial 601,005,599
position


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306
Development of estimated ultimate gross non-life claims of Sava Re
Sava Re
(EUR thousand) Year ended 31 December
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimates of cumulative gross claims
At end of accident year 169,061,145 212,673,761 193,420,977 /
Re-estimated as of 1 year later 146,929,663 147,952,242 168,811,408 /
Re-estimated as of 2 years later 139,395,365 142,244,502 136,085,488 /
Re-estimated as of 3 years later 87,849,200 133,882,140 138,854,055 /
Re-estimated as of 4 years later 46,513,996 83,888,748 134,296,128 /
Re-estimated as of 5 years later 22,627,306 44,500,791 83,192,828 /
Re-estimated as of 6 years later 15,006,426 23,307,159 48,458,512 /
Re-estimated as of 7 years later 11,049,935 16,680,787 21,646,753 /
Re-estimated as of 8 years later 10,490,659 15,236,025 /
Re-estimated as of 9 years later 9,359,966 /
Cumulative gross claims paid by reporting 6,510,387 9,888,567 15,022,576 46,789,892 73,580,458 115,585,916 112,992,075 105,831,176 114,707,876 40,492,197 /
date
Gross liabilities for accident years 2015 2,849,578 5,347,458 6,624,177 1,668,620 9,612,369 18,710,212 25,861,980 30,254,312 54,103,532 152,928,780 307,961,019
2024
Gross liabilities for prior accident years 35,321,967
Effect of discounting -26,693,196
Gross liabilities for incurred claims
included in the statement of financial 316,589,789
position


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307
Development of estimated ultimate net insurance and reinsurance claims of the Sava Insurance Group
Sava Insurance Group
(EUR thousand) Year ended 31 December
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimates of cumulative net claims
At end of accident year 451,674,080 511,082,147 575,187,789 /
Re-estimated as of 1 year later 201,176,093 399,223,599 472,077,458 /
Re-estimated as of 2 years later 127,707,372 196,059,983 373,886,489 /
Re-estimated as of 3 years later 108,871,233 117,790,838 190,067,813 /
Re-estimated as of 4 years later 52,841,279 103,146,740 119,094,785 /
Re-estimated as of 5 years later 31,937,374 49,572,590 98,646,218 /
Re-estimated as of 6 years later 23,707,304 31,558,767 52,989,493 /
Re-estimated as of 7 years later 16,774,637 20,988,946 31,094,538 /
Re-estimated as of 8 years later 14,851,180 19,282,849 /
Re-estimated as of 9 years later 13,765,893 /
Cumulative net claims paid by reporting 7,584,577 10,072,740 16,325,721 42,846,192 74,066,520 84,398,854 148,605,169 321,455,285 380,711,228 332,544,410 /
date
Net liabilities for accident years 2015 6,181,316 9,210,109 14,768,817 10,143,301 24,579,698 34,695,931 41,462,644 52,431,205 91,366,230 242,643,380 527,482,630
2024
Net liabilities for prior accident years 43,283,667
Effect of discounting -49,153,994
Net liabilities for incurred claims
included in the statement of financial 521,612,303
position


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308
Development of estimated ultimate net insurance and reinsurance claims of Sava Re
Sava Re
(EUR thousand) Year ended 31 December
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Estimates of cumulative net claims
At end of accident year 132,617,573 127,557,006 146,674,432 /
Re-estimated as of 1 year later 121,436,721 113,579,157 104,619,903 /
Re-estimated as of 2 years later 124,993,433 126,385,345 94,646,889 /
Re-estimated as of 3 years later 83,429,967 118,347,871 125,378,624 /
Re-estimated as of 4 years later 42,960,816 78,306,760 119,581,823 /
Re-estimated as of 5 years later 19,811,338 40,806,960 77,017,094 /
Re-estimated as of 6 years later 13,240,849 19,901,084 44,869,773 /
Re-estimated as of 7 years later 10,178,062 12,767,671 19,245,601 /
Re-estimated as of 8 years later 9,491,264 12,656,326 /
Re-estimated as of 9 years later 8,434,022 /
Cumulative net claims paid by 5,722,744 9,271,841 14,090,171 43,190,237 67,845,020 103,388,146 103,508,862 65,051,224 57,971,150 36,206,308 /
reporting date
Net liabilities for accident years 2,711,277 3,384,485 5,155,430 1,679,536 9,172,075 16,193,677 21,869,761 29,595,665 46,648,753 110,468,124 246,878,784
20152024
Net liabilities for prior accident 20,908,002
years
Effect of discounting -21,331,666
Net liabilities for incurred claims
included in the statement of 246,455,120
financial position


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309
Lapse risk
The lapse risk in 2024 for both the Group and the Company has been assessed as low and comparable
to the previous year.
It is estimated that lapse risk is less important for the Group, as the vast majority of non-life insurance
policies is written for one year and cannot be terminated early without the insurer’s consent (except
in case of premium default or if the subject-matter of the insurance policy is no longer owned by the
policyholder or has been destroyed due to a loss event). The majority of accepted reinsurance
contracts is also written for a period of one year. This risk is mitigated primarily by maintaining good
relationships with policyholders and cedants and by closely analysing market conditions.
Catastrophe risk
We assess the Group’s disaster risk in 2024 as moderate and (given the volume of insurance portfolios)
similar to the previous year. We also rate the same risk for the Company as moderate.
The Group manages catastrophe risk by means of a well-designed underwriting process, by controlling
risk concentration for products covering larger complexes against natural catastrophes and fire, by
geographical diversification, and by adequate retrocession protection against natural and man-made
catastrophes. In managing these risks, due consideration is given to the fact that maximum net
aggregate losses in any one year are affected by both the maximum net claim arising from a single
catastrophe event and the frequency of such events.
An appropriate reinsurance programme is important for managing the underwriting risk to which the
Group is exposed. The Group uses retrocession treaties to ensure adequate risk diversification. The
reinsurance programme is set up to reduce exposure to potential single large losses or the effect of a
large number of single losses arising from the same loss event. The Group considers its reinsurance
programme (including proportional and non-proportional reinsurance) to be appropriate in view of
the risks to which it is exposed. Net retention limits set by the Group are only rarely applied. The Group
provides additional risk diversification through co-insurance and reciprocal agreements with other
reinsurance companies.
We consider natural catastrophe risk to be the most significant catastrophe risk to which non-life
insurance is exposed. Sava Re has the highest exposure to natural catastrophes in Slovenia, whereas
exposures elsewhere are relatively well-diversified globally.
The table below shows the Company’s gross natural catastrophe exposures for 10 countries with the
highest exposures as at 31 December 2024 and 31 December 2023.


Graphics
310
The largest gross exposure of Sava Re to natural catastrophes by country (EUR)
128
Country 31 December 2024 Country 31 December 2023
Slovenia 468,545,937 Slovenia 472,942,000
China 44,673,679 China 48,183,550
Greece 31,160,000 Greece 36,075,000
Cyprus 30,261,500 Taiwan 32,530,091
Taiwan 29,950,790 Vietnam 30,842,603
United Kingdom 28,922,023 Germany 30,300,050
Serbia 28,752,500 India 30,298,091
Vietnam 27,791,683 Austria 29,726,240
Austria 27,405,369 Serbia 29,543,248
Poland 26,756,964 Romania 28,616,100
Total 744,220,446 Total 769,056,973
Exposures to Slovenia were slightly lower compared to the previous year (by EUR 4.4 million), while
exposures in other markets also decreased slightly. The countries with the highest gross exposure in
2024 also include Cyprus, the United Kingdom and Poland.
At the Group level, as shown in the table above, exposure to natural catastrophes is higher in regions
where the Group companies write non-life insurance. Thus, the largest gross aggregate exposure to
natural catastrophes is concentrated in Slovenia, and the Group has a reinsurance programme to cover
catastrophe risks (detailed below), thereby transferring a portion of the risk to reinsurers. The
following table shows the gross aggregate exposure in Slovenia by peril.
Gross aggregate exposure to individual natural catastrophes by country (sums insured)
EUR thousand129 2024 2023
Flood 16,376,578 15,060,648
Earthquake 22,505,434 18,566,047
Storm and hail 63,552,974 56,534,206
The Group’s primary insurance business and separately accepted non-Group reinsurance business is
protected against natural catastrophes based on non-proportional catastrophe excess-of-loss
coverages for own account. Even prior to the operation of the non-proportional protection, the
portfolio of the earthquake (re)insurance business of the Group’s cedants is protected by a quota share
retrocession treaty. This means that if a major event occurs, the Group will suffer a loss equal, at most,
to the amount of the priority of the catastrophe excess-of-loss cover plus a reinstatement premium.
In this way, the maximum net exposure of a portfolio to a catastrophe event is limited by the retention
up to the capacity of the reinsurance cover. If the Group makes additional use of the coverage, it is
subject to provisions concerning reinstatements, meaning that it needs to purchase protection for the
remaining period of cover. This is a common instrument available in the international reinsurance
market at a price that is usually lower than the original cover due to the shorter coverage period.
Sensitivity analysis for non-life underwriting risks
For non-life insurance, we have assumed a change in the gross claims ratio and restated the impact on
profit or loss and AOCI
130
. The effects shown in the following tables are net of income tax. We show
the effect calculation for the Group and the Company separately.
128
For exposure, in countries where modelled exposure data is available, PML assumptions (250-year events) are used, but where this data
is not available, the sum insured is used as the maximum exposure.
129
The data compiled are as at 30 June of each year.
130
Effect on accumulated other comprehensive income.


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311
Sensitivity analysis as at 31 December 2024
Sava Insurance Group
EUR Profit or loss AOCI
Change in assumptions Gross Net131 Gross Net
Gross loss ratio +10% -57,870,346 -52,228,706 -104,489 -97,043
Gross loss ratio -10% 55,710,517 50,113,675 104,253 96,860
Sensitivity analysis as at 31 December 2023
Sava Insurance Group
EUR Profit or loss AOCI
Change in assumptions Gross Net Gross Net
Gross loss ratio +10% -62,157,036 -52,020,629 -79,090 -83,065
Gross loss ratio -10% 55,574,989 45,515,666 79,171 83,145
Most of the effect of a change in the gross loss ratio is reflected in the income statement, while the
direct effect of this type of sensitivity analysis on equity is small. The impact on profit or loss as at
31 December 2024 is the same as the impact as at 31 December 2023.
Sensitivity analysis as at 31 December 2024
Sava Re
EUR Profit or loss AOCI
Change in assumptions Gross Net Gross Net
Gross loss ratio +10% -19,536,744 -14,671,280 -48,543 -39,794
Gross loss ratio -10% 19,230,484 14,365,019 48,543 39,794
Sensitivity analysis as at 31 December 2023
Sava Re
EUR Profit or loss AOCI
Change in assumptions Gross Net Gross Net
Gross loss ratio +10% -21,261,342 -12,615,739 39,956 34,039
Gross loss ratio -10% 21,064,541 12,418,939 -39,956 -34,039
Most of the effect of a change in the gross loss ratio is reflected in the income statement, while the
direct effect of this type of sensitivity analysis on AOCI is small. The effect on profit or loss as at
31 December 2024 was at the same level as at 31 December 2023.
Assessed risk exposure in 2024 compared to 2023
The Group’s non-life underwriting risk is assessed as moderate. In 2024, both premium risk and
provisioning and catastrophe risk remained at similar levels to 2023. We believe that these risks are
well managed by the Group and the Company.
According to our assessment, the likelihood that the non-life underwriting risk would seriously
compromise the Group’s or the Company’s financial stability is estimated as low.
Life underwriting risk
The main life underwriting risks relevant to the Company and the Group are the mortality risk, life
expense risk and lapse risk (which includes terminations due to surrenders, changes to paid-up status
and defaults).
The Group is moderately exposed to life underwriting risk. The Group’s main exposure to life
underwriting risk is in the EU. The following chart shows the structure of the Group’s gross life
insurance premiums by class of business.
131
The effect on profit or loss is shown before reinsurance (gross) and after reinsurance (net).


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312
Gross premiums of the Sava Insurance Group by class of insurance (life insurance)
The Company’s exposure to life underwriting risk is low. In 2024, gross reinsurance premiums for
traditional life insurance amounted to EUR 1,444 thousand (2023: EUR 1,242 thousand), and gross
unit-linked life insurance premiums were EUR 63 thousand (2023: EUR 86 thousand).
The Group’s and the Company’s exposure to life underwriting risk measured by net (re)insurance
contract liabilities is disclosed in note 3.7.9 “Insurance and reinsurance contract assets and liabilities”.
Life underwriting risks are also managed by periodically monitoring the life portfolio composition,
exposures, premium payment patterns, lapse rates and expenses incurred, as well as by analysing the
appropriateness of the modelling of the expected mortality and morbidity, and lapse rates. The
information so obtained allows for timely action in the case of adverse developments in these
indicators.
The Group additionally manages life underwriting risk by strictly following underwriting and risk
assessment procedures. These specify the criteria and terms of approving risk acceptance. At given
premium rates, risk assumption depends on the age at entry and the requested sum insured. The
Group accepts a risk if the health of the insured, as a measure of the quality of the risk, meets the
criteria set out in the medical underwriting table. An additional factor in the assumption of risks is
lifestyle, including leisure activities and occupation. The Group has in place an appropriate reinsurance
programme in order to limit the impact of underwriting risk (death and additional risks); covers are
generally on a proportional basis. The retention of insurance companies does not exceed EUR 100,000.
There is no significant concentration of life underwriting risk at the Group level, as the portfolio is well-
diversified in terms of the age of the insured persons, the remaining period of insurance, exposures
(of sums insured and sums at risk), and premium payment schedule. The portfolio is also diversified in
terms of the percentage of policies lapsed in a period, expenses, and mortality and morbidity rates by
product.


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313
Sensitivity analysis for life underwriting risks
For life insurance, we have assumed a change in the assumptions for mortality rates, morbidity and
disability rates, longevity rates, expenses and lapse rates. The change in assumptions for longevity
rates also takes into account the annuities of Sava Pokojninska Družba. We have restated the effect on
profit or loss and AOCIError! Bookmark not defined.. The effects shown in the following tables are net
of income tax.
Sensitivity analysis as at 31 December 2024
Sava Insurance Group
EUR Profit or loss AOCI
Change in
assumptions Gross Net Gross Net
Mortality rates +10% -405,297 -405,297 51,871 51,454
Mortality rates -10% 327,019 327,019 -34,755 -34,049
Morbidity and disability rates +10% -55,810 -55,810 139,262 139,241
Morbidity and disability rates -10% 55,768 55,768 -139,547 -139,526
Longevity rates +10% 11,418 11,418 -78,316 -78,316
Longevity rates -10% -108,814 -108,814 69,362 69,362
Expenses +10% -522,524 -522,524 359,549 359,549
Expenses -10% 441,901 441,901 -359,082 -359,082
Lapse rates +10% 125,281 125,281 -1,288,789 -1,315,634
Lapse rates -10% -152,848 -152,848 1,478,487 1,508,514
Sensitivity analysis as at 31 December 2023
Sava Insurance Group
EUR Profit or loss AOCI
Change in
assumptions Gross Net Gross Net
Mortality rates +10% -240,381 -240,381 -4,544 -5,063
Mortality rates -10% 158,663 158,663 21,676 22,541
Morbidity and disability rates +10% -49,745 -49,745 425,013 425,011
Morbidity and disability rates -10% 32,577 32,577 -425,531 -425,529
Longevity rates +10% 16,122 16,122 -9,478 -9,478
Longevity rates -10% -42,839 -42,839 13,438 13,438
Expenses +10% -568,313 -568,313 538,662 538,662
Expenses -10% 355,294 355,294 -585,923 -585,923
Lapse rates +10% 147,704 147,704 -1,663,994 -1,693,872
Lapse rates -10% -173,660 -173,660 1,902,940 1,936,301
Based on the sensitivity analysis performed, it can be concluded that the sensitivities performed do
not have a material impact on profit or loss. The direct effect on AOCI as at 31 December 2024 was
greatest for the change in the lapse rate.
Assessed risk exposure in 2024 compared to 2023
We estimate the Group’s life underwriting risk as moderate and well managed, remaining at a similar
level to 2023.


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314

Health underwriting risk
Most of the exposure to health underwriting risk relates to accident insurance classified as NSLT health
insurance, but the exposure to SLT health insurance is very small.
NSLT health underwriting risks are, inherently, very similar to non-life underwriting risks and are
therefore discussed in greater detail in section 3.6.3.1 “Non-life underwriting risks”. The Group
manages NSLT-health underwriting risks through similar techniques, i.e. by means of a well-designed
underwriting process, control of risk concentration for accident and health insurance products, and
adequate reinsurance protection.
SLT health underwriting risks are very similar in nature to life underwriting risks and are therefore
managed using similar techniques. These are discussed in more detail in section 3.6.3.2 “Life
underwriting risks”. These insurances were taken into account in our sensitivity analysis for life
underwriting risks.
Assessed risk exposure in 2024 compared to 2023
We consider the Group’s and the Company’s exposure to health underwriting risk in 2024 small and
comparable to 2023.
3.6.4 Financial risks
132
The Company’s financial operations expose it to financial risks arising from its investment portfolio,
including market, liquidity and credit risks.
The value of the investment portfolio includes the following balance sheet items: financial
investments, investment property, investments in associates and subsidiaries, and cash and cash
equivalents. The value of this investment portfolio as at 31 December 2024 was EUR 319.4 million
higher than as at 31 December 2023.
A more detailed presentation of the portfolio’s carrying amount is shown in the following table,
separately for the investment portfolio supporting non-life and traditional life insurance contract
liabilities (investments other than investments supporting direct participating contracts) and the
investment portfolio supporting unit-linked life insurance contract liabilities (investments supporting
direct participating contracts).
Value and composition of the investment portfolio in terms of financial risk assumption as at 31
December 2024
Sava Insurance Group
EUR Investments other Investments
than investments supporting direct Total As % of total
supporting direct participating
participating contracts contracts
Fixed-rate investments 1,453,477,571 51,629,684 1,505,107,255 61.9%
Government bonds 922,745,929 35,621,500 958,367,429 39.4%
Corporate and financial bonds 503,431,689 16,008,183 519,439,873 21.4%
Deposits 27,299,953 0 27,299,953 1.1%
Shares and mutual funds 44,408,674 706,535,197 750,943,871 30.9%
Shares 23,464,857 0 23,464,857 1.0%
Mutual funds 20,943,817 706,535,197 727,479,014 29.9%
Bond and money market 12,952,897 61,271,644 74,224,541 3.1%
Mixed 493 112,121,942 112,122,435 4.6%
Equity funds 7,990,427 533,141,611 541,132,038 22.3%
Alternative funds 72,361,306 0 72,361,306 3.0%
132
With regard to financial risks, we disclose other financial risks in addition to the financial risks identified in IFRS 7.



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315

Sava Insurance Group
EUR Investments other Investments
than investments supporting direct Total As % of total
supporting direct participating
participating contracts contracts
Real estate 12,583,880 0 12,583,880 0.5%
Investment property 24,147,256 0 24,147,256 1.0%
Cash and cash equivalents 46,243,890 6,105,875 52,349,765 2.2%
Investments in associates 25,615,695 0 25,615,695 1.1%
Other 667,770 0 667,770 0.0%
Financial investments 1,666,922,163 764,270,756 2,431,192,918 100.0%
Value and composition of the investment portfolio in terms of financial risk assumption as at 31
December 2023
Sava Insurance Group
EUR Investments other Investments
than investments supporting direct Total As % of total
supporting direct participating
participating contracts contracts
Fixed-rate investments 1,302,427,144 53,000,147 1,355,427,291 64.2%
Government bonds 819,083,092 32,439,945 851,523,037 40.3%
Corporate and financial bonds 457,727,881 20,560,202 478,288,083 22.6%
Deposits 25,616,171 0 25,616,171 1.2%
Shares and mutual funds 40,318,822 544,804,326 585,123,149 27.7%
Shares 21,754,273 0 21,754,273 1.0%
Mutual funds 18,564,549 544,804,326 563,368,876 26.7%
Bond and money market 13,293,605 47,248,244 60,541,849 2.9%
Mixed 160 113,793,106 113,793,266 5.4%
Equity funds 5,270,784 383,762,976 389,033,761 18.4%
Alternative funds 71,228,051 0 71,228,051 3.4%
Real estate 13,888,193 0 13,888,193 0.7%
Investment property 24,890,276 0 24,890,276 1.2%
Cash and cash equivalents 39,829,039 10,730,924 50,559,963 2.4%
Investments in associates 23,834,620 0 23,834,620 1.1%
Other 754,140 0 754,140 0.0%
Financial investments 1,503,282,093 608,535,398 2,111,817,490 100.0%
The value of the Company’s investment portfolio as at 31 December 2024 was EUR 92.5 million higher
than as at 31 December 2023, as explained in section A.8.2.2.3 “Investment portfolio”.
Value and composition of the investment portfolio in terms of financial risk assumption
Sava Re
As % of
total As % of total Absolute % change
Type of investment 31 December 2024 31 31 December 2023 31 December difference (pp)
December 2023
2024
Fixed-rate investments 405,306,716 51.2% 318,703,128 45.6% 86,603,588 5.6
Government bonds 276,117,368 34.9% 229,591,819 32.8% 46,525,549 2.0
Corporate and financial bonds 128,166,428 16.2% 88,089,961 12.6% 40,076,467 3.6
Deposits 1,022,920 0.1% 1,021,347 0.1% 1,572 0.0
Shares and mutual funds 10,531,858 1.3% 7,997,287 1.1% 2,534,570 0.2
Shares 3,204,768 0.4% 3,538,972 0.5% -334,205 -0.1
Mutual funds 7,327,090 0.9% 4,458,315 0.6% 2,868,775 0.3
Bond and money market 2,485,595 0.3% 2,397,194 0.3% 88,401 0.0
Equity funds 4,841,495 0.6% 2,061,121 0.3% 2,780,375 0.3
Alternative funds 25,968,887 3.3% 24,968,877 3.6% 1,000,010 -0.3
Real estate 3,565,302 0.5% 3,884,428 0.6% -319,126 -0.1



Graphics
316


Sava Re
As % of
total As % of total Absolute % change
Type of investment 31 December 2024 31 31 December 2023 31 December difference (pp)
December 2023
2024
Investment property 7,431,872 0.9% 7,582,168 1.1% -150,296 -0.1
Cash and cash equivalents 14,724,094 1.9% 12,260,049 1.8% 2,464,045 0.1
Investments in subsidiaries and 325,409,606 41.1% 325,241,793 46.5% 167,813 -5.4
associates
Other 2,578,592 0.3% 2,714,904 0.4% -136,313 -0.1
Total financial investments exposed 791,951,623 100.0% 699,468,206 100.0% 92,483,417 -
to financial risk
Market risk
As part of the management of market risk, the Group and the Company assess interest rate risk,
property price risk, equity price risk and currency risk. The following table shows the Group’s
investments exposed to market risk (investment portfolio excluding cash and cash equivalents).
Group financial investments exposed to market risk
Sava Insurance Group
As % of total As % of total
Type of investment 31 December 2024 31 December 31 December 2023 31 Absolute % change
2024 December change (pp)
2023
Fixed-rate investments 1,453,477,571 61.1% 1,302,427,144 63.2% 151,050,427 96.7
Government bonds 922,745,929 38.8% 819,083,092 39.7% 103,662,837 97.6
Corporate and financial bonds 503,431,689 21.2% 457,727,881 22.2% 45,703,808 95.3
Deposits 27,299,953 1.1% 25,616,171 1.2% 1,683,782 92.3
Shares and mutual funds 44,408,674 1.9% 40,318,822 2.0% 4,089,852 95.4
Shares 23,464,857 1.0% 21,754,273 1.1% 1,710,584 93.5
Mutual funds 20,943,817 0.9% 18,564,549 0.9% 2,379,268 97.8
Bond and money market 12,952,897 0.5% 13,293,605 0.6% -340,707 84.4
Mixed 493 0.0% 160 0.0% 333 266.4
Equity funds 7,990,427 0.3% 5,270,784 0.3% 2,719,642 131.4
Alternative funds 72,361,306 3.0% 71,228,051 3.5% 1,133,255 88.0
Real estate 12,583,880 0.5% 13,888,193 0.7% -1,304,313 78.5
Investment property 24,147,256 1.0% 24,890,276 1.2% -743,020 84.1
Investments in associates 25,615,695 1.1% 23,834,620 1.2% 1,781,075 93.1
Other 667,770 0.0% 754,140 0.0% -86,370 76.7
Investments of contracts with 758,164,880 31.9% 597,804,473 29.0% 160,360,407 109.9
direct participation
Without interest-rate guarantee 706,535,197 29.7% 544,804,326 26.4% 161,730,870 112.4
With interest-rate guarantee 51,629,684 2.2% 53,000,147 2.6% -1,370,463 84.4
Investment portfolio 2,378,843,153 100.0% 2,061,257,527 100.0% 317,585,626 -
Investment portfolio excluding 2,353,227,458 - 2,037,422,907 315,804,551 -
investments in associates
The value of the Group’s investment portfolio exposed to market risk increased by EUR 317.6 million
in 2024 compared to year-end 2023, which is explained in section A.8.1.3.4 “Investment portfolio”.
The following table shows the Group’s and the Company’s investments exposed to market risk
(investment portfolio excluding cash and cash equivalents).




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Sava Re financial investments exposed to market risk
Sava Re
As % of
total As % of total Absolute % change
Type of investment 31 December 2024 31 31 December 2023 31 December change (pp)
December 2023
2024
Fixed-rate investments 405,306,716 52.1% 318,703,128 46.4% 86,603,588 112.4
Government bonds 276,117,368 35.5% 229,591,819 33.4% 46,525,549 106.3
Corporate bonds 128,166,428 16.5% 88,089,961 12.8% 40,076,467 128.6
Deposits 1,022,920 0.1% 1,021,347 0.1% 1,572 88.6
Shares and mutual funds 10,531,858 1.4% 7,997,287 1.2% 2,534,570 116.4
Shares 3,204,768 0.4% 3,538,972 0.5% -334,205 80.1
Mutual funds 7,327,090 0.9% 4,458,315 0.6% 2,868,775 145.3
Bond and money market 2,485,595 0.3% 2,397,194 0.3% 88,401 91.7
Equity funds 4,841,495 0.6% 2,061,121 0.3% 2,780,375 207.7
Alternative funds 25,968,887 3.3% 24,968,877 3.6% 1,000,010 92.0
Real estate 3,565,302 0.5% 3,884,428 0.6% -319,126 81.2
Investment property 7,431,872 1.0% 7,582,168 1.1% -150,296 86.7
Investments in subsidiaries and 325,409,606 41.9% 325,241,793 47.3% 167,813 88.5
associates
Other 2,578,592 0.3% 2,714,904 0.4% -136,313 84.0
Investment portfolio 777,227,530 100.0% 687,208,157 100.0% 90,019,373 100.0
Investment portfolio excluding
investments in associates and 451,817,924 - 361,966,364 - 89,851,560 -
subsidiaries
More information on the investment portfolio is provided in section A.8.2.2.3 “Investment portfolio”.
3.6.4.1.1 Interest rate risk
Interest rate risk is measured through sensitivity analysis, which measures the change in value of
interest rate sensitive investments and the change in value of insurance contract liabilities when
interest rates change by 1 percentage point or 100 basis points.
The interest rate sensitive portion of the investment portfolio includes government and corporate
bonds, private and infrastructure debt, and bond and mixed funds (for mixed and convertible funds,
only half of the value is included in the sensitivity analysis). Included are assets covering the liabilities
of non-life and traditional life insurance and reinsurance contracts, including the liabilities of insurance
contracts with direct participation features. This year, we also included infrastructure and private debt
in the interest rate risk calculation and 50% of the value of convertible mutual funds instead of the
total value of these funds. For the purpose of determining interest rate sensitivity, financial assets and
liabilities are measured at fair value.
On the liabilities side, all liabilities arising from (re)insurance contracts are included in line with the
IFRS 17 valuation. In the table, assets and liabilities relating to non-life and traditional life insurance
business are shown together, whereas assets and liabilities relating to life insurance where
policyholders bear the investment risk are shown separately under direct participating contracts.
The Group’s investment portfolio, excluding investments in direct participating contracts, also includes
variable-rate investments. These investments are linked to a 3-month Euribor and therefore the
Company has not recorded the effects of the benchmark reform (IBOR), which provides for the
substitution of certain interest rate benchmarks. It holds no other variable-rate investments. The
Group does not have any variable-rate liabilities.




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318


Interest rate sensitive investments and liabilities from the Group’s insurance and reinsurance contracts
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Financial investments
Investments other than investments supporting direct participating contracts, of which 1,448,409,188 1,300,557,011
Fixed-rate investments 1,448,409,188 1,299,750,935
Variable-rate investments 806,076
Investments supporting direct participating contracts*, of which 168,960,527 156,779,430
Fixed-rate investments 168,960,527 156,779,430
Financial liabilities -116,019,445 -58,702,709
Total financial investments 1,501,350,270 1,398,633,732
Insurance and reinsurance contracts
(Re)insurance contract liabilities (other than for direct participating contracts) 1,095,490,634 1,065,751,789
(Re)insurance contract assets (other than for direct participating contracts) -88,361,116 -117,087,045
Direct participating contracts 739,860,541 586,910,698
Total insurance and reinsurance contracts 1,746,990,059 1,535,575,442
* Includes interest rate sensitive investments. These are debt securities and interest rate sensitive investments in bond and mixed mutual
funds underlying participating contracts.
The value of investments, excluding investments in direct participating contracts, was significantly
higher than insurance and reinsurance contract liabilities due to the interest-sensitive nature of the
investments of Group companies’ own funds that are not directly intended to cover insurance and
reinsurance contract liabilities. The higher value of (re)insurance contract assets in relation to
(re)insurance contract liabilities also affects the higher sensitivity of insurance contract assets. In
managing these investments, Group companies ensure that the maturities of the investments match
those of the liabilities.
The value of the investments underlying direct participating contracts is lower than the corresponding
liabilities due to the fact that only interest rate sensitive investments with a total value of EUR 169.0
million are shown among the investments underlying direct participating contracts (31 December
2023: EUR 156.8 million), while all the presented liabilities relating to direct participating contracts are
interest rate sensitive.
For the Company, the table shows total reinsurance contract assets and liabilities. The Company does
not have any investments or liabilities linked to variable interest rates. It also has no investments in
direct participating contracts.
Interest rate sensitive investments supporting and liabilities arising from reinsurance contracts of Sava
Re
Sava Re
EUR 31 December 2024 31 December 2023
Financial investments
Investments other than investments supporting direct participating contracts, of which 410,117,736 324,287,206
Fixed-rate investments 410,117,736 323,783,408
Variable-rate investments 0 503,797
Financial liabilities -116,019,445 -58,702,709
Total financial investments 294,098,291 265,584,497
Insurance and reinsurance contracts
Insurance and reinsurance contract liabilities (other than for direct participating contracts) 288,267,700 296,199,571
Insurance and reinsurance contract assets -71,632,122 -100,857,965
Total insurance and reinsurance contracts 216,635,578 195,341,606
The value of interest rate sensitive investments net of financial liabilities was significantly above the
value of insurance and reinsurance contract liabilities as at 31 December 2024 due to the interest-
sensitive nature of the investments of the Company’s own funds that are not directly intended to cover
insurance and reinsurance contract liabilities. The excess of investments over liabilities increases the
Company’s sensitivity to changes in interest rates. In managing these investments, the Company
ensures that the maturities of the investments match those of the liabilities.




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319


Sensitivity analysis of the Sava Insurance Group to interest rate changes
The interest rate sensitivity analysis shows separately the impact on profit or loss and on AOCI in the
event of a 100 basis point increase or decrease in interest rates, on a pre-tax basis. The total impact of
both the contract value and the related investments of this portfolio is already presented under “Direct
participating contracts and investments supporting direct participating contracts”. The impact of a
change in interest rates on an insurer’s profit or loss or AOCI depends on the IFRS category of each
interest rate sensitive investment. In accordance with the accounting policies adopted by the Group
companies, the majority of the changes in value of the items are recognised in AOCI with only a minor
impact on profit or loss.




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320


Results of sensitivity analysis of interest rate risk sensitive investments
Sava Insurance Group
EUR Profit or loss AOCI
Increase Decrease Increase Decrease
(+100 bps) (-100 bps) (+100 bps) (-100 bps)
31 December 2024
Insurance and reinsurance contracts (other than direct 410,643 -464,955 26,460,528 -29,713,135
participating contracts)
Financial investments (other than those supporting direct -927,445 986,755 -39,710,780 42,226,797
participating contracts)
Direct participating contracts and investments supporting direct -2,750 801 -148,806 155,693
participating contracts
-519,552 522,602 -13,399,057 12,669,355
31 December 2023
Insurance and reinsurance contracts (other than direct 346,437 -395,100 24,637,677 -28,600,218
participating contracts)
Financial investments (other than those supporting direct -750,810 806,026 -39,299,988 42,529,399
participating contracts)
Direct participating contracts and investments supporting direct 82,634 -132,489 -130,533 136,910
participating contracts
-321,738 278,438 -14,792,844 14,066,091
As can be seen from the results, an increase in interest rates has a negative effect, while a decrease in
interest rates has a positive effect, mainly on the Company’s AOCI.
The average maturity of bonds and deposits supporting the non-life business was 2.5 years at year-
end 2024 (31 December 2023: 2.6 years), whereas the expected maturity of non-life liabilities was 2.2
years (31 December 2023: 2.2 years).
The average maturity of bonds and deposits supporting the life business was 3.7 years at year-end
2024 (31 December 2023: 4.0 years), and the expected maturity of life insurance contract liabilities
was 7.1 years (31 December 2023: 7.5 years).
Interest rate risk in 2024 is at a comparable level to the previous year.
Sensitivity analysis to changes in interest rates for Sava Re
Results of sensitivity analysis of interest rate risk sensitive investments
Sava Re
EUR Profit or loss AOCI
Increase Decrease Increase Decrease
(+100 bps) (-100 bps) (+100 bps) (-100 bps)
31 December 2024
Insurance and reinsurance contracts 0 0 4,898,940 -5,254,352
Financial investments -213,502 226,079 -8,928,028 9,360,253
-213,502 226,079 -4,029,088 4,105,901
31 December 2023
Insurance and reinsurance contracts 0 0 4,157,916 -4,639,531
Financial investments -363,190 364,873 -7,571,463 6,948,834
-363,190 364,873 -3,413,548 2,309,303
As can be seen from the results, an increase in interest rates has a negative effect, and a decrease in
interest rates has a positive effect mainly on the Company’s AOCI.
Overall interest-rate sensitivity increased slightly compared to the previous year, whereas the
expected volatility of market interest rates remained elevated due to the macroeconomic
environment. There was no impact on the income statement for insurance and reinsurance contracts.
This is because no new reinsurance contracts were recognised in the last month.
We estimate that the interest rate risk remained at about the same level as the previous year.




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3.6.4.1.2 Risk of change in the market value of property investments
The Group and the Company are exposed to the risk of change in the market value of property
investments as part of the risks affecting the investment portfolio. In addition to investment property,
real estate funds shown as alternative investments under financial investments are also exposed to
this risk.
Investment property
Sava Insurance Group
As % of total As % of total
EUR 31 December 31 December 31 December 31 Absolute % change (pp)
2024 2024 2023 December change
2023
Investment property 24,147,256 1.5% 24,890,276 1.7% -743,020 -0.2
Real estate funds 12,583,880 0.8% 13,888,193 0.9% -1,304,313 -0.2
Total 36,731,136 2.3% 38,778,469 2.6% -2,047,333 -0.3
Sava Re
31 December As % of total 31 December As % of total Absolute
EUR 2024 31 December 2023 31 December change % change (pp)
2024 2023
Investment property 7,431,872 1.0% 7,582,168 1.1% -150,296 -0.1
Real estate funds 3,565,302 0.5% 3,884,428 0.6% -319,126 -0.1
Total 10,997,175 1.4% 11,466,596 1.6% -469,421 -0.2
The value of the Group’s investments exposed to investment property risk decreased by EUR 2.1
million compared to the previous period. The value of the Company’s investments exposed to
investment property risk decreased by EUR 0.5 million compared to the previous period.
The risk was assessed through a sensitivity analysis to a 15% decrease in the value of the investments.
The result is shown in the following two tables, separately for the Group and Sava Re.
Result of sensitivity analysis of real estate investments
Sava Insurance Group
EUR Profit or loss AOCI
Increase Decrease Increase Decrease
(+15%) (-15%) (+15%) (-15%)
31 December 2024
Investment property 3,622,088 -3,622,088 0 0
Real estate funds 1,887,582 -1,887,582 0 0
5,509,670 -5,509,670 0 0
31 December 2023
Investment property 3,733,541 -3,733,541 0 0
Real estate funds 2,083,229 -2,083,229 0 0
5,816,770 -5,816,770 0 0
Result of sensitivity analysis of real estate investments
Sava Re
EUR Profit or loss AOCI
Increase Decrease Increase Decrease
(+15%) (-15%) (+15%) (-15%)
31 December 2024
Investment property 1,114,781 -1,114,781 0 0
Real estate funds 534,795 -534,795 0 0
1,649,576 -1,649,576 0 0
31 December 2023
Investment property 1,137,325 -1,137,325 0 0
Real estate funds 582,664 -582,664 0 0
1,719,989 -1,719,989 0 0




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322


If the selected shock were to occur, the value of the Group’s investments exposed to investment
property risk would decrease by slightly less than in the previous period, while the value of the
Company’s investments exposed to investment property risk would decrease by almost the same
amount as in the previous period. The investment property price risk has not changed significantly
compared to the previous year.
3.6.4.1.3 Equity price risk
Exposed to this risk are shares and equity, mixed and convertible mutual funds (for mixed and
convertible funds, half of the value is included in the sensitivity analysis), alternative funds
(infrastructure funds) and ETFs.
Unlike the bond portfolio, which moves inversely to interest rates, the value of equities and mutual
funds changes linearly with stock prices. Equity price risk is measured by a sensitivity analysis, i.e., the
change in the value of such investments in case of a 20% change.
Equity investments and direct participating contracts included in the sensitivity analysis
Sava Insurance Group
EUR Absolute
As % of total As % of total change
31 December 31 December 31 December 31 December 31 December % change (pp)
2024 2024 2023 2023 2024 -
31 December
2023
Financial investments
Shares 23,464,857 3.5% 21,754,273 4.2% 1,710,584 -0.7
Of which shares in Slovenian 5,044,553 0.8% 5,593,016 1.1% -548,463 -0.3
companies
Equity, mixed and convertible 11,354,144 1.7% 8,518,019 1.7% 2,836,125 0.0
mutual funds
Alternative funds 46,565,451 6.9% 42,038,879 8.2% 4,526,572 -0.5
Private equity funds 2,423,027 0.4% 1,641,000 0.3% 782,027 0.0
Infrastructure funds 44,142,424 6.6% 40,397,879 7.9% 3,744,545 -0.6
Investments supporting direct 589,204,597 87.9% 440,659,529 85.9% 148,545,067 1.3
participating contracts*
Total financial investments 670,589,048 100.0% 512,970,700 100.0% 157,618,348 /
Insurance and reinsurance
contracts
Direct participating contracts 739,860,541 100.0% 586,910,698 100.0% 152,949,843 /
Total insurance and reinsurance 739,860,541 100.0% 586,910,698 100.0% 152,949,843 /
contracts
* Includes investments exposed to equity price risk in equity and mixed mutual funds supporting direct participating contracts.
Equity investments included in the sensitivity analysis
Sava Re
EUR As % of total As % of total Absolute
portfolio portfolio change
31 December as at 31 December as at 31 December % change (pp)
2024 31 December 2023 31 December 2024 -
2024 2023 31 December
2023
Shares 3,204,768 0.5% 3,538,972 0.5% -334,205 0.0
Shares in Slovenian 2,842,924 0.4% 3,298,739 0.5% -455,816 -0.1
companies
Equity and convertible 5,580,443 0.8% 2,781,318 0.4% 2,799,125 0.4
mutual funds
Alternative funds 18,386,780 2.7% 16,248,331 2.4% 2,138,450 0.3
(excluding real estate)
Private equity funds 2,021,996 0.3% 1,641,000 0.2% 380,996 0.1
Infrastructure funds 16,364,784 2.4% 14,607,331 2.1% 1,757,453 0.3
Total financial investments 27,171,991 4.0% 22,568,621 3.3% 4,603,370 0.7




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323


The Company’s assets exposed to equity price risk include equities, equity and convertible mutual
funds, and infrastructure funds. Investments in subsidiaries and associates are disclosed in section
3.6.4.1.4 “Risk of change in value of investments in subsidiaries and associates of the Sava Insurance
Group and Sava Re”.
Results of sensitivity analysis of equity investments
Sava Insurance Group
EUR Profit or loss AOCI
Increase Decrease Increase Decrease
(+20%) (-20%) (+20%) (-20%)
31 December 2024
Financial investments (other than those supporting direct 12,683,732 -12,683,732 3,593,158 -3,593,158
participating contracts)
Direct participating contracts and investments supporting 32,973 -31,551 0 0
direct participating contracts
12,716,705 -12,715,283 3,593,158 -3,593,158
31 December 2023
Financial investments (other than those supporting direct 13,679,021 -13,679,021 3,193,978 -3,193,978
participating contracts)
Direct participating contracts and investments supporting 21,714 -60,490 0 0
direct participating contracts
13,700,735 -13,739,511 3,193,978 -3,193,978
Thus, a 20% fall in equity prices would reduce the value of investments other than direct participating
contracts by EUR 1 million compared to the previous period.
The Group’s exposure to equity price risk remained at approximately the same level in 2024 compared
to the end of 2023.
Results of sensitivity analysis of equity investments
Sava Re
EUR Profit or loss AOCI
Increase Decrease Increase Decrease
(+20%) (-20%) (+20%) (-20%)
31 December 2024
Financial investments 5,434,398 -5,434,398
5,434,398 -5,434,398 0 0
31 December 2023
Financial investments 4,513,724 -4,513,724
4,513,724 -4,513,724 0 0
A 20% change in the value of the equity securities would decrease the value of the investments by
EUR 0.9 million more than in the previous period.
The Company’s exposure to equity price risk is at a slightly higher level in 2024 compared to the end
of 2023.
3.6.4.1.4 Risk of change in value of investments in subsidiaries and associates of the Sava Insurance
Group and Sava Re
The Group’s investments in associate companies expose it to the risk of a decline in the value of these
investments. As at 31 December 2024, the Group’s total exposure to the risk of financial investments
in associates was EUR 1.8 million higher than as at 31 December 2023.
The following table shows the sensitivity of investments in associates to changes in value. The analysis
covered the associate company Diagnostic Centre Bled.




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324


Results of sensitivity analysis of the Sava Insurance Group’s investments in associates
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Value Post-stress Change in Value Post-stress Change in
value value value value
Decrease in value of 10% 25,615,695 23,054,126 -2,561,570 23,834,620 21,451,158 -2,383,462
Decrease in value of 20% 25,615,695 20,492,556 -5,123,139 23,834,620 19,067,696 -4,766,924
Regarding the risk related to its investments in subsidiaries and associates, the Company is especially
exposed to the risk of a decline in the value of these investments and to concentration risk. In 2024,
the Company’s largest exposure among investments in subsidiaries and associates was from its
investment in Zavarovalnica Sava, which accounted for 37.9% as at 31 December 2024 (31 December
2023: 37.9%) of the total value of its investments in subsidiaries and associates.
Results of the sensitivity analysis of investments in subsidiaries and associates of Sava Re
Sava Re
EUR 31 December 2024 31 December 2023
Value Post-stress Change in Value Post-stress Change in
value value value value
Decrease in value of 10% 325,409,606 292,868,645 -32,540,961 325,241,793 292,717,614 -32,524,179
Decrease in value of 20% 325,409,606 260,327,685 -65,081,921 325,241,793 260,193,435 -65,048,359
Value decrease of largest 123,364,958 111,028,462 -12,336,496 123,364,958 111,028,462 -12,336,496
subsidiary of 10%
Value decrease of largest 123,364,958 98,691,967 -24,672,992 123,364,958 98,691,967 -24,672,992
subsidiary of 20%
The Company’s exposure to the risk related to investments in subsidiaries and associates was at a
similar level in 2024 as in 2023. Taking account of all the impacts, we believe that the risk related to
participations remained moderate due to their active management.
The Group and the Company manage the risk related to their financial investments in subsidiaries and
associates through active management of the companies, comprising:
a governance system (management and supervision) and clear segregation of responsibilities at all
levels,
risk management policies,
systematic risk management with a three-lines-of-defence framework (detailed in section A.10
“Risk management”),
the setting of business and risk management strategies from the top down, taking into account
both the Group as a whole as well as its individual members,
a comprehensive system for monitoring and reporting on performance and related risks at all
levels.
3.6.4.1.5 Currency risk
As at 31 December 2024, the Group had 7.7% of its liabilities denominated in foreign currency (2023:
8.3%).
The Group manages currency risk through the efforts of each company to optimise asset-liability
currency matching. Based on the market situation, individual companies assess the ability of currency
matching in the primary currency, and, if this is not possible, the transaction currency is used for
matching.
The following table shows the currency (mis)match for the Group for the five currencies that account
for the largest portion of its liabilities.




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325


Transaction currency (mis)match as at 31 December 2024 (all amounts translated to euros)
Sava Insurance
Group
EUR Euro (EUR) US dollar South Korean Macedonian Serbian dinar Other Total
(USD) won (KRW) denar (MKD) (RSD)
Financial investments 1,497,969,669 50,565,988 8,875,034 21,730,453 32,154,420 55,626,600 1,666,922,164
and cash
Financial liabilities -125,058,474 0 0 0 0 0 -125,058,474
Insurance and
reinsurance contract 78,497,946 1,793,111 28,171 532,467 4,250,697 3,258,724 88,361,116
assets
Insurance and
reinsurance contract -937,808,217 -45,929,901 -9,533,841 -14,955,911 -27,979,528 -59,283,233 -1,095,490,632
liabilities
Other assets 337,605,376 17,006,817 0 12,632,923 9,528,078 846,898 377,620,092
Other liabilities and -928,779,877 0 0 -3,266,237 -4,718,366 0 -936,764,480
equity
Currency mismatch 23,436,015 630,636 16,673,695 13,235,300 448,989 54,424,635
Currency matching 97.4%
ratio
Direct participating -739,860,541 0 0 0 0 0 -739,860,541
contracts
Investments
supporting direct 763,333,631 887,646 0 0 49,479 0 764,270,756
participating
contracts
Transaction currency (mis)match as at 31 December 2023 (all amounts translated to euros)
Sava Insurance
Group
EUR Euro (EUR) US dollar South Korean Macedonian Serbian dinar Other Total
(USD) won (KRW) denar (MKD) (RSD)
Financial
investments and 1,343,270,392 44,029,051 14,006,703 18,804,267 25,429,025 57,742,657 1,503,282,095
cash
Financial liabilities -74,987,535 0 0 0 0 0 -74,987,535
Insurance and
reinsurance 107,111,477 2,439,525 88,730 100,186 3,446,017 3,901,107 117,087,042
contract assets
Insurance and
reinsurance -914,467,838 -42,171,929 -14,550,070 -12,234,485 -21,897,715 -60,428,938 -1,065,750,976
contract liabilities
Other assets 312,115,253 7,762,500 0 10,032,698 9,239,395 489,947 339,639,793
Other liabilities and -825,972,622 -79,293 0 -11,208,304 -3,575,024 -59,066 -840,894,309
equity
Currency 11,979,854 454,638 5,494,361 12,641,698 1,645,706 32,216,257
mismatch
Currency matching 98.4%
ratio
Direct participating -586,910,697 0 0 0 0 0 -586,914,306
contracts
Investments
supporting direct 607,667,203 858,516 0 0 0 9,680 608,535,399
participating
contracts




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326


The Sava Insurance Group manages a high level of currency matching by monitoring the matching of
assets and liabilities at the level of individual companies and the portfolio. The Group manages the
matching of currencies used by the Group companies in accordance with local accounting standards
and regulations, which results in a slightly higher mismatch at the Group level.
Impact of a 10-percent increase or decrease in the exchange rate as at 31 December 2024 (all amounts
translated into euros)
Sava Insurance Group
EUR Profit or loss AOCI
Effect of 10% Effect of 10% Effect of 10% Effect of 10%
strengthening weakening strengthening weakening
US dollar (USD)
Insurance and reinsurance contracts -4,413,365 4,413,365 -60,763 60,763
Financial investments 5,056,599 -5,056,599 0 0
643,234 -643,234 -60,763 60,763
South Korean won (KRW)
Insurance and reinsurance contracts -950,567 950,567 3,972 -3,972
Financial investments 887,503 -887,503 0 0
-63,064 63,064 3,972 -3,972
Serbian dinar (RSD)
Insurance and reinsurance contracts -2,405,486 2,405,486 33,402 -33,402
Financial investments 2,173,045 -2,173,045 0 0
-232,441 232,441 33,402 -33,402
Macedonian denar (MKD)
Insurance and reinsurance contracts -1,444,130 1,444,130 1,785 -1,785
Financial investments 3,215,442 -3,215,442 0 0
1,771,312 -1,771,312 1,785 -1,785
Other
Insurance and reinsurance contracts -5,590,472 5,590,472 9,159 -9,159
Financial investments 5,562,660 -5,562,660 0 0
Direct participating contracts and
investments supporting direct participating 14,589 -14,142 0 0
contracts
-13,224 13,671 9,159 -9,159
Impact of a 10-percent increase or decrease in the exchange rate as at 31 December 2023 (all amounts
translated into euros)
Sava Insurance Group
EUR Profit or loss AOCI
Effect of 10% Effect of 10% Effect of 10% Effect of 10%
strengthening weakening strengthening weakening
US dollar (USD)
Insurance and reinsurance contracts -3,971,210 3,971,210 -50,638 50,638
Financial investments 4,402,905 -4,402,905 0 0
431,695 -431,695 -50,638 50,638
South Korean won (KRW)
Insurance and reinsurance contracts -1,446,134 1,446,134 -14,493 14,493
Financial investments 1,400,670 -1,400,670 0 0
-45,464 45,464 -14,493 14,493
Serbian dinar (RSD)
Insurance and reinsurance contracts -1,819,069 1,819,069 7,962 -7,962
Financial investments 2,542,903 -2,542,903 0 0
723,834 -723,834 7,962 -7,962
Macedonian denar (MKD)
Insurance and reinsurance contracts -1,208,244 1,208,244 -5,185 5,185
Financial investments 1,880,427 -1,880,427 0 0
672,182 -672,182 -5,185 5,185
Other




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327


Sava Insurance Group
EUR Profit or loss AOCI
Effect of 10% Effect of 10% Effect of 10% Effect of 10%
strengthening weakening strengthening weakening
Insurance and reinsurance contracts -5,630,485 5,630,485 -54,372 54,372
Financial investments 5,774,266 -5,774,266 0 0
Direct participating contracts and -188,646 176,531 0 0
investments supporting direct participating contracts
-44,865 32,750 -54,372 54,372
Sava Re is the Group member with the largest exposure to currency risk.
As at 31 December 2024, the Company’s liabilities denominated in foreign currencies accounted for
12.9% (2023: 14.0%) of the Company’s total liabilities. As the proportion of international business is
rising (as is the number of different currencies), Sava Re has put in place rules on currency matching,
which define the conditions and method of currency matching. To mitigate currency risk, assets and
liabilities in foreign currencies are actively matched. The currency matching rules lay down the criteria
as to when the Company should start currency matching by accounting currency
133
. Based on the
market situation, the Company assesses the ability of currency matching in the primary currency, and
if this is not possible, the transaction currency is to be used for matching.
134
The currency mismatch of assets and liabilities is monitored by individual accounting currency. The
following table shows the currency mismatch for the five currencies that account for the largest share
of liabilities.
Transaction currency (mis)match as at 31 December 2024 (all amounts translated to euros)
Sava Re
EUR Euro (EUR) US dollar South Korean Chinese yuan Indian rupee Other Total
(USD) won (KRW) (CNY) (INR)
Financial investments 687,617,899 43,961,468 8,875,034 9,553,213 7,074,529 34,869,480 791,951,623
and cash
Financial liabilities -125,058,474 0 0 0 0 0 -125,058,474
Insurance and
reinsurance contract 66,612,484 1,793,111 28,171 592,995 398,264 2,207,097 71,632,122
assets
Insurance and
reinsurance contract -175,124,024 -45,918,314 -9,533,841 -11,113,224 -7,889,566 -38,688,729 -288,267,700
liabilities
Other assets 15,402,905 67,083 0 0 0 0 15,469,988
Other liabilities and -465,727,559 0 0 0 0 0 -465,727,559
equity
Currency mismatch 96,652 630,636 967,016 416,773 1,612,152 3,723,230
Currency matching 99.6%
ratio
133
The accounting currency is the local currency used in the accounting documentation. Reinsurance contracts may be accounted for in
various accounting currencies. Generally, this is the currency of liabilities and receivables due from cedants, and hence also the reinsurer.
134
The transaction currency is the currency in which reinsurance contract transactions are processed.




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328


Transaction currency (mis)match as at 31 December 2023 (all amounts translated to euros)
Sava Re
EUR Euro (EUR) US dollar South Korean Chinese yuan Indian rupee Other Total
(USD) won (KRW) (CNY) (INR)
Financial
investments and 595,859,090 38,288,843 14,006,703 9,305,018 5,721,095 36,287,456 699,468,206
cash
Financial liabilities -74,987,535 0 0 0 0 0 -74,987,535
Insurance and
reinsurance 94,515,178 2,439,525 88,730 447,814 244,989 3,121,729 100,857,965
contract assets
Insurance and
reinsurance -182,553,431 -42,167,875 -14,550,070 -9,958,235 -7,437,358 -39,532,600 -296,199,571
contract liabilities
Other assets 13,623,626 4,525 0 0 0 0 13,628,151
Other liabilities and -442,764,537 0 0 0 0 -2,679 -442,767,216
equity
Currency mismatch 1,434,982 454,638 205,403 1,471,274 126,094 3,692,391
Currency matching 99.5%
ratio
In the management of currency risk (ALM aspect), Sava Re directly matches all the more liquid
currencies. Other currencies are matched based on their correlation with the euro or the US dollar.
Impact of a 10-percent increase or decrease in the exchange rate as at 31 December 2024 (all amounts
translated into euros)
Sava Re
EUR Profit or loss AOCI
Effect of 10% Effect of 10% Effect of 10% Effect of 10%
strengthening weakening strengthening weakening
US dollar (USD)
Insurance and reinsurance contracts -4,412,520 4,412,520 -60,916 60,916
Financial investments 4,396,147 -4,396,147 0 0
-16,374 16,374 -60,916 60,916
South Korean won (KRW)
Insurance and reinsurance contracts -950,567 950,567 3,972 -3,972
Financial investments 887,503 -887,503 0 0
-63,064 63,064 3,972 -3,972
Chinese yuan (CNY)
Insurance and reinsurance contracts -1,052,023 1,052,023 53,814 -53,814
Financial investments 955,321 -955,321 0 0
-96,702 96,702 53,814 -53,814
Indian rupee (INR)
Insurance and reinsurance contracts -749,130 749,130 16,663 -16,663
Financial investments 707,453 -707,453 0 0
-41,677 41,677 16,663 -16,663
Other
Insurance and reinsurance contracts -3,648,163 3,648,163 -51,091 51,091
Financial investments 3,486,948 -3,486,948 0 0
-161,215 161,215 -51,091 51,091




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329




Impact of a 10-percent increase or decrease in the exchange rate as at 31 December 2023 (all amounts
translated into euros)
Sava Re
EUR Profit or loss AOCI
Effect of 10% Effect of 10% Effect of 10% Effect of 10%
strengthening weakening strengthening weakening
US dollar (USD)
Insurance and reinsurance contracts -3,972,835 3,972,835 -50,525 50,525
Financial investments 3,828,884 -3,828,884 0 0
-143,951 143,951 -50,525 50,525
South Korean won (KRW)
Insurance and reinsurance contracts -1,446,134 1,446,134 -14,493 14,493
Financial investments 1,400,670 -1,400,670 0 0
-45,464 45,464 -14,493 14,493
Chinese yuan (CNY)
Insurance and reinsurance contracts -951,042 951,042 21,596 -21,596
Financial investments 930,502 -930,502 0 0
-20,540 20,540 21,596 -21,596
Indian rupee (INR) 0 0
Insurance and reinsurance contracts -719,237 719,237 3,512 -3,512
Financial investments 572,110 -572,110 0 0
-147,127 147,127 3,512 -3,512
Other
Insurance and reinsurance contracts -3,641,087 3,641,087 -64,439 64,439
Financial investments 3,628,746 -3,628,746 0 0
-12,341 12,341 -64,439 64,439

Liquidity risk
Individual Group companies manage liquidity risk in line with the guidelines laid down in the Group’s
liquidity risk management policy. Each Group member carefully plans and monitors the realisation of
cash flows (cash inflows and outflows) and, in the event of liquidity problems, informs the parent
company, which assesses the situation and provides the necessary funds to ensure liquidity.
Liquidity risk is monitored and managed by the Group companies in accordance with the size and
complexity of their operations, with particular attention paid to liquidity risk management in the EU-
based insurance companies due to their importance to the Group’s operations.
The Group monitors and manages liquidity risk through:
clearly defined procedures and rules for the day-to-day planning and management of liquidity
for each Group company,
carefully planning, monitoring, analysing and reporting on realised cash flows,
maintaining an adequate level of highly liquid assets,
a system of intercompany liquidity credit lines established among Group companies,
long-term planning and appropriate matching of asset and liability maturities.
The Group companies generally meet their short-term liquidity needs by allocating funds to money
market instruments in proportion to their estimated normal day-to-day liquidity requirements.
The adequacy of the assessed liquidity needs at the individual company level is regularly reviewed and
analysed by monitoring and analysing realised operating cash flows and comparing them with medium-
term cash flow projections.
Additional liquidity is provided to the Group companies through a system of intercompany liquidity
lines of credit established within the Group companies and by maintaining an appropriate level of




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330


highly liquid investments. The Group’s risk strategy requires its EU-based insurance companies to hold
at least 20% of their investment portfolio in highly liquid financial assets.
The Group companies prepare monthly reports on the cash flows generated by their core business,
which are sent to the parent company together with explanations of significant inflows or outflows
and deviations.
The Group’s management is informed of liquidity risks through regular reports which include, as a
minimum, a comparison of realised and projected cash flows from the core business and the value and
proportion of highly liquid investments in the portfolio.
As at 31 December 2024, the Group's highly liquid investments accounted for 43.9% (31 December
2023: 44.5%) of the total investment portfolio, which demonstrates the high liquidity of the portfolio
and its consistency with the risk strategy.
We consider the Group’s liquidity risk to be largely unchanged from 2023 and low.
Insurance liabilities payable on demand
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Amount payable Carrying amount Amount payable Carrying amount
on demand on demand
Life insurance contracts issued without direct 8,715,440 16,860,721 2,722,670 13,633,667
participation
Insurance contracts issued with direct participation 666,275,738 739,860,540 517,421,856 586,910,697
Contracts issued with indirect participation 222,369,869 339,272,791 241,511,538 358,163,058
Total 897,361,046 1,095,994,053 761,656,064 958,707,422
The surrender value, being the amount payable on demand, is the highest in the group of direct
participating contracts, which also has the highest carrying amount. The increase in amounts payable
on demand compared to the previous year is mainly due to an increase in the volume of direct
participating contracts, as a result of portfolio growth and financial market developments.




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331


The following two tables show the values of financial investments on the basis of undiscounted cash flows.
Maturity analysis of financial investments and cash and cash equivalents
Sava Insurance Group
Carrying Total as at
EUR amount as at Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified 31 December
31 December maturity 2024
2024
Financial investments measured at fair value through 108,159,723 1,685,081 804,200 2,400,625 435,125 232,981 13,421,042 98,804,189 117,783,242
profit or loss
Financial investments measured at amortised cost 75,474,828 21,866,085 24,990,918 9,058,664 6,608,668 5,964,791 22,593,638 0 91,082,764
Financial investments measured at fair value through 1,387,280,770 363,686,481 275,112,170 201,748,111 203,750,059 138,817,922 311,052,616 17,965,791 1,512,133,150
other comprehensive income
Cash and cash equivalents 46,243,890 46,243,890 0 0 0 0 0 0 46,243,890
Investments supporting direct participating contracts 764,270,756 21,472,658 6,930,780 5,157,210 4,619,886 8,991,624 15,997,613 706,535,197 769,704,967
Total 2,381,429,967 454,954,194 307,838,068 218,364,609 215,413,739 154,007,319 363,064,908 823,305,177 2,536,948,014
Sava Insurance Group
Carrying Total as at
EUR amount as at Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified 31 December
31 December maturity 2023
2023
Financial investments measured at fair value through 114,587,332 2,686,757 1,726,306 1,442,417 2,734,225 764,548 22,705,242 95,576,983 127,636,477
profit or loss
Financial investments measured at amortised cost 74,776,353 28,287,735 7,304,922 15,475,996 6,787,865 5,808,577 24,190,317 0 87,855,412
Financial investments measured at fair value through 1,225,364,473 262,344,328 225,229,656 242,274,174 136,530,084 144,302,234 332,062,823 15,969,890 1,358,713,188
other comprehensive income
Cash and cash equivalents 39,829,039 39,829,039 0 0 0 0 0 0 39,829,039
Investments supporting direct participating contracts 608,535,398 22,686,684 7,860,727 6,253,938 5,880,288 3,169,538 24,717,738 544,804,326 615,373,237
Total 2,063,092,594 355,834,543 242,121,610 265,446,524 151,932,462 154,044,896 403,676,119 656,351,200 2,229,407,354
The following two tables show insurance and reinsurance contract assets and liabilities on the basis of discounted cash flows.




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332


Maturity analysis of insurance liabilities
Sava Insurance Group
Carrying Total as at 31
EUR amount as at Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified December
31 December maturity 2024
2024
Insurance contract liabilities (other than for participating contracts) 1,091,507,428 477,254,560 143,248,066 98,288,782 73,355,535 58,940,407 240,420,078 0 1,091,507,428
Insurance contract assets (other than for participating contracts) -10,842,363 -6,391,450 -435,298 -303,496 -812,096 -843,729 -2,056,293 0 -10,842,363
Participating contracts 739,860,541 -4,221,289 328,951 15,906,330 23,778,932 30,827,991 673,239,626 0 739,860,541
Total insurance contracts 1,820,525,607 466,641,822 143,141,718 113,891,616 96,322,371 88,924,669 911,603,411 0 1,820,525,607
Reinsurance contract liabilities 3,983,203 5,951,191 -737,306 -844,198 -402,293 2,400 13,408 0 3,983,203
Reinsurance contract assets -77,518,753 -53,427,498 -8,912,556 -4,999,839 -2,316,786 -1,026,628 -6,835,447 0 -77,518,753
Total reinsurance contracts -73,535,551 -47,476,307 -9,649,862 -5,844,037 -2,719,079 -1,024,227 -6,822,039 0 -73,535,550
Total insurance liabilities 1,746,990,057 419,165,515 133,491,856 108,047,580 93,603,292 87,900,442 904,781,373 0 1,746,990,057
Sava Insurance Group
Carrying Total as at
EUR amount as at Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified 31 December
31 December maturity 2023
2023
Insurance contract liabilities (other than for participating contracts) 1,064,109,744 474,068,555 145,461,430 92,150,282 60,319,930 47,493,806 244,615,741 0 1,064,109,744
Insurance contract assets (other than for participating contracts) -9,605,486 -6,718,928 726,297 -395,315 -1,217,307 -1,221,771 -778,462 0 -9,605,486
Participating contracts 586,910,697 15,487,299 13,907,928 16,963,764 24,029,368 25,181,637 491,340,702 0 586,910,697
Total insurance contracts 1,641,414,955 482,836,925 160,095,656 108,718,731 83,131,992 71,453,672 735,177,980 0 1,641,414,955
Reinsurance contract liabilities 1,642,044 2,653,349 -865,452 -188,938 -28,915 12,152 59,848 0 1,642,044
Reinsurance contract assets -107,481,558 -75,799,217 -17,702,959 -9,349,710 -2,586,260 -647,629 -1,395,783 0 -107,481,558
Total reinsurance contracts -105,839,514 -73,145,868 -18,568,411 -9,538,648 -2,615,175 -635,477 -1,335,934 0 -105,839,514
Total insurance liabilities 1,535,575,441 409,691,057 141,527,245 99,180,083 80,516,816 70,818,194 733,842,046 0 1,535,575,441




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333


Maturity analysis of other liabilities
Sava Insurance Group
Total as at
EUR Carrying amount as at Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified 31
31 December 2024 maturity December
2024
Subordinated liabilities 125,058,474 5,412,500 5,412,500 5,412,500 5,412,500 130,412,500 0 0 152,062,500
Other provisions 8,582,417 1,552,671 594,818 458,518 330,269 448,257 5,118,264 79,620 8,582,417
Other financial liabilities 431,656 431,656 0 0 0 0 0 0 431,656
Investment contract liabilities 200,954,895 83,212,037 1,406,589 1,750,877 2,181,057 2,913,707 109,490,628 0 200,954,895
Liabilities from operating activities 13,661,592 11,249,774 412,147 410,687 -35,403 -29,295 1,673,842 -20,160 13,661,591
Other liabilities 52,807,948 46,304,996 1,827,090 3,330,209 931,440 431,911 619,343 -637,040 52,807,948
Total 401,496,982 148,163,635 9,653,143 11,362,791 8,819,863 134,177,081 116,902,076 -577,581 428,501,008
Sava Insurance Group
Carrying amount as at No specified Total as at
EUR 31 December 2023 Up to 1 year 12 years 23 years 34 years 45 years Over 5 years maturity 31 December
2023
Subordinated liabilities 74,987,535 2,812,500 2,812,500 2,812,500 2,812,500 2,812,500 77,812,500 91,875,000
Other provisions 8,074,255 1,543,811 177,514 61,270 31,533 1,789,475 4,378,040 92,612 8,074,255
Other financial liabilities 737,085 737,085 0 0 0 0 0 0 737,085
Investment contract liabilities 180,437,695 80,324,218 1,417,236 1,550,345 1,865,798 2,460,961 92,819,137 0 180,437,695
Liabilities from operating activities 23,136,124 18,569,124 5,370 3,538 3,538 3,538 1,799,135 2,751,881 23,136,124
Other liabilities 42,845,539 41,652,245 0 2,068,075 0 0 0 -874,785 42,845,535
Total 330,155,054 145,638,984 4,412,620 6,495,728 4,713,369 7,066,474 176,808,812 1,969,707 347,105,694




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334


The Company held EUR 237.1 million or 51.1% (31 December 2023: EUR 192.0 million or 52.0%) of
highly liquid investments.
The Company’s assets with a maturity of up to one year exceeded its current liabilities at the end of
2024. Taking into consideration expected operating income and a high share of liquid investments, we
estimate the Company’s liquidity position as appropriate.
Based on the above, we estimate that the liquidity risk of the Company is well managed and did not
change significantly compared to year-end 2023.
In the following tables, the values of financial investments are shown on the basis of undiscounted
cash flows, whereas (re)insurance contract assets and liabilities are shown on the basis of discounted
cash flows.




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335


Maturity analysis of financial investments and cash and cash equivalents
Sava Re
Carrying Total as at 31
EUR amount as at Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified December
31 December maturity 2024
2024
Financial investments measured at fair value through 38,507,315 87,500 87,500 87,500 87,500 87,917 5,064,544 36,500,744 42,003,206
profit or loss
Financial investments measured at amortised cost 5,677,769 318,418 3,325,986 1,153,215 82,046 81,841 1,886,752 0 6,848,257
Financial investments measured at fair value through 400,200,967 122,461,531 98,213,385 61,142,033 55,417,544 39,104,674 51,620,642 0 427,959,811
other comprehensive income
Cash and cash equivalents 14,724,094 14,724,094 0 0 0 0 0 0 14,724,094
Total 459,110,145 137,591,543 101,626,871 62,382,748 55,587,090 39,274,433 58,571,938 36,500,744 491,535,367
Sava Re
Carrying Total as at
EUR amount as at Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified 31 December
31 December maturity 2023
2023
Financial investments measured at fair value through 37,286,800 186,300 186,300 186,300 186,300 186,300 7,748,409 32,966,164 41,646,073
profit or loss
Financial investments measured at amortised cost 5,811,776 406,400 339,486 3,326,176 1,153,403 82,046 1,968,593 0 7,276,104
Financial investments measured at fair value through 311,285,620 81,249,862 84,720,879 71,499,122 27,509,728 23,533,266 48,274,645 0 336,787,501
other comprehensive income
Cash and cash equivalents 12,260,049 12,260,049 0 0 0 0 0 0 12,260,049
Total 366,644,245 94,102,611 85,246,665 75,011,598 28,849,431 23,801,612 57,991,647 32,966,164 397,969,727
Maturity analysis of insurance liabilities
Sava Re
Carrying amount as at No Total as at
EUR 31 December 2024 Up to 1 year 12 years 23 years 34 years 45 years Over 5 years specified 31 December
maturity 2024
Insurance contract liabilities 286,075,675 118,867,444 69,636,585 41,989,216 22,202,461 12,358,884 21,021,086 0 286,075,675
Insurance contract assets -5,670,015 -8,912,789 541,938 1,220,003 727,440 414,717 338,676 0 -5,670,015
Total insurance contracts 280,405,660 109,954,655 70,178,522 43,209,219 22,929,901 12,773,601 21,359,762 0 280,405,660
Reinsurance contract liabilities 2,192,025 4,147,804 -668,399 -845,625 -410,894 -5,944 -24,918 0 2,192,025
Reinsurance contract assets -65,962,107 -44,250,844 -7,998,168 -4,566,104 -2,012,828 -832,438 -6,301,724 0 -65,962,107
Total reinsurance contracts -63,770,082 -40,103,039 -8,666,568 -5,411,729 -2,423,722 -838,382 -6,326,642 0 -63,770,082
Total insurance liabilities 216,635,578 69,851,615 61,511,955 37,797,490 20,506,179 11,935,219 15,033,120 0 216,635,578




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336


Sava Re
Carrying amount as at No Total as at
EUR 31 December 2023 Up to 1 year 12 years 23 years 34 years 45 years Over 5 years specified 31 December
maturity 2023
Insurance contract liabilities 295,752,723 160,511,367 71,517,218 31,455,296 13,263,165 5,434,969 13,570,708 0 295,752,723
Insurance contract assets -5,095,344 -8,420,440 1,722,355 1,058,942 405,773 110,555 27,471 0 -5,095,344
Total insurance contracts 290,657,379 152,090,928 73,239,573 32,514,238 13,668,938 5,545,524 13,598,179 0 290,657,379
Reinsurance contract liabilities 446,848 1,548,940 -853,818 -204,205 -44,069 0 0 0 446,848
Reinsurance contract assets -95,762,621 -66,803,641 -16,272,578 -8,898,097 -2,286,338 -513,655 -988,312 0 -95,762,621
Total reinsurance contracts -95,315,773 -65,254,701 -17,126,396 -9,102,302 -2,330,407 -513,655 -988,312 0 -95,315,773
Total insurance liabilities 195,341,606 86,836,227 56,113,177 23,411,936 11,338,531 5,031,869 12,609,868 0 195,341,606
Maturity analysis of other liabilities
Sava Re
EUR Carrying amount as Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified Total as at
at 31 December 2024 maturity 31 December 2024
Subordinated liabilities 125,058,474 5,412,500 5,412,500 5,412,500 5,412,500 130,412,500 0 0 152,062,500
Other provisions 474,263 20,744 51,210 17,152 30,264 18,238 336,655 0 474,263
Other liabilities 6,300,539 5,988,039 312,500 0 0 0 0 0 6,300,539
Total 131,833,276 11,421,283 5,776,210 5,429,652 5,442,764 130,430,738 336,655 0 158,837,302
Sava Re
EUR Carrying amount as Up to 1 year 12 years 23 years 34 years 45 years Over 5 years No specified Total as at
at 31 December 2023 maturity 31 December 2023
Subordinated liabilities 74,987,535 2,812,500 2,812,500 2,812,500 2,812,500 2,812,500 77,812,500 91,875,000
Other provisions 419,660 18,121 18,457 44,740 14,538 25,043 298,761 0 419,660
Liabilities from operating activities 6,319,991 6,319,991 0 0 0 0 0 0 6,319,991
Other liabilities 5,130,387 5,130,387 0 0 0 0 0 0 5,130,387
Total 86,857,573 14,280,999 2,830,957 2,857,240 2,827,038 2,837,543 78,111,261 0 103,745,038




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337



Credit risk
135
Assets exposed to credit risk include financial investments (deposits, bonds, loans granted, bond and
convertible mutual funds, and cash and cash equivalents), reinsurance contract assets and other
receivables.
Exposure of assets to credit risk of the Group
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Amount Amount
Investments other than investments supporting direct participating contracts 1,513,601,207 1,358,311,303
Fixed-rate investments 1,453,477,571 1,302,427,144
Government bonds 922,745,929 819,083,092
Corporate and financial bonds 503,431,689 457,727,881
Deposits 27,299,953 25,616,171
Alternative funds 13,211,975 15,300,980
Private debt 2,116,504 4,063,033
Infrastructure debt 11,095,471 11,237,947
Loans granted 667,770 754,140
Cash and cash equivalents 46,243,890 39,829,039
Investments supporting direct participating contracts (with guarantee) 57,735,559 63,731,071
Fixed-rate investments 51,629,684 53,000,147
Government bonds 35,621,500 32,439,945
Corporate and financial bonds 16,008,183 20,560,202
Deposits 0 0
Cash and cash equivalents 6,105,875 10,730,924
Other assets 96,401,748 122,197,534
Reinsurance contract assets 77,518,752 107,481,560
Current tax assets 2,168,191 444,616
Trade and other receivables 16,714,805 14,271,358
Total 1,667,738,514 1,544,239,908
Exposure of assets to credit risk of Sava Re
Sava Re
EUR 31 December 2024 31 December 2023
Type of asset Amount Amount
Fixed-rate investments 405,306,716 318,703,128
Government bonds 276,117,368 229,591,819
Bonds 128,166,428 88,089,961
Deposits 1,022,920 1,021,347
Alternative funds 4,016,804 4,836,118
Private debt 846,601 1,625,212
Infrastructure debt 3,170,203 3,210,905
Loans granted 2,578,592 2,714,904
Cash and cash equivalents 14,724,094 12,260,049
Reinsurance contract assets 65,962,107 95,762,621
Current tax assets 671,315 0
Trade and other receivables 360,779 198,366
Total exposure 493,620,405 434,475,186
135
ESRS 2 SBM-3 paragraph 48 (a). ESRS E1 SBM-3 paragraph 18.





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Credit risk due to issuer default
Credit risk for investments is estimated based on two factors:
credit ratings used in determining credit risk for fixed-income investments
136
and cash
assets
137
;
performance indicators for other investments.
Below we set out an assessment of credit risk for fixed-rate investments.
Fixed-rate investments by issuer credit rating
Sava Insurance Group
EUR 31 December 2024 31 December 2023 % change
(pp)
Based on S&P/Fitch ratings Amount As % of total Amount As % of total
Investments other than direct participating contracts 1,453,477,571 100.0% 1,302,427,144 100.0% /
AAA 381,770,111 26.3% 323,199,051 24.8% 1.5
AA 352,248,876 24.2% 269,867,722 20.7% 3.5
A 378,166,665 26.0% 335,942,604 25.8% 0.2
BBB 190,645,406 13.1% 240,916,865 18.5% -5.4
BB 103,248,624 7.1% 63,377,538 4.9% 2.2
B 16,985,154 1.2% 16,178,621 1.2% -0.1
Not rated 30,412,737 2.1% 52,944,743 4.1% -2.0
Investments supporting direct participating contracts 51,629,684 100.0% 53,000,147 100.0% /
(with guarantee)
AAA 13,129,817 25.4% 13,170,682 24.9% 0.6
AA 19,447,821 37.7% 17,254,593 32.6% 5.1
A 12,760,566 24.7% 12,787,987 24.1% 0.6
BBB 4,599,291 8.9% 7,944,028 15.0% -6.1
BB 1,692,190 3.3% 771,767 1.5% 1.8
B 0 0.0% 576,919 1.1% -1.1
Not rated 0 0.0% 494,171 0.9% -0.9
Total 1,505,107,255 / 1,355,427,291 / /
Cash and cash equivalents by credit rating
Sava Insurance Group
EUR 31 December 2024 31 December 2023 % change (pp)
Based on S&P/Fitch ratings Amount As % of total Amount As % of total
Investments other than direct participating contracts 46,243,890 100.0% 39,829,039 100.0% 0.0
A 17,328,931 37.5% 416 0.0% 37.5
BBB 18,178,824 39.3% 15,464,655 38.8% 0.5
BB 67,646 0.1% 143,830 0.4% -0.2
Not rated 10,668,489 23.1% 24,220,139 60.8% -37.7
Investments supporting direct participating contracts 6,105,875 100.0% 10,730,924 100.0% 0.0
A 3,535,043 57.9% 0 0.0% 57.9
BBB 2,129,840 34.9% 4,901,236 45.7% -10.8
BB 0 0.0% 5,829,689 54.3% -54.3
Not rated 440,992 7.2% 0 0.0% 7.2
Total 52,349,765 / 50,559,963 / /
136
Included are government bonds, corporate bonds, deposits and loans granted, bond and convertible mutual funds, and private debt
fund investments.
137
This includes cash and demand deposits.





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From a credit risk management perspective, the Group aims to have debt instruments and cash and
cash equivalents representing at least 75% of the value of the investment portfolio. As at 31 December
2024, these assets represented 90.0% of the investment portfolio (31 December 2023: 89.3%).
As at 31 December 2024, fixed-rate investments rated A” or better accounted for 76.5% of the total
fixed-rate portfolio (31 December 2023: 71.3%). The share of the best-rated investments increased
somewhat in 2024 compared with the previous year. Fixed-rate investments with no credit rating
available accounted for 2.1% of fixed-rate investments (previous year: 4.1%).
The composition of cash and cash equivalents reflects the banking system in the region where the
Group has a presence through subsidiaries.
Fixed-rate investments by issuer credit rating
Sava Re
EUR 31 December 2024 31 December 2023 % change (pp)
Based on S&P/Fitch ratings Amount As % of total Amount As % of total
AAA 148,195,633 36.6% 122,374,700 38.4% -1.8
AA 139,615,630 34.4% 96,935,351 30.4% 4.0
A 82,631,751 20.4% 65,351,088 20.5% -0.1
BBB 30,896,367 7.6% 28,882,802 9.1% -1.4
BB 2,454,512 0.6% 0 0.0% 0.6
B 0 0.0% 721,149 0.2% -0.2
Not rated 1,512,823 0.4% 4,438,038 1.4% -1.0
Total 405,306,716 100.0% 318,703,128 100.0% /
Cash and cash equivalents by credit rating
Sava Re
EUR 31 December 2024 31 December 2023 % change (pp)
Based on S&P/Fitch ratings Amount As % of total Amount As % of total
A 7,080,083 48.1% 416 0.0% 0.0
BBB 7,416,119 50.4% 7,682,651 62.7% 0.5
Not rated 227,892 1.5% 4,576,983 37.3% -0.5
Total 14,724,094 100.0% 12,260,049 100.0% /
In terms of credit risk management, the Company aims to have a material portion of its debt
investments rated “A-or better. As at 31 December 2024, fixed-rate debt investments rated A” or
better represented 91.4% (31 December 2023: 89.3%) of total debt investments. The Company
regularly monitors its exposure to individual issuers and any changes in their creditworthiness in order
to be prepared to respond in a timely manner to any adverse developments in the financial markets
or an increase in risk associated with an issuer.
The Company mitigates the credit risk of its other investments through a high degree of diversification
and by investing in liquid securities.
The investment portfolios of the Group and the Company are well diversified in accordance with local
law and Group internal rules in order to avoid high concentration in a particular type of investment,
high concentration with a particular counterparty or economic sector, or other potential forms of
concentration.
The composition of cash and cash equivalents reflects the banking system in the region where the
Group has a presence through subsidiaries.





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Concentration of financial investments by industry
Sava Insurance Group
EUR 31 December 2024 31 December 2023 % change (pp)
Industry Amount As % of total Amount As % of total
Investments other than direct participating contracts 1,453,477,571 100.0% 1,302,427,144 100.0% /
Government 922,745,929 63.5% 826,071,552 63.4% 0.1
Banks and other financial institutions 210,961,818 14,5% 190,405,587 14,6% -0.1
Healthcare 51,042,307 3,5% 41,546,933 3.2% 0.3
Basic consumer goods 49,103,444 3.4% 49,587,433 3.8% -0.4
Utilities 38,217,572 2.6% 36,721,212 2.8% -0.2
Other 181,406,501 12.5% 158,094,427 12.1% 0.3
Investments supporting direct participating contracts 51,629,684 100.0% 53,000,147 100.0% /
(with guarantee)
Government 35,621,500 69.0% 32,839,989 62.0% 7.0
Banks and other financial institutions 4,168,986 8.1% 3,936,645 7.4% 0.6
Healthcare 3,733,470 7.2% 3,649,535 6.9% 0.3
Basic consumer goods 2,343,644 4.5% 3,753,598 7.1% -2.5
Utilities 2,038,657 3.9% 2,663,956 5.0% -1.1
Other 3,723,426 7.2% 6,156,423 11.6% -4.4
Total 1,505,107,255 / 1,355,427,291 / /
The Group’s largest exposure by asset class is to government bonds (31 December 2024: 9.5% of
German bonds, 31 December 2023: 10.3% of German bonds).
Concentration of financial investments by industry
Sava Re
EUR 31 December 2024 31 December 2023 % change (pp)
Industry Amount As % of total Amount As % of total
Government 276,117,368 68.1% 231,204,123 72.5% -4.4
Banks and other financial institutions 46,606,682 11.5% 34,569,690 10.8% 0.7
Utilities 16,251,039 4.0% 10,924,552 3.4% 0.6
Healthcare 12,899,693 3.2% 7,792,278 2.4% 0.7
Basic consumer goods 12,178,220 3.0% 11,568,291 3.6% -0.6
Other 41,253,713 10.2% 22,644,194 7.1% 3.1
Total 405,306,716 100.0% 318,703,128 100.0% /
The Company’s largest exposure by asset class is also to government bonds (31 December 2024: 12.2%
of German bonds; 31 December 2023: 12.9% of German bonds).
Concentration of financial investments by region
Sava Insurance Group
EUR 31 December 2024 31 December 2023 % change (pp)
Region Amount As % of total Amount As % of total
Investments other than direct participating contracts 1,453,477,571 100.0% 1,302,427,144 100.0% /
Slovenia 95,813,985 6.6% 116,954,196 9.0% -2.4
European Union 939,233,960 64.6% 793,444,401 60.9% 3.7
Other Europe 172,872,605 11.9% 163,158,403 12.5% -0.6
United States 157,647,526 10.8% 141,885,954 10.9% 0.0
Rest of the world 87,909,494 6.0% 86,984,190 6.7% -0.6
Investments supporting direct participating contracts 51,629,684 100.0% 53,000,147 100.0% /
(with guarantee)
Slovenia 5,137,992 10.0% 5,814,970 11.0% -1.0
European Union 38,891,525 75.3% 39,262,285 74.1% 1.2
Other Europe 707,651 1.4% 576,919 1.1% 0.3
United States 3,678,381 7.1% 4,487,870 8.5% -1.3
Rest of the world 3,214,135 6.2% 2,858,102 5.4% 0.8
Total 1,505,107,255 / 1,355,427,291 / /





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The distribution of exposure to other regions did not change significantly compared to the end of 2023.
Concentration of financial investments by region
Sava Re
EUR 31 December 2024 31 December 2023 % change (pp)
Region Amount As % of total Amount As % of total
Slovenia 18,135,603 4.5% 20,023,712 6.3% -1.8
European Union 288,347,418 71.1% 208,972,640 65.6% 5.6
Other Europe 9,351,409 2.3% 7,157,201 2.2% 0.1
United States 56,347,418 13.9% 44,858,461 14.1% -0.2
Rest of the world 33,124,867 8.2% 37,691,114 11.8% -3.7
Total 405,306,716 100.0% 318,703,128 100.0% /
As at 31 December 2024, the Group’s exposure to the ten largest issuers was EUR 586.1 million,
representing 38.9% of fixed-rate financial investments (31 December 2023: EUR 569.4 million). 33.3%).
The Group’s largest exposure to a single issuer is to Germany.
As at 31 December 2024, the Company’s exposure to the ten largest issuers was EUR 181.9 million,
representing 44.9% of financial investments (31 December 2023: EUR 154.5 million; 41.3%). The
largest single issuer of securities to which the Company is exposed is Germany. As at 31 December
2024, the exposure totalled EUR 49.3 million or 12.9% of financial investments (31 December 2023:
EUR 48.3 million; 12.9%).
Exposure to Slovenia by type of asset
Sava Insurance Group
EUR 31 December 2024 31 December 2023 % change (pp)
Type of investment Amount As % of total Amount As % of total
Investments other than direct participating contracts 95,813,985 100.0% 116,954,196 100.0% /
Government bonds 86,233,103 90.0% 99,911,832 85.4% 4.6
Corporate and financial bonds 6,509,137 6.8% 13,975,335 12.0% -5.2
Deposits 3,071,745 3.2% 3,067,028 2.6% 0.6
Alternative funds 0 0.0% 0 0.0% 0.0
Loans granted 0 0.0% 0 0.0% 0.0
Investments supporting direct participating contracts (with 5,137,992 100.0% 5,814,970 100.0% /
guarantee)
Government bonds 5,137,992 100.0% 5,124,206 88.1% 11.9
Corporate and financial bonds 0 0.0% 690,764 11.9% -11.9
Deposits 0 0.0% 0 0.0% 0.0
Alternative funds 0 0.0% 0 0.0% 0.0
Loans granted 0 0.0% 0 0.0% 0.0
Total 100,951,977 / 122,769,166 / /
The Group’s exposure to Slovenia decreased by 2.4 percentage points in 2024. As at 31 December
2024, investments in government bonds represented the largest exposure to Slovenia, the same as at
31 December 2023. They accounted for 5.9% (excluding investments of direct participating contracts)
of the total fixed-rate investment portfolio, down by 1.7 percentage points compared to the previous
year.





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Exposure to Slovenia by type of asset
Sava Re
EUR 31 December 2024 31 December 2023 % change (pp)
Type of investment Amount As % of total Amount As % of total
Government bonds 14,012,519 77.3% 13,590,744 67.9% 9.4
Corporate and financial bonds 3,100,164 17.1% 5,411,620 27.0% -9.9
Deposits 1,022,920 5.6% 1,021,347 5.1% 0.5
Total 18,135,603 100.0% 20,023,712 100.0% /
At the year end, the exposure of the Company to Slovenia-based issuers was EUR 18.1 million,
representing 2.3% of financial investments (31 December 2023: EUR 20.0 million; 2.9%). Compared to
31 December 2023, the share of such investments decreased by 0.6 percentage points, mainly due to
a decrease in investments in corporate and financial bonds.
We assess that in 2024, the Group companies by maintaining a large percentage of highly-rated
investments, diversifying investments by industry and geography and reducing concentration
managed credit risk well, maintaining it on the same level as in 2023.
Expected credit losses (ECL)
The Group monitors credit risk using calculated expected credit losses, which measure the potential
for an investment to be impaired or reduced in value due to the credit risk of the issuer. The expected
credit loss of an investment is measured according to its stage, which is reviewed on a monthly basis.
The majority of the investments for which the Company measures and monitors expected credit losses
(bonds, loans, deposits) are classified as stage 1, meaning that the Company has not experienced a
significant increase in credit risk since the date the investment was recognised. For the value of
investments exposed to credit risk, changes in the fair value of interest on FVOCI investments, changes
in the amortised cost of AC investments, and changes in accrued interest and exchange rate differences
are recorded in the table under “Other changes”.





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343



Gross carrying amount of financial assets exposed to credit risk
Sava Insurance Group
EUR 2024 2023
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage Total
3
Balance as at 1 January 1,331,295,939 5,791,888 0 1,337,087,827 1,198,111,917 7,344,968 0 1,205,456,885
New financial assets 573,501,164 - - 573,501,164 360,584,373 - - 360,584,373
acquired
Financial assets -443,158,940 -1,369,660 - -444,528,600 -249,219,268 -2,245,105 - -251,464,373
derecognised
Transfer to stage 1 - - - - - - - -
Transfer to stage 2 -3,646,450 3,646,450 - - - - - -
Transfer to stage 3 - - - - - - - -
Change in business models - - - - -73,523 - - -73,523
and risk parameters
Other changes 29,828,039 981,397 - 30,809,437 21,943,498 692,025 - 22,635,522
Exchange differences 152,996 - - 152,996 -51,057 - - -51,057
Balance as at 31 December 1,487,972,748 9,050,076 0 1,497,022,824 1,331,295,939 5,791,888 0 1,337,087,827
Total change in expected credit losses (ECL) for AC and FVOCI investments
Sava Insurance Group
2024 2023
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Balance as at 1 January -1,449,648 -350,503 0 -1,800,151 -1,539,951 -604,682 0 -2,144,633
Transfer to stage 1 - - - - - - - -
Transfer to stage 2 33,445 -33,445 - - - - - -
Transfer to stage 3 - - - - - - - -
Change in contractual cash - - - - - - - -
flows
Resulting from new -403,074 - - -403,074 -600,119 - - -600,119
acquisitions of financial assets
Eliminated on sale or maturity 509,287 675 - 509,961 573,026 2,145 - 575,171
of financial assets
Other changes 260,054 216,406 - 476,460 117,232 252,034 - 369,266
Exchange differences 487 - - 487 164 - - 164
Balance as at 31 December -1,049,448 -166,868 0 -1,216,316 -1,449,648 -350,503 0 -1,800,151
Gross carrying amount of financial assets exposed to credit risk
Sava Re
EUR 2024 2023
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Balance as at 1 January 316,425,894 721,149 0 317,147,043 283,353,365 1,402,758 0 284,756,123
New financial assets 211,629,768 - - 211,629,768 118,305,237 - - 118,305,237
acquired
Financial assets -131,220,448 - - -131,220,448 -92,262,078 -1,000,000 - -93,262,078
derecognised
Transfer to stage 1 - - - - - - - -
Transfer to stage 2 -163,415 163,415 - - - - - -
Transfer to stage 3 - - - - - - - -
Change in business
models and risk - - - - - - - -
parameters
Other changes 7,818,374 547,028 - 8,365,402 7,029,370 318,391 - 7,347,760
Balance as at 31 404,490,173 1,431,592 0 405,921,765 316,425,894 721,149 0 317,147,043
December





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344



Total change in expected credit losses (ECL) for AC and FVOCI investments
Sava Re
EUR 2024 2023
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Balance as at 1 January -103,628 -125,366 0 -228,994 -103,893 -180,023 0 -283,916
Transfer to stage 1 - - - - - - - -
Transfer to stage 2 9,736 -9,736 - - - - - -
Transfer to stage 3 - - - - - - - -
Change in contractual cash flows - - - - - - - -
Resulting from new acquisitions of -30,718 - - -30,718 -30,519 - - -30,519
financial assets
Eliminated on sale or maturity of 33,742 - - 33,742 16,528 - - 16,528
financial assets
Other changes 3,422 90,355 - 93,778 14,256 54,657 - 68,913
Balance as at 31 December -87,445 -44,747 0 -132,192 -103,628 -125,366 0 -228,994
The Group models default probabilities as a function of historical average default probabilities over
time, a systematic risk factor and a correlation parameter. The value of a systematic risk or economic
condition factor reflects the position in the economic cycle over a period of time.
The Company has performed a sensitivity analysis simulating the impact of a change in the average
default rate of approximately 50 basis points and 70 basis points in the upside and downside scenarios,
respectively. Such a change in the probability of default would reduce the estimated long-term
expected economic activity (change in GDP) by around 1.7 percentage points in the downside scenario
and by 2.4 percentage points in the upside scenario.
Assumptions used in the sensitivity analysis
31 December 2024 31 December 2023
Downside Baseline Upside Downside Baseline Upside
Change in GDP 3.6% 5.4% 7.8% 5.0% 5.7% 10.7%
Economic cycle index -0.62 -0.37 0.83 -0.97 -0.74 0.40
Correlation factor 0.23 0.19 0.03 0.01 0 0.04
Average change in default rate 0.5% 0.0% -0.7% 0.4% 0.0% -0.4%
Sensitivity analysis of expected credit loss (ECL)
Sava Insurance Group
EUR thousand 31 December 2024 31 December 2023
Downside Baseline Upside Downside Baseline Upside
Investments for which expected 1,500,245 1,500,245 1,500,245 1,336,351 1,336,351 1,336,351
credit loss is calculated
Expected credit loss -1,516 -1,198 -901 -2,268 -1,800 -1,305
% of stage 2 investments 14.9% 13.9% 12.0% 19.6% 19.5% 20.2%
Sensitivity analysis of the change in expected credit loss (ECL)
Sava Re
EUR thousand 31 December 2024 31 December 2023
Downside Baseline Upside Downside Baseline Upside
Investments for which expected credit loss is 405,879 405,879 405,879 317,097 317,097 317,097
calculated
Expected credit loss -168 -132 -99 -287 -229 -170
% of stage 2 investments 36.8% 33.9% 27.5% 54.7% 54.8% 56.1%
A change in the above assumptions would increase the Group’s expected credit loss from EUR -1.2
million in 2024 to EUR -1.5 million in the case of deterioration and EUR -0.9 million in the case of
improvement. For Sava Re, the expected credit loss would increase from EUR -132 thousand to EUR -





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345



168 thousand if the situation deteriorated, and the provision would decrease from EUR -132 thousand
to EUR-99 thousand if the situation improved.

Credit risk with respect to reinsurers
The Group is also exposed to credit risk in relation to its reinsurance programme. As a rule, subsidiaries
conclude reinsurance contracts directly with the parent company. Exceptions are reinsurance
contracts of subsidiaries with assistance service providers and reinsurance with local reinsurers if
required by local regulations. In these cases, the local reinsurers transfer the risk to Sava Re.
Reinsurance programmes are mostly placed with first-class reinsurers with an appropriate credit rating
(at least A-according to S&P Global Ratings for long-term business and at least “BBB+for short-
term business). Thus, more than 90% of the Sava Insurance Group’s credit risk exposure to reinsurers
at the end of 2024 (2023: at least 90%) related to reinsurers rated “BBB” or better.
As at 31 December 2024, the total exposure of the Group to credit risk relating to reinsurers was
EUR 77.5 million (31 December 2023: EUR 107.1 million) and relates to reinsurance contract assets. As
at 31 December 2024, the credit risk exposure relating to reinsurers represented 2.7% of total assets
(31 December 2023: 4.2%).




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346


Exposure of the Sava Insurance Group to reinsurers by credit rating
Sava Insurance Group
EUR 31 December 2024 31 December 2023
S&P / AM Best ratings Amount As % of total Amount As % of total
A++ or A+ / AAA or AA 12,706,110 16.4% 9,217,251 8.6%
A / A or A- 54,924,640 70.9% 85,004,406 79.1%
BBB / B++ or B+ 3,046,638 3.9% 5,091,721 4.7%
Less than BBB / less than B+ 1,117,936 1.4% 929,745 0.9%
Not rated 5,723,430 7.4% 7,238,436 6.7%
Total 77,518,753 100.0% 107,481,558 100.0%
The Company’s reinsurance programmes are mostly placed with first-class reinsurers with an
appropriate credit rating (at least “A-according to S&P Global Ratings for long-term business and at
least “BBB+” for short-term business). We consider this risk to be low, particularly as the investment
portfolio is adequately diversified. See the table on the next page for details. Thus, more than 95% of
the credit risk exposure to reinsurers at the end of 2024 (2023: at least 95%) related to reinsurers rated
“BBB” or better.
As at 31 December 2024, the total exposure of the Company to credit risk from reinsurers was
EUR 66.0 million (31 December 2023: EUR 95.8 million) and relates to reinsurance contract assets. The
Company’s total credit risk exposure to retrocessionaires was 7.5% of total assets in 2024 (31
December 2023: 11.8%).
Sava Re’s exposure to reinsurers by credit rating
Sava Re
EUR 31 December 2024 31 December 2023
S&P / AM Best ratings Amount As % of total Amount As % of total
A++ or A+ / AAA or AA 11,983,412 18.2% 8,313,572 8.7%
A / A or A- 51,961,077 78.8% 82,329,114 86.0%
BBB / B++ or B+ 898,976 1.4% 2,865,505 3.0%
Less than BBB / less than B+ 1,117,936 1.7% 929,745 1.0%
Not rated 706 0.0% 1,324,684 1.4%
Total 65,962,107 100.0% 95,762,621 100.0%
Counterparty default risk
The following tables show the Group’s and the Company’s share of total receivables by type and
maturity.




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347


Receivables ageing analysis as at 31 December 2024
Sava Insurance Group
EUR 31 December 2024 Past due Past due Past due Past due Past due
Gross Not past due Past due up from 31 to from 61 to from 91 to from 181 over 1 Total
amount Allowance Receivables to 30 days 60 days 90 days 180 days days to 1 year
year
Current tax assets 2,168,191 0 2,168,191 2,168,191 0 0 0 0 0 0 2,168,191
Other short-term receivables arising out of
insurance business (outside the scope of IFRS 4,706,992 -1,110,947 3,596,045 1,900,471 1,303,744 3,535 287,896 20,922 26,688 52,789 3,596,045
17)
Receivables arising out of investments 1,046,123 -166,967 879,156 860,920 0 0 0 0 0 18,236 879,156
Trade and other receivables 13,898,853 -1,659,249 12,239,604 10,842,339 568,825 453,341 114,981 168,930 78,288 12,900 12,239,604
Trade and other receivables 19,651,968 -2,937,163 16,714,805 13,603,730 1,872,569 456,876 402,877 189,852 104,976 83,925 16,714,805
Total 21,820,159 -2,937,163 18,882,996 15,771,921 1,872,569 456,876 402,877 189,852 104,976 83,925 18,882,996
Receivables ageing analysis as at 31 December 2023
Sava Insurance Group
EUR 31 December 2023 Past due Past due Past due Past due Past due
Gross Not past up to 30 Past due from 31 to from 61 to from 91 to from 181 over 1 Total
amount Allowance Receivables due days 60 days 90 days 180 days days to 1 year
year
Current tax assets 444,616 0 444,616 437,109 0 0 0 0 0 7,507 444,616
Other short-term receivables arising out of insurance 4,533,434 -1,148,176 3,385,258 1,551,247 1,712,619 36,470 10,302 15,459 2,887 56,274 3,385,258
business (outside the scope of IFRS 17)
Receivables arising out of investments 728,130 -166,900 561,230 368,526 174,693 0 0 0 0 18,011 561,230
Trade and other receivables 12,422,002 -2,097,132 10,324,870 10,009,539 217,384 29,101 25,669 14,550 8,962 19,665 10,324,870
Trade and other receivables 17,683,566 -3,412,208 14,271,358 11,929,312 2,104,696 65,571 35,971 30,009 11,849 93,950 14,271,358
Total 18,128,182 -3,412,208 14,715,974 12,366,421 2,104,696 65,571 35,971 30,009 11,849 101,457 14,715,974
The Group assessed its receivables for impairment. Appropriate allowances were made for those receivables for which impairment was deemed necessary.
Receivables are described in more detail in note 3.7.17 “Receivables”.




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Receivables ageing analysis as at 31 December 2024
Sava Re
EUR 31 December 2024 Past due Past due Past due Past due Past due
Gross Not past due Past due up from 31 to from 61 to from 91 to from 181 over 1 Total
amount Allowance Receivables to 30 days 60 days 90 days 180 days days to 1 year
year
Current tax assets 671,315 0 671,315 671,315 0 0 0 0 0 0 671,315
Receivables arising out of investments 67,406 0 67,406 67,406 0 0 0 0 0 0 67,406
Trade and other receivables 634,407 -341,035 293,372 293,372 0 0 0 0 0 0 293,372
Trade and other receivables 701,813 -341,035 360,778 360,778 0 0 0 0 0 0 360,778
Total 1,373,128 -341,035 1,032,093 1,032,093 0 0 0 0 0 0 1,032,093
Receivables ageing analysis as at 31 December 2023
Sava Re
EUR 31 December 2023 Past due Past due Past due Past due Past due
Gross Not past due Past due up from 31 to from 61 to from 91 to from 181 over 1 Total
amount Allowance Receivables to 30 days 60 days 90 days 180 days days to 1 year
year
Receivables arising out of investments 34,478 0 34,478 34,478 0 0 0 0 0 0 34,478
Trade and other receivables 504,923 -341,035 163,888 163,888 0 0 0 0 0 0 163,888
Trade and other receivables 539,401 -341,035 198,366 198,366 0 0 0 0 0 0 198,366
Total 539,401 -341,035 198,366 198,366 0 0 0 0 0 0 198,366
Sava Re assessed its receivables for impairment. Appropriate allowances were made for those receivables for which impairment was deemed necessary.
Receivables are described in more detail in note 3.7.17 “Receivables”.




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Investment contracts
The Group’s investment contracts include a group of life cycle funds called MY Life-cycle Funds
(Slovenian: MOJI skladi življenjskega cikla), relating to the supplementary pension business of Sava
Pokojninska in the accumulation phase. Investment contract liabilities are not included in the
consolidated insurance and reinsurance contract liabilities, and are, therefore, not included in the
presentation of underwriting risk. Investment contract assets are not included in the consolidated
financial investments item, and are, therefore, not included in the presentation of investment portfolio
risk.
As regards investment contract assets and liabilities, the Group is exposed to the risk of not achieving
the interest-rate guarantees in one of the long-term business funds with an interest-rate guarantee
(the MGF
138
fund). The interest-rate guarantee on the MGF is 60% of the average annual interest rate
on government securities with a maturity of over one year. Liabilities relating to the MGF comprise
paid-in premiums, guaranteed return and amounts in excess of the guaranteed return, provided the
company achieves it.
In years when the return in excess of guaranteed return is realised, liabilities to the members of the
MGF for assets in excess of guaranteed levels of assets are increased; if, however, realised return is
below the guaranteed level, this part of liabilities decreases until the provision is fully exhausted. The
described control of guaranteed return is carried out at the level of individual membersaccounts. If
an individual’s provisions in any of the accounts are not sufficient to cover the guaranteed assets, the
company is required to set aside provisions for the difference, up to a maximum of 20% of equity.
The risk of failing to realise interest-rate guarantees is managed primarily through appropriate
management of policyholder assets and liabilities, an appropriate investment strategy, an adequate
level of the company’s equity and provisioning. The Group tests its risk exposure arising out of interest-
rate guarantees through stress tests and scenarios as part of the own risk and solvency assessment.
We estimate that the risk of additional payments made in order to achieve the guaranteed returns
remained roughly at the same level in 2024 compared to 2023.
The value of fund assets of the North Macedonian pension company Sava Penzisko Društvo (two funds:
a mandatory and a voluntary fund) is not included in the statement of financial position of the company
as these are funds under management (similar treatment as for fund management companies). The
role of the North Macedonian pension company is solely to manage the assets; the funds have no
interest-rate guarantees. Consequently, the company is not exposed to the risk to which investment
contracts are exposed, i.e. failure to realise the interest-rate guarantees.
We estimate that the risk of failure to achieve interest-rate guarantees is medium and slightly
decreased in 2024 compared to the previous year due to favourable financial market conditions.


3.6.5 Operational risks
Operational risk is the risk of loss arising from inadequate or failed internal processes, people or
systems, or from external events.
Operational risks are not among the main risks faced by the Sava Insurance Group and Sava Re, but
they are nevertheless actively monitored and managed at both levels. The assessment of operational
risks in the Group companies and at the Group level is mainly based on qualitative assessment of the
likelihood and financial severity within the risk register. Through regular assessments, the Group

138
Moj Zajamčeni Sklad (My Guaranteed Fund).




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companies gain insight into the actual level of their exposure to such risks and take the necessary
measures to mitigate them.
According to the qualitative assessment, the exposure of the Sava Insurance Group and Sava Re to
operational risk is medium.
The main operational risks of the Sava Insurance Group in 2024 are listed below, ranked according to
the level of qualitative assessment (from highest to lowest):
the risk of personal data breaches in the EU-based companies,
the risks associated with information systems and the security of confidential data,
the risks associated with cyber-attacks,
the risks related to compliance with laws and regulations on IT systems.
The main operational risks of the Company in 2024 are listed below, ranked according to the level of
qualitative assessment (from highest to lowest):
the risk of personal data breaches,
the risks associated with cyber-attacks,
the risks associated with the core IT system for reinsurance operations,
the risks related to compliance with laws and regulations on IT systems,
the risk related to the sanctions clause,
the risks related to IT systems.
To manage operational risks effectively, the Group companies have processes in place to identify,
measure, monitor, manage and report on such risks. Operational risk management processes have also
been set up at the Group level and are defined in the operational risk management policy.
The main measures of operational risk management at the individual company and Group levels
include:
maintaining an effective business processes management system and a system of internal controls,
maintaining records of and monitoring incidents,
awareness-raising and training of all employees on their role in the implementation of the internal
control system and management of operational risks,
implementing appropriate policies as regards information security,
having in place a business continuity plan for all critical processes (to minimise the risk of
unpreparedness for incidents and external events and any resulting business interruption),
monitoring operational risk indicators at the Group level for all Group companies (indicators are
defined in the risk strategy and are also used to indirectly measure reputational risk),
having in place IT-supported processes and controls in the key areas of business of every Group
company,
awareness-raising and training of all employees.
The Group and the Company estimate their exposure to operational risk was moderate in 2024 and at
the same level as in 2023.
3.6.6 Strategic risks
The Group and the Company are exposed to various internal and external strategic risks that may have
a negative impact on income or capital adequacy. Strategic risks are by nature very diverse, difficult to
quantify and heavily dependent on various (including external) factors.


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The Group’s and the Company’s strategic risks are primarily assessed qualitatively in the risk register
by assessing the frequency and potential financial severity of each event. In addition, key strategic risks
are evaluated in the Company and in the Group’s EU-based insurance companies through qualitative
analysis of various scenarios. Based on both analyses combined, an overview is obtained of the extent
and change in the exposure to this type of risk.
The main strategic risks of the Group in 2024 are listed below, ranked according to the level of
qualitative assessment (from highest to lowest):
the risk of deteriorating macroeconomic conditions or changes in capital markets affecting the
Group’s profitability or causing the investment portfolio to underperform,
the risks associated with the IT development strategy,
the risks associated with the Group’s planning assumptions,
the risks related to changes in sectoral accounting policies and tax policies/standards,
the risks of intensifying competition in the markets in which the Group has a presence.
In 2024, the risk of a deterioration in the macroeconomic environment and the resulting impact on the
Group’s profitability continued to be assessed as high. While the macroeconomic situation was more
favourable in 2024 due to positive developments in the financial markets, the geopolitical situation
became more difficult (ongoing conflict between Russia and Ukraine and in the Middle East). Conflicts
create regional security uncertainties and affect strategic resource prospects. Tensions between the
US and China also remained high. The situation is expected to remain uncertain. The Group has already
taken the necessary steps to mitigate the impact of these risks and will continue to monitor the
situation and take appropriate action.
Risks related to information technology and regulatory change are also among the highly rated risks.
At the Group level, a project has been underway in the area of network and information systems
security to align requirements with Regulation (EU) 2022/2554 of the European Parliament and of the
Council on digital operational resilience for the financial sector (DORA
139
), which entered into force in
January 2025. In 2024, preparations were also in progress at the Group level for the implementation
of the remaining new regulatory requirements, particularly in the area of sustainability. The Group will
continue to monitor legislative changes to limit regulatory risk, as well as competition in the markets
in which it operates and other factors affecting the performance of its individual companies.
The main strategic risks of the Company in 2024 are listed below, ranked according to the level of
qualitative assessment (from highest to lowest):
the risks associated with deteriorating terms for obtaining adequate reinsurance,
the risks of deteriorating macroeconomic and geopolitical conditions, which may make it more
difficult to underwrite reinsurance or to achieve the planned returns on the investment portfolio,
the risk that the soft reinsurance market prices do not keep pace with claims due to excess capital,
the risks associated with the planning assumptions,
the risks related to changes in reinsurance legislation.
As at the Group level, Sava Re’s assessed risks associated with a deterioration in the macroeconomic
situation remained high. High risk ratings were also maintained due to the persistence of uncertain
geopolitical conditions, notably the military conflict in Ukraine and tensions in the Middle East. Despite
this instability, 2024 saw the first signs of a moderation in the tightening of reinsurance terms and
conditions, particularly from a pricing perspective. This change has been observed in certain markets
that have not been loss intensive in recent years (Japan and India). No moderation is expected in
markets affected by major loss events in 2024. We expect these risks to continue to grow next year,
139
Digital Operational Resilience Act.


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despite price moderation. While lower reinsurance prices will make it easier to obtain adequate
retrocession, greater attention will need to be paid to ensuring that the reinsurance underwritten is at
an appropriate premium. Sava Re will continue to strive to ensure that the cover levels and premiums
in the reinsurance contracts it enters into adequately reflect the effects of claims inflation and loss
experience, and that the Company obtains the best possible retrocession cover under the
circumstances.
The Group companies mitigate individual strategic risks primarily through preventive measures, and
each has various processes in place to ensure that it can properly identify, measure, monitor, manage,
control and report strategic risks to ensure that they are effectively managed. In addition to the
relevant organisational units in the Group companies, strategic risks are identified and managed by
governance bodies, risk management committees, risk management functions and the key function
holders of the risk management system. The identification of the Group’s strategic risks is also the
responsibility of the Group’s risk management committee. Strategic risks are also managed by
continually monitoring the realisation of short- and long-term goals of Group companies and by
monitoring upcoming regulatory changes and market developments.
The Group and the Company recognise that reputation is important to the achievement of the business
objectives and strategic plans over the long term. To this end, the Group companies put in place
procedures to mitigate reputation risk, such as setting up fit and proper procedures applicable to key
personnel, ensuring systematic operations of their respective compliance functions, having in place
business continuity plans, developing stress tests and scenarios, and planning actions and responses
in the case such risks materialise. The Group companies also monitor operational indicators that
indirectly measure reputational risk. Toward ensuring the Group’s good reputation, each and every
employee is responsible for improving the quality of services delivered and overall customer
satisfaction.
The Group and the Company estimate the exposure to strategic risks in 2024 to be moderate, at the
same level as in 2023.
Emerging risks
140
To ensure successful long-term business operations, it is extremely important for the Group and the
Company to anticipate and identify new risks. We attempt to follow trends, technological
developments and events that may shape the future development of risks. As it is difficult to predict
their occurrence with any degree of accuracy, we seek information from external sources to try to
identify what may have a significant impact on our business in future periods. In 2024, a survey was
conducted in all Group companies to assess emerging risks and, based on the responses, a weighted
risk assessment was prepared at the Group level. The assessors in each Group company rated the risks
in terms of materiality for the strategy period (up to 2027) and for the longer term (beyond 2027).
At the Group level, the highest assessed risks until 2027 were the risk of a major cyber-attack and cyber
fraud, physical climate risks (extreme weather events) and macroeconomic risks. In the longer term,
physical climate risks and the risk of a major cyber-attack and cyber fraud remained among the highest
assessed risks, while the third highest rated risk was the risk related to artificial intelligence. Physical
climate risks and the risk of a major cyber-attack and cyber fraud were also key risks for Sava Re until
2027, whereas the risk of geopolitical instability and its consequences was rated as the most important
risk. The same risks were identified as key beyond 2027.
Sustainability risk and climate change risk
Climate change risks
140
ESRS E1 IRO-1 paragraph 20 (b) (AR 11).


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The Group monitors both physical and transition risks related to climate change risk. We disclose more
about these risks and their impact on the Group’s business in section B.ESRS E1 “Climate Change”,
subsection SBM-3 “Material impacts, risks and opportunities and their interaction with strategy and
business model”.
Other sustainability risks
In addition to climate change, the Group and the Company also monitor other sustainability risks.
These are included in the risk register and periodically assessed against along with other risks.
In 2024, regulatory risks were among the highest rated key sustainability risks at the Company and
Group level. Of these risks, the following increased compared to 2023:
the risk of inadequate or untimely implementation of sustainability-related legislation,
the risk of opportunity losses for Group companies due to compliance with the restrictions
imposed by sustainability policies and other regulations,
the risk of higher costs due to policy adjustments or environmentally friendly operations (in line
with SFDR, CSRD and other legislation).
The Group and the Company expect these risks to increase over the strategy period, mainly due to the
increasing scope and complexity of the new sustainability legislation. In order to manage these risks,
the Company and the Group will continue to monitor regulatory developments in the area of
sustainability. Ongoing monitoring of regulatory changes is the responsibility of the corporate
compliance function, which includes a sustainability coordinator.
In addition to regulatory risks, other sustainability risks are monitored at the Company and Group level,
such as the risk of not identifying environmental changes (by stakeholders) in time to adapt to new
legislation and policies, the risk of inadequate whistleblowing protocols, and reputational risks
(including the risk of greenwashing and inadequate sustainability products). The estimated impact of
such other risks was lower in 2024 compared to the risks related to legislation.
Individual companies also monitor other risks relevant to their particular business.


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3.7 Notes to the financial statements

3.7.1 Intangible assets
Movement in cost and accumulated amortisation / impairment losses of intangible assets
Sava Insurance Group
EUR Other Intangible assets in
Software Goodwill intangible progress Total
assets
Cost
31 December 2023 30,583,082 40,877,792 36,250,696 4,109,138 111,820,708
Additions 914,114 - 589,096 3,830,475 5,333,684
Transfer to use 1,945,954 - 0 -1,945,954 0
Disposals -212,650 - -13,978 -135,877 -362,506
Exchange differences 8,439 - 9,280 431 18,151
31 December 2024 33,238,939 40,877,792 36,835,093 5,858,213 116,810,038
Accumulated amortisation and impairment losses
31 December 2023 16,223,622 8,444,979 22,003,276 - 46,671,877
Additions 3,523,565 - 1,252,488 - 4,776,052
Disposals -207,305 - 0 - -207,305
Exchange differences 5,631 - 855 - 6,486
31 December 2024 19,545,514 8,444,979 23,256,619 - 51,247,111
Carrying amount
31 December 2023 14,359,460 32,432,813 14,247,420 4,109,138 65,148,831
Carrying amount
31 December 2024 13,693,425 32,432,813 13,578,475 5,858,213 65,562,925
Sava Insurance Group
EUR Other Intangible assets in
Software Goodwill intangible progress Total
assets
Cost
31 December 2022 19,008,519 40,877,792 35,013,365 13,315,699 108,215,375
Additions 729,733 - 1,969,375 1,988,754 4,687,862
Transfer to use 11,177,792 - - -11,177,792 0
Disposals -333,078 - -727,347 -17,243 -1,077,668
Reductions subsidiaries
disposal 2,961 - - - 2,961
Exchange differences -2,845 - -4,697 -280 -7,822
31 December 2023 30,583,082 40,877,792 36,250,696 4,109,138 111,820,708
Accumulated amortisation and impairment losses
31 December 2022 12,977,943 8,444,979 20,897,161 - 42,320,083
Additions 3,527,113 - 1,107,129 - 4,634,242
Disposals -282,264 - - - -282,264
Reductions subsidiaries
disposal 2,996 - - - 2,996
Exchange differences -2,166 - -1,014 - -3,180
31 December 2023 16,223,622 8,444,979 22,003,276 0 46,671,877
Carrying amount as at 31
December 2022 6,030,576 32,432,813 14,116,204 13,315,699 65,895,292
Carrying amount as at 31
December 2023 14,359,460 32,432,813 14,247,420 4,109,138 65,148,831



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Sava Re
EUR Other Intangible
Software intangible assets in Total
assets progress
Cost
31 December 2023 3,938,279 45,347 2,845,695 6,829,321
Additions - 14,024 2,189,266 2,203,290
Transfer to use 60,934 - -60,934 0
Disposals -5,156 -13,978 - -19,135
31 December 2024 3,994,056 45,393 4,974,027 9,013,477
Accumulated amortisation and impairment losses
31 December 2023 2,154,386 - - 2,154,386
Additions 376,705 - - 376,705
31 December 2024 2,531,092 - - 2,531,092
Carrying amount as at 31 December 2023 1,783,893 45,347 2,845,695 4,674,935
Carrying amount as at 31 December 2024 1,462,965 45,393 4,974,027 6,482,385
Sava Re
EUR Other Intangible
Software intangible assets in Total
assets progress
Cost
31 December 2022 3,017,251 41,911 2,803,082 5,862,244
Additions 53,569 10,059 910,072 973,700
Transfer to use 867,459 - -867,459 0
Disposals - -6,623 - -6,623
31 December 2023 3,938,279 45,347 2,845,695 6,829,321
Accumulated amortisation and impairment losses
31 December 2022 1,793,860 - - 1,793,860
Additions 360,526 - - 360,526
31 December 2023 2,154,386 0 0 2,154,386
Carrying amount as at 31 December 2022 1,223,391 41,911 2,803,082 4,068,384
Carrying amount as at 31 December 2023 1,783,893 45,347 2,845,695 4,674,935

The Group’s other intangible assets mainly consist of the assessed value of a customer list of
EUR 7,733,546 (2023: EUR 8,135,290) and contractual customer relationships of EUR 2,880,000 (2023:
EUR 3,520,000), and the assets acquired in the acquisition of ASP EUR 1,116,657 (2023:
EUR 1,305,835).
Assets in progress relate to the purchase of new IT solutions for the core business. In 2023, they are
mainly related to IT solutions for the implementation of the new financial reporting standards IFRS 17
and IFRS 9, which have already been put into operation.
Movement in goodwill
Movement in goodwill in 2024
Sava Insurance Group
EUR
Total amount carried forward as at 31 December 2023 32,432,813
Balance as at 31 December 2024 32,432,813
Sava Neživotno Osiguranje (SRB) 4,565,229
Sava Osiguranje (MNE) 3,648,534
Zavarovalnica Sava 4,761,733
Sava Agent 2,718
TBS Team 24 2,787,676
Sava Penzisko Društvo 1,666,838
Sava Infond 15,000,085



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Movement in goodwill in 2023
Sava Insurance Group
EUR
Total amount carried forward as at 31 December 2022 32,432,813
Balance as at 31 December 2023 32,432,813
Sava Neživotno Osiguranje (SRB) 4,565,229
Sava Osiguranje (MNE) 3,648,534
Zavarovalnica Sava 4,761,733
Sava Agent 2,718
TBS Team 24 2,787,676
Sava Penzisko Društvo 1,666,838
Sava Infond 15,000,085

Goodwill impairment testing
In the impairment testing of goodwill arising out of the acquired companies listed in the table at the
beginning of this section (except for Zavarovalnica Sava), the recoverable amount of each cash-
generating unit as at 31 December 2024 exceeded the carrying amount including goodwill belonging
to the unit for all companies. The assumptions used to calculate the recoverable amount are described
below. For Zavarovalnica Sava, where the estimated value exceeded the carrying amount by a very
large margin, an impairment test was performed to determine whether there were any indications of
impairment. As no indications were found, no valuation was necessary.
The cash flows are derived from the strategic plans of the companies constituting the cash-generating
units. The companies’ plans have been approved by the parent company and adopted by the
companies’ governing bodies. The supervisory board of Sava Re d.d. adopted the business plan of the
Sava Insurance Group for 2025 on 11 December 2024. The business plans of the Group companies
were prepared on the basis of the following key strategic directions:
premium growth in relation to past performance, expected GDP growth and the level of
development of the insurance sector in Slovenia and abroad,
growth in assets under management of the pension and mutual fund management company in
relation to the macroeconomic environment, demographic trends, projected trends in inflows and
outflows, and returns in relation to expected developments in the financial markets,
growth in assistance services revenue in relation to the macroeconomic environment, the market
conditions and the expected demand for assistance services,
a target combined ratio in line with the specifics of the Slovenian and non-Slovenian non-life
segments,
a target new business margin for life insurance, and
a return on investments in relation to the expected developments in financial markets.
The valuations used a long-term growth rate (g) of the risk-free rate of return (2.6%) to estimate the
residual value beyond the projection period.
The discount rate methodology is explained in section 3.4.6 “Goodwill”
Assumptions used in goodwill impairment testing in 2024
Sava Neživotno Sava Osiguranje Sava Penzisko Sava Infond TBS Team 24
Osiguranje (MNE) (MKD) (SVN) (SVN)
(SRB)
Discount rate (%) 10.9 11.7 11.2 10.2 10.1
Long-term growth rate (%) 2.6 2.6 2.6 2.6 2.6


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3.7.2 Property, plant and equipment
Movement in cost and accumulated depreciation / impairment losses of property, plant and equipment
assets
Sava Insurance Group
EUR Other
items of In
Land Buildings Equipment property, progress Total
plant and
equipment
Cost
31 December 2023 4,945,363 60,455,902 26,612,367 538,845 301,225 92,853,702
Additions 0 56,605 1,049,619 23,168 3,870,501 4,999,892
Reclassification -55,091 -2,069,765 - - - -2,124,856
Transfer to use 0 49,051 2,049,193 23,039 -2,121,283 0
Disposals -271,283 -629,729 -3,284,459 -1,783 0 -4,187,254
Exchange differences 0 18,892 5,946 352 -1,226 23,964
31 December 2024 4,618,989 57,880,956 26,432,666 583,621 2,049,216 91,565,447
Accumulated depreciation and
impairment losses
31 December 2023 0 14,323,246 18,697,226 146,432 - 33,166,904
Additions 0 1,572,144 3,140,592 43,273 - 4,756,009
Reclassification 0 -1,743,173 - - - -1,743,173
Disposals 0 -262,824 -3,091,778 - - -3,354,602
Exchange differences 0 5,489 4,254 6 - 9,750
31 December 2024 0 13,894,882 18,750,294 189,711 - 32,834,886
Carrying amount as at 31 December
2023 4,945,363 46,132,656 7,915,141 392,413 301,225 59,686,798
Carrying amount as at 31 December
2024 4,618,989 43,986,074 7,682,372 393,909 2,049,216 58,730,561
Sava Insurance Group
EUR Other
items of
Land Buildings Equipment property, In progress Total
plant and
equipment
Cost
31 December 2022 5,216,520 63,859,517 27,035,610 521,439 57,768 96,690,854
Additions acquisition of subsidiary - - 4,530 - - 4,530
Additions - 993,277 1,156,387 94,224 2,647,495 4,891,383
Reclassification - 100,000 - - - 100,000
Transfer to use - 200,038 2,196,210 7,791 -2,404,039 0
Disposals -271,157 -4,695,392 -3,778,635 -84,504 - -8,829,688
Exchange differences - -1,538 -1,735 -105 1 -3,377
31 December 2023 4,945,363 60,455,902 26,612,367 538,845 301,225 92,853,702
Accumulated depreciation and
impairment losses
31 December 2022 - 14,956,675 19,106,449 192,104 - 34,255,228
Additions - 1,725,218 3,069,783 43,250 - 4,838,251
Reclassification - 29,224 - - - 29,224
Disposals - -2,386,950 -3,477,805 -88,920 - -5,953,675
Exchange differences - -921 -1,201 -2 - -2,124
31 December 2023 - 14,323,246 18,697,226 146,432 - 33,166,904
Carrying amount as at 31 December
2022 5,216,520 48,902,842 7,929,161 329,335 57,768 62,435,626
Carrying amount as at 31 December
2023 4,945,363 46,132,656 7,915,141 392,413 301,225 59,686,798


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361
Sava Re
EUR Other items
Land Buildings Equipment of property, Total
plant and
equipment
Cost
31 December 2023 151,373 2,449,707 1,755,371 274,193 4,630,643
Additions - - 190,119 - 190,119
Disposals - - -139,070 - -139,070
31 December 2024 151,373 2,449,707 1,806,419 274,193 4,681,691
Accumulated depreciation and
impairment losses
31 December 2023 - 857,228 1,044,885 53,371 1,955,484
Additions - 33,311 231,178 10,113 274,603
Disposals - - -98,761 - -98,761
31 December 2024 - 890,540 1,177,302 63,484 2,131,326
Carrying amount as at 31 December 2023 151,373 1,592,478 710,486 220,822 2,675,158
Carrying amount as at 31 December 2024 151,373 1,559,167 629,117 210,709 2,550,365
Sava Re
EUR Other items
Land Buildings Equipment of property, Total
plant and
equipment
Cost
31 December 2022 151,373 2,449,707 1,538,295 274,193 4,413,567
Additions - - 424,457 - 424,457
Disposals - - -207,382 - -207,382
31 December 2023 151,373 2,449,707 1,755,371 274,193 4,630,643
Accumulated depreciation and impairment losses
31 December 2022 - 823,917 992,621 43,084 1,859,622
Additions - 33,311 194,674 10,287 238,273
Disposals - - -142,410 - -142,410
31 December 2023 - 857,228 1,044,885 53,371 1,955,484
Carrying amount as at 31 December 2022 151,373 1,625,790 545,674 231,109 2,553,945
Carrying amount as at 31 December 2023 151,373 1,592,478 710,486 220,822 2,675,158
Property, plant and equipment assets are unencumbered by third-party rights.

3.7.3 Right-of-use assets and liabilities
Movement in cost and accumulated amortisation / impairment losses of right-of-use assets
Sava Insurance Group
EUR Land and Motor vehicles Computers and Total
buildings IT equipment
As at 31 December 2023 7,787,013 747,587 38,798 8,573,398
Depreciation of right-of-use assets -904,452 -74,826 -78,812 -1,058,090
Change in right of use 1,712,669 -54,006 52,222 1,710,885
New contracts 1,851,618 1,112,957 275,951 3,240,526
Derecognition of right-of-use assets -1,313,060 -358,995 0 -1,672,055
As at 31 December 2024 9,133,788 1,372,717 288,159 10,794,664


Graphics
362
Sava Insurance Group
EUR Land and Motor vehicles Computers and Total
buildings IT equipment
As at 31 December 2022 7,035,677 328,038 61,961 7,425,676
Depreciation of right-of-use assets -1,610,826 -82,046 -23,163 -1,716,035
Change in right of use 2,232,598 649,726 - 2,882,324
New contracts 654,028 84,640 - 738,668
Derecognition of right-of-use assets -524,464 -232,771 - -757,235
As at 31 December 2023 7,787,013 747,587 38,798 8,573,398
Sava Re
EUR Land and buildings Total
As at 31 December 2023 277,158 277,158
Depreciation of right-of-use assets -108,365 -108,365
Change in right of use 23,916 23,916
New contracts 62,231 62,231
Derecognition of right-of-use assets - -
As at 31 December 2024 254,940 254,940
Sava Re
EUR Land and buildings Total
As at 31 December 2022 320,124 320,124
Depreciation of right-of-use assets -82,608 -82,608
Change in right of use 20,501 20,501
New contracts 19,141 19,141
Derecognition of right-of-use assets - -
As at 31 December 2023 277,158 277,158
The amounts recognised in the income statement related to leases are shown in the table below.
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Depreciation/amortisation 2,730,145 1,716,035 108,365 82,608
- Land and buildings 2,217,511 1,610,826 108,365 82,608
- Motor vehicles 433,822 82,046 - -
- Computers and IT equipment 78,812 23,163 - -
Interest on lease liabilities 392,117 239,055 7,402 7,318
Costs associated with short-term leases 220,612 209,629 - -
Costs associated with low value leases 29,621 44,138 104 -
Total 3,372,495 2,208,857 115,871 89,926
Cash flow from leases
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Cash flow from leases 3,092,341 2,579,753 113,297 87,084
Movement in short- and long-term lease liabilities
141
Sava Insurance Group Sava Re
EUR 31 December 2024 31 December 2023 31 December 2024 31 December 2023
Lease liability maturity up to 1 year 2,984,283 2,493,988 113,069 87,347
Lease liability maturity over 1 year 8,152,419 6,350,749 147,548 193,017
Total 11,136,702 8,844,737 260,617 280,364
141
The disclosure also includes long-term liabilities under finance lease contracts.


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363
Sava Insurance Group Sava Re
EUR Short-term Long-term Short-term Long-term
31 December 2023 2,493,988 6,350,749 87,347 193,017
New leases - 4,991,106 - 86,148
Repayments - -3,091,258 - -113,297
Interest attribution - 392,117 - 7,402
Transfer to current liabilities 490,295 -490,295 25,722 -25,722
31 December 2024 2,984,283 8,152,419 113,069 147,548
Sava Insurance Group Sava Re
EUR Short-term Long-term Short-term Long-term
31 December 2022 2,541,330 5,115,859 78,425 242,063
New leases - 3,528,246 - 39,642
Repayments - -2,579,753 - -87,084
Interest attribution - 239,055 - 7,318
Transfer to current liabilities -47,342 47,342 8,922 -8,922
31 December 2023 2,493,988 6,350,749 87,347 193,017
Lease terms for land and buildings range from 1 to 26 years, for cars from 1 to 6 years, and for hardware
and IT equipment it is 8 years. For leases with an indefinite term, the Group has set the lease term at
5 years.
Group companies also act as lessors. The majority of these leases relate to land and buildings as
disclosed in note 3.7.5 “Investment property”.

3.7.4 Deferred tax assets and liabilities
Sava Insurance Group
Offset value Included in Included in Offset value
EUR as at income other Other Exchange as at Deferred Deferred tax
31 December statement comprehensive differences 31 Decembe tax assets liabilities
2023 income r 2024
Insurance contracts -10,206,017 - 2,393,165 163,599 -252 -7,649,504 1,269,984 -8,919,488
Reinsurance contracts 242,151 - -502,390 - 253 -259,986 36,928 -296,914
Financial investments 13,103,356 1,515,009 -5,366,312 -14,375 -1,503 9,236,178 13,408,797 -4,172,620
Short-term operating 658,477 -77,305 - - - 581,172 581,172 -
receivables
Provisions for jubilee benefits
and severance pay 511,681 -73,696 -2,123 - - 435,860 699,824 -263,964
(retirement)
Provision for tax losses -47,650 6,384 - - - -41,266 750 -42,016
Deferred tax liabilities due to
transition to the new -1,114,189 -53,064 - -149,224 -2,206 -1,318,682 197,250 -1,515,931
standards
Total 3,147,809 1,317,328 -3,477,660 0 -3,708 983,774 16,194,706 -15,210,933


Graphics
364
Sava Insurance Group
EUR Included in Included in Offset value
Offset value as at income other Other Exchange as at 31 Deferred tax Deferred tax
31 December 2022 statement comprehensive differences December assets liabilities
income 2023
Insurance contracts -13,611,691 -139,380 3,544,920 - 134 -10,206,017 461,803 -10,667,820
Reinsurance -535,725 - 777,881 - -5 242,151 469,735 -227,584
contracts
Financial 19,449,192 -306,284 -7,282,489 1,242,466 471 13,103,356 17,905,300 -4,801,944
investments
Short-term
operating 275,515 382,962 - - - 658,477 658,477 -
receivables
Provisions for
jubilee benefits and 524,352 19,008 -26,777 -4,931 29 511,681 760,918 -249,237
severance pay
(retirement)
Provision for tax 1,963,749 -1,662,098 9,013 -358,314 - -47,650 750 -48,400
losses
Deferred tax
liabilities due to -10,859,627 -130,553 15,205 9,859,690 1,096 -1,114,189 68,954 -1,183,143
transition to the
new standards
Total -2,794,235 -1,836,345 -2,962,247 10,738,911 1,725 3,147,809 20,325,937 -17,178,128
Sava Re
EUR Included in Offset
Offset value as at Included in other value as at Deferred Deferred
31 December income comprehensive 31 tax tax
2023 statement income December assets liabilities
2024
Insurance contracts -589,258 - 616,323 27,065 577,318 -550,254
Reinsurance contracts 121,669 - -362,875 -241,206 26,377 -267,584
Financial investments 4,834,780 -21,322 -1,086,773 3,726,686 3,941,924 -215,238
Short-term operating receivables 658,477 -77,305 - 581,172 581,172 -
Provisions for jubilee benefits and severance pay (retirement) 61,753 - - 61,753 66,327 -4,575
Total 5,087,421 -98,627 -833,325 4,155,468 5,193,119 -
1,037,650
Sava Re
EUR Offset value Included in Included in other Offset value as
as at 31 income comprehensive Other at 31 Deferred tax Deferred tax
December statement income December assets liabilities
2022 2023
Insurance contracts -1,685,669 - 1,096,411 - -589,258 112,237 -701,496
Reinsurance contracts 270,415 - -148,746 - 121,669 125,792 -4,123
Financial investments 5,148,067 30,796 -1,444,764 1,100,681 4,834,780 4,965,493 -130,712
Short-term operating receivables 275,515 382,962 - - 658,477 658,477
Provisions for jubilee benefits and 53,332 9,045 -625 - 61,752 66,327 -4,575
severance pay (retirement)
Provision for tax losses 1,644,072 -1,644,072 - - - -
Deferred tax liabilities due to -2,673,481 - - 2,673,481 - -
transition to the new standards
Total 3,032,251 -1,221,269 -497,724 3,774,162 5,087,420 5,928,327 -840,907
In 2024, deferred tax assets and liabilities were accounted for using tax rates that the management
believes will be used to tax the differences. Tax has been accounted for at the statutory rates applicable
to each Group company. The tax rate applicable to most Group companies (Slovenia) is 22% (until
31 December 2023: 19%). In 2023, deferred tax assets and liabilities were restated at the new rate of
22%, effective 1 January 2024, and for other companies between 9% and 18% (Croatia 18%, Serbia
15%, Kosovo and North Macedonia 10%, Montenegro progressive rate of 9%15%).
The following table shows the restatement to the new tax rate for the Slovenia-based companies as at
31 December 2023.

-
-
-

Graphics
365
EUR Slovenia-based companies of the Sava Sava Re
Insurance Group
Restatement at new tax rate (22%) Restatement at new tax rate (22%)
Included in Included in other Included in Included in other
income statement comprehensive income income statement comprehensive income
Insurance contracts - -1,301,630 - -80,354
Reinsurance contracts - 28,897 - 16,591
Financial investments 242,001 -147,789 212,012 446,270
Short-term operating receivables 89,792 - 89,792 -
Provisions for jubilee benefits and 99,271 26,023 9,045 -624
severance pay (retirement)


3.7.5 Investment property
Movement in cost and accumulated depreciation of investment property
Sava Insurance Group
EUR Land Buildings Equipment In progress Total
Cost
31 December 2023 2,620,860 24,463,009 554,809 - 27,638,678
Additions - - 289 2,187 2,476
Reclassification 637,633 -859,113 - - -221,480
Transfer to use - 128 2,059 -2,187 0
Disposals - - -19,912 - -19,912
Exchange differences -419 10,767 - - 10,348
31 December 2024 3,258,073 23,614,790 537,245 0 27,410,108
Accumulated depreciation and impairment losses
31 December 2023 - 2,564,852 183,548 - 2,748,400
Additions - 479,771 91,018 - 570,789
Reclassification - -38,566 - - -38,566
Disposals - - -19,912 - -19,912
Exchange differences - 2,141 - - 2,141
31 December 2024 - 3,008,197 254,655 - 3,262,852
Carrying amount as at 31 December 2023 2,620,860 21,898,157 371,261 0 24,890,278
Carrying amount as at 31 December 2024 3,258,073 20,606,593 282,590 0 24,147,256



Graphics
366

Sava Insurance Group
EUR Land Buildings Equipment In progress Total
Cost
31 December 2022 2,649,470 21,866,752 538,765 - 25,054,987
Additions - 2,425,330 - 193,322 2,618,652
Transfer to use - 177,278 16,044 -193,322 0
Disposals -28,650 - - - -28,650
Exchange differences 40 -6,351 - - -6,311
31 December 2023 2,620,860 24,463,009 554,809 0 27,638,678
Accumulated depreciation and impairment losses
31 December 2022 28,610 2,138,903 91,715 - 2,259,228
Additions - 426,567 91,832 - 518,399
Disposals -28,650 - - - -28,650
Exchange differences 40 -618 1 - -577
31 December 2023 0 2,564,852 183,548 - 2,748,400
Carrying amount as at 31 December 2022 2,620,860 19,727,849 447,050 0 22,795,759
Carrying amount as at 31 December 2023 2,620,860 21,898,157 371,261 0 24,890,278
Sava Re
EUR Land Buildings Equipment Total
Cost
31 December 2023 1,497,711 7,036,401 82,446 8,616,558
31 December 2024 1,497,711 7,036,401 82,446 8,616,558
Accumulated depreciation and impairment losses
31 December 2023 - 999,836 34,554 1,034,390
Additions - 142,378 7,918 150,296
31 December 2024 0 1,142,214 42,472 1,184,686
Carrying amount as at 31 December 2023 1,497,711 6,036,565 47,892 7,582,168
Carrying amount as at 31 December 2024 1,497,711 5,894,187 39,974 7,431,872
Sava Re
EUR Land Buildings Equipment Total
Cost
31 December 2022 1,497,711 7,026,356 82,446 8,606,513
Additions - 10,045 - 10,045
31 December 2023 1,497,711 7,036,401 82,446 8,616,558
Accumulated depreciation and impairment losses
31 December 2022 - 858,194 26,626 884,820
Additions - 141,642 7,928 149,570
31 December 2023 0 999,836 34,554 1,034,390
Carrying amount as at 31 December 2022 1,497,711 6,168,162 55,820 7,721,693
Carrying amount as at 31 December 2023 1,497,711 6,036,565 47,892 7,582,168

The Group generated income of EUR 1,565,419 million from the lease of its investment property in
2024 (2023: EUR 1,444,937). Maintenance costs associated with investment property are either
included in the rent or charged to the lessee. Costs covered by the Group in 2024 totalled EUR 141,742
(2023: EUR 110,340). We estimate that the Group will continue to lease its investment property in
2025 and over the next five-year period in a similar scope as in 2024 and generate a similar amount of
lease income.
In 2024, the Company generated income of EUR 959,359 by leasing out its investment property (2023:
EUR 867,573). Maintenance costs associated with investment property are either included in rent or
charged to the lessees in a proportionate amount.
The investment properties are unencumbered by any third-party rights.


Graphics
367
The fair values of investment property are presented in note 3.7.35 “Fair values of assets and
liabilities”.




3.7.6 Investments in subsidiaries and associates

Sava Insurance Group Sava Re
EUR 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Investments in subsidiaries 0 0 305,834,606 305,666,793
Investments in associates 25,615,695 23,834,620 19,575,000 19,575,000
Total 25,615,695 23,834,620 325,409,606 325,241,793
Investments in subsidiaries
Sava Re
EUR 31 December 2023 Acquisition/ 31 December 2024
recapitalisation
Holding Value Value Holding Value
Zavarovalnica Sava 100.00% 123,364,958 0 100.00% 123,364,958
Sava Neživotno Osiguranje (SRB) 100.00% 16,143,299 0 100.00% 16,143,299
Illyria 100.00% 9,563,104 0 100.00% 9,563,104
Sava Osiguruvanje (MKD) 93.89% 8,905,868 0 93.86% 8,905,868
Sava Osiguranje (MNE) 100.00% 15,373,019 0 100.00% 15,373,019
Illyria Life 100.00% 4,035,893 0 100.00% 4,035,893
Sava Životno Osiguranje (SRB) 100.00% 5,142,278 0 100.00% 5,142,278
Sava Pokojninska 100.00% 6,417,800 0 100.00% 6,417,800
TBS Team 24 78.50% 3,326,504 167,813 90.00% 3,494,317
Sava Penzisko Društvo 100.00% 19,714,494 0 100.00% 19,714,494
Sava Infond 84.00% 24,583,778 0 84.00% 24,583,778
Vita 100.00% 66,789,797 0 100.00% 66,789,797
ASP (SRB) 100.00% 1,250,000 0 100.00% 1,250,000
Vita S Holding (MKD) 80.00% 1,056,000 0 80.00% 1,056,000
Total 305,666,793 167,813 305,834,606
Sava Re
EUR 31 December 2022 Acquisition/ 31 December 2023
recapitalisation
Holding Value Value Holding Value
Zavarovalnica Sava 100.00% 123,364,958 0 100.00% 123,364,958
Sava Neživotno Osiguranje (SRB) 100.00% 16,143,299 0 100.00% 16,143,299
Illyria 100.00% 9,563,104 0 100.00% 9,563,104
Sava Osiguruvanje (MKD) 93.89% 8,905,868 0 93.86% 8,905,868
Sava Osiguranje (MNE) 100.00% 15,373,019 0 100.00% 15,373,019
Illyria Life 100.00% 4,035,893 0 100.00% 4,035,893
Sava Životno Osiguranje (SRB) 100.00% 5,142,278 0 100.00% 5,142,278
Sava Pokojninska 100.00% 6,417,800 0 100.00% 6,417,800
TBS Team 24 78.50% 3,326,504 0 78.50% 3,326,504
Sava Penzisko Društvo 100.00% 19,714,494 0 100.00% 19,714,494
Sava Infond 84.00% 24,583,778 0 84.00% 24,583,778
Vita 100.00% 66,789,797 0 100.00% 66,789,797
ASP (SRB) 100.00% 0 1,250,000 100.00% 1,250,000
Vita S Holding (MKD) 80.00% 0 1,056,000 80.00% 1,056,000
Total 303,360,793 2,306,002 305,666,793


Investments in associates
Sava Insurance Group
EUR 31 December 2023 Attributed 31 December 2024
Share Value profit or Holding Value Share of voting rights (%)
loss
DCB 40.1% 23,834,620 1,781,075 50.00% 25,615,695 50.00%
Total 23,834,620 1,781,075 25,615,695




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368





Sava Insurance Group
EUR 31 December 2022 Attributed 31 December 2023
Holding Value profit or Holding Value Share of voting rights (%)
loss
DCB 40.1% 21,856,109 1,978,512 50.00% 23,834,620 50.00%
Total 21,856,109 1,978,512 23,834,620

Sava Re
EUR 31 December 2023 31 December 2024
Share of
Share Value Holding Value voting rights
(%)
DCB 50.00% 19,575,000 50.00% 19,575,000 50.00%
Total 19,575,000 19,575,000
Sava Re
EUR 31 December 2022 31 December 2023
Share of
Holding Value Holding Value voting rights
(%)
DCB 50.00% 19,575,000 50.00% 19,575,000 50.00%
Total 19,575,000 19,575,000
Sava Insurance Group
EUR 31 December 2024 31 December
2023
DCB
Value of assets 55,109,003 53,009,611
Liabilities 18,753,610 20,190,187
Equity 36,355,393 32,819,424
Income 38,589,636 30,401,886
Profit or loss 3,562,149 3,957,023
Part of the profit or loss attributable to the Group 1,781,075 1,978,512


On 22 February 2024, Sava Re signed a contract to acquire a 2.5% stake in TBS Team 24. Upon
completion of the transaction on 27 February 2024, Sava Re held a 90% stake in the company.


In 2023, the Sava Insurance Group sold its associate G2I. It realised a gain on the sale of EUR 112,595.


The assumptions used in the valuation are described in more detail in section 3.4.12 “Investments in
subsidiaries and associates”.


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369

3.7.7 Financial investments
The financial investments of the Sava Insurance Group amounting to EUR 2,329.1 million as at
31 December 2024 (31 December 2023: EUR 2,012.5 million) include, in addition to investments
supporting non-life and traditional life insurance liabilities, investments supporting unit-linked life
insurance contract liabilities and own funds.
Sava Insurance Group
EUR Measured at fair Measured at fair
Measured at value through profit value through other Total
amortised cost or loss comprehensive
31 December 2024 income
Debt instruments 75,722,712 9,355,534 1,420,696,781 1,505,775,027
Deposits and CDs 27,299,953 - - 27,299,953
Government bonds 37,231,867 1,072,588 920,062,975 958,367,430
Corporate bonds 10,523,121 8,282,946 500,633,806 519,439,873
Loans granted 667,771 - - 667,771
Equity instruments 0 732,978,080 17,965,791 750,943,871
Shares - 5,499,066 17,965,791 23,464,857
Mutual funds - 727,479,014 - 727,479,014
Investments in infrastructure funds - 59,777,426 - 59,777,426
Investments in real-estate funds - 12,583,880 - 12,583,880
Total 75,722,712 814,694,920 1,438,662,572 2,329,080,204
Sava Insurance Group
EUR Measured at fair Measured at fair
Measured at value through profit value through other Total
amortised cost or loss comprehensive
31 December 2023 income
Debt instruments 76,303,166 19,701,111 1,260,177,155 1,356,181,432
Deposits and CDs 25,616,171 - - 25,616,171
Government bonds 37,676,521 2,105,477 811,741,040 851,523,038
Corporate bonds 12,256,335 17,595,634 448,436,115 478,288,084
Loans granted 754,139 - - 754,139
Equity instruments 0 569,153,261 15,969,890 585,123,151
Shares - 5,784,383 15,969,890 21,754,273
Mutual funds - 563,368,878 - 563,368,878
Investments in infrastructure funds - 57,339,858 - 57,339,858
Investments in real-estate funds - 13,888,192 - 13,888,192
Total 76,303,166 660,082,422 1,276,147,045 2,012,532,633



Graphics
370

Sava Re
EUR Measured at fair
Measured at Measured at fair value value through
amortised cost through profit or loss other Total
comprehensive
31 December 2024 income
Debt instruments 5,677,769 2,006,571 400,200,967 407,885,307
Deposits and CDs 1,022,920 - - 1,022,920
Government bonds 2,076,258 - 274,041,110 276,117,368
Corporate bonds - 2,006,571 126,159,857 128,166,428
Loans granted 2,578,592 - - 2,578,592
Equity instruments 0 10,531,858 0 10,531,858
Shares - 3,204,768 - 3,204,768
Mutual funds - 7,327,090 - 7,327,090
Investments in infrastructure funds - 22,403,584 - 22,403,584
Investments in real-estate funds - 3,565,302 - 3,565,302
Total 5,677,769 38,507,315 400,200,967 444,386,051
Sava Re
EUR Measured at fair
Measured at Measured at fair value value through
amortised cost through profit or loss other Total
comprehensive
31 December 2023 income
Debt instruments 5,811,776 4,320,636 311,285,620 321,418,032
Deposits and CDs 1,021,347 - - 1,021,347
Government bonds 2,075,525 - 227,516,295 229,591,819
Corporate bonds - 4,320,636 83,769,325 88,089,961
Loans granted 2,714,904 - - 2,714,904
Equity instruments 0 7,997,287 0 7,997,287
Shares - 3,538,972 - 3,538,972
Mutual funds - 4,458,315 - 4,458,315
Investments in infrastructure funds - 21,084,448 - 21,084,448
Investments in real-estate funds - 3,884,428 - 3,884,428
Total 5,811,776 37,286,800 311,285,620 354,384,196
The Sava Insurance Group held 0.8% of financial investments constituting subordinated instruments
for the issuer (31 December 2023: 1.6%). The total value of these investments was EUR 19.0 million
(31 December 2023: EUR 31.1 million).
Sava Re held 0.5% of financial investments that constitute subordinated instruments for the issuer (31
December 2023: 1.2%). The total value of these investments was EUR 2.0 million (31 December 2023:
EUR 4.3 million).
The Group measures its investments in subordinated debt instruments through profit or loss or
through accumulated other comprehensive income.



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371

Equity instruments classified as FVOCI
31 31
EUR December December
2024 2023
AENA S.M.E. SA 770,847 640,811
AMGEN INC. 566,251 591,418
Bouygues 270,902 323,867
CISCO SYSTEMS, INC. 618,698 499,028
DANONE 569,279 512,981
Deutsche Telekom AG 1,395,387 1,050,525
ESSILORLUXOTTICA 867,008 668,288
Fortum Oyj 394,719 381,430
Fresenius SE & Co. KGaA 447,155 374,229
GALP ENERGIA, SGPS, S.A. 776,558 649,485
GlaxoSmithKline PLC 335,432 344,824
Haleon PLC 117,524 95,605
Iberdrola SA 496,329 430,311
Johnson & Johnson 407,246 417,170
KELLANOVA 779,542 508,756
Koninklijke Ahold Delhaize N.V. 936,922 774,024
KRKA, tovarna zdravil, d.d., Novo mesto 960,212 759,880
LEGAL & GENERAL GROUP PLC 378,581 394,846
Naturgy Energy Group SA 754,052 870,804
OMV Aktiengesellschaft 259,140 276,004
Österreichische Post AG 624,499 709,067
PFIZER INC. 295,656 303,246
RECKITT BENCKISER GROUP PLC 340,262 364,223
RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. IN BREVE RECORDATI S.P.A. 477,411 460,711
Siemens Aktiengesellschaft 675,610 608,823
TELENOR ASA 326,948 316,580
TELIA COMPANY AB 260,334 226,088
Veolia Environement, Paris 670,295 706,146
WK Kellogg Co 43,287 29,883
WW Grainger Inc 1,204,023 894,685
Zurich Insurance Group AG 945,684 786,153
Total 17,965,791 15,969,890
In 2024, the Group did not dispose of any equity instruments measured at FVOCI. In 2024, the Group
received a dividend on its investment in Iberdrola SA in the form of 1,066 shares, which was recognised
in the income statement as dividend income of EUR 12,722.
In 2023, the Group acquired an investment in WK Kellogg Co. as a spin-off of Kellanova (formerly
Kellogg Company). This transaction did not result in any additional cost to the Group. In 2023, the
Group did not dispose of any equity instruments measured at FVOCI.
Amounts recognised in profit or loss and other comprehensive income
EUR 2024 2023
Dividends from equity investments held at FVOCI recognised in the income statement item other
income 589,987 556,769
Related to investments derecognised during the reporting period - -
Related to investments held at the end of the reporting period 589,987 556,769



Graphics
372

Movement in financial investments
Sava Insurance Group
Measured at fair Measured at fair
value through other Measured at value through Total
comprehensive amortised cost profit or loss
EUR income
Opening balance as at 1 January 2024 1,276,147,045 76,303,166 660,082,422 2,012,532,633
New acquisitions 546,844,986 25,824,750 165,328,081 737,997,817
Maturity -354,371,496 -21,093,020 -11,100,000 -386,564,516
Interest inflows -19,934,703 -2,379,610 -699,927 -23,014,240
Disposal -62,070,240 -5,798,263 -102,193,582 -170,062,084
Change in fair value in equity 26,140,315 - - 26,140,315
Change in fair value in equity (ECL) -569,107 - - -569,107
Change in fair value from equity to IS disposals 36,143 28,104 - 64,247
Change in fair value through profit or loss - - 100,737,742 100,737,742
Change in amortised cost, exchange differences 25,781,472 2,774,138 2,536,601 31,092,211
Change in ECL through profit or loss 569,213 3,881 - 573,095
Exchange differences (opening balance) 88,944 59,565 3,582 152,091
Closing balance as at 31 December 2024 1,438,662,572 75,722,712 814,694,920 2,329,080,204
Sava Insurance Group
Measured at fair Measured at fair
value through other Measured at value through Total
comprehensive amortised cost profit or loss
EUR income
Opening balance as at 1 January 2023 1,155,401,907 64,428,280 556,301,888 1,776,132,075
New acquisitions 330,815,055 29,287,786 114,620,739 474,723,581
Maturity -233,057,388 -17,167,481 -2,750,000 -252,974,869
Interest inflows -17,089,575 -2,196,521 -817,975 -20,104,070
Disposal -26,257,105 -345,705 -66,132,897 -92,735,707
Change in fair value in equity 52,182,266 - - 52,182,266
Change in fair value in equity (ECL) -397,551 - - -397,551
Change in fair value from equity to IS disposals -821,328 - - -821,328
Change in fair value through profit or loss 87,110 - 58,343,186 58,430,296
Change in amortised cost, exchange differences 14,910,432 2,362,126 518,389 17,790,948
Change in ECL through profit or loss 397,053 -53,287 - 343,766
Exchange differences (opening balance) -23,831 -12,032 -908 -36,772
Closing balance as at 31 December 2023 1,276,147,045 76,303,166 660,082,422 2,012,532,633
Sava Re
Measured at fair Measured at fair
value through other Measured at value through Total
comprehensive amortised cost profit or loss
EUR income
Opening balance as at 1 January 2024 311,285,620 5,811,776 37,286,800 354,384,196
New acquisitions 210,779,768 850,000 4,034,645 215,664,413
Maturity -98,836,147 -986,743 -2,400,000 -102,222,890
Interest inflows -4,961,567 -320,521 -186,300 -5,468,388
Disposal -31,397,558 - -2,067,328 -33,464,885
Change in fair value in equity 5,030,062 - - 5,030,062
Change in fair value in equity (ECL) -90,184 - - -90,184
Change in fair value from equity to IS disposals 45,016 - - 45,016
Change in fair value through profit or loss - - 1,201,805 1,201,805
Change in amortised cost, exchange differences 8,255,659 316,639 637,693 9,209,991
Change in ECL through profit or loss 90,298 6,618 - 96,917
Closing balance as at 31 December 2024 400,200,967 5,677,769 38,507,315 444,386,051



Graphics
373

Sava Re
Measured at fair Measured at fair
value through other Measured at value through Total
comprehensive amortised cost profit or loss
EUR income
Opening balance as at 1 January 2023 280,840,335 3,871,964 39,718,676 324,430,976
New acquisitions 116,005,237 2,300,000 2,567,159 120,872,396
Maturity -74,806,557 -409,349 -1,250,000 -76,465,906
Interest inflows -3,528,659 -211,984 -275,258 -4,015,901
Disposal -18,046,171 - -4,519,826 -22,565,997
Change in fair value in equity 10,013,555 - - 10,013,555
Change in fair value in equity (ECL) -60,746 - - -60,746
Change in fair value from equity to IS disposals -120,448 - - -120,448
Change in fair value through profit or loss - - 1,211,782 1,211,782
Change in amortised cost, exchange differences 928,825 266,968 -165,733 1,030,060
Change in ECL through profit or loss 60,250 -5,824 - 54,426
Closing balance as at 31 December 2023 311,285,620 5,811,776 37,286,800 354,384,196
Loans of the parent granted to Group companies
EUR 31 December 2024 31 December 2023
Sava Osiguruvanje, Skopje (MKD) 1,311,052 1,311,052
Sava Pokojninska (SVN) 1,030,575 1,030,575
Total 2,341,627 2,341,627
The Group has pledged securities of EUR 0.6 million (31 December 2023: EUR 0.6 million).
The fair values of financial investments are shown in note 3.7.35.

3.7.8 Investment contract assets and liabilities
Investment contract assets and liabilities relate to the management of pension funds at the subsidiary
Sava Pokojninska. The Group held EUR 201.1 million (2023: 180.6 million) of investment contract
assets and EUR 200.9 million (2023: EUR 180.4 million) of investment contract liabilities. Its investment
contracts include a group of lifecycle funds called MOJI Skladi Življenjskega Cikla (MY lifecycle funds),
which relate to the supplementary pension business of the Sava Pokojninska in the accumulation
phase. The risks associated with investment contract liabilities are discussed in detail in section 3.4.13
“Financial investments”.


Graphics
374
Investment contract assets
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Financial investments 196,890,999 173,199,975
Investment property 647,000 593,000
Receivables 46,865 37,590
Cash and cash equivalents 3,586,141 6,797,572
Total 201,171,005 180,628,137
Sava Insurance Group
EUR
Measured at amortised cost Measured at fair value Total
through profit or loss
31 December 2024
Debt instruments 93,211,977 45,658,916 138,870,893
Government bonds 48,787,627 25,562,002 74,349,629
Corporate bonds 44,424,350 20,096,914 64,521,264
Equity instruments 0 53,570,579 53,570,579
Investments in infrastructure funds 0 1,562,395 1,562,395
Investments in real-estate funds 0 2,887,132 2,887,132
Total financial investments 93,211,977 103,679,022 196,890,999
Cash, cash equivalents and receivables 3,586,141 0 3,586,141
Investment property 0 647,000 647,000
Receivables 46,865 0 46,865
Total investment contract assets 96,844,983 104,326,022 201,171,005
Sava Insurance Group
EUR
Measured at amortised Measured at fair
cost value through Total
profit or loss
31 December 2023
Debt instruments 94,321,242 37,710,007 132,031,249
Government bonds 50,169,820 18,376,896 68,546,716
Corporate bonds 44,151,422 19,333,110 63,484,532
Equity instruments 0 35,973,949 35,973,949
Investments in infrastructure funds 0 1,914,064 1,914,064
Investments in real-estate funds 0 3,280,713 3,280,713
Total financial investments 94,321,242 78,878,733 173,199,975
Cash, cash equivalents and receivables 6,797,572 0 6,797,572
Investment property 0 593,000 593,000
Receivables 37,590 0 37,590
Total investment contract assets 101,156,405 79,471,733 180,628,137


Graphics
375
Investment contract assets by level of the fair value hierarchy
Sava Insurance Group
EUR
Fair value
Carrying Difference
amount between FV and
Level 1 Level 2 Level 3 Total fair CA
value
31 December 2024
Investment contract assets measured at 104,326,022 97,294,271 1,935,223 5,096,527 104,326,022 0
fair value
At FVTPL 104,326,022 97,294,271 1,935,223 5,096,527 104,326,022 0
Mandatorily measured at fair value 104,326,022 97,294,271 1,935,223 5,096,527 104,326,022 0
through profit or loss, not held for trading
Debt instruments 45,658,916 43,723,693 1,935,223 - 45,658,916 0
Equity instruments 53,570,579 53,570,579 - - 53,570,579 0
Investments in infrastructure funds 1,562,395 - - 1,562,395 1,562,395 0
Investments in real-estate funds 2,887,132 - - 2,887,132 2,887,132 0
Investment property 647,000 - - 647,000 647,000 0
Investment contract assets not 96,844,984 91,393,502 0 3,633,007 95,026,509 -1,818,474
measured at fair value
At amortised cost 96,844,984 91,393,502 0 3,633,007 95,026,509 -1,818,474
Debt instruments 93,211,977 91,393,502 - - 91,393,502 -1,818,475
Cash and cash equivalents 3,586,140 - - 3,586,140 3,586,140 0
Receivables 46,867 - - 46,867 46,867 0
Total investment contract assets 201,171,005 188,687,773 1,935,223 8,729,534 199,352,531 -1,818,474
Sava Insurance Group
EUR
Fair value
Carrying Difference
amount between FV
Level 1 Level 2 Level 3 Total fair and CA
value
31 December 2023
Investment contract assets measured at fair 79,471,733 70,072,510 3,611,446 5,787,777 79,471,733 0
value
At FVTPL 79,471,733 70,072,510 3,611,446 5,787,777 79,471,733 0
Mandatorily measured at fair value through 79,471,733 70,072,510 3,611,446 5,787,777 79,471,733 0
profit or loss, not held for trading
Debt instruments 37,710,007 34,098,561 3,611,446 - 37,710,007 0
Equity instruments 35,973,949 35,973,949 - - 35,973,949 0
Investments in infrastructure funds 1,914,064 - - 1,914,064 1,914,064 0
Investments in real-estate funds 3,280,713 - - 3,280,713 3,280,713 0
Investment property 593,000 - - 593,000 593,000 0
Investment contract assets not measured at 101,156,405 86,463,519 6,049,579 6,835,162 99,348,260 -1,808,144
fair value
At amortised cost 101,156,405 86,463,519 6,049,579 6,835,162 99,348,260 -1,808,144
Debt instruments 94,321,242 86,463,519 6,049,579 - 92,513,098 -1,808,144
Cash and cash equivalents 6,797,572 - - 6,797,572 6,797,572 0
Receivables 37,590 - - 37,590 37,590 0
Total investment contract assets 180,628,137 156,536,030 9,661,024 12,622,939 178,819,993 -1,808,144


Graphics
376

Investment contract liabilities
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Net liabilities to pension policyholders 200,103,820 179,443,359
Other liabilities 1,067,188 1,185,340
Total in balance sheet long-term business funds of 201,171,007 180,628,699
voluntary supplementary pension insurance
Inter-company transactions between company and life -216,112 -191,004
insurance liability fund
Total in balance sheet 200,954,895 180,437,695

Movement in financial investments
Sava Insurance Group
EUR
Debt Equity Investments in Investments in
instruments instruments infrastructure real-estate funds Total
funds
Balance as at 1 January 2024 132,031,249 35,973,949 1,914,064 3,280,713 173,199,975
New acquisitions 39,780,745 17,834,010 - - 57,614,755
Maturity -34,089,469 - - - -34,089,469
Disposal -497,307 -8,110,832 -380,148 - -8,988,287
Coupon payments -2,906,365 - - - -2,906,365
Accrued interest 3,442,679 - - - 3,442,679
Revaluation (through IS) 1,147,634 7,171,510 28,479 -393,581 7,954,042
Income/expenses upon sale 623 25,751 - - 26,374
Recognition/reversal of ECL allowance 9,619 - - - 9,619
Exchange differences -48,515 676,191 - - 627,676
Balance as at 31 December 2024 138,870,893 53,570,579 1,562,395 2,887,132 196,890,999
Sava Insurance Group
EUR Investments in
Debt Equity infrastructure Investments in Total
instruments instruments funds real-estate funds
Balance as at 1 January 2023 116,609,421 26,634,985 1,992,155 3,869,404 149,105,965
New acquisitions 26,951,166 7,343,516 83,739 - 34,378,421
Maturity -12,250,000 - - - -12,250,000
Disposal -962,459 -2,562,553 -196,095 - -3,721,107
Coupon payments -2,615,309 - - - -2,615,309
Accrued interest 3,129,844 - - - 3,129,844
Revaluation (through profit or loss) 1,496,341 4,769,727 34,733 -588,691 5,712,110
Income/expenses upon sale -299,503 -5,801 -468 - -305,772
Recognition/reversal of ECL allowance 17,205 - - - 17,205
Exchange differences -45,457 -205,925 - - -251,382
Balance as at 31 December 2023 132,031,249 35,973,949 1,914,064 3,280,713 173,199,975


Graphics
377
Movement in investments, and income and expenses relating to investment contract assets measured
at fair value level 3
Sava Insurance
Group
EUR Investments in infrastructure funds Investments in real-estate funds Investment property
31 December 31 December 31 December 31 December 31 December 31 December
2024 2023 2024 2023 2024 2023
Opening balance 1,914,064 1,992,155 3,280,713 3,869,404 593,000 593,000
Additions - 83,739 - - - -
Disposals -380,148 -196,563 - - - -
Revaluation to fair 28,479 34,733 -393,581 -588,691 54,000 -
value
Closing balance 1,562,395 1,914,064 2,887,132 3,280,713 647,000 593,000
Income 152,797 126,668 28,102 73,749 108,871 227,809
Expenses -10,770 -468 -337,104 -588,691 -15,510 -
The pension company eliminates inter-company transactions of the joint balance sheet; therefore,
liabilities to pension policyholders exceed investment contract liabilities. Internal transactions
between the group of My-Life-cycle long-term business funds and the pension company were
eliminated in the balance sheet. These include entry charges and management fees for the current
month, which may be recognised upon conversion or when credited to personal accounts.
Liabilities in the balance sheet of the long-term liability fund of the voluntary supplementary pension
insurance are mostly long-term. These are liabilities relating to the voluntary supplementary pension
life liability fund for premiums paid, guaranteed return and the return in excess of guaranteed return
(provisions).
The table below shows income and expenses relating to investment contracts in 2024.
Net investment income for the financial period (EUR) Investment
contracts
Finance income 12,759,500
Dividend income 411,777
Interest income 3,442,859
Gains on disposal of financial investments 34,036
Gains on change in fair value 7,963,662
Other finance income 907,166
Income from investment property 108,871
Rental income 54,871
Gains on change in fair value 54,000
Financial expenses -7,662
Losses on disposals -7,662
Expenses relating to investment property -15,510
Expenses arising from management and renting -15,510
Expenses relating to management of life insurance business fund -2,066,614
Asset management commission -1,889,757
Expenses relating to custodian bank -30,236
Audit-related expenses -25,561
Expenses relating to communication with life insurance business fund members -33,244
Brokerage expenses for purchase and sale of securities -7,513
Other expenses charged against the life ins. liability fund under applicable rules -80,302
Net profit/loss attributable to policyholders 10,778,585
Profit or loss realised from investment contract assets is fully recognised in investment contract
liabilities.


Graphics
378

3.7.9 (Re)insurance contract assets and liabilities
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Non-life
Insurance and Insurance and Net (re)insurance Insurance and Insurance and Net (re)insurance Insurance and Insurance and Net (re)insurance
reinsurance reinsurance contract reinsurance reinsurance contract reinsurance reinsurance contract
contract assets contract liabilities assets/liabilities contract assets contract liabilities assets/liabilities contract assets contract liabilities assets/liabilities
Insurance contracts not measured using the PAA -8,257,348 184,622,254 176,364,907 -2,516,593 1,098,510,646 1,095,994,053 -5,646,027 257,188,073 251,542,046
Insurance contracts measured using the PAA -68,422 548,235,070 548,166,648 - - 0 -23,988 28,887,602 28,863,614
Total insurance contracts -8,325,770 732,857,324 724,531,554 -2,516,593 1,098,510,646 1,095,994,053 -5,670,015 286,075,675 280,405,660
Reinsurance contracts not measured using the PAA -57,745,966 1,874,160 -55,871,806 -200,274 143,696 -56,578 -52,845,122 1,730,540 -51,114,582
Reinsurance contracts measured using the PAA -19,572,514 1,965,347 -17,607,167 - - 0 -13,116,985 461,485 -12,655,500
Total reinsurance contracts -77,318,480 3,839,507 -73,478,973 -200,274 143,696 -56,578 -65,962,107 2,192,025 -63,770,082
EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Non-life
Insurance and Insurance and Net (re)insurance Insurance and Insurance and Net (re)insurance Insurance and Insurance and Net (re)insurance
reinsurance reinsurance contract reinsurance reinsurance contract reinsurance reinsurance contract
contract assets contract liabilities assets/liabilities contract assets contract liabilities assets/liabilities contract assets contract liabilities assets/liabilities
Insurance contracts not measured using the PAA -8,180,369 172,238,904 164,058,535 -938,150 959,645,573 958,707,423 -5,081,479 256,344,343 251,262,865
Insurance contracts measured using the PAA -488,770 519,137,770 518,649,000 - - 0 -13,866 39,408,380 39,394,514
Total insurance contracts -8,669,139 691,376,674 682,707,535 -938,150 959,645,573 958,707,423 -5,095,344 295,752,723 290,657,379
Reinsurance contracts not measured using the PAA -101,443,611 542,115 -100,901,496 -242,131 157,573 -84,558 -95,762,621 446,848 -95,315,773
Reinsurance contracts measured using the PAA -5,795,817 942,355 -4,853,462 - - 0 - - 0
Total reinsurance contracts -107,239,428 1,484,470 -105,754,958 -242,131 157,573 -84,558 -95,762,621 446,848 -95,315,773



Graphics
379
3.7.10 Movement in liabilities for remaining coverage (LRC) and liabilities for incurred claims (LIC) insurance contracts issued
Sava Insurance Group as at 31 December 2024 non-life
EUR Liabilities for remaining coverage LRC Liabilities for incurred claims LIC
Insurance Insurance contracts measured using the
Total LRC contracts not PAA Total LIC Total
Excluding loss Loss component measured using Present value of Adjustment for
component the PAA future cash flows non-financial risk
Assets -14,482,936 46,591 -14,436,345 5,219,756 482,366 65,085 5,767,207 -8,669,139
Liabilities 105,867,928 10,649,761 116,517,689 205,106,587 331,651,736 38,100,661 574,858,984 691,376,674
Opening balance net assets/liabilities 91,384,992 10,696,352 102,081,344 210,326,343 332,134,102 38,165,746 580,626,191 682,707,535
Changes in the statement of profit or loss and other comprehensive income 0
Insurance contract revenue, of which -725,769,172 0 -725,769,172 0 0 0 0 -725,769,172
Contracts under the fair value approach -915,840 - -915,840 - - - 0 -915,840
Other contracts -724,853,332 - -724,853,332 - - - 0 -724,853,332
Insurance service expenses
Incurred claims (excluding investment components) and other - -5,404,647 -5,404,647 110,570,987 479,628,728 15,663,003 605,862,718 600,458,071
incurred insurance service expenses
Changes related to past services (changes in fulfilment cash flows - - 0 -51,291,835 -28,231,609 -16,966,117 -96,489,561 -96,489,561
related to the liability for incurred claims)
Incurred claims 0 -5,404,647 -5,404,647 59,279,152 451,397,119 -1,303,114 509,373,157 503,968,510
Amortisation of insurance acquisition cash flows 103,490,489 - 103,490,489 - - - 0 103,490,489
Changes related to future services (recognition/reversal of losses on - 3,355,376 3,355,376 - - - 0 3,355,376
onerous groups of contracts)
Insurance service operating expenses 103,490,489 3,355,376 106,845,865 0 0 0 0 106,845,865
Total insurance service expenses 103,490,489 -2,049,271 101,441,218 59,279,152 451,397,119 -1,303,114 509,373,157 610,814,375
Investment components excluded from insurance revenue and -3,080,286 - -3,080,286 3,080,286 - - 3,080,286 0
insurance service expenses
Insurance service result -625,358,968 -2,049,271 -627,408,239 62,359,437 451,397,119 -1,303,114 512,453,443 -114,954,797
Net finance income or expenses from insurance contracts -791,702 79,600 -712,102 8,504,740 10,771,540 1,192,402 20,468,682 19,756,580
Effect of movement in exchange rates -798,375 8,515 -789,861 2,185,494 187,361 51,016 2,423,871 1,634,010
Foreign currency translation differences 42,338 1,159 43,497 245 39,951 3,351 43,547 87,044
Total changes in the statement of profit or loss and other -626,906,707 -1,959,997 -628,866,705 73,049,916 462,395,972 -56,345 535,389,542 -93,477,162
comprehensive income
Cash flows
Premiums received for insurance contracts issued 759,793,022 - 759,793,022 - - 0 759,793,022
Claims incurred and insurance service expenses paid - - 0 -64,310,586 -450,699,548 - -515,010,134 -515,010,134
Insurance acquisition cash flows -109,481,706 - -109,481,706 - - 0 -109,481,706
Total cash flows 650,311,316 0 650,311,316 -64,310,586 -450,699,548 0 -515,010,134 135,301,182
Other movements 0 - 0 - - - 0 0
Assets -13,252,254 65,657 -13,186,598 4,923,856 -63,028 0 4,860,828 -8,325,770
Liabilities 128,041,855 8,670,698 136,712,553 214,141,817 343,893,553 38,109,400 596,144,771 732,857,324
Closing balance net assets/liabilities 114,789,601 8,736,355 123,525,955 219,065,673 343,830,525 38,109,400 601,005,599 724,531,554


Graphics
380
Sava Insurance Group as at 31 December 2023 non-life
EUR Liabilities for remaining coverage LRC Liabilities for incurred claims LIC
Insurance contracts Insurance contracts measured using the
Total LRC not measured using PAA Total LIC Total
Excluding loss Loss component the PAA Present value of Adjustment for
component future cash flows non-financial risk
Assets -10,900,401 58,500 -10,841,901 3,916,518 -116,342 - 3,800,176 -7,041,725
Liabilities 84,621,519 8,103,257 92,724,776 202,662,508 295,095,593 39,670,013 537,428,114 630,152,890
Opening balance net assets/liabilities 73,721,118 8,161,757 81,882,875 206,579,026 294,979,251 39,670,013 541,228,290 623,111,165
Changes in the statement of profit or loss and other
comprehensive income 0
Insurance contract revenue, of which -630,737,528 0 -630,737,528 0 0 0 0 -630,737,528
Contracts under the fair value approach -1,245,399 - -1,245,399 - - - 0 -1,245,399
Other contracts -629,492,129 - -629,492,129 - - - 0 -629,492,129
Insurance service expenses
Incurred claims (excluding investment components) and - -7,831,867 -7,831,867 107,915,043 471,354,715 15,504,532 594,774,290 586,942,423
other incurred insurance service expenses
Changes related to past services (changes in fulfilment cash - - 0 -27,639,687 -31,465,007 -18,406,018 -77,510,712 -77,510,712
flows related to the liability for incurred claims)
Incurred claims 0 -7,831,867 -7,831,867 80,275,356 439,889,708 -2,901,486 517,263,578 509,431,711
Amortisation of insurance acquisition cash flows 91,307,797 - 91,307,797 - - - 0 91,307,797
Changes related to future services (recognition/reversal of - 10,343,192 10,343,192 - - - 0 10,343,192
losses on onerous groups of contracts)
Insurance service operating expenses 91,307,797 10,343,192 101,650,989 0 0 0 0 101,650,989
Total insurance service expenses 91,307,797 2,511,325 93,819,122 80,275,356 439,889,708 -2,901,486 517,263,578 611,082,700
Investment components excluded from insurance revenue -3,397,537 - -3,397,537 3,397,536 - - 3,397,536 -1
and insurance service expenses
Insurance service result -542,827,268 2,511,325 -540,315,943 83,672,892 439,889,708 -2,901,486 520,661,114 -19,654,829
Net finance income or expenses from insurance contracts -675,189 53,401 -621,788 8,395,539 11,589,813 1,396,140 21,381,492 20,759,704
Effect of movement in exchange rates 2,877,834 -29,765 2,848,069 -9,454,413 15,842 1,804 -9,436,767 -6,588,698
Foreign currency translation differences 15,400 -366 15,034 0 -14,973 -724 -15,697 -663
Total changes in the statement of profit or loss and other -540,609,223 2,534,595 -538,074,628 82,614,018 451,480,390 -1,504,266 532,590,142 -5,484,486
comprehensive income
Cash flows
Premiums received for insurance contracts issued 654,120,672 - 654,120,672 - - 0 654,120,672
Claims incurred and insurance service expenses paid - - 0 -78,866,700 -414,325,539 - -493,192,239 -493,192,239
Insurance acquisition cash flows -95,817,422 - -95,817,422 - - 0 -95,817,422
Total cash flows 558,303,250 0 558,303,250 -78,866,700 -414,325,539 0 -493,192,239 65,111,011
Other movements -30,151 - -30,151 - - - 0 -30,151
Assets -14,482,936 46,591 -14,436,345 5,219,756 482,366 65,084 5,767,206 -8,669,139
Liabilities 105,867,928 10,649,761 116,517,689 205,106,588 331,651,736 38,100,663 574,858,987 691,376,676
Closing balance net assets/liabilities 91,384,992 10,696,352 102,081,344 210,326,344 332,134,102 38,165,747 580,626,193 682,707,537


Graphics
381
Sava Insurance Group as at 31 December 2024 life
EUR Liabilities for remaining coverage LRC Liabilities for incurred claims LIC
Insurance contracts not Total
Excluding loss Loss component Total LRC measured using the Total LIC
component PAA
Assets -8,827,606 49,229 -8,778,377 7,840,227 7,840,227 -938,150
Liabilities 938,024,009 3,864,217 941,888,226 17,757,347 17,757,347 959,645,572
Opening balance net assets/liabilities 929,196,403 3,913,446 933,109,849 25,597,573 25,597,573 958,707,422
Changes in the statement of profit or loss and other comprehensive income
Insurance contract revenue, of which -75,444,466 0 -75,444,466 0 0 -75,444,466
Contracts under the modified retrospective approach -29,154,137 - -29,154,137 - 0 -29,154,137
Contracts under the fair value approach -11,485,373 - -11,485,373 - 0 -11,485,373
Other contracts -34,804,957 - -34,804,957 - 0 -34,804,957
Insurance service expenses
Incurred claims (excluding investment components) and other incurred insurance - -824,301 -824,301 40,998,422 40,998,422 40,174,121
service expenses
Changes related to past services (changes in fulfilment cash flows related to the - - 0 -2,371,922 -2,371,922 -2,371,922
liability for incurred claims)
Incurred claims 0 -824,301 -824,301 38,626,500 38,626,500 37,802,199
Amortisation of insurance acquisition cash flows 12,054,318 - 12,054,318 - 0 12,054,318
Changes related to future services (recognition/reversal of losses on onerous groups - 1,679,122 1,679,122 - 0 1,679,122
of contracts)
Insurance service operating expenses 12,054,318 1,679,122 13,733,441 0 0 13,733,441
Total insurance service expenses 12,054,318 854,821 12,909,140 38,626,500 38,626,500 51,535,640
Investment components excluded from insurance revenue and insurance service -122,840,936 - -122,840,936 122,840,936 122,840,936 -0
expenses
Insurance service result -186,231,084 854,821 -185,376,262 161,467,436 161,467,436 -23,908,826
Net finance income or expenses from insurance contracts 117,913,658 55,696 117,969,354 380,183 380,183 118,349,537
Effect of movement in exchange rates -9,641 -704 -10,345 544 544 -9,801
Foreign currency translation differences 24,811 1,992 26,803 2,526 2,526 29,329
Total changes in the statement of profit or loss and other comprehensive income -68,302,255 911,805 -67,390,450 161,850,689 161,850,689 94,460,239
Cash flows
Premiums received for insurance contracts issued 213,766,817 - 213,766,817 0 213,766,817
Claims incurred and insurance service expenses paid - - 0 -152,216,718 -152,216,718 -152,216,718
Insurance acquisition cash flows -18,723,707 - -18,723,707 0 -18,723,707
Total cash flows 195,043,110 0 195,043,110 -152,216,718 -152,216,718 42,826,392
Other movements 8,819,009 - 8,819,009 -8,819,009 -8,819,009 0
Assets -10,401,036 91,110 -10,309,926 7,793,333 7,793,333 -2,516,593
Liabilities 1,075,157,303 4,734,141 1,079,891,444 18,619,202 18,619,202 1,098,510,646
Closing balance net assets/liabilities 1,064,756,267 4,825,251 1,069,581,518 26,412,535 26,412,535 1,095,994,053


Graphics
382
Sava Insurance Group as at 31 December 2023 life
EUR Liabilities for remaining coverage LRC Liabilities for incurred claims LIC
Insurance contracts not Total
Excluding loss Loss component Total LRC measured using the Total LIC
component PAA
Assets -324,596 17,079 -307,517 210,902 210,902 -96,615
Liabilities 826,454,221 4,298,640 830,752,861 23,409,407 23,409,407 854,162,268
Opening balance net assets/liabilities 826,129,625 4,315,719 830,445,344 23,620,309 23,620,309 854,065,653
Changes in the statement of profit or loss and other comprehensive income
Insurance contract revenue, of which -66,825,275 0 -66,825,275 0 0 -66,825,275
Contracts under the modified retrospective approach -32,967,889 - -32,967,889 - 0 -32,967,889
Contracts under the fair value approach -11,028,948 - -11,028,948 - 0 -11,028,948
Other contracts -22,828,438 - -22,828,438 - 0 -22,828,438
Insurance service expenses
Incurred claims (excluding investment components) and other incurred insurance - -398,513 -398,513 38,509,225 38,509,225 38,110,712
service expenses
Changes related to past services (changes in fulfilment cash flows related to the - - 0 -1,599,207 -1,599,207 -1,599,207
liability for incurred claims)
Incurred claims and benefits 0 -398,513 -398,513 36,910,018 36,910,018 36,511,505
Amortisation of insurance acquisition cash flows 9,557,778 - 9,557,778 - 0 9,557,778
Changes related to future services (recognition/reversal of losses on onerous groups - -26,471 -26,471 - 0 -26,471
of contracts)
Insurance service operating expenses 9,557,778 -26,471 9,531,307 0 0 9,531,307
Total insurance service expenses 9,557,778 -424,984 9,132,794 36,910,018 36,910,018 46,042,812
Investment components excluded from insurance revenue and insurance service -110,271,436 - -110,271,436 110,271,437 110,271,437 1
expenses
Insurance service result -167,538,933 -424,984 -167,963,917 147,181,455 147,181,455 -20,782,462
Net finance income or expenses from insurance contracts 80,593,806 23,844 80,617,650 305,183 305,183 80,922,833
Effect of movement in exchange rates -6,965 -804 -7,769 -20,437 -20,437 -28,206
Foreign currency translation differences 908 -329 579 -993 -993 -414
Total changes in the statement of profit or loss and other comprehensive income -86,951,184 -402,273 -87,353,457 147,465,208 147,465,208 60,111,751
Cash flows
Premiums received for insurance contracts issued 194,809,673 - 194,809,673 0 194,809,673
Claims incurred and insurance service expenses paid - - 0 -133,937,909 -133,937,909 -133,937,909
Insurance acquisition cash flows -16,332,938 - -16,332,938 0 -16,332,938
Total cash flows 178,476,735 0 178,476,735 -133,937,909 -133,937,909 44,538,826
Other movements 11,541,230 - 11,541,230 -11,550,035 -11,550,035 -8,805
Assets -8,827,605 49,229 -8,778,376 7,840,226 7,840,226 -938,150
Liabilities 938,024,007 3,864,217 941,888,224 17,757,347 17,757,347 959,645,571
Closing balance net assets/liabilities 929,196,402 3,913,446 933,109,848 25,597,573 25,597,573 958,707,421


Graphics
383
Sava Re as at 31 December 2024
EUR Liabilities for remaining coverage LRC Liabilities for incurred claims LIC
Insurance Insurance contracts measured using the
Total LRC contracts not PAA Total LIC Total
Excluding loss Loss component measured using Present value of Adjustment for
component the PAA future cash flows non-financial risk
Assets -9,456,970 17,249 -9,439,721 4,344,377 - - 4,344,377 -5,095,344
Liabilities -27,638,875 291,534 -27,347,342 282,125,269 38,081,000 2,893,796 323,100,065 295,752,723
Opening balance net assets/liabilities -37,095,845 308,783 -36,787,063 286,469,646 38,081,000 2,893,796 327,444,442 290,657,379
Changes in the statement of profit or loss and other
comprehensive income
Insurance contract revenue, of which -171,664,689 0 -171,664,689 0 -171,664,689
Contracts under the modified retrospective approach 0 0 0 0
Contracts under the fair value approach 0 0 0 0
Other contracts -171,664,689 -171,664,689 0 -171,664,689
Insurance service expenses
Incurred claims (excluding investment components) and other - -5,320,417 -5,320,417 155,433,033 12,881,089 856,296 169,170,418 163,850,001
incurred insurance service expenses
Changes related to past services (changes in fulfilment cash flows - - 0 -57,587,892 -2,646,801 -1,655,432 -61,890,125 -61,890,125
related to the liability for incurred claims)
Incurred claims 0 -5,320,417 -5,320,417 97,845,140 10,234,288 -799,135 107,280,293 101,959,876
Amortisation of insurance acquisition cash flows 8,530,637 - 8,530,637 - - - 0 8,530,637
Changes related to future services (recognition/reversal of losses on - 5,428,019 5,428,019 - - - 0 5,428,019
onerous groups of contracts)
Insurance service operating expenses 8,530,637 5,428,019 13,958,656 0 0 0 0 13,958,656
Total insurance service expenses 8,530,637 107,603 8,638,240 97,845,140 10,234,288 -799,135 107,280,293 115,918,533
Investment components excluded from insurance revenue and -6,550,079 - -6,550,079 6,545,029 5,051 - 6,550,079 0
insurance service expenses
Insurance service result -169,684,131 107,603 -169,576,529 104,390,169 10,239,339 -799,135 113,830,372 -55,746,157
Net finance income or expenses from insurance contracts -284,533 76,753 -207,780 11,386,213 1,259,001 114,425 12,759,639 12,551,859
Effect of movement in exchange rates -798,652 8,483 -790,169 2,248,486 33,529 8,656 2,290,671 1,500,502
Total changes in the statement of profit or loss and other -170,767,316 192,838 -170,574,477 118,024,868 11,531,868 -676,054 128,880,682 -41,693,796
comprehensive income
Cash flows
Premiums received for insurance contracts issued 179,834,612 - 179,834,612 - - - 0 179,834,612
Claims incurred and insurance service expenses paid - - 0 -118,568,437 -21,166,008 - -139,734,445 -139,734,445
Insurance acquisition cash flows -8,658,091 - -8,658,091 - - - 0 -8,658,091
Total cash flows 171,176,521 0 171,176,521 -118,568,437 -21,166,008 0 -139,734,445 31,442,077
Assets -9,771,415 53,545 -9,717,870 4,047,855 - - 4,047,855 -5,670,015
Liabilities -26,915,225 448,076 -26,467,149 281,878,221 28,446,860 2,217,742 312,542,824 286,075,675
Closing balance net assets/liabilities -36,686,640 501,621 -36,185,019 285,926,077 28,446,860 2,217,742 316,590,679 280,405,660


Graphics
384
Sava Re as at 31 December 2023
EUR Liabilities for remaining coverage LRC Liabilities for incurred claims LIC
Insurance Insurance contracts measured using the
Total LRC contracts not PAA Total LIC Total
Excluding loss Loss component measured using Present value of Adjustment for
component the PAA future cash flows non-financial risk
Assets -6,804,219 2,656 -6,801,563 3,729,932 - - 3,729,932 -3,071,631
Liabilities -22,943,613 532,067 -22,411,546 278,014,090 15,324,400 1,487,107 294,825,597 272,414,051
Opening balance net assets/liabilities -29,747,832 534,724 -29,213,108 281,744,022 15,324,400 1,487,107 298,555,528 269,342,420
Changes in the statement of profit or loss and other
comprehensive income
Insurance contract revenue, of which -167,804,126 0 -167,804,126 0 -167,804,126
Contracts under the modified retrospective approach -426,267 -426,267 0 -426,267
Contracts under the fair value approach -344,090 -344,090 0 -344,090
Other contracts -167,033,770 -167,033,770 0 -167,033,770
Insurance service expenses
Incurred claims (excluding investment components) and other - -8,129,082 -8,129,082 146,195,647 44,621,041 1,524,219 192,340,907 184,211,825
incurred insurance service expenses
Changes related to past services (changes in fulfilment cash flows - - 0 -29,353,101 2,859,743 -183,052 -26,676,410 -26,676,410
related to the liability for incurred claims)
Incurred claims 0 -8,129,082 -8,129,082 116,842,546 47,480,784 1,341,166 165,664,497 157,535,415
Amortisation of insurance acquisition cash flows 9,071,629 - 9,071,629 - - - 0 9,071,629
Changes related to future services (recognition/reversal of losses on - 7,883,873 7,883,873 - - - 0 7,883,873
onerous groups of contracts)
Insurance service operating expenses 9,071,629 7,883,873 16,955,503 0 0 0 0 16,955,503
Total insurance service expenses 9,071,629 -245,208 8,826,421 116,842,546 47,480,784 1,341,166 165,664,497 174,490,918
Investment components excluded from insurance revenue and -6,427,138 - -6,427,138 6,418,482 8,656 - 6,427,138 -2
insurance service expenses
Insurance service result -165,159,635 -245,208 -165,404,843 123,261,028 47,489,440 1,341,166 172,091,634 6,686,791
Net finance income or expenses from insurance contracts 254,982 48,770 303,752 11,068,670 766,380 63,538 11,898,588 12,202,340
Effect of movement in exchange rates 2,877,226 -29,503 2,847,723 -9,540,392 8,053 1,985 -9,530,353 -6,682,630
Total changes in the statement of profit or loss and other -162,027,427 -225,941 -162,253,368 124,789,306 48,263,874 1,406,689 174,459,869 12,206,501
comprehensive income
Cash flows
Premiums received for insurance contracts issued 162,887,532 - 162,887,532 - - - 0 162,887,532
Claims incurred and insurance service expenses paid - - 0 -120,063,682 -25,507,274 - -145,570,956 -145,570,956
Insurance acquisition cash flows -8,208,119 - -8,208,119 - - - 0 -8,208,119
Total cash flows 154,679,414 0 154,679,414 -120,063,682 -25,507,274 0 -145,570,956 9,108,458
Assets -9,456,970 17,249 -9,439,721 4,344,377 - - 4,344,377 -5,095,344
Liabilities -27,638,875 291,534 -27,347,342 282,125,269 38,081,000 2,893,796 323,100,065 295,752,723
Closing balance net assets/liabilities -37,095,845 308,783 -36,787,063 286,469,646 38,081,000 2,893,796 327,444,442 290,657,379


Graphics
385

3.7.11 Movement in assets for remaining coverage (ARC) and assets for incurred claims (AIC) reinsurance contracts
Sava Insurance Group as at 31 December 2024 non-life
EUR Assets for remaining coverage ARC Assets for incurred claims AIC
Reinsurance Reinsurance contracts measured using
Total ARC contracts not the PAA Total AIC Total
Excluding loss Loss component measured using Present value of Adjustment for
component the PAA future cash flows non-financial risk
Assets -128,434 -117,385 -245,820 -102,985,869 -3,639,000 -368,738 -106,993,607 -107,239,427
Liabilities 4,912,674 -2 4,912,672 -1,032,220 -2,383,320 -12,662 -3,428,201 1,484,470
Opening balance net assets/liabilities 4,784,239 -117,387 4,666,852 -104,018,089 -6,022,320 -381,399 -110,421,808 -105,754,957
Changes in the statement of profit or loss and other comprehensive
income
Allocation of reinsurers’ shares of premiums
Amounts recoverable from insurance contracts ceded to reinsurers 53,617,054 0 53,617,054 0 0 0 0 53,617,054
Reinsurers’ shares of insurance service expenses
Reinsurers’ share of incurred claims - - 0 -26,686,190 -18,537,668 -1,003,988 -46,227,845 -46,227,845
Reinsurers’ share of operating expenses - - 0 - - - 0 0
Changes in reinsurers’ share of liability for incurred claims - - 0 23,365,151 -703,075 90,176 22,752,252 22,752,252
Changes in reinsurance loss-recovery component relating to onerous - 37,620 37,620 - - - 0 37,620
underlying contracts
Total amounts recovered from reinsurers 0 37,620 37,620 -3,321,038 -19,240,743 -913,812 -23,475,593 -23,437,974
Reinsurance investment components 3,486,547 - 3,486,547 -3,158,752 -327,795 - -3,486,547 0
Result from reinsurance contracts held 57,103,601 37,620 57,141,221 -6,479,790 -19,568,539 -913,812 -26,962,141 30,179,080
Net finance income or expenses from reinsurance contracts -195,560 - -195,560 -3,781,168 -224,903 -19,437 -4,025,508 -4,221,068
Finance effects from credit risk -977,363 - -977,363 -653,971 -5,997 - -659,968 -1,637,331
Effect of movement in exchange rates -5,014 - -5,014 -82,188 - - -82,188 -87,202
Foreign currency translation differences 5,360 -385 4,976 0 -13,960 -757 -14,718 -9,742
Total changes in the statement of profit or loss and other 55,931,024 37,235 55,968,259 -10,997,117 -19,813,398 -934,007 -31,744,522 24,223,737
comprehensive income
Cash flows
Premiums received for insurance contracts issued -54,720,705 - -54,720,705 - - - 0 -54,720,705
Recovered claims and insurance service expenses - - 0 55,326,756 7,446,195 - 62,772,952 62,772,952
Total cash flows -54,720,705 0 -54,720,705 55,326,756 7,446,195 0 62,772,952 8,052,247
Assets -1,262,828 -77,829 -1,340,657 -57,093,558 -17,589,054 -1,295,210 -75,977,823 -77,318,480
Liabilities 7,257,386 -2,323 7,255,063 -2,594,891 -800,469 -20,196 -3,415,556 3,839,507
Closing balance net assets/liabilities 5,994,558 -80,152 5,914,406 -59,688,450 -18,389,523 -1,315,406 -79,393,379 -73,478,973



Graphics
386

Sava Insurance Group as at 31 December 2023 non-life
EUR Assets for remaining coverage ARC Assets for incurred claims AIC
Reinsurance Reinsurance contracts measured using
Total ARC contracts not the PAA Total AIC Total
Excluding loss Loss component measured using Present value of Adjustment for
component the PAA future cash flows non-financial risk
Assets -981,794 -67,934 -1,049,728 -63,755,094 -2,782,668 -345,594 -66,883,356 -67,933,084
Liabilities 2,280,268 -10,105 2,270,163 -245,023 -1,121,196 -7,585 -1,373,804 896,359
Opening balance net assets/liabilities 1,298,474 -78,039 1,220,435 -64,000,117 -3,903,864 -353,179 -68,257,160 -67,036,725
Changes in the statement of profit or loss and other comprehensive
income
Allocation of reinsurers’ shares of premiums
Amounts recoverable from insurance contracts ceded to reinsurers 42,824,596 0 42,824,596 0 0 0 0 42,824,596
Reinsurers’ shares of insurance service expenses
Reinsurers’ share of incurred claims - - 0 -82,239,382 -7,141,789 -113,410 -89,494,581 -89,494,581
Reinsurers’ share of operating expenses - - 0 - - - 0 0
Changes in reinsurers’ share of liability for incurred claims - - 0 4,335,519 -787,589 108,257 3,656,187 3,656,187
Changes in reinsurance loss-recovery component relating to onerous - -39,497 -39,497 - - - 0 -39,497
underlying contracts
Total amounts recovered from reinsurers 0 -39,497 -39,497 -77,903,863 -7,929,378 -5,153 -85,838,394 -85,877,891
Reinsurance investment components 7,509,865 - 7,509,865 -2,863,312 -4,646,553 - -7,509,865 0
Result from reinsurance contracts held 50,334,461 -39,497 50,294,964 -80,767,175 -12,575,931 -5,153 -93,348,259 -43,053,295
Net finance income or expenses from reinsurance contracts -334,056 - -334,056 -2,006,286 -182,765 -23,335 -2,212,386 -2,546,442
Finance effects from credit risk 1,255,566 - 1,255,566 306,177 91,023 - 397,200 1,652,766
Effect of movement in exchange rates 2,300 - 2,300 47,996 - - 47,996 50,296
Foreign currency translation differences -5,842 148 -5,694 -3 5,549 268 5,814 120
Total changes in the statement of profit or loss and other 51,252,429 -39,349 51,213,080 -82,419,291 -12,662,124 -28,220 -95,109,635 -43,896,555
comprehensive income
Cash flows
Premiums received for insurance contracts issued -47,770,461 - -47,770,461 - - - 0 -47,770,461
Recovered claims and insurance service expenses - - 0 42,401,318 10,543,667 - 52,944,985 52,944,985
Total cash flows -47,770,461 0 -47,770,461 42,401,318 10,543,667 0 52,944,985 5,174,524
Other movements 3,797 - 3,797 - - - 0 3,797
Assets -128,434 -117,386 -245,820 -102,985,870 -3,639,001 -368,737 -106,993,608 -107,239,428
Liabilities 4,912,673 -2 4,912,671 -1,032,220 -2,383,320 -12,662 -3,428,202 1,484,469
Closing balance net assets/liabilities 4,784,239 -117,388 4,666,851 -104,018,090 -6,022,321 -381,399 -110,421,810 -105,754,959



Graphics
387

Sava Insurance Group as at 31 December 2024 life
EUR Assets for remaining coverage ARC Assets for incurred claims AIC
Total ARC Reinsurance contracts not Total AIC Total
Excluding loss component measured using the PAA
Assets -128,968 -128,968 -113,162 -113,162 -242,131
Liabilities 166,746 166,746 -9,173 -9,173 157,574
Opening balance net assets/liabilities 37,778 37,778 -122,335 -122,335 -84,557
Changes in the statement of profit or loss and other comprehensive income
Allocation of reinsurers’ shares of premiums
Amounts recoverable from insurance contracts ceded to reinsurers 253,281 253,281 0 0 253,281
Reinsurers’ shares of insurance service expenses
Reinsurers’ share of incurred claims - 0 -189,042 -189,042 -189,042
Changes in reinsurers’ share of liability for incurred claims - 0 10,861 10,861 10,861
Total amounts recovered from reinsurers 0 0 -178,181 -178,181 -178,181
Result from reinsurance contracts held 253,281 253,281 -178,181 -178,181 75,100
Net finance income or expenses from reinsurance contracts 64,238 64,238 -146 -146 64,092
Finance effects from credit risk - 0 - 0 0
Effect of movement in exchange rates -7 -7 -4 -4 -11
Foreign currency translation differences 20 20 -1 -1 19
Total changes in the statement of profit or loss and other comprehensive income 317,531 317,531 -178,331 -178,331 139,199
Cash flows
Premiums received for insurance contracts issued -301,645 -301,645 - 0 -301,645
Recovered claims and insurance service expenses - 0 190,425 190,425 190,425
Total cash flows -301,645 -301,645 190,425 190,425 -111,220
Assets -116,366 -116,366 -83,908 -83,908 -200,274
Liabilities 170,029 170,029 -26,333 -26,333 143,696
Closing balance net assets/liabilities 53,663 53,663 -110,241 -110,241 -56,578



Graphics
388

Sava Insurance Group as at 31 December 2023 life
EUR Assets for remaining coverage ARC Assets for incurred claims AIC
Total ARC Reinsurance contracts not Total AIC Total
Excluding loss component measured using the PAA
Assets -200,557 -200,557 - 0 -200,557
Liabilities 183,175 183,175 -27,920 -27,920 155,255
Opening balance net assets/liabilities -17,382 -17,382 -27,920 -27,920 -45,302
Changes in the statement of profit or loss and other comprehensive income
Allocation of reinsurers’ shares of premiums
Amounts recoverable from insurance contracts ceded to reinsurers 247,180 247,180 0 0 247,180
Reinsurers’ shares of insurance service expenses
Reinsurers’ share of incurred claims - 0 -124,349 -124,349 -124,349
Changes in reinsurers’ share of liability for incurred claims - 0 -110,000 -110,000 -110,000
Total amounts recovered from reinsurers 0 0 -234,349 -234,349 -234,349
Result from reinsurance contracts held 247,180 247,180 -234,349 -234,349 12,831
Net finance income or expenses from reinsurance contracts 76,797 76,797 297 297 77,094
Finance effects from credit risk - 0 - 0 0
Effect of movement in exchange rates - 0 - 0 0
Foreign currency translation differences -3 -3 - 0 -3
Total changes in the statement of profit or loss and other comprehensive income 323,974 323,974 -234,052 -234,052 89,922
Cash flows
Premiums received for insurance contracts issued -268,815 -268,815 - 0 -268,815
Recovered claims and insurance service expenses - 0 139,637 139,637 139,637
Total cash flows -268,815 -268,815 139,637 139,637 -129,178
Assets -128,969 -128,969 -113,162 -113,162 -242,131
Liabilities 166,746 166,746 -9,173 -9,173 157,573
Closing balance net assets/liabilities 37,777 37,777 -122,335 -122,335 -84,558



Graphics
389

Sava Re as at 31 December 2024
EUR Assets for remaining coverage ARC Assets for incurred claims AIC
Reinsurance Reinsurance contracts measured using the
Total ARC contracts not PAA Total AIC Total
Excluding loss measured using the Present value of Adjustment for non-
component PAA future cash flows financial risk
Assets 1,849,407 1,849,407 -97,612,028 - - -97,612,028 -95,762,621
Liabilities 1,445,256 1,445,256 -998,408 - - -998,408 446,848
Opening balance net assets/liabilities 3,294,663 3,294,663 -98,610,435 0 0 -98,610,435 -95,315,773
Changes in the statement of profit or loss and other comprehensive income 0
Allocation of reinsurers’ shares of premiums 0
Amounts recoverable from insurance contracts ceded to reinsurers 38,193,095 38,193,095 0 0 0 0 38,193,095
Reinsurers’ shares of insurance service expenses
Recoveries of incurred claims - 0 -24,220,890 -14,134,433 -885,706 -39,241,029 -39,241,029
Changes in amounts recoverable arising from changes in liabilities for incurred - 0 24,538,643 0 0 24,538,643 24,538,643
claims
Total amounts recovered from reinsurers 0 0 317,753 -14,134,433 -885,706 -14,702,386 -14,702,386
Reinsurance investment components 3,158,752 3,158,752 -3,158,752 0 0 -3,158,752 0
Result from reinsurance contracts held 41,351,847 41,351,847 -2,840,999 -14,134,433 -885,706 -17,861,138 23,490,709
Net finance income or expenses from reinsurance contracts -120,827 -120,827 -3,668,936 -56,732 -3,667 -3,729,336 -3,850,163
Finance effects from credit risk -852,694 -852,694 -699,074 29,529 0 -669,545 -1,522,238
Effect of movement in exchange rates -5,014 -5,014 -82,188 0 0 -82,188 -87,202
Total changes in the statement of profit or loss and other comprehensive 40,373,312 40,373,312 -7,291,196 -14,161,636 -889,374 -22,342,206 18,031,106
income
Cash flows
Premiums received for insurance contracts issued -37,303,304 -37,303,304 - - - 0 -37,303,304
Recovered claims and insurance service expenses - 0 50,817,889 - - 50,817,889 50,817,889
Total cash flows -37,303,304 -37,303,304 50,817,889 0 0 50,817,889 13,514,585
Assets 1,712,046 1,712,046 -52,623,143 -14,161,636 -889,374 -67,674,153 -65,962,107
Liabilities 4,652,625 4,652,625 -2,460,600 - - -2,460,600 2,192,025
Closing balance net assets/liabilities 6,364,671 6,364,671 -55,083,742 -14,161,636 -889,374 -70,134,752 -63,770,082



Graphics
390

Sava Re as at 31 December 2023
EUR Assets for remaining coverage ARC Assets for incurred claims AIC
Reinsurance contracts Total
Excluding loss component Total ARC not measured using the Total AIC
PAA
Assets -602,359 -602,359 -60,622,555 -60,622,555 -61,224,914
Liabilities 559,021 559,021 -238,978 -238,978 320,044
Opening balance net assets/liabilities -43,338 -43,338 -60,861,532 -60,861,532 -60,904,871
Changes in the statement of profit or loss and other comprehensive income 0
Allocation of reinsurers’ shares of premiums 0
Amounts recoverable from insurance contracts ceded to reinsurers 30,235,703 30,235,703 0 0 30,235,703
Reinsurers’ shares of insurance service expenses
Recoveries of incurred claims - 0 -77,958,868 -77,958,868 -77,958,868
Changes in amounts recoverable arising from changes in liability for incurred claims - 0 4,054,018 4,054,018 4,054,018
Total amounts recovered from reinsurers 0 0 -73,904,850 -73,904,850 -73,904,850
Reinsurance investment components 2,863,312 2,863,312 -2,863,312 -2,863,312 0
Result from reinsurance contracts held 33,099,015 33,099,015 -76,768,162 -76,768,162 -43,669,147
Net finance income or expenses from reinsurance contracts -267,763 -267,763 -1,929,864 -1,929,864 -2,197,627
Finance effects from credit risk 1,350,574 1,350,574 267,140 267,140 1,617,714
Effect of movement in exchange rates 2,300 2,300 47,997 47,997 50,297
Total changes in the statement of profit or loss and other comprehensive income 34,184,127 34,184,127 -78,382,891 -78,382,891 -44,198,763
Cash flows
Premiums received for insurance contracts issued -30,846,126 -30,846,126 - 0 -30,846,126
Recovered claims and insurance service expenses - 0 40,633,988 40,633,988 40,633,988
Total cash flows -30,846,126 -30,846,126 40,633,988 40,633,988 9,787,861
Assets 1,849,407 1,849,407 -97,612,028 -97,612,028 -95,762,621
Liabilities 1,445,256 1,445,256 -998,408 -998,408 446,848
Closing balance net assets/liabilities 3,294,663 3,294,663 -98,610,435 -98,610,435 -95,315,773



Graphics
391
3.7.12 Movement in individual components of insurance contracts
Sava Insurance Group as at 31 December 2024 non-life
EUR Contractual service margin Total insurance Total insurance
Present value of Adjustment for non- Contracts under the Total contractual contracts not contracts measured Total insurance
future cash flows financial risk fair value approach Other contracts service margin measured using the using the PAA contracts
PAA
Assets -14,016,606 1,011,472 - 4,824,766 4,824,766 -8,180,368 -488,770 -8,669,139
Liabilities 146,021,197 19,286,939 99,497 6,831,271 6,930,767 172,238,903 519,137,770 691,376,674
Opening balance net assets/liabilities 132,004,591 20,298,411 99,497 11,656,037 11,755,534 164,058,535 518,649,000 682,707,535
Changes in the statement of profit or loss and other comprehensive income
Changes that relate to future services -28,825,472 11,840,112 -44,268 22,677,631 22,633,363 5,648,003 -609,945,736 -604,297,733
Changes in estimates that adjust the contractual 2,583,904 -357,751 -50,150 126,925 76,775 2,302,928 0 2,302,928
service margin
Changes in estimates that do not adjust the
contractual service margin (recognition/reversals of 1,549,490 -194,200 5,882 269,690 275,572 1,630,862 0 1,630,862
losses on onerous contracts)
Effects of contracts initially recognised in the period -32,958,865 12,392,062 - 22,281,015 22,281,015 1,714,213 0 1,714,213
Effects of contracts measured using the PAA 0 -609,945,736 -609,945,736
Changes that relate to current service 26,257,974 -2,379,369 -292,144 -22,876,334 -23,168,478 710,127 0 710,127
Amount of the contractual service margin recognised - - -292,144 -22,876,334 -23,168,478 -23,168,478 0 -23,168,478
in profit or loss to reflect the transfer of services
Change in the risk adjustment for non-financial risk - -2,379,369 - - - -2,379,369 0 -2,379,369
that does not relate to future service or past service
Experience adjustment 26,257,974 - - - - 26,257,974 0 26,257,974
Changes that relate to past service -40,717,866 -10,573,987 0 0 0 -51,291,853 539,924,662 488,632,809
Changes in fulfilment cash flows relating to incurred -40,717,866 -10,573,987 - - - -51,291,853 539,924,662 488,632,809
claims
Insurance service result -43,285,364 -1,113,244 -336,412 -198,703 -535,115 -44,933,723 -70,021,074 -114,954,797
Net finance income or expenses from insurance 5,494,358 1,158,558 3,835 1,135,887 1,139,722 7,792,638 11,963,942 19,756,580
contracts
Effect of movement in exchange rates 1,105,187 229,093 - 61,175 61,175 1,395,455 238,555 1,634,010
Foreign currency translation differences 1,645.80 161.00 - 1,002 1,002 2,809 84,236 87,044
Total changes in the statement of profit or loss and -36,684,173 274,567 -332,577 999,361 666,784 -35,742,822 -57,734,340 -93,477,162
other comprehensive income
Cash flows
Premiums received for insurance contracts issued 127,128,401 - - - - 127,128,401 632,664,621 759,793,022
Claims incurred and insurance service expenses paid -64,310,586 - - - - -64,310,586 -450,699,548 -515,010,134
Insurance acquisition cash flows -14,768,621 - - - - -14,768,621 -94,713,085 -109,481,706
Total cash flows 48,049,193 0 0 0 0 48,049,193 87,251,988 135,301,182
Assets -14,101,201 1,386,047 78.80 4,457,728 4,457,806 -8,257,348 -68,422 -8,325,770
Liabilities 157,470,812 19,186,931 -233,159 8,197,670 7,964,511 184,622,254 548,235,070 732,857,324
Closing balance net assets/liabilities 143,369,611 20,572,978 -233,080 12,655,398 12,422,318 176,364,907 548,166,648 724,531,554


Graphics
392
Sava Insurance Group as at 31 December 2023 non-life
EUR Contractual service margin Total insurance Total insurance
Present value of Adjustment for non- Contracts under the Total contractual contracts not contracts measured Total insurance
future cash flows financial risk fair value approach Other contracts service margin measured using the using the PAA contracts
PAA
Assets -11,982,626 1,390,322 - 3,798,176 3,798,176 -6,794,128 -247,597 -7,041,725
Liabilities 147,889,212 21,917,386 316,216 6,410,925 6,727,141 176,533,739 453,619,151 630,152,890
Opening balance net assets/liabilities 135,906,586 23,307,708 316,216 10,209,101 10,525,317 169,739,611 453,371,554 623,111,165
Changes in the statement of profit or loss and other
comprehensive income
Changes that relate to future services -32,267,932 11,238,939 171,700 27,897,612 28,069,312 7,040,319 -512,811,476 -505,771,157
Changes in estimates that adjust the contractual 1,880,224 222,384 171,341 -835,202 -663,861 1,438,747 0 1,438,747
service margin
Changes in estimates that do not adjust the
contractual service margin (recognition/reversals of -1,734,317 16,361 359 6,469,617 6,469,976 4,752,020 0 4,752,020
losses on onerous contracts)
Effects of contracts initially recognised in the period -32,413,839 11,000,194 - 22,263,197 22,263,197 849,552 0 849,552
Effects of contracts measured using the PAA 0 -512,811,476 -512,811,476
Changes that relate to current service 24,323,239 -3,431,319 -392,991 -27,068,080 -27,461,071 -6,569,151 0 -6,569,151
Amount of the contractual service margin recognised - - -392,991 -27,068,080 -27,461,071 -27,461,071 0 -27,461,071
in profit or loss to reflect the transfer of services
Change in the risk adjustment for non-financial risk - -3,431,319 - - - -3,431,319 0 -3,431,319
that does not relate to future service or past service
Experience adjustment 24,323,239 - - - - 24,323,239 0 24,323,239
Changes that relate to past service -16,248,072 -11,391,615 0 0 0 -27,639,687 520,325,169 492,685,482
Changes in fulfilment cash flows relating to incurred -16,248,072 -11,391,615 - - - -27,639,687 520,325,169 492,685,482
claims
Insurance service result -24,192,765 -3,583,995 -221,291 829,532 608,241 -27,168,519 7,513,693 -19,654,826
Net finance income or expenses from insurance 5,118,653 1,509,774 4,572 1,140,752 1,145,324 7,773,751 12,985,953 20,759,704
contracts
Effect of movement in exchange rates -5,148,587 -935,077 - -523,345 -523,345 -6,607,009 18,311 -6,588,698
Foreign currency translation differences - - - -2 -2 -2 -665 -667
Total changes in the statement of profit or loss and -24,222,699 -3,009,298 -216,719 1,446,937 1,230,218 -26,001,779 20,517,292 -5,484,487
other comprehensive income
Cash flows
Premiums received for insurance contracts issued 108,957,590 - - - - 108,957,590 545,163,082 654,120,672
Claims incurred and insurance service expenses paid -78,866,700 - - - - -78,866,700 -414,325,539 -493,192,239
Insurance acquisition cash flows -9,770,186 - - - - -9,770,186 -86,047,236 -95,817,422
Total cash flows 20,320,704 0 0 0 0 20,320,704 44,790,307 65,111,011
Other movements - - - - - 0 -30,151 -30,151
Assets -14,016,607 1,011,471 - 4,824,767 4,824,767 -8,180,369 -488,770 -8,669,139
Liabilities 146,021,198 19,286,939 99,497 6,831,271 6,930,768 172,238,905 519,137,772 691,376,677
Closing balance net assets/liabilities 132,004,591 20,298,410 99,497 11,656,038 11,755,535 164,058,536 518,649,002 682,707,538


Graphics
393
Sava Insurance Group as at 31 December 2024 life
EUR Contractual service margin Total insurance
Present value of Adjustment for non- Contracts under the contracts not Total insurance
future cash flows financial risk modified Contracts under the Other contracts Total contractual measured using the contracts
retrospective fair value approach service margin PAA
approach
Assets -53,393,209 10,505,547 21,670,306 2,537 20,276,668 41,949,511 -938,150 -938,150
Liabilities 836,645,989 21,397,142 45,542,708 2,187,946 53,871,787 101,602,441 959,645,572 959,645,572
Opening balance net assets/liabilities 783,252,781 31,902,689 67,213,013 2,190,483 74,148,456 143,551,952 958,707,422 958,707,422
Changes in the statement of profit or loss and other comprehensive income
Changes that relate to future services -45,511,143 8,087,154 1,276,817 5,940,674 30,776,730 37,994,221 570,232 570,232
Changes in estimates that adjust the contractual -16,882,036 3,389,626 1,242,585 5,939,815 5,546,166 12,728,566 -763,844 -763,844
service margin
Changes in estimates that do not adjust the
contractual service margin (recognition/reversals of -137,647 171,806 34,232 859 216,534 251,625 285,784 285,784
losses on onerous contracts)
Effects of contracts initially recognised in the period -28,491,460 4,525,723 0 - 25,014,030 25,014,030 1,048,292 1,048,292
Changes that relate to current service 2,130,192 -4,202,689 -8,856,424 -1,870,885 -9,428,790 -20,156,099 -22,228,595 -22,228,595
Amount of the contractual service margin recognised - - -8,856,424 -1,870,885 -9,428,790 -20,156,099 -20,156,099 -20,156,099
in profit or loss to reflect the transfer of services
Change in the risk adjustment for non-financial risk - -4,202,689 - - - - -4,202,689 -4,202,689
that does not relate to future service or past service
Experience adjustment 2,130,192 - - - - - 2,130,192 2,130,192
Changes that relate to past service -1,837,125 -413,337 0 0 0 0 -2,250,462 -2,250,462
Changes in fulfilment cash flows relating to incurred -1,837,125 -413,337 - - - - -2,250,462 -2,250,462
claims
Insurance service result -45,218,076 3,471,128 -7,579,607 4,069,789 21,347,941 17,838,122 -23,908,826 -23,908,826
Net finance income or expenses from insurance 115,782,001 813,299 535,404 3,239 1,215,594 1,754,236 118,349,537 118,349,537
contracts
Effect of movement in exchange rates -1,184 -1,261 -1,806 0 -5,550 -7,356 -9,801 -9,801
Foreign currency translation differences 8,622 2,726 5,193 0 12,788 17,981 29,329 29,329
Total changes in the statement of profit or loss and 70,571,364 4,285,891 -7,040,816 4,073,027 22,570,773 19,602,984 94,460,239 94,460,239
other comprehensive income
Cash flows
Premiums received for insurance contracts issued 213,766,817 - - - - - 213,766,817 213,766,817
Claims incurred and insurance service expenses paid -152,216,718 - - - - - -152,216,718 -152,216,718
Insurance acquisition cash flows -18,723,707 - - - - - -18,723,707 -18,723,707
Total cash flows 42,826,392 0 0 0 0 0 42,826,392 42,826,392
Assets -55,934,423 11,922,359 17,605,686 0 23,889,785 41,495,471 -2,516,593 -2,516,593
Liabilities 952,584,960 24,266,221 42,566,511 6,263,511 72,829,443 121,659,465 1,098,510,646 1,098,510,646
Closing balance net assets/liabilities 896,650,537 36,188,580 60,172,197 6,263,511 96,719,228 163,154,936 1,095,994,053 1,095,994,053


Graphics
394
Sava Insurance Group as at 31 December 2023 life
EUR Contractual service margin Total insurance
Present value of Adjustment for non- Contracts under the contracts not Total insurance
future cash flows financial risk modified Contracts under the Other contracts Total contractual measured using the contracts
retrospective fair value approach service margin PAA
approach
Assets -1,440,104 224,654 733,776 1,083 383,975 1,118,834 -96,616 -96,616
Liabilities 698,607,643 30,802,689 70,803,096 911,525 53,037,313 124,751,934 854,162,266 854,162,266
Opening balance net assets/liabilities 697,167,539 31,027,343 71,536,872 912,608 53,421,288 125,870,768 854,065,650 854,065,650
Changes in the statement of profit or loss and other
comprehensive income
Changes that relate to future services -43,363,111 3,834,523 4,973,937 2,405,702 26,541,583 33,921,222 -5,607,366 -5,607,366
Changes in estimates that adjust the contractual -15,525,170 382,206 3,770,294 2,211,365 3,117,281 9,098,940 -6,044,024 -6,044,024
service margin
Changes in estimates that do not adjust the
contractual service margin (recognition/reversals of -435,515 -50,691 103,854 194,337 107,779 405,970 -80,236 -80,236
losses on onerous contracts)
Effects of contracts initially recognised in the period -27,402,426 3,503,008 1,099,789 - 23,316,523 24,416,312 516,894 516,894
Effects of contracts measured using the PAA 0 0
Changes that relate to current service 7,970,550 -4,137,020 -9,992,513 -1,085,171 -6,331,735 -17,409,419 -13,575,889 -13,575,889
Amount of the contractual service margin recognised - - -9,992,513 -1,085,171 -6,331,735 -17,409,419 -17,409,419 -17,409,419
in profit or loss to reflect the transfer of services
Change in the risk adjustment for non-financial risk - -4,137,020 - - - - -4,137,020 -4,137,020
that does not relate to future service or past service
Experience adjustment 7,970,550 - - - - - 7,970,550 7,970,550
Changes that relate to past service -1,361,258 -237,949 0 0 0 0 -1,599,207 -1,599,207
Changes in fulfilment cash flows relating to incurred -1,361,258 -237,949 - - - - -1,599,207 -1,599,207
claims
Insurance service result -36,753,819 -540,446 -5,018,576 1,320,531 20,209,848 16,511,803 -20,782,462 -20,782,462
Net finance income or expenses from insurance 78,325,727 1,416,935 697,427 -42,656 525,401 1,180,172 80,922,834 80,922,834
contracts
Effect of movement in exchange rates -21,581 -964 -2,382 0 -3,279 -5,661 -28,206 -28,206
Foreign currency translation differences 4,892 -177 -326 0 -4,803 -5,129 -414 -414
Total changes in the statement of profit or loss and 41,555,219 875,348 -4,323,857 1,277,875 20,727,167 17,681,185 60,111,752 60,111,752
other comprehensive income
Cash flows
Premiums received for insurance contracts issued 194,809,673 - - - - - 194,809,673 194,809,673
Claims incurred and insurance service expenses paid -133,937,909 - - - - - -133,937,909 -133,937,909
Insurance acquisition cash flows -16,332,938 - - - - - -16,332,938 -16,332,938
Total cash flows 44,538,826 0 0 0 0 0 44,538,826 44,538,826
Other movements -8,805 - - - - - -8,805 -8,805
Assets -53,393,210 10,505,548 21,670,306 2,538 20,276,668 41,949,512 -938,150 -938,150
Liabilities 836,645,989 21,397,143 45,542,709 2,187,945 53,871,787 101,602,441 959,645,573 959,645,573
Closing balance net assets/liabilities 783,252,779 31,902,691 67,213,015 2,190,483 74,148,455 143,551,953 958,707,423 958,707,423


Graphics
395
Sava Re as at 31 December 2024
EUR Contractual service margin Total insurance
Present value of Adjustment for non- Contracts under the contracts not Total insurance Total insurance
future cash flows financial risk modified Contracts under the Other contracts Total contractual measured using the contracts measured contracts
retrospective fair value approach service margin PAA using the PAA
approach
Assets -7,068,622 673,921 - - 1,313,223 1,313,223 -5,081,479 -13,866 -5,095,344
Liabilities 221,012,919 27,123,439 297,833 117,799 7,792,354 8,207,985 256,344,343 39,408,380 295,752,723
Opening balance net assets/liabilities 213,944,297 27,797,360 297,833 117,799 9,105,576 9,521,208 251,262,865 39,394,514 290,657,379
Changes in the statement of profit or loss and other
comprehensive income
Changes that relate to future services -54,612,418 16,641,924 0 0 43,218,412 43,218,412 5,247,917 -9,152,609 -3,904,692
Changes in estimates that adjust the contractual service -11,767,614 -1,329,713 - - 15,151,078 15,151,078 2,053,750 0 2,053,750
margin
Changes in estimates that do not adjust the contractual
service margin (recognition/reversals of losses on onerous 966,306 -212,349 - - 757,118 757,118 1,511,075 0 1,511,075
contracts)
Effects of contracts initially recognised in the period -43,811,109 18,183,986 - - 27,310,216 27,310,216 1,683,092 0 1,683,092
Effects of contracts measured using the PAA 0 -9,152,609 -9,152,609
Changes that relate to current service 46,692,313 -5,883,899 0 0 -44,616,850 -44,616,850 -3,808,436 0 -3,808,436
Amount of the contractual service margin recognised in - - - - -44,616,850 -44,616,850 -44,616,850 0 -44,616,850
profit or loss to reflect the transfer of services
Change in the risk adjustment for non-financial risk that - -5,883,899 - - - 0 -5,883,899 0 -5,883,899
does not relate to future service or past service
Experience adjustment 46,692,313 - - - - 0 46,692,313 0 46,692,313
Changes that relate to past service -44,126,944 -13,460,948 0 0 0 0 -57,587,892 9,554,864 -48,033,029
Changes in fulfilment cash flows relating to incurred -44,126,944 -13,460,948 - - - 0 -57,587,892 9,554,864 -48,033,029
claims
Insurance service result -52,047,049 -2,702,924 0 0 -1,398,438 -1,398,438 -56,148,411 402,254 -55,746,156
Net finance income or expenses from insurance contracts 8,116,293 1,633,277 - - 1,428,863 1,428,863 11,178,433 1,373,426 12,551,859
Effect of movement in exchange rates 1,154,124 243,018 - - 61,175 61,175 1,458,317 42,185 1,500,502
Total changes in the statement of profit or loss and -42,776,633 -826,628 0 0 91,600 91,600 -43,511,661 1,817,865 -41,693,796
other comprehensive income
Cash flows
Premiums received for insurance contracts issued 170,897,667 - - - - 0 170,897,667 8,936,945 179,834,612
Claims incurred and insurance service expenses paid -118,568,437 - - - - 0 -118,568,437 -21,166,008 -139,734,445
Insurance acquisition cash flows -8,538,388 - - - - 0 -8,538,388 -119,703 -8,658,091
Total cash flows 43,790,843 0 0 0 0 0 43,790,843 -12,348,766 31,442,077
Assets -7,600,553 955,021 2,004.60 - 997,501 999,506 -5,646,027 -23,988 -5,670,015
Liabilities 222,559,060 26,015,711 295,828 117,799 8,199,676 8,613,303 257,188,073 28,887,602 286,075,675
Closing balance net assets/liabilities 214,958,506 26,970,731 297,833 117,799 9,197,177 9,612,808 251,542,046 28,863,614 280,405,660


Graphics
396
Sava Re as at 31 December 2023
EUR Contractual service margin Total insurance
Present value of Adjustment for non- Contracts under the contracts not Total insurance Total insurance
future cash flows financial risk modified Contracts under the Other contracts Total contractual measured using the contracts measured contracts
retrospective fair value approach service margin PAA using the PAA
approach
Assets -4,902,477 1,118,175 23 - 728,718 728,742 -3,055,560 -16,071 -3,071,631
Liabilities 216,898,328 32,090,420 544,685 131,582 6,996,756 7,673,022 256,661,771 15,752,280 272,414,051
Opening balance net assets/liabilities 211,995,851 33,208,596 544,708 131,582 7,725,474 8,401,764 253,606,211 15,736,209 269,342,420
Changes in the statement of profit or loss and other
comprehensive income
Changes that relate to future services -52,521,291 16,030,102 -47,498 401,890 43,526,054 43,880,446 7,389,256 -9,972,681 -2,583,425
Changes in estimates that adjust the contractual service -7,499,084 -104,539 -69,815 401,890 8,837,867 9,169,941 1,566,319 0 1,566,319
margin
Changes in estimates that do not adjust the contractual
service margin (recognition/reversals of losses on onerous -1,875,104 -21,671 22,318 - 6,826,073 6,848,391 4,951,615 0 4,951,615
contracts)
Effects of contracts initially recognised in the period -43,147,103 16,156,312 - - 27,862,113 27,862,113 871,322 0 871,322
Effects of contracts measured using the PAA - - - - - - 0 -9,972,681 -9,972,681
Changes that relate to current service 38,564,349 -5,362,284 -197,088 -417,817 -42,968,137 -43,583,041 -10,380,976 0 -10,380,976
Amount of the contractual service margin recognised in - - -197,088 -417,817 -42,968,137 -43,583,041 -43,583,041 0 -43,583,041
profit or loss to reflect the transfer of services
Change in the risk adjustment for non-financial risk that - -5,362,284 - - - 0 -5,362,284 0 -5,362,284
does not relate to future service or past service
Experience adjustment 38,564,349 (0.00) - - - 0 38,564,349 0 38,564,349
Changes that relate to past service -12,142,948 -17,210,153 0 0 0 0 -29,353,101 49,004,293 19,651,192
Changes in fulfilment cash flows relating to incurred -12,142,948 -17,210,153 - - - 0 -29,353,101 49,004,293 19,651,192
claims
Insurance service result -26,099,889 -6,542,336 -244,585 -15,927 557,917 297,404 -32,344,821 39,031,612 6,686,791
Net finance income or expenses from insurance contracts 7,944,769 2,082,193 -2,290 2,219 1,345,531 1,345,460 11,372,422 829,918 12,202,340
Effect of movement in exchange rates -5,218,155 -951,093 - -75 -523,345 -523,420 -6,692,669 10,038 -6,682,630
Total changes in the statement of profit or loss and -23,373,276 -5,411,236 -246,875 -13,783 1,380,103 1,119,444 -27,665,067 39,871,569 12,206,501
other comprehensive income
Cash flows
Premiums received for insurance contracts issued 153,462,566 - - - - 0 153,462,566 9,424,967 162,887,532
Claims incurred and insurance service expenses paid -120,063,682 - - - - 0 -120,063,682 -25,507,274 -145,570,956
Insurance acquisition cash flows -8,077,162 - - - - 0 -8,077,162 -130,957 -8,208,119
Total cash flows 25,321,721 0 0 0 0 0 25,321,721 -16,213,264 9,108,458
Assets -7,068,622 673,921 - - 1,313,223 1,313,223 -5,081,479 -13,866 -5,095,344
Liabilities 221,012,919 27,123,439 297,833 117,799 7,792,353 8,207,985 256,344,343 39,408,380 295,752,723
Closing balance net assets/liabilities 213,944,297 27,797,360 297,833 117,799 9,105,576 9,521,208 251,262,865 39,394,514 290,657,379


Graphics
397

3.7.13 Movement in individual components of reinsurance contracts
Sava Insurance Group as at 31 December 2024 non-life
EUR Contractual service margin Total reinsurance
Present value of Adjustment for non- Contracts under the contracts not Total reinsurance Total reinsurance
future cash flows financial risk modified Contracts under the Other contracts Total contractual measured using the contracts measured contracts
retrospective fair value approach service margin PAA using the PAA
approach
Assets -85,862,362 -11,203,129 11 10,897 -4,389,028 -4,378,119 -101,443,611 -5,795,816 -107,239,427
Liabilities 1,288,698 -103,824 - - -642,758 -642,758 542,116 942,355 1,484,470
Opening balance net assets/liabilities -84,573,664 -11,306,953 11 10,897 -5,031,786 -5,020,877 -100,901,495 -4,853,461 -105,754,957
Changes in the statement of profit or loss and other comprehensive income
Changes that relate to future services 21,346,353 -3,646,879 4 -39,102 -17,741,347 -17,780,446 -80,972 18,827,836 18,746,864
Changes in estimates that adjust the contractual service 6,108,153 505,324 4 -39,102 -6,574,379 -6,613,477 0 0 0
margin
Changes in estimates relating to recognition of and reversals - - - - 4,872 4,872 4,872 0 4,872
of losses on onerous underlying contracts
Changes in recoveries of losses on onerous underlying - - - - -85,844 -85,844 -85,844 0 -85,844
contracts that adjust the contractual service margin
Effects of contracts initially recognised in the period 15,238,200 -4,152,203 - - -11,085,996 -11,085,996 0 0 0
Effects of contracts measured using the PAA 0 18,827,836 18,827,836
Changes that relate to current service -11,949,658 2,424,930 -12 42,899 17,670,037 17,712,924 8,188,196 0 8,188,196
Amount of the contractual service margin recognised in profit - - -12 42,899 17,670,037 17,712,924 17,712,924 17,712,924
or loss
Change in the risk adjustment for non-financial risk that does - 2,424,930 - - - 0 2,424,930 2,424,930
not relate to future service or past service
Experience adjustment -11,949,658 - - - - 0 -11,949,658 -11,949,658
Changes that relate to past service 15,777,431 7,587,720 0 0 0 0 23,365,151 -20,121,132 3,244,020
Changes in fulfilment cash flows relating to incurred claims 15,777,431 7,587,720 - - - 0 23,365,151 -20,121,132 3,244,020
Result from reinsurance contracts held 25,174,126 6,365,771 -8 3,797 -71,311 -67,522 31,472,376 -1,293,296 30,179,080
Net finance income or expenses from reinsurance contracts -2,965,327 -518,846 - 171 -492,727 -492,556 -3,976,728 -244,340 -4,221,068
Finance effects from credit risk -1,631,334 - - - - 0 -1,631,334 -5,997 -1,637,331
Effect of movement in exchange rates -70,240 -16,958 - - -4 -4 -87,202 0 -87,202
Foreign currency translation differences - - - - - 0 0 -9,742 -9,742
Total changes in the statement of profit or loss and other 20,507,226 5,829,968 -8 3,968 -564,041 -560,082 25,777,111 -1,553,375 24,223,737
comprehensive income
Cash flows
Premiums received for insurance contracts issued -36,074,178 - - - - 0 -36,074,178 -18,646,526 -54,720,705
Recovered claims and insurance service expenses 55,326,756 - - - - 0 55,326,756 7,446,195 62,772,952
Total cash flows 19,252,578 0 0 0 0 0 19,252,578 -11,200,331 8,052,247
Assets -48,206,300 -5,060,681 3 14,865 -4,493,853 -4,478,985 -57,745,966 -19,572,514 -77,318,480
Liabilities 3,392,439 -416,305 - - -1,101,974 -1,101,974 1,874,160 1,965,347 3,839,507
Closing balance net assets/liabilities -44,813,861 -5,476,986 3 14,865 -5,595,827 -5,580,959 -55,871,806 -17,607,167 -73,478,973



Graphics
398

Sava Insurance Group as at 31 December 2023 non-life
EUR Contractual service margin Total reinsurance
Present value of Adjustment for non- Contracts under the contracts not Total reinsurance Total reinsurance
future cash flows financial risk modified Contracts under the Other contracts Total contractual measured using the contracts measured contracts
retrospective fair value approach service margin PAA using the PAA
approach
Assets -53,912,524 -4,879,702 0 0 -5,890,831 -5,890,831 -64,683,057 -3,250,028 -67,933,085
Liabilities 512,972 -40,081 0 0 -91,838 -91,838 381,053 515,306 896,359
Opening balance net assets/liabilities -53,399,552 -4,919,783 0 0 -5,982,669 -5,982,669 -64,302,004 -2,734,722 -67,036,726
Changes in the statement of profit or loss and other
comprehensive income
Changes that relate to future services 21,944,374 -4,486,142 -13,600 -20,262 -17,411,785 -17,445,647 12,585 6,576,428 6,589,013
Changes in estimates that adjust the contractual service 5,095,447 295,229 -13,039 -20,262 -5,264,631 -5,297,932 92,744 0 92,744
margin
Changes in estimates relating to recognition of and reversals - - - - -2,692 -2,692 -2,692 0 -2,692
of losses on onerous underlying contracts
Changes in recoveries of losses on onerous underlying - - -561 0 -76,907 -77,468 -77,468 0 -77,468
contracts that adjust the contractual service margin
Effects of contracts initially recognised in the period 16,848,927 -4,781,371 - - -12,067,555 -12,067,555 1 0 1
Effects of contracts measured using the PAA 0 6,576,428 6,576,428
Changes that relate to current service -65,042,513 241,262 13,607 30,909 18,747,624 18,792,140 -46,009,111 0 -46,009,111
Amount of the contractual service margin recognised in profit - - 13,607 30,909 18,747,624 18,792,140 18,792,140 18,792,140
or loss
Change in the risk adjustment for non-financial risk that does - 241,262 - - - 0 241,262 241,262
not relate to future service or past service
Experience adjustment -65,042,513 - - - - 0 -65,042,513 -65,042,513
Changes that relate to past service 6,150,485 -1,814,966 0 0 0 0 4,335,519 -7,968,712 -3,633,193
Changes in fulfilment cash flows relating to incurred claims 6,150,485 -1,814,966 - - - 0 4,335,519 -7,968,712 -3,633,193
Result from reinsurance contracts held -36,947,654 -6,059,846 7 10,647 1,335,839 1,346,493 -41,661,007 -1,392,284 -43,053,291
Net finance income or expenses from reinsurance contracts -1,614,282 -333,868 4 251 -392,446 -392,191 -2,340,341 -206,100 -2,546,441
Finance effects from credit risk 1,561,743 - - - - 0 1,561,743 91,023 1,652,766
Effect of movement in exchange rates 36,258 6,545 - - 7,493 7,493 50,296 0 50,296
Foreign currency translation differences 2 -3 1 -1 -2 -2 -3 121 118
Total changes in the statement of profit or loss and other -36,963,933 -6,387,172 12 10,897 950,884 961,793 -42,389,312 -1,507,240 -43,896,552
comprehensive income
Cash flows
Premiums received for insurance contracts issued -36,611,496 - - - - 0 -36,611,496 -11,158,965 -47,770,461
Recovered claims and insurance service expenses 42,401,318 - - - - 0 42,401,318 10,543,667 52,944,985
Total cash flows 5,789,822 0 0 0 0 0 5,789,822 -615,298 5,174,524
Other movements - - - - - 0 0 3,797 3,797
Assets -85,862,361 -11,203,130 12 10,897 -4,389,028 -4,378,119 -101,443,610 -5,795,817 -107,239,427
Liabilities 1,288,698 -103,825 0 0 -642,757 -642,757 542,116 942,354 1,484,470
Closing balance net assets/liabilities -84,573,663 -11,306,955 12 10,897 -5,031,785 -5,020,876 -100,901,494 -4,853,463 -105,754,957



Graphics
399

Sava Insurance Group as at 31 December 2024 life
EUR Contractual service margin Total reinsurance
Present value of Adjustment for non- Contracts under the Total contractual contracts not Total reinsurance
future cash flows financial risk fair value approach Other contracts service margin measured using the contracts
PAA
Assets 489,865 46,923 109,137.49 -888,056 -778,918 -242,131 -242,131
Liabilities 320,842 -6,721 -156,548 - -156,548 157,574 157,574
Opening balance net assets/liabilities 810,707 40,202 -47,411 -888,056 -935,466 -84,557 -84,557
Changes in the statement of profit or loss and other comprehensive income
Changes that relate to future services 748,649 -134,099 -51,304 -563,246 -614,550 0 0
Changes in estimates that adjust the contractual service margin 642,517 -126,680 -8,138 (507,698.47) -515,837 0 0
Effects of contracts initially recognised in the period 106,132 -7,419 -43,165 (55,547.97) -98,713 0 0
Changes that relate to current service -83,765 -3,465 123,892 27,577 151,469 64,239 64,239
Amount of the contractual service margin recognised in profit or - - 123,892 27,577.10 151,469 151,469 151,469
loss
Change in the risk adjustment for non-financial risk that does not - -3,465 - - 0 -3,465 -3,465
relate to future service or past service
Experience adjustment -83,765 - - - 0 -83,765 -83,765
Changes that relate to past service 10,861 0 0 0 0 10,861 10,861
Changes in fulfilment cash flows relating to incurred claims 10,861 - - - 0 10,861 10,861
Result from reinsurance contracts held 675,745 -137,564 72,589 -535,669 -463,081 75,100 75,100
Net finance income or expenses from reinsurance contracts 64,487 1,072 -241 (1,225.95) -1,467 64,092 64,092
Finance effects from credit risk - - - - 0 0 0
Effect of movement in exchange rates (395.51) 69.11 - 315.21 315 -11 -11
Foreign currency translation differences 562 -102 -0 (441.34) -441 19 19
Total changes in the statement of profit or loss and other 740,399 -136,526 72,348 -537,021 -464,674 139,199 139,199
comprehensive income
Cash flows
Premiums received for insurance contracts issued -301,645 - - - 0 -301,645 -301,645
Recovered claims and insurance service expenses 190,425 - - - 0 190,425 190,425
Reinsurance acquisition cash flows - - - - 0 0 0
Total cash flows -111,220 0 0 0 0 -111,220 -111,220
Assets 443,756 35,393 208,632 -888,056 -679,424 -200,274 -200,274
Liabilities 996,130 -131,717 -183,695 -537,021 -720,717 143,696 143,696
Closing balance net assets/liabilities 1,439,886 -96,324 24,937 -1,425,077 -1,400,140 -56,578 -56,578



Graphics
400

Sava Insurance Group as at 31 December 2023 life
EUR Contractual service margin Total reinsurance
Present value of Adjustment for non- Contracts under the Total contractual contracts not Total reinsurance
future cash flows financial risk fair value approach Other contracts service margin measured using the contracts
PAA
Assets 635,238 52,261 - -888,056 -888,056 -200,557 -200,557
Liabilities 323,386 -8,258 -159,873 - -159,873 155,255 155,255
Opening balance net assets/liabilities 958,624 44,003 -159,873 -888,056 -1,047,929 -45,302 -45,302
Changes in the statement of profit or loss and other
comprehensive income
Changes that relate to future services 21,330 -3,703 -17,627 0 -17,627 0 0
Changes in estimates that adjust the contractual service margin 3,339 -3,236 -102 - -102 1 1
Effects of contracts initially recognised in the period 17,991 -467 -17,525 - -17,525 -1 -1
Changes that relate to current service -1,110 -4,148 128,089 0 128,089 122,831 122,831
Amount of the contractual service margin recognised in profit or - - 128,089 - 128,089 128,089 128,089
loss
Change in the risk adjustment for non-financial risk that does not - -4,148 - - 0 -4,148 -4,148
relate to future service or past service
Experience adjustment -1,110 - - - 0 -1,110 -1,110
Changes that relate to past service -110,000 0 0 0 0 -110,000 -110,000
Changes in fulfilment cash flows relating to incurred claims -110,000 - - - 0 -110,000 -110,000
Result from reinsurance contracts held -89,780 -7,851 110,462 0 110,462 12,831 12,831
Net finance income or expenses from reinsurance contracts 71,043 4,050 2,001 - 2,001 77,094 77,094
Finance effects from credit risk - - - - 0 0 0
Effect of movement in exchange rates - - - - 0 0 0
Foreign currency translation differences -2 -1 -1 - -1 -4 -4
Total changes in the statement of profit or loss and other -18,739 -3,802 112,462 0 112,462 89,921 89,921
comprehensive income
Cash flows
Premiums received for insurance contracts issued -268,815 - - - 0 -268,815 -268,815
Recovered claims and insurance service expenses 139,637 - - - 0 139,637 139,637
Reinsurance acquisition cash flows - - - - 0 0 0
Total cash flows -129,178 0 0 0 0 -129,178 -129,178
Assets 489,865 46,922 109,137 -888,056 -778,919 -242,132 -242,132
Liabilities 320,842 -6,721 -156,548 0 -156,548 157,573 157,573
Closing balance net assets/liabilities 810,707 40,201 -47,411 -888,056 -935,467 -84,559 -84,559



Graphics
401

Sava Re as at 31 December 2024
EUR Contractual service margin Total reinsurance Total reinsurance
Present value of Adjustment for non- Total contractual contracts not contracts measured Total reinsurance
future cash flows financial risk Other contracts service margin measured using the using the PAA contracts
PAA
Assets -81,217,678 -10,728,485 -3,816,458 -3,816,458 -95,762,621 0 -95,762,621
Liabilities 1,110,414 -82,220 -581,346 -581,346 446,848 0 446,848
Opening balance net assets/liabilities -80,107,264 -10,810,704 -4,397,804 -4,397,804 -95,315,773 0 -95,315,773
Changes in the statement of profit or loss and other
comprehensive income
Changes that relate to future services 17,647,299 -2,914,685 -14,732,614 -14,732,614 0 9,864,590 9,864,590
Changes in estimates that adjust the contractual service margin 5,740,259 495,328 -6,235,586 -6,235,586 0 0 0
Effects of contracts initially recognised in the period 11,907,041 -3,410,013 -8,497,028 -8,497,028 0 0 0
Effects of contracts measured using the PAA 0 9,864,590 9,864,590
Changes that relate to current service -12,389,275 1,854,172 14,642,719 14,642,719 4,107,615 0 4,107,615
Amount of the contractual service margin recognised in profit or - - 14,642,719 14,642,719 14,642,719 0 14,642,719
loss to reflect the transfer of services
Change in the risk adjustment for non-financial risk that does not - 1,854,172 - 0 1,854,172 0 1,854,172
relate to future service or past service
Experience adjustment -12,389,275 - - 0 -12,389,275 -12,389,275
Changes that relate to past service 17,045,056 7,493,587 0 0 24,538,643 -15,020,139 9,518,504
Changes in fulfilment cash flows relating to incurred claims 17,045,056 7,493,587 - 0 24,538,643 -15,020,139 9,518,504
Result from reinsurance contracts held 22,303,080 6,433,073 -89,895 -89,895 28,646,258 -5,155,549 23,490,709
Net finance income or expenses from reinsurance contracts -2,910,864 -487,847 -391,052 -391,052 -3,789,763 -60,400 -3,850,163
Finance effects from credit risk -1,551,767 - - 0 -1,551,767 29,529 -1,522,238
Effect of movement in exchange rates -70,240 -16,958 -4 -4 -87,202 0 -87,202
Total changes in the statement of profit or loss and other 17,770,209 5,928,269 -480,952 -480,952 23,217,526 -5,186,420 18,031,106
comprehensive income
Cash flows
Premiums received for insurance contracts issued -29,834,224 - - 0 -29,834,224 -7,469,080 -37,303,304
Recovered claims and insurance service expenses 50,817,889 - - 0 50,817,889 0 50,817,889
Reinsurance acquisition cash flows - - - 0 0 0 0
Total cash flows 20,983,665 0 0 0 20,983,665 -7,469,080 13,514,585
Assets -44,372,090 -4,533,413 -3,939,618 -3,939,618 -52,845,122 -13,116,985 -65,962,107
Liabilities 3,018,701 -349,022 -939,138 -939,138 1,730,540 461,485 2,192,025
Closing balance net assets/liabilities -41,353,390 -4,882,436 -4,878,756 -4,878,756 -51,114,582 -12,655,500 -63,770,082



Graphics
402

Sava Re as at 31 December 2023
EUR Present value of future Adjustment for non- Contractual service margin Total reinsurance Total reinsurance
cash flows financial risk Other contracts Total contractual service contracts not measured contracts
margin using the PAA
Assets -51,254,588 -4,449,816 -5,520,510 -5,520,510 -61,224,914 -61,224,914
Liabilities 451,963 -40,081 -91,838 -91,838 320,044 320,044
Opening balance net assets/liabilities -50,802,625 -4,489,897 -5,612,348 -5,612,348 -60,904,871 -60,904,871
Changes in the statement of profit or loss and other comprehensive
income
Changes that relate to future services 18,029,294 -3,869,768 -14,066,786 -14,066,786 92,740 92,740
Changes in estimates that adjust the contractual service margin 3,873,154 320,134 -4,100,549 -4,100,549 92,740 92,740
Effects of contracts initially recognised in the period 14,156,140 -4,189,902 -9,966,238 -9,966,238 0 0
Changes that relate to current service -63,349,903 -58,786 15,592,785 15,592,785 -47,815,904 -47,815,904
Amount of the contractual service margin recognised in profit or loss to - - 15,592,785 15,592,785 15,592,785 15,592,785
reflect the transfer of services
Change in the risk adjustment for non-financial risk that does not relate - -58,786 - 0 -58,786 -58,786
to future service or past service
Experience adjustment -63,349,903 - - 0 -63,349,903 -63,349,903
Changes that relate to past service 6,148,125 -2,094,108 0 0 4,054,018 4,054,018
Changes in fulfilment cash flows relating to incurred claims 6,148,125 -2,094,108 - 0 4,054,018 4,054,018
Result from reinsurance contracts held -39,172,483 -6,022,662 1,525,999 1,525,999 -43,669,147 -43,669,147
Net finance income or expenses from reinsurance contracts -1,573,989 -304,691 -318,947 -318,947 -2,197,627 -2,197,627
Finance effects from credit risk 1,617,714 - - 0 1,617,714 1,617,714
Effect of movement in exchange rates 36,259 6,546 7,492 7,492 50,297 50,297
Total changes in the statement of profit or loss and other -39,092,500 -6,320,807 1,214,544 1,214,544 -44,198,763 -44,198,763
comprehensive income
Cash flows
Premiums received for insurance contracts issued -30,846,126 - - 0 -30,846,126 -30,846,126
Recovered claims and insurance service expenses 40,633,988 - - 0 40,633,988 40,633,988
Reinsurance acquisition cash flows - - - 0 0 0
Total cash flows 9,787,861 0 0 0 9,787,861 9,787,861
Assets -81,217,678 -10,728,485 -3,816,458 -3,816,458 -95,762,621 -95,762,621
Liabilities 1,110,414 -82,220 -581,346 -581,346 446,848 446,848
Closing balance net assets/liabilities -80,107,264 -10,810,704 -4,397,804 -4,397,804 -95,315,773 -95,315,773



Graphics
403

3.7.14 Effects of (re)insurance contracts initially recognised in the period (BBA, VFA)
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Non-life
Contracts issued Contracts issued Contracts issued
Profitable Onerous Profitable Onerous Profitable Onerous
Insurance contracts
Claims incurred and other insurance service expenses 63,466,189.36 15,342,693 124,398,506 11,321,132 101,338,775 14,128,879
Insurance acquisition cash flows 13,956,048.48 1,780,987 18,453,308 2,183,604 8,331,635 1,026,949
Present value of expected cash outflows 77,422,237.84 17,123,680 142,851,814 13,504,736 109,670,410 15,155,827
Present value of expected cash inflows -109,449,581.66 -18,055,201 -172,131,796 -12,716,214 -152,579,164 -16,058,182
Adjustment for non-financial risk 9,746,328.51 2,645,734 4,265,952 259,770 15,598,539 2,585,447
Contractual service margin 22,281,015.31 - 25,014,030 - 27,310,216 -
Total at initial recognition 0 1,714,213 0 1,048,292 0 1,683,092
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Non-life
Contracts issued Contracts issued Contracts issued
Contracts recognised without loss Contracts recognised with loss Contracts recognised without loss Contracts recognised without loss
recovery recovery recovery recovery
Reinsurance contracts
Premiums -15,654,254 -380,202 -72,133 -13,448,815
Present value of expected cash outflows -15,654,254 -380,202 -72,133 -13,448,815
Present value of expected cash inflows 30,521,961 750,694 178,265 25,355,855
Adjustment for non-financial risk -4,033,935 -118,267 -7,419 -3,410,013
Contractual service margin -10,833,772 -252,225 -98,713 -8,497,028
Loss component - -136,040 - -
Total at initial recognition -0 -136,040 0 -0

EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Non-life
Contracts issued Contracts issued Contracts issued
Profitable Onerous Profitable Onerous Profitable Onerous
Insurance contracts
Claims incurred and other insurance service expenses 58,429,069 9,031,430 110,423,889 10,913,234 95,883,706 8,805,356
Insurance acquisition cash flows 9,890,577 825,696 15,221,421 1,995,572 8,092,629 754,107
Present value of expected cash outflows 68,319,646 9,857,126 125,645,310 12,908,806 103,976,335 9,559,462
Present value of expected cash inflows -99,784,470 -10,806,141 -153,393,135 -12,563,406 -146,247,516 -10,435,385
Adjustment for non-financial risk 9,201,628 1,798,567 3,331,512 171,495 14,409,067 1,747,244
Contractual service margin 22,263,196 - 24,416,313 - 27,862,113 -
Total at initial recognition 0 849,552 0 516,895 0 871,322


Graphics
404

EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Non-life
Contracts issued Contracts issued Contracts issued
Contracts recognised without loss Contracts recognised with loss Contracts recognised without loss Contracts recognised without loss
recovery recovery recovery recovery
Reinsurance contracts
Premiums -16,354,885 -463,225 -4,472 -14,671,209
Present value of expected cash outflows -16,354,885 -463,225 -4,472 -14,671,209
Present value of expected cash inflows 32,733,889 933,147 22,463 28,827,349
Adjustment for non-financial risk -4,640,800 -140,570 -466 -4,189,902
Contractual service margin -11,738,204 -329,352 -17,525 -9,966,238
Loss component - -116,259 - -
Total at initial recognition 0 -116,259 0 0

For contract recognised in 2023, the expected cash flows in this disclosure include only contractually determined periodic premiums, single premiums and
additional payments received in the year of contract recognition. Incurred claims and other insurance service expenses include only outflows for surrender
arising from contractually determined periodic premiums and lump-sum and additional payments received in the year of recognition.
The expected cash inflows and expected cash outflows in the notes for contracts recognised in 2023 do not include all expected cash inflows. Higher inflows
correspond to higher outflows, and therefore the net effect is negligible.


Graphics
405

3.7.15 Expected CSM release
Sava Insurance Group as at 31 December 2024 non-life
EUR < 1 year 12 years 23 years 34 years 45 years 510 years > 10 years Total
Insurance 7,068,587 1,319,818 978,979 780,952 636,069 1,247,727 390,185 12,422,318
contracts
Reinsurance -5,518,536 -53,299 -8,901 -223 - - - -5,580,959
contracts
Total 1,550,051 1,266,520 970,078 780,728 636,069 1,247,727 390,185 6,841,359
Sava Insurance Group as at 31 December 2023 non-life
EUR < 1 year 12 years 23 years 34 years 45 years 510 years > 10 years Total
Insurance 7,202,399 1,101,693 769,903 589,566 470,039 1,245,255 376,679 11,755,534
contracts
Reinsurance -4,953,681 -42,413 -19,438 -5,203 -141 - - -5,020,876
contracts
Total 2,248,718 1,059,280 750,465 584,363 469,898 1,245,255 376,679 6,734,658
Sava Insurance Group as at 31 December 2024 life
EUR < 1 year 12 years 23 years 34 years 45 years 510 years > 10 years Total
Insurance 19,608,395 17,266,579 15,342,519 13,677,926 12,264,655 43,815,971 41,178,892 163,154,936
contracts
Reinsurance -161,805 -137,129 -124,315 -112,387 -102,841 -387,658 -374,006 -1,400,140
contracts
Total 19,446,590 17,129,450 15,218,204 13,565,539 12,161,814 43,428,313 40,804,886 161,754,796
Sava Insurance Group as at 31 December 2023 life
EUR < 1 year 12 years 23 years 34 years 45 years 510 years > 10 years Total
Insurance 16,976,214 14,992,610 13,302,312 11,824,815 10,518,420 38,006,640 37,930,942 143,551,953
contracts
Reinsurance -111,396 -100,800 -91,077 -80,639 -71,402 -255,648 -224,502 -935,464
contracts
Total 16,864,818 14,891,810 13,211,235 11,744,176 10,447,018 37,750,992 37,706,440 142,616,489
Sava Re as at 31 December 2024
EUR < 1 year 12 years 23 years 34 years 45 years 510 years > 10 years Total
Insurance 9,362,094 194,908 16,829 9,078 6,774 18,204 4,921 9,612,808
contracts
Reinsurance -4,868,283 -9,394 -1,080 - - - - -4,878,756
contracts
Total 4,493,811 185,514 15,750 9,078 6,774 18,204 4,921 4,734,052
Sava Re as at 31 December 2023
EUR < 1 year 12 years 23 years 34 years 45 years 510 years > 10 years Total
Insurance 9,168,508 197,371 107,473 10,836 8,628 23,697 4,695 9,521,208
contracts
Reinsurance -4,397,804 - - - - - - -4,397,804
contracts
Total 4,770,704 197,371 107,473 10,836 8,628 23,697 4,695 5,123,404



Graphics
406




3.7.16 Finance income or expenses from (re)insurance contracts
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Total Non-life
Net finance income or expenses from insurance contracts
Changes in the fair value of the portfolio of insurance contracts - -99,737,541 -99,737,541 -
with direct participation features
Accrued interest under current financial assumptions - -135,126 -135,126 -
Accrued interest at locked-in interest rate -13,010,357 -7,626,513 -20,636,870 -9,780,174
Changes in interest rates and other financial assumptions -6,770,464 -10,851,426 -17,621,890 -2,801,470
Foreign exchange gains/losses -1,609,606 10,958 -1,598,648 -1,470,717
Foreign currency translation differences -87,207 -29,418 -116,625 -
Total net finance income or expenses from insurance -21,477,634 -118,369,065 -139,846,699 -14,052,361
contracts
Net finance income or expenses from reinsurance contracts
Accrued interest at locked-in interest rate 2,532,137 -609 2,531,528 2,198,879
Changes in interest rates and other financial assumptions 1,687,080 -63,478 1,623,601 1,649,432
Foreign exchange gains/losses 89,054 7 89,061 89,054
Foreign currency translation differences 9,742 -19 9,724 -
Net finance income or expenses from reinsurance contracts 4,318,013 -64,099 4,253,913 3,937,365
Finance effects from credit risk 1,637,331 - 1,637,331 1,522,238
Total net finance income or expenses from reinsurance 5,955,343 -64,099 5,891,244 5,459,604
contracts
Total -15,522,291 -118,433,164 -133,955,455 -8,592,757
Recognised in
Amounts recognised in profit or loss -10,361,442 -103,909,280 -114,270,722 -7,440,719
Amounts recognised in other comprehensive income -5,160,849 -14,523,884 -19,684,733 -1,152,038
Finance income or expenses from insurance contracts
Net finance income or expenses from insurance contracts -21,477,634 -118,369,065 -139,846,699 -14,052,361
Recognised in profit or loss -14,619,963 -103,908,678 -118,528,641 -11,250,891
Recognised in other comprehensive income (excluding the -6,746,223 -14,429,900 -21,176,123 -2,771,685
effect of exchange rate differences)
Effects of exchange rate differences in other comprehensive -24,241 -1,069 -25,310 -29,785
income
Foreign currency translation differences -87,207 -29,418 -116,625 -
Net finance income or expenses from reinsurance contracts 5,955,343 -64,099 5,891,244 5,459,604
Recognised in profit or loss 4,258,522 -602 4,257,920 3,810,171
Recognised in other comprehensive income (excluding the 1,688,949 -63,483 1,625,466 1,651,302
effect of exchange rate differences)
Effects of exchange rate differences in other comprehensive -1,869 4 -1,865 -1,869
income
Foreign currency translation differences 9,742 -19 9,724 -






Graphics
407




EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Total Non-life
Net finance income or expenses from insurance contracts
Changes in the fair value of the portfolio of insurance contracts - -58,425,631 -58,425,631 -
with direct participation features
Accrued interest at locked-in interest rate -8,379,535 -4,928,374 -13,307,909 -6,091,760
Changes in interest rates and other financial assumptions -12,551,570 -17,578,877 -30,130,447 -6,255,974
Foreign exchange gains/losses 6,729,958 29,446 6,759,404 6,828,024
Foreign currency translation differences 30,814 9,219 40,033 -
Total net finance income or expenses from insurance -14,170,333 -80,894,217 -95,064,550 -5,519,710
contracts
Net finance income or expenses from reinsurance contracts
Accrued interest at locked-in interest rate 1,094,834 -186 1,094,648 893,761
Changes in interest rates and other financial assumptions 1,455,775 -76,905 1,378,870 1,304,240
Foreign exchange gains/losses -50,670 - -50,670 -50,670
Foreign currency translation differences -3,917 3 -3,914 -
Net finance income or expenses from reinsurance contracts 2,496,022 -77,088 2,418,934 2,147,330
Finance effects from credit risk -1,652,765 - -1,652,765 -1,617,714
Total net finance income or expenses from reinsurance 843,257 -77,088 766,169 529,617
contracts
Total -13,327,076 -80,971,305 -94,298,381 -4,990,094
Recognised in
Amounts recognised in profit or loss -2,231,823 -60,381,331 -62,613,154 -38,359
Amounts recognised in other comprehensive income -11,095,253 -20,589,972 -31,685,225 -4,951,735
Finance income or expenses from insurance contracts
Net finance income or expenses from insurance contracts -14,170,332 -80,894,215 -95,064,547 -5,519,710
Recognised in profit or loss -1,619,434 -60,381,145 -62,000,579 736,264
Recognised in other comprehensive income (excluding the -12,440,453 -20,520,975 -32,961,428 -6,110,581
effect of exchange rate differences)
Effects of exchange rate differences in other comprehensive -141,259 -1,314 -142,573 -145,394
income
Foreign currency translation differences 30,814 9,219 40,033 -
Net finance income or expenses from reinsurance contracts 843,256 -77,088 766,168 529,617
Recognised in profit or loss -612,389 -186 -612,575 -774,623
Recognised in other comprehensive income (excluding the 1,459,189 -76,905 1,382,284 1,303,867
effect of exchange rate differences)
Effects of exchange rate differences in other comprehensive 373 - 373 373
income
Foreign currency translation differences -3,917 3 -3,914 -





3.7.17 Receivables
Receivables by type
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Gross Allowance Receivables Gross Allowance Receivables
amount amount
Current tax assets 2,168,191 0 2,168,191 444,616 0 444,616
Other short-term receivables arising out of 4,706,992 -1,110,947 3,596,045 4,533,434 -1,148,176 3,385,258
insurance business (outside the scope of IFRS 17)
Receivables from financing 1,046,122 -166,967 879,156 728,130 -166,900 561,230
Trade and other receivables 13,898,853 -1,659,249 12,239,604 12,422,002 -2,097,132 10,324,870
Trade and other receivables 19,651,968 -2,937,162 16,714,805 17,683,566 -3,412,208 14,271,358
Total 21,820,158 -2,937,162 18,882,996 18,128,182 -3,412,208 14,715,974
Sava Re
EUR 31 December 2024 31 December 2023
Gross Allowance Receivables Gross Allowance Receivables
amount amount
Current tax assets 671,315 0 671,315 0 0 0
Receivables from financing 67,406 - 67,406 34,478 - 34,478
Trade and other receivables 634,406 -341,035 293,372 504,923 -341,035 163,888
Trade and other receivables 701,812 -341,035 360,778 539,401 -341,035 198,366
Total 1,373,128 -341,035 1,032,093 539,401 -341,035 198,366


Graphics
408
Trade and other receivables
EUR Sava Insurance Group Sava Re
31 December 31 December 31 December 31 December
2024 2023 2024 2023
Receivables arising out of advances for intangible assets 208,113 251,931 - -
Short-term trade receivables 7,611,592 7,298,183 147,546 124,581
Short-term receivables due from government and other 647,412 350,798 107,941 24,716
institutions
Short-term receivables due from employees 53,839 51,503 416 1,655
Receivables arising out of advances for property, plant and 111,485 90,492 - -
equipment
Other current receivables 3,607,163 2,281,963 37,470 12,935
Other short-term receivables 12,239,604 10,324,870 293,372 163,888
Net receivables ageing analysis
Sava Insurance Group
EUR Past due
Not past due Past due up from 180 Past due over Total
31 December 2024 to 180 days days to 1 1 year
year
Current tax assets 2,168,191 0 0 0 2,168,191
Other short-term receivables arising out of insurance
business (outside the scope of IFRS 17) 1,900,472 1,616,096 26,688 52,789 3,596,045
Receivables from financing 860,920 - - 18,236 879,156
Trade and other receivables 10,842,340 1,306,077 78,288 12,900 12,239,604
Trade and other receivables 13,603,731 2,922,174 104,975 83,925 16,714,805
Total 15,771,922 2,922,174 104,975 83,925 18,882,996
Sava Insurance Group
EUR Past due
Not past due Past due up from 180 Past due over Total
31 December 2023 to 180 days days to 1 1 year
year
Current tax assets 437,109 0 0 7,507 444,616
Other short-term receivables arising out of insurance
business (outside the scope of IFRS 17) 1,551,247 1,774,850 2,887 56,274 3,385,258
Receivables from financing 368,526 174,693 - 18,011 561,230
Trade and other receivables 10,009,539 286,704 8,962 19,665 10,324,870
Trade and other receivables 11,929,312 2,236,247 11,849 93,950 14,271,358
Total 12,366,421 2,236,247 11,849 101,457 14,715,974
Sava Re
EUR Not past due Total
31 December 2024
Current tax assets 671,315 671,315
Receivables from financing 67,406 67,406
Trade and other receivables 293,372 293,372
Trade and other receivables 360,778 360,778
Total 1,032,093 1,032,093
Sava Re
EUR Not past due Total
31 December 2023
Receivables from financing 34,478 34,478
Trade and other receivables 163,888 163,888
Trade and other receivables 198,366 198,366
Total 198,366 198,366


Graphics
409

Graphics
410

Movement in allowance for receivables
Sava Insurance Group
EUR 31 Exchange 31 December
31 December 2024 December Additions Reversals Write-off differences 2024
2023
Other short-term receivables arising out of
insurance business (outside the scope of IFRS -1,148,176 -86,664 119,884 5,773 -1,764 -1,110,947
17)
Receivables from financing -166,900 0 0 0 -66 -166,966
Trade and other receivables -2,097,132 -39,246 464,045 17,697 -4,615 -1,659,249
Trade and other receivables -3,412,208 -125,910 583,929 23,470 -6,445 -2,937,162
Total -3,412,208 -125,910 583,929 23,470 -6,445 -2,937,162
Sava Insurance Group
EUR 31 December Exchange 31
31 December 2023 2022 Additions Reversals Write-off differences December
2023
Other short-term receivables arising out of
insurance business (outside the scope of IFRS
17) -2,170,209 -51,960 1,066,400 7,419 174 -1,148,176
Receivables from financing -163,322 -3,608 0 0 30 -166,900
Trade and other receivables -2,831,240 -40,828 616,826 156,912 1,198 -2,097,132
Trade and other receivables -5,164,771 -96,396 1,683,226 164,331 1,402 -3,412,208
Total -5,164,771 -96,396 1,683,226 164,331 1,402 -3,412,208

The Company’s allowance for receivables as at 31 December 2024 remained unchanged at EUR -
341,035 (31 December 2023: EUR -341,035).
Receivables from financing mainly relate to payments to the guarantee fund for Green Cards of the
Republic of Kosovo, interest on late payment of premiums and advances from policyholders.

3.7.18 Other assets
Sava Insurance Group Sava Re
EUR 31 December 2024 31 December 2023 31 December 2024 31 December 2023
Inventories 132,658 147,794 0 0
Other short-term deferred costs (expenses) and 4,924,685 3,894,812 994,736 715,114
accrued revenue
Total 5,057,343 4,042,606 994,736 715,114
The Group’s inventories consist of strict record forms and are not subject to pledging.
Other current deferred costs (expenses) and accrued revenue consist of prepaid costs for services
(maintenance, development, user fees, costs of electronic media and marketing services).

3.7.19 Cash and cash equivalents
Sava Insurance Group Sava Re
EUR 31 December 2024 31 December 2023 31 December 2024 31 December 2023
Cash in hand 51,681 28,611 - -
Cash in bank accounts 24,319,455 29,138,100 7,144,088 9,110,049
Call and overnight deposits, and 27,978,629 21,393,253 7,580,006 3,150,000
deposits of up to 3 months
Total 52,349,765 50,559,964 14,724,094 12,260,049
The increase in cash and cash equivalents is mainly due to an increase in short-term deposits.


Graphics
411
The availability of rouble (RUB) cash is limited due to EU sanctions. The currency is actively traded and
is equivalent to EUR 592,161 at 31 December 2024 (31 December 2023: EUR 1,186,397).

3.7.20 Non-current assets held for sale
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Balance as at 1 January 259,649 991,803
Additions 1,157,000 -
Reclassification -190,757 -70,776
Disposal - -616,927
Impairment - -44,451
Balance as at 31 December 1,225,892 259,649
Business premises have been reclassified to non-current assets held for sale in 2024 and 2023. In 2023,
the reclassified business premises were partially disposed of. As a result of the reclassification and sale
of these assets, the Group realised a gain of EUR 440,673 in 2024 (2023: EUR 353,684).


3.7.21 Share capital

As at 31 December 2024, the parent’s share capital was divided into 17,219,662 shares (the same as
at 31 December 2023) and amounted to EUR 71,856,376.
All shares are ordinary registered shares of
the same class. Their holders are entitled to participate in the Company’s control and profits
(dividends). Each share carries one vote in general meeting and entitles the bearer to a proportionate
share of the dividend distribution.
Shares are recorded in the Central Securities Clearing Corporation (KDD) under the POSR ticker symbol.
As at year-end 2024, the Company’s shareholders’ register listed 4,422 shareholders (31 December
2023: 4,376 shareholders). The Company’s shares are listed in the prime market of the Ljubljana Stock
Exchange.
3.7.22 Capital reserves
Movement in capital reserves
Sava Insurance Group Sava Re
EUR 31 December 2024 31 December 2023 31 December 2024 31 December 2023
Balance as at 1 January 42,702,320 42,702,320 54,239,757 54,239,757
Acquisition of non-controlling interests by company -128,014 - - -
- TBS Team 24 -128,014 - - -
Coverage of losses from previous years -83,363
Asistim -83,363
Balance as at 31 December 42,490,942 42,702,320 54,239,757 54,239,757



Graphics
412


3.7.23 Profit reserves
Sava Insurance Group Sava Re
EUR
31 December Distributable/ 31 December 31 December Distributable/
31 December 2024 2023 non- 2024 2023 non-
distributable distributable
Legal reserves and reserves provided for 12,210,226 12,176,144 non-distributable 14,986,525 14,986,525 non-
by the articles of association distributable
Capital redemption reserve 24,938,709 24,938,709 non-distributable 24,938,709 24,938,709 non-
distributable
Credit risk equalisation reserve - - non-distributable - - non-
distributable
Catastrophe equalisation reserve - 1,225,068 non-distributable - - non-
distributable
Other profit reserves 270,872,856 243,353,745 distributable 268,151,390 242,034,225 distributable
Total 308,021,790 281,693,666 308,076,624 281,959,459
Profit reserves are retained from previous years’ profits, primarily to offset potential future losses. In
accordance with ZGD-1, the management board, when adopting the 2024 annual report, allocated half
of the net profit amounting to EUR 26,117,165.13 to “other profit reserves” (2023:
EUR 24,737,401.17).
3.7.24 Treasury shares
As at 31 December 2024, the Company held a total of 1,721,966 own shares (2023: 1,721,966) traded
on the Ljubljana Stock Exchange under the ticker symbol “POSR” (accounting for 10% less one share of
the issued shares) for a value of EUR 24,938,709 (2023: EUR 24,938,709).
Treasury shares are a contra account of equity. Treasury shares are not pledged.

3.7.25 Accumulated other comprehensive income
Sava Insurance Group Sava Re
EUR 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Accumulated other comprehensive income from financial -56,075,854 -76,271,988 -7,749,916 -11,603,021
investments
Accumulated other comprehensive income on insurance 27,591,860 46,400,360 -95,956 2,089,191
contracts
Accumulated other comprehensive income on reinsurance 926,752 -194,443 855,186 -431,371
contracts
Provisions for employees 1,821,822 1,870,419 166,588 178,886
Total -25,735,420 -28,195,652 -6,824,097 -9,766,315
The movement in accumulated other comprehensive income from insurance and reinsurance
contracts is described in note 3.7.16 “Finance income or expenses from (re)insurance contracts”.
Provisions for employees comprise actuarial gains and losses arising from recognising provisions for
severance pay upon retirement. Movements are shown in section 3.7.31 “Other provisions”.


3.7.26 Profit or loss for the period
The net consolidated profit for 2024 totalled EUR 87.8 million (2023: EUR 64.7 million).
The Company ended the 2024 financial year with a net profit of EUR 52.2 million (2023: EUR 49.5
million).


Graphics
413

Earnings or loss per share
Sava Insurance Group Sava Re
EUR 112/2024 112/2023 112/2024 112/2023
Net profit or loss for the period 87,846,542 64,657,171 52,234,329 49,474,802
Net profit or loss attributable to owners of the 87,655,725 64,464,804 - -
controlling company
Weighted average number of shares outstanding 15,497,696 15,497,696 15,497,696 15,497,696
Earnings or loss per share 5.66 4.16 - -
The Company’s earnings per share for the financial year 2024 were EUR 3.37 (2023: EUR 3.19).
Comprehensive income per share
Sava Insurance Group Sava Re
EUR 112/2024 112/2023 112/2024 112/2023
Comprehensive income for the period 90,388,937 81,804,162 55,176,547 54,005,216
Comprehensive income for the owners of the 90,199,818 81,614,473 - -
controlling company
Weighted average number of shares outstanding 15,497,696 15,497,696 15,497,696 15,497,696
Comprehensive income per share 5.82 5.27 - -
The Company’s comprehensive income per share for the financial year 2024 was EUR 3.56 (2023:
EUR 3.48).
The weighted number of shares takes into account the annual average calculated on the basis of
monthly averages of ordinary shares less the number of treasury shares. The weighted average number
of shares outstanding in the financial period was 15,497,696 and the same as in 2023. The parent does
not have potentially dilutive capital instruments, which is why basic earnings per share equal diluted
earnings per share.



3.7.27 Retained earnings
The Company’s retained earnings as at 31 December 2024 are EUR 2.4 million lower than at
31 December 2023 (2023: increase of EUR 8.6 million).
In 2024, the Company paid out EUR 27,120,968 in dividends (2023: EUR 24,796,314). The distributable
profit for 2024 totals EUR 56.5 million (2023: EUR 57.5 million).
In 2024, the Group’s retained earnings increased due to the recognition of profits for the period of
EUR 39.7 million (2023: an increase of EUR 18.7 million) and the payment dividends of EUR 27.3 million
(2023: EUR 24.9 million).
Statement of distributable profit or loss
Sava Re
EUR 2024 2023
Net profit or loss for the period 52,234,330.27 49,474,802.34
Retained earnings 30,425,641.84 32,809,208.67
Carry-forward of the previous year 30,425,641.84 16,994,304.32
Impact of the transition to the new standards - 15,814,904.35
Additions to other reserves as per resolution of the management and supervisory boards -26,117,165.13 -24,737,401.17
Distributable profit to be allocated by the general meeting 56,542,806.98 57,546,609.84
- to shareholders not yet published 27,120,968.00
- to be carried forward to the next year 0 30,425,641.84



Graphics
414

3.7.28 Foreign currency translation reserve
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Foreign currency translation reserve 2,965,039 3,049,094
Total 2,965,039 3,049,094
The translation reserve relates to exchange differences arising from the translation or consolidation of
the financial statements of subsidiaries. Translation differences mainly relate to the change in the
value of the Serbian dinar and the Nort Macedonian denar.


3.7.29 Non-controlling interests in equity
Non-controlling interests in equity
Sava Insurance Group
EUR 31 December 2024 31 December 2023
Sava Osiguruvanje (MKD) 470,090 442,431
Sava Station 13,661 8,742
TBS Team 24 132,112 138,181
Vita S Holding (MKD) 233,219 261,417
Total 849,083 850,771

3.7.30 Subordinated liabilities
The parent company has two subordinated bonds in issue. The first was issued in October 2019,
maturing in 2039, with ISIN code XS2063427574 and an early recall option for 7 November 2029. The
second was issued in October 2024 and matures in 2029, with ISIN code XS2884012332.
The total issue size of the first subordinated bond is EUR 75.0 million. Until the early recall option of
the bond, the annual interest rate is fixed at 3.75% and the coupon is payable annually. If the issuer
does not exercise the early recall option, the annual interest rate after the date of the early recall will
be 4.683% over the three-month Euribor, with coupons payable quarterly.
The bond is admitted to trading on the regulated market of the Luxembourg Stock Exchange. As at 31
December 2024, the market price of the bond was 86.862% and the market value EUR 65,146,500 (31
December 2023: price 77.717% and market value EUR 58,702,709). The book value of the bond as at
31 December 2024 was EUR 75,053,218 (31 December 2023: EUR 74,987,535). The effective interest
rate on the first bond issued (calculated from the early recall option) is 3.86%.
The total issue size of the second subordinated bond is EUR 50.0 million. Until the recall of the bond,
the annual interest rate is fixed at 5.2%, and the coupon is payable annually.
The bond is admitted to trading on the regulated market of the Luxembourg Stock Exchange. As at 31
December 2024, the market price of the bond was 99.66% and the market value EUR 49,830,000. The
book value of the bond as at 31 December 2024 was EUR 50,005,256. The effective interest rate on
the bond issued this year is 5.5%.


Graphics
415
Sava Re
EUR 31 December 2023 Increase Decrease 31 December 2024
XS2063427574 74,987,535 2,878,183 -2,812,500 75,053,218
XS2884012332 0 50,005,256 0 50,005,256
Total 74,987,535 52,883,439 -2,812,500 125,058,474
The increase includes the new issue, accrued interest until the end of 2024 and amortisation of issuance costs until maturity. The decrease
represents interest paid (coupon).
Finance costs consist of interest on subordinated debt of EUR 3,569,778 (2023: EUR 2,875,679) and
interest on leases of EUR 399,695 (2023: EUR 239,318).

3.7.31 Other provisions
Sava Insurance Group Sava Re
EUR 31 December 2024 31 December 31 December 31 December
2023 2024 2023
Provision for severance pay upon retirement 4,825,115 4,660,639 321,119 270,203
Provision for jubilee benefits 2,994,345 2,688,742 153,144 149,457
Other provisions 762,958 724,874 - -
Total 8,582,417 8,074,255 474,263 419,660


Graphics
416

Movement in the provision for severance pay upon retirement and jubilee benefits
Sava Insurance Group Sava Re
EUR Provision
Provision for Provision for for Provision
severance pay jubilee Total severance for jubilee Total
upon retirement benefits pay upon benefits
retirement
31 December 2023 4,660,639 2,688,742 7,349,381 270,203 149,457 419,660
Interest expense (IS) 148,426 88,573 237,000 9,193 5,245 14,438
Current service cost (IS) 369,199 325,073 694,271 35,185 20,969 56,153
Past service cost (IS) 11,411 40,279 51,690 - - -
Payout of benefits (-) -391,877 -362,986 -754,863 -5,760 -12,723 -18,483
Actuarial losses (IS) 34,441 214,639 249,080 - -9,804 -9,804
Actuarial losses (SFP) -7,373 - -7,373 12,298 - 12,298
Additions acquisition of subsidiary - - - - - -
Exchange differences 249 25 273 - - -
Balance as at 31 December 2024 4,825,115 2,994,345 7,819,459 321,119 153,144 474,263
Sava Insurance Group Sava Re
EUR Provision Provision
Provision for Provision for for for
severance pay jubilee Total severance jubilee Total
upon retirement benefits pay upon benefits
retirement
31 December 2022 4,244,938 2,648,899 6,893,840 266,392 126,248 392,640
Interest expense (IS) 135,247 85,644 220,891 8,608 4,164 12,772
Current service cost (IS) 327,284 269,498 596,782 31,569 19,947 51,516
Past service cost (IS) 62,514 22,299 84,813 - - -
Payout of benefits (-) -300,920 -295,900 -596,820 -9,302 -9,716 -19,018
Actuarial losses (IS) 7,160 -41,639 -34,479 0 8,813 8,813
Actuarial losses (SFP) 184,499 - 184,499 -27,064 - -27,064
Additions acquisition of subsidiary - - - - - -
Exchange differences -83 -59 -142 - - -
Balance as at 31 December 2023 4,660,639 2,688,742 7,349,381 270,203 149,457 419,660
The main assumptions used in the calculation of provisions for jubilee benefits and severance pay upon
retirement are as follows: The interest rate curves used for discounting are those published by EIOPA
for the calculation of capital adequacy. The expected increase in salaries and jubilee benefits is
calculated using real growth based on historical data for individual companies (Sava Re: 0.9%) and
long-term inflation of 2.2%. The expected early departure rates used vary by age group and are based
on the historical departure rates of each company (Sava Re: 3.1% under 35 years, 3.9% between 35
and 45 years, 5.3% over 45 years). Expected mortality is determined on the basis of the population
mortality tables of the country of incorporation of each Group company.
Below we provide a sensitivity analysis of the provision for severance pay upon retirement and the
provision for jubilee benefits.
Sava Insurance Group Provision for severance pay upon Provision for jubilee benefits
retirement
Impact on the level of provisions (EUR) 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Decrease in discount rate of 1% 509,640 501,220 243,312 218,070
Increase in discount rate of 1% -436,522 -424,964 -212,112 -190,105
Decrease in real income growth of 0.5% -228,952 -222,041 -94,609 -85,735
Increase in real income growth of 0.5% 241,962 238,993 100,267 90,870
Decrease in staff turnover of 10% 177,664 170,790 90,715 79,575
Increase in staff turnover of 10% -170,868 -160,718 -86,189 -75,777
Decrease in mortality rate of 10% 32,141 33,696 12,845 11,570
Increase in mortality rate of 10% -36,252 -33,359 -12,746 -11,480



Graphics
417


Sava Re Provision for severance pay upon Provision for jubilee benefits
retirement
Impact on the level of provisions (EUR) 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Decrease in discount rate of 1% 35,877 32,755 11,969 11,520
Increase in discount rate of 1% -30,633 -27,872 -10,482 -10,083
Decrease in real income growth of 0.5% -16,200 -14,808 0 0
Increase in real income growth of 0.5% 17,632 16,160 0 0
Decrease in staff turnover of 10% 19,521 17,805 5,685 5,422
Increase in staff turnover of 10% -18,081 -16,461 -5,364 -5,113
Decrease in mortality rate of 10% 2,492 2,192 365 351
Increase in mortality rate of 10% -2,466 -2,168 -363 -349

Sava Insurance Group
EUR Additions
31 December Uses and Exchange 31 December
2023 Additions reversals acquisition differences 2024
of
subsidiary
Other provisions 724,874 146,575 -108,505 - 15 762,958
Total 724,874 146,575 -108,505 0 15 762,958
Sava Insurance Group
EUR Additions
31 December Uses and Exchange 31 December
2022 Additions reversals acquisition differences 2023
of
subsidiary
Other provisions 1,079,617 144,103 -498,766 - -80 724,874
Total 1,079,617 144,103 -498,766 0 -80 724,874
Other provisions include provisions for the guarantee fund, lawsuits and the deferred part of
management board bonuses.



3.7.32 Other financial liabilities
Sava Insurance Group Sava Re
EUR 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Other financial liabilities 431,656 737,085 - -
Other financial liabilities relate to a loan payable to a subsidiary in Serbia with a maturity of up to one
year.



3.7.33 Current tax liabilities
Sava Insurance Group Sava Re
EUR 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Current income tax liabilities 1,471,324 9,930,830 - 6,319,991
Current tax liabilities recognised in accordance with tax legislation at the end of the financial year are
settled by the Group companies within the statutory period of less than one year.


Graphics
418

3.7.34 Other liabilities
Sava Insurance Group Sava Re
EUR 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Other liabilities 34,734,486 30,896,035 3,372,076 2,898,365
Short-term provisions (deferred income and accrued expenses) 15,681,610 12,873,471 2,667,846 1,951,655
Other liabilities 50,416,096 43,769,505 6,039,922 4,850,021
Sava Insurance Group
EUR Contractual maturity
2024 Over 1 year Up to 1 year Total
Other liabilities 312,500 50,103,596 50,416,096
Sava Insurance Group
EUR Contractual maturity
2023 Over 1 year Up to 1 year Total
Other liabilities 312,500 43,457,005 43,769,505
Sava Re
EUR Contractual maturity
2024 15 years Up to 1 year total
Other liabilities 312,500 5,727,422 6,039,922
Sava Re
EUR Contractual maturity
2023 15 years Up to 1 year total
Other liabilities 312,500 4,537,521 4,850,021
Other liabilities mainly comprise liabilities that are settled by the companies within the financial year,
so all such liabilities are classified as due within one year. Other liabilities with a maturity of more than
one year relate to the payment of the purchase price for the subsidiary ASP, which is due in 2026.
Other liabilities and short-term provisions (deferred income and accrued expenses) are unsecured.
Other liabilities
Sava Insurance Group Sava Re
EUR 31 December 31 31 December 31
2024 December 2024 December
2023 2023
Current liabilities due to employees 4,861,104 4,530,558 751,651 685,475
Diverse other current liabilities 12,090,438 11,405,144 - -
arising from insurance business outside the scope of IFRS 17
Short-term trade liabilities 9,918,493 14,620,197 702,740 1,900,391
Diverse other current liabilities 7,864,452 340,136 1,917,685 312,500
Total 34,734,486 30,896,035 3,372,076 2,898,365
Diverse other current liabilities arising from insurance business outside the scope of IFRS 17 mainly
comprise commissions payable to insurance intermediaries.
Diverse other current liabilities mainly comprise investment settlement liabilities, payroll contributions
and taxes, VAT and securities received.
Current accrued costs (expenses) and deferred revenue
Sava Insurance Group Sava Re



Graphics
419

EUR 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Accrued costs and expenses due to Group companies - 87,433 - -
Accrued costs and expenses due to other companies 11,271,810 9,448,306 2,206,418 1,569,772
Other accrued costs (expenses) and deferred revenue 4,409,800 3,337,732 461,428 381,884
Total 15,681,610 12,873,471 2,667,846 1,951,655
Short-term provisions mainly comprise accrued charges for unused vacation, termination benefits to
employees, and commissions payable to intermediaries.
Other accrued costs (expenses) and deferred revenue mainly comprise provisions for employee
bonuses and the share of premiums paid into a damage prevention fund under the Montenegrin
Insurance Act.
Change in short-term provisions
Sava Insurance Group
EUR 31 December 2023 Additions Uses Exchange 31 December
differences 2024
Short-term accrued expenses 9,535,739 31,839,936 -30,104,398 533 11,271,810
Other accrued costs (expenses) and deferred revenue 3,337,732 4,627,052 -3,558,511 3,527 4,409,800
Total 12,873,471 36,466,987 -33,662,909 4,060 15,681,610
Sava Insurance Group
EUR 31 December 2022 Additions Uses Exchange 31 December
differences 2023
Short-term accrued expenses 8,157,437 33,961,425 -32,582,797 -326 9,535,739
Other accrued costs (expenses) and deferred revenue 2,440,920 3,039,028 -2,141,058 -1,158 3,337,732
Total 10,598,357 37,000,453 -34,723,855 -1,484 12,873,471
Sava Re
EUR 31 December 2023 Additions Uses 31 December
2024
Short-term accrued expenses 1,569,772 2,939,468 -2,302,822 2,206,418
Other accrued costs (expenses) and deferred revenue 381,884 79,544 - 461,428
Total 1,951,655 3,019,013 -2,302,822 2,667,846
Sava Re
EUR 31
31 December 2022 Additions Uses December
2023
Short-term accrued expenses 1,586,407 1,874,080 -1,890,715 1,569,772
Other accrued costs (expenses) and deferred revenue 302,499 79,385 - 381,884
Total 1,888,906 1,953,465 -1,890,715 1,951,655



Graphics
420

3.7.35 Fair values of assets and liabilities
Financial assets by level of the fair value hierarchy
Sava Insurance Group
EUR Fair value
Carrying Difference between FV and
amount CA
31 December 2024 Level 1 Level 2 Level 3 Total fair value
Investments measured at fair value 2,253,357,492 2,068,244,982 112,495,412 72,617,098 2,253,357,492 0
Investments measured at fair value through 814,694,920 732,157,318 9,920,504 72,617,098 814,694,920 0
profit or loss
Mandatorily measured at fair value through 814,694,920 732,157,318 9,920,504 72,617,098 814,694,920 0
profit or loss, not held for trading
Debt instruments 9,355,534 3,840,413 5,515,122 - 9,355,534 0
Equity instruments 732,978,080 728,316,905 4,405,382 255,792 732,978,080 0
Investments in infrastructure funds 59,777,426 - - 59,777,426 59,777,426 0
Investments in real-estate funds 12,583,880 - - 12,583,880 12,583,880 0
Investments measured at fair value through 1,438,662,572 1,336,087,664 102,574,908 0 1,438,662,572 0
other comprehensive income
Debt instruments 1,420,696,781 1,318,121,873 102,574,908 - 1,420,696,781 0
Equity instruments 17,965,791 17,965,791 - - 17,965,791 0
Investments not measured at fair value 75,722,712 37,572,932 9,612,220 28,486,422 75,671,574 -51,138
Investments measured at amortised cost 75,722,712 37,572,932 9,612,220 28,486,422 75,671,574 -51,138
Debt instruments (bonds) 47,754,988 37,572,932 9,612,220 - 47,185,152 -569,836
Deposits and CDs 27,299,953 - - 27,786,346 27,786,346 486,393
Loans granted 667,771 - - 700,076 700,076 32,305
Sava Insurance Group
EUR Fair value Difference
Carrying amount between FV and
31 December 2023 Level 1 Level 2 Level 3 Total fair value CA
Investments measured at fair value 1,936,229,467 1,746,868,840 117,886,785 71,473,842 1,936,229,467 0
Investments measured at fair value through profit or 660,082,422 569,956,001 18,652,579 71,473,842 660,082,422 0
loss
Mandatorily measured at fair value through profit or 660,082,422 569,956,001 18,652,579 71,473,842 660,082,422 0
loss, not held for trading
Debt instruments 19,701,111 5,568,931 14,132,180 - 19,701,111 0
Equity instruments 569,153,261 564,387,070 4,520,399 245,792 569,153,261 0
Investments in infrastructure funds 57,339,858 - - 57,339,858 57,339,858 0
Investments in real-estate funds 13,888,192 - - 13,888,192 13,888,192 0
Investments measured at fair value through other 1,276,147,045 1,176,912,839 99,234,206 0 1,276,147,045 0
comprehensive income
Debt instruments 1,260,177,155 1,160,942,949 99,234,206 - 1,260,177,155 0
Equity instruments 15,969,890 15,969,890 - - 15,969,890 0
Investments not measured at fair value 76,303,166 39,689,221 8,640,004 26,896,788 75,226,013 -1,077,153
Investments measured at amortised cost 76,303,166 39,689,221 8,640,004 26,896,788 75,226,013 -1,077,153
Debt instruments (bonds) 49,932,856 39,689,221 8,640,004 - 48,329,225 -1,603,631
Deposits and CDs 25,616,171 - - 26,105,652 26,105,652 489,481
Loans granted 754,139 - - 791,136 791,136 36,997
Sava Re
EUR Fair value Difference
Carrying amount Total fair between FV
31 December 2024 Level 1 Level 2 Level 3 value and CA
Investments measured at fair value 438,708,282 387,021,609 25,717,787 25,968,887 438,708,282 0
Investments measured at fair value through profit or loss 38,507,315 7,792,840 4,745,588 25,968,887 38,507,315 0
Mandatorily measured at fair value through profit or loss, not held 38,507,315 7,792,840 4,745,588 25,968,887 38,507,315 0
for trading
Debt instruments 2,006,571 - 2,006,571 - 2,006,571 0
Equity instruments 10,531,858 7,792,840 2,739,018 - 10,531,858 0
Investments in infrastructure funds 22,403,584 - - 22,403,584 22,403,584 0
Investments in real-estate funds 3,565,302 - - 3,565,302 3,565,302 0
Investments measured at fair value through other 400,200,967 379,228,769 20,972,198 0 400,200,967 0
comprehensive income
Debt instruments 400,200,967 379,228,769 20,972,198 - 400,200,967 0
Investments not measured at fair value 5,677,769 2,146,747 0 3,644,427 5,791,174 113,404
Investments measured at amortised cost 5,677,769 2,146,747 0 3,644,427 5,791,174 113,404
Debt instruments (bonds) 2,076,258 2,146,747 - - 2,146,747 70,489
Deposits and CDs 1,022,920 - - 1,041,806 1,041,806 18,886
Loans granted 2,578,592 - - 2,602,621 2,602,621 24,030



Graphics
421

Sava Re
EUR Fair value Difference
Carrying amount Total fair between FV
31 December 2023 Level 1 Level 2 Level 3 value and CA
Investments measured at fair value 348,572,420 290,130,414 33,473,129 24,968,877 348,572,420 0
Investments measured at fair value through profit or loss 37,286,800 5,030,865 7,287,059 24,968,877 37,286,800 0
Mandatorily measured at fair value through profit or loss, 37,286,800 5,030,865 7,287,059 24,968,877 37,286,800 0
not held for trading
Debt instruments 4,320,636 - 4,320,636 - 4,320,636 0
Equity instruments 7,997,287 5,030,865 2,966,422 - 7,997,287 0
Investments in infrastructure funds 21,084,448 - - 21,084,448 21,084,448 0
Investments in real-estate funds 3,884,428 - - 3,884,428 3,884,428 0
Investments measured at fair value through other 311,285,620 285,099,550 26,186,070 0 311,285,620 0
comprehensive income
Debt instruments 311,285,620 285,099,550 26,186,070 - 311,285,620 0
Investments not measured at fair value 5,811,776 2,167,835 0 3,785,768 5,953,603 141,827
Investments measured at amortised cost 5,811,776 2,167,835 0 3,785,768 5,953,603 141,827
Debt instruments (bonds) 2,075,525 2,167,835 - - 2,167,835 92,311
Deposits and CDs 1,021,347 - - 1,041,806 1,041,806 20,458
Loans granted 2,714,904 - - 2,743,962 2,743,962 29,058
As at 31 December 2024, a large proportion of the debt securities portfolio is valued at the CBBT bid
price, which represents the unadjusted quoted price and thus meets the criteria for a tier 1
classification. Mutual funds and listed equity securities that meet the criteria of an active market, as
well as debt securities valued at BVAL bid prices that meet the relevant price quality criteria, are also
classified into this level.
As at 31 December 2024, level 1 investments represented 90.4% (31 December 2023: 88.8%) of the
value of the Group’s financial investments measured at fair value.
Debt securities for which no CBBT bid price exists at the classification date, but a BVAL bid price of
lower quality is available, are classified into Level 2. We classify into the same Level investments valued
based on an internal model that uses directly and indirectly observable market inputs, such as the risk-
free interest rate curve, yield of similar financial instruments, and credit and liquidity risk premiums.
Equity securities valued using stock exchange prices that meet the criteria for a non-functioning market
are also classified into this Level.
The Group classifies into Level 3 shares measured at cost, loans granted measured at amortised cost
and investments in alternative funds, such as real-estate funds, infrastructure funds, private debt
funds, private equity funds and the like. Alternative funds are valued by fund managers in the form of
fund unit values or as the value of invested assets, being the best approximation of fair value. Assets
are valued based on material non-public information on assets invested in funds. The Group has only
limited access to input data as used by fund managers, which is why the Group does not carry out own
valuations nor is it possible for the Group to run sensitivity analyses.
In order to value fund assets, managers of such funds generally use methods that comply with
International Private Equity and Venture Capital Valuation standards, such as discounting of cash flows
and the multiples method.
Valuation techniques for all items described above are defined in accounting policies. The method is
described for investment property in section 3.4.11 “Investment property”, for investments in
subsidiaries and associates in section 3.4.12 “Investments in subsidiaries and associates” and for
financial investments in section 3.4.13 “Financial investments”.
The fair value of the Company’s investment property as at 31 December 2024 was EUR 10,007,145
(2023: EUR 10,007,145), that of the Group at EUR 28,519,381 (2023: 28,591,968). The Company and
the Group classify investment property as level 3 assets.



Graphics
422

Movements in level 3 financial assets measured at fair value
Sava Insurance Group
EUR Equity instruments Investments in Investments in
infrastructure funds real-estate funds
31 December 2024 31 December 2024 31 December 2024
Opening balance 245,792 57,339,858 13,888,192
Exchange differences - - 1
Additions - 3,443,404 -
Disposals - -4,238,814 -
Revaluation to fair value - 3,232,977 -1,304,313
Reclassification between levels (from L1 or L2 to L3) 10,000 - -
Closing balance 255,792 59,777,426 12,583,880
Income - 1,167,400 126,510
Unrealised gains/losses - 959,583 -319,126
Sava Insurance Group
Equity Investments in Investments in
EUR Debt instruments instruments infrastructure real-estate funds
funds
31 December 31 December 31 December 31 December
2023 2023 2023 2023
Opening balance 7,208,718 257,367 53,856,375 16,497,061
Exchange differences 1 25 2 -1
Additions - - 4,230,418 -
Disposals -587,952 -11,600 -2,004,341 -
Maturity -1,313,725 - - -
Revaluation to fair value 696,363 - 1,257,404 -2,608,868
Reclassification into other levels (from L3 to L2 or -6,003,405 - - -
L1)
Closing balance 0 245,792 57,339,858 13,888,192
Income - 750 2,046,833 287,511
Unrealised gains/losses 23,483 - 1,567,201 -2,192,884
Sava Re
EUR Investments in Investments in real-estate
infrastructure funds funds
31 December 2024 31 December 2024
Opening balance 21,084,449 3,884,428
Exchange differences - -
Increase 1,751,995 -
Disposals -1,815,119 -
Revaluation to fair value 1,382,261 -319,126
Reclassification into other levels (from L3 to L2 or L1) - -
Closing balance 22,403,584 3,565,302
Income 1,167,400 959,583
Unrealised gains/losses 103,239 -319,126
Sava Re
EUR Debt instruments Investments in infrastructure Investments in real-
funds estate funds
31 December 2023 31 December 2023 31 December 2023
Opening balance 3,416,149 18,843,871 4,584,214
Exchange differences - 1 -1
Additions - 2,567,159 -
Maturity -1,313,725 -711,560 -
Revaluation to fair value 297,701 384,977 -699,785
Reclassification into other levels (from L3 to L2 or L1) -2,400,124 - -
Closing balance 0 21,084,449 3,884,428
Income - 921,507 86,504
Unrealised gains/losses - 606,629 -699,785



Graphics
423

Reclassification of assets and financial liabilities between levels
Sava Insurance Group
EUR Level 1 Level 2 Level 3
31 December 2024
Investments measured at fair value through profit or loss 287,827 -297,827 10,000
Mandatorily measured at fair value through profit or loss, not held for trading 287,827 -297,827 10,000
Debt instruments 297,827 -297,827 -
Debt securities reclassified from level 2 into level 1 297,827 -297,827 -
Equity instruments -10,000 - 10,000
Equity instruments reclassified from level 1 into level 3 -10,000 - 10,000
Investments measured at fair value through other comprehensive income 175,089 -175,089 0
Debt instruments 175,089 -175,089 -
Reclassification from level 1 into level 2 -6,351,179 6,351,179 -
Reclassification from level 2 into level 1 6,526,268 -6,526,268 -
Sava Insurance Group
EUR Level 1 Level 2 Level 3
31 December 2023
Investments measured at fair value through profit or loss 195,614 4,876,288 -5,071,902
Mandatorily measured at fair value through profit or loss, not held for trading 195,614 4,876,288 -5,071,902
Debt securities reclassified from level 1 into level 3 195,614 - -195,614
Debt securities reclassified from level 3 into level 2 - 4,876,288 -4,876,288
Investments measured at fair value through other comprehensive income -1,216,784 3,079,790 -1,863,006
Debt instruments -608,392 1,539,895 -931,503
Reclassification from level 1 into level 2 -608,392 608,392 -
Reclassification from level 3 into level 2 - 931,503 -931,503
Sava Re
EUR Level 1 Level 2 Level 3
31 December 2024
Investments measured at fair value through other comprehensive income 1,045,393 -1,045,393 0
Debt instruments 1,045,393 -1,045,393 -
Reclassification from level 1 into level 2 -3,579,936 3,579,936 -
Reclassification from level 2 into level 1 4,625,328 -4,625,328 -
Sava Re
EUR Level 1 Level 2 Level 3
31 December 2023
Investments measured at fair value through profit or loss 0 1,913,925 -1,913,925
Mandatorily measured at fair value through profit or loss, not held - 1,913,925 -1,913,925
for trading
Debt securities reclassified from level 3 into level 2 - 1,913,925 -1,913,925
Investments measured at fair value through other comprehensive -237,554 1,209,953 -972,399
income
Debt instruments -118,777 604,976 -486,199
Reclassification from level 1 into level 2 -118,777 118,777 -
Reclassification from level 3 into level 2 - 486,199 -486,199



Graphics
424
3.7.36 Insurance revenue and insurance service expenses
Sava Insurance Group Sava Re
2024 2023 2024 2023
EUR
Non-life Life Total Non-life Life Total Non-life
Insurance 725,769,172 75,444,466 801,213,638 630,737,533 66,825,278 697,562,811 171,664,689 167,804,126
revenue
Amounts
recoverable
from
insurance -53,617,054 -253,281 -53,870,334 -42,824,599 -247,178 -43,071,777 -38,193,095 -30,235,703
contracts
ceded to
reinsurers
Total
insurance -610,814,375 -51,535,640 -662,350,015 -611,082,703 -46,042,815 -657,125,518 -115,918,533 -174,490,918
service
expenses
Total
amounts
recovered 23,437,974 178,181 23,616,154 85,877,898 234,348 86,112,246 14,702,386 73,904,850
from
reinsurers


Graphics
425
Analysis of insurance revenue (contracts for which the PAA has not been applied)
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Total Non-life
Insurance contracts not measured using the premium allocation approach (PAA)
Amounts relating to changes in the liability for remaining coverage 104,456,230 63,390,148 167,846,378 154,101,154
Expected claims expenses and other insurance service expenses 64,751,163 39,163,716 103,914,879 99,140,770
Release of the risk adjustment for non-financial risk for risk expired 11,180,591 4,482,385 15,662,976 16,627,725
Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services 23,168,478 20,156,099 43,324,577 44,616,850
Other amounts (e.g. experience adjustments for premium receipts) 5,355,998 -412,052 4,943,945 -6,284,191
Refund of insurance acquisition cash flows 11,367,206 12,054,318 23,421,524 8,410,926
Total 115,823,436 75,444,466 191,267,902 162,512,080
Insurance contracts measured using the premium allocation approach 609,945,736 0 609,945,736 9,152,609
Insurance revenue 725,769,172 75,444,466 801,213,638 171,664,689
EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Total Non-life
Insurance contracts not measured using the premium allocation approach (PAA)
Amounts relating to changes in the liability for remaining coverage 107,140,544 57,267,502 164,408,046 148,942,159
Expected claims expenses and other insurance service expenses 59,831,277 35,847,950 95,679,227 90,884,369
Release of the risk adjustment for non-financial risk for risk expired 9,989,677 4,468,442 14,458,119 14,358,334
Amount of the contractual service margin recognised in profit or loss to reflect the transfer of services 27,461,070 17,409,416 44,870,486 43,583,041
Other amounts (e.g. experience adjustments for premium receipts) 9,858,520 -458,306 9,400,214 116,415
Refund of insurance acquisition cash flows 10,785,511 9,557,779 20,343,290 8,889,287
Total 117,926,055 66,825,281 184,751,336 157,831,445
Insurance contracts measured using the premium allocation approach 512,811,476 0 512,811,476 9,972,681
Insurance revenue 630,737,531 66,825,281 697,562,812 167,804,126
Insurance service expenses
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Non-life
Insurance contracts Insurance contracts Insurance contracts Insurance contracts Insurance contracts
not measured using measured using the Total not measured using not measured using measured using the Total
the PAA PAA the PAA the PAA PAA
Insurance service expenses -53,911,445 -376,828,642 -430,740,087 -17,867,109 -94,815,999 -9,216,291 -104,032,290
Insurance service operating expenses -16,978,268 -163,096,020 -180,074,287 -33,668,531 -11,547,670 -338,572 -11,886,242
Acquisition costs -11,367,206 -92,123,284 -103,490,489 -12,054,318 -8,410,926 -119,711 -8,530,637
Losses on onerous contracts -243,356 2,292,627 2,049,271 -854,821 -107,603 - -107,603
Administrative expenses -5,367,707 -73,265,363 -78,633,069 -20,759,391 -3,029,141 -218,861 -3,248,003
Insurance service expenses -70,889,713 -539,924,662 -610,814,375 -51,535,640 -106,363,669 -9,554,864 -115,918,533


Graphics
426
EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Non-life
Insurance contracts Insurance contracts Insurance contracts Insurance contracts Insurance contracts
not measured using measured using the Total not measured using not measured using measured using the Total
the PAA PAA the PAA the PAA PAA
Insurance service expenses -76,067,916 -371,851,682 -447,919,598 -17,554,556 -114,069,334 -48,638,961 -162,708,295
Insurance service operating expenses -14,689,617 -148,473,487 -163,163,104 -28,488,257 -11,417,291 -365,332 -11,782,623
Acquisition costs -10,785,511 -80,522,287 -91,307,798 -9,557,779 -8,889,287 -182,343 -9,071,629
Losses on onerous contracts 303,334 -2,814,659 -2,511,325 424,984 245,208 - 245,208
Administrative expenses -4,207,440 -65,136,541 -69,343,981 -19,355,462 -2,773,212 -182,989 -2,956,202
Insurance service expenses -90,757,533 -520,325,169 -611,082,702 -46,042,813 -125,486,624 -49,004,293 -174,490,918

3.7.37 Reinsurance revenue and reinsurance service expenses
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Total Non-life
Reinsurers’ share of insurance revenue, of which: -53,617,054 -253,281 -53,870,334 -38,193,095
Contracts not measured using the premium allocation approach (PAA) -34,789,218 -253,281 -35,042,498 -28,328,505
Contracts measured using the premium allocation approach (PAA) -18,827,836 0 -18,827,836 -9,864,590
Reinsurers’ share of claims, of which: 23,437,974 178,181 23,616,154 14,702,386
Contracts not measured using the premium allocation approach (PAA) 3,316,842 178,181 3,495,023 -317,753
Contracts measured using the premium allocation approach (PAA) 20,121,132 0 20,121,132 15,020,139
Net reinsurance revenue / service expenses -30,179,080 -75,100 -30,254,180 -23,490,709
EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Total Non-life
Reinsurers’ share of insurance revenue, of which: -42,824,599 -247,179 -43,071,778 -30,235,703
Contracts not measured using the premium allocation approach (PAA) -36,248,168 -247,180 -36,495,348 -30,235,703
Contracts measured using the premium allocation approach (PAA) -6,576,428 0 -6,576,428 0
Reinsurers’ share of claims, of which: 85,877,893 234,348 86,112,241 73,904,850
Contracts not measured using the premium allocation approach (PAA) 77,909,179 234,349 78,143,528 73,904,850
Contracts measured using the premium allocation approach (PAA) 7,968,712 0 7,968,712 0
Net reinsurance revenue / service expenses 43,053,294 -12,831 43,040,463 43,669,147


Graphics
427
EUR Sava Insurance Group Sava Re
31 December 2024 Non-life Life Total Non-life
Reinsurers’ shares of insurance revenue
Expected recovery for insurance service expenses incurred in the period -32,040,503 -120,011 -32,160,514 -20,281,079
Changes in the risk adjustment for non-financial risk -3,997,917 3,465 -3,994,452 -3,274,385
Finance income/expenses recognised in profit or loss -17,578,634 -136,734 -17,715,368 -14,637,630
Allocation of reinsurers’ shares of premiums -53,617,054 -253,281 -53,870,334 -38,193,095
Reinsurers’ share of claims and other insurance service expenses in the period 46,227,845 189,042 46,416,887 39,241,029
Changes in amounts recoverable arising from changes in liabilities for incurred claims -22,752,252 -10,861 -22,763,113 -24,538,643
Changes in fulfilment cash flows which relate to onerous underlying contracts -37,620 - -37,620 -
Reinsurers’ shares of insurance service expenses 23,437,974 178,181 23,616,154 14,702,386
Net reinsurance revenue / service expenses -30,179,080 -75,100 -30,254,180 -23,490,709
EUR Sava Insurance Group Sava Re
31 December 2023 Non-life Life Total Non-life
Reinsurers’ shares of insurance revenue
Expected recovery for insurance service expenses incurred in the period -18,608,747 -138,846 -18,747,593 -9,717,955
Changes in the risk adjustment for non-financial risk -4,805,562 4,148 -4,801,414 -4,227,733
Finance income/expenses recognised in profit or loss -19,410,291 -112,479 -19,522,770 -16,290,016
Allocation of reinsurers’ shares of premiums -42,824,600 -247,177 -43,071,777 -30,235,703
Reinsurers’ share of claims and other insurance expenses in the period 89,494,581 124,348 89,618,929 77,958,868
Changes in amounts recoverable arising from changes in liabilities for incurred claims -3,656,185 110,000 -3,546,185 -4,054,018
Changes in fulfilment cash flows which relate to onerous underlying contracts 39,496 - 39,496 -
Reinsurers’ shares of insurance service expenses 85,877,892 234,348 86,112,240 73,904,850
Net reinsurance revenue / service expenses 43,053,292 -12,829 43,040,463 43,669,147


Graphics
428

3.7.38 Investment income and expenses
Investment income by IFRS categories
Investment income by IFRS categories for 2024
Sava Insurance Group
Gains on Income
Change in fair Gains on disposal of from Change in Diverse
EUR Interest value of disposal of investments dividends Exchange expected other Total
income FVTPL FVTPL of other and shares gains credit losses income
investments investments IFRS of other (ECL)
categories investments
Investments measured at amortised cost 3,309,114 0 0 31,148 0 691,589 575,099 0 4,606,950
Debt instruments 1,788,864 - - 31,148 - 31,909 31,766 - 1,883,687
Cash and cash equivalents 424,466 - - - - 659,493 - - 1,083,958
Deposits and CDs 1,055,068 - - - - 187 502,679 - 1,557,934
Loans 40,716 - - - - - 40,653 - 81,370
Investments measured at fair value through profit or loss 567,340 143,959,767 1,449,491 0 344,716 1,289,311 0 2,942,770 150,553,394
Mandatorily measured at fair value through profit or loss, not held for trading 567,340 143,959,767 1,449,491 0 344,716 1,289,311 0 2,942,770 150,553,394
Debt instruments 567,340 730,230 6,629 - - - - - 1,304,198
Equity instruments - 139,276,561 1,442,862 - 344,716 211,965 - - 141,276,105
Investments in infrastructure funds - 3,770,249 - - - 1,077,345 - 2,582,922 7,430,516
Investments in real-estate funds - 182,727 - - - - - 359,848 542,575
Investments measured at fair value through other comprehensive income 24,293,303 0 0 374,734 708,807 7,152,054 963,197 16,417 33,508,513
Debt instruments 24,293,303 - - 374,734 - 7,152,054 963,197 3,055 32,786,343
Equity instruments - - - - 708,807 - - 13,363 722,170
Investment property 0 0 0 0 0 0 0 1,700,920 1,700,920
Investment property - - - - - - - 1,700,920 1,700,920
Total investment income 28,169,757 143,959,767 1,449,491 405,882 1,053,524 9,132,954 1,538,296 4,660,107 190,369,777



Graphics
429

Investment income by IFRS categories for 2023
Sava Insurance Group
Gains on Income
EUR Change in fair Gains on disposal of from Change in Diverse
Interest value of FVTPL disposal of investments dividends Exchange expected credit other Total
income investments FVTPL of other and shares gains losses (ECL) income
investments IFRS of other
categories investments
Investments measured at amortised cost 2,640,198 0 0 0 0 1,518,696 524,179 0 4,683,073
Debt instruments 1,718,644 - - - - 30,787 15,999 - 1,765,430
Cash and cash equivalents 119,718 - - - - 1,452,543 - - 1,572,261
Deposits and CDs 738,694 - - - - 35,366 484,259 - 1,258,319
Loans 63,142 - - - - - 23,921 - 87,063
Investments measured at fair value through profit or loss 809,053 106,098,756 487,591 0 434,362 977,080 5,194 2,340,151 111,152,187
Mandatorily measured at fair value through profit or loss, not held for trading 809,053 106,098,756 487,591 0 434,362 977,080 5,194 2,340,151 111,152,187
Debt instruments 809,053 1,852,682 1,293 - - - 5,194 - 2,668,222
Equity instruments - 104,246,074 486,298 - 434,362 977,080 - - 106,143,814
Investments in infrastructure funds - - - - - - - 2,046,833 2,046,833
Investments in real-estate funds - - - - - - - 293,318 293,318
Investments measured at fair value through other comprehensive income 18,465,996 0 0 67,299 664,699 6,768,940 555,405 56,855 26,579,194
Debt instruments 18,465,996 - - 67,299 - 6,768,940 555,405 7,268 25,864,908
Equity instruments - - - - 664,699 - - 49,577 714,276
Other investments - - - - - - - 10 10
Investment property 0 0 0 0 0 0 0 1,444,938 1,444,938
Investment property - - - - - - - 1,444,938 1,444,938
Total investment income 21,915,247 106,098,756 487,591 67,299 1,099,061 9,264,716 1,084,778 3,841,944 143,859,392



Graphics
430

Investment income by IFRS categories for 2024
Sava Re
Gains on Income
Change in fair Gains on disposal of from Change in Diverse
EUR Interest value of disposal of investments dividends Exchange expected other Total
income FVTPL FVTPL of other and shares gains credit losses income
investments investments IFRS of other (ECL)
categories investments
Investments measured at amortised cost 493,225 0 0 0 0 624,552 38,401 0 1,156,178
Debt instruments 103,216 - - - - - 25 - 103,241
Cash and cash equivalents 176,587 - - - - 624,552 - - 801,139
Deposits and CDs 71,167 - - - - - 6,061 - 77,228
Loans 142,256 - - - - - 32,315 - 174,571
Investments measured at fair value through profit or loss 139,055 3,806,392 5,020 0 140,821 936,642 0 1,270,639 6,298,569
Mandatorily measured at fair value through profit or loss, not held for trading 139,055 3,806,392 5,020 0 140,821 936,642 0 1,270,639 6,298,569
Debt instruments 139,055 180,822 1,275 - - - - - 321,151
Equity instruments - 1,782,383 3,745 - 140,821 136,474 - - 2,063,423
Investments in infrastructure funds - 1,787,699 - - - 800,169 - 1,167,400 3,755,268
Investments in real-estate funds - 55,488 - - - - - 103,239 158,727
Investments measured at fair value through other comprehensive income 7,187,066 0 0 91,912 0 6,911,565 162,388 0 14,352,930
Debt instruments 7,187,066 - - 91,912 - 6,911,565 162,388 - 14,352,930
Investment property 0 0 0 0 0 0 0 959,359 959,359
Investment property - - - - - - - 959,359 959,359
Total investment income 7,819,346 3,806,392 5,020 91,912 140,821 8,472,760 200,788 2,229,998 22,767,037



Graphics
431

Investment income by IFRS categories for 2023
Sava Re
Gains on Income
Change in fair Gains on disposal of from Change in Diverse
EUR Interest value of disposal of investments dividends Exchange expected other Total
income FVTPL FVTPL of other and shares gains credit losses income
investments investments IFRS of other (ECL)
categories investments
Investments measured at amortised cost 279,456 0 0 0 0 1,413,257 18,130 0 1,710,843
Debt instruments 102,760 - - - - - 2 - 102,763
Cash and cash equivalents 12,488 - - - - 1,413,257 - - 1,425,745
Deposits and CDs 41,806 - - - - - 2,940 - 44,746
Loans 122,402 - - - - - 15,188 - 137,590
Investments measured at fair value through profit or loss 230,222 3,903,887 9,388 0 217,967 672,816 0 1,008,011 6,042,291
Mandatorily measured at fair value through profit or loss, not held for trading 230,222 3,903,887 9,388 0 217,967 672,816 0 1,008,011 6,042,291
Debt instruments 230,222 433,741 - - - - - - 663,964
Equity instruments - 3,470,146 9,388 - 217,967 672,816 - - 4,370,316
Investments in infrastructure funds - - - - - - - 921,507 921,507
Investments in real-estate funds - - - - - - - 86,504 86,504
Investments measured at fair value through other comprehensive income 4,455,595 0 0 12,456 0 6,521,397 71,790 0 11,061,238
Debt instruments 4,455,595 - - 12,456 - 6,521,397 71,790 - 11,061,238
Investment property 0 0 0 0 0 0 0 867,573 867,573
Investment property - - - - - - - 867,573 867,573
Total investment income 4,965,273 3,903,887 9,388 12,456 217,967 8,607,469 89,921 1,875,584 19,681,945



Graphics
432

Investment expenses by IFRS category
Investment expenses by IFRS category for 2024
Sava Insurance Group
Change in fair Losses on Losses on Change in
Interest value of disposal of disposal of Exchange expected
EUR expenses FVTPL FVTPL investments losses credit losses Other Total
investments investments of other IFRS (ECL)
categories
Investments measured at amortised cost 1,835 0 0 3,044 1,311,548 571,218 95,091 1,982,736
Debt instruments - - - 3,044 45,929 35,329 78,427 162,729
Cash and cash equivalents - - - - 1,265,103 - - 1,265,103
Deposits and CDs 1,835 - - - 516 499,036 16,664 518,052
Loans granted - - - - - 36,852 - 36,852
Investments measured at fair value through profit or loss 0 43,222,306 159,873 0 642,376 0 438 44,024,992
Mandatorily measured at fair value through profit or loss, not held for trading 0 43,222,306 159,873 0 642,376 0 438 44,024,992
Debt instruments - 159,627 - - 33,167 - - 192,793
Equity instruments - 40,470,205 159,873 - 100,027 - 438 40,730,543
Investments in infrastructure funds - 1,105,434 - - 509,182 - - 1,614,617
Investments in real-estate funds - 1,487,040 - - - - - 1,487,040
Investments measured at fair value through other comprehensive income 0 0 0 243,085 5,882,067 384,512 129,443 6,639,106
Debt instruments - - - 243,085 5,882,067 384,512 10,622 6,520,285
Other investments - - - - - - 118,821 118,821
Investment property 0 0 0 0 0 0 608,912 608,912
Investment property - - - - - - 608,912 608,912
Total investment expenses 1,835 43,222,306 159,873 246,129 7,835,991 955,729 833,883 53,255,746



Graphics
433

Investment expenses by IFRS category for 2023
Sava Insurance Group
Losses on Losses on
Interest Change in fair disposal of disposal of Exchange Change in
EUR expenses value of FVTPL FVTPL investments of losses expected credit Other Total
investments investments other IFRS losses (ECL)
categories
Investments measured at amortised cost 767 0 0 0 3,259,089 582,666 5,590 3,848,112
Debt instruments - - - - 41,720 24,860 880 67,460
Cash and cash equivalents - - - - 3,168,264 - - 3,168,264
Deposits and CDs 767 - - - 49,105 550,833 4,710 605,415
Loans granted - - - - - 6,973 - 6,973
Investments measured at fair value through profit or loss 0 47,756,284 406,002 0 1,333,568 0 14,603 49,510,457
Mandatorily measured at fair value through profit or loss, not held for trading 0 47,756,284 406,002 0 1,333,568 0 14,603 49,510,457
Debt instruments - 387,857 16,669 - - - - 404,526
Equity instruments - 46,952,443 389,333 - 1,333,568 - 14,603 48,689,947
Investments in real-estate funds - 415,984 - - - - - 415,984
Investments measured at fair value through other comprehensive income 0 0 0 888,628 10,221,916 158,318 128,471 11,397,333
Debt instruments - - - 888,628 10,221,916 158,318 18,394 11,287,256
Other investments - - - - - - 110,077 110,077
Receivables 0 0 0 0 0 0 136,182 136,182
Other investments - - - - - - 136,182 136,182
Investment property 0 0 0 0 0 0 542,567 542,567
Investment property - - - - - - 542,567 542,567
Total investment expenses 767 47,756,284 406,002 888,628 14,814,573 740,984 827,413 65,434,651



Graphics
434

Investment expenses by IFRS category for 2024
Sava Re
Losses on Losses on
Interest Change in fair disposal of disposal of Exchange Change in
EUR expenses value of FVTPL FVTPL investments of losses expected credit Other Total
investments investments other IFRS losses (ECL)
categories
Investments measured at amortised cost 0 0 0 0 1,221,389 31,782 0 1,253,172
Debt instruments - - - - - 8 - 8
Cash and cash equivalents - - - - 1,221,389 - - 1,221,389
Deposits and CDs - - - - - 4,488 - 4,488
Loans granted - - - - - 27,286 - 27,286
Investments measured at fair value through profit or loss 0 2,604,587 160 0 442,865 0 0 3,047,611
Mandatorily measured at fair value through profit or loss, not held for trading 0 2,604,587 160 0 442,865 0 0 3,047,611
Debt instruments - 48,917 - - - - - 48,917
Equity instruments - 1,352,940 160 - 65,374 - - 1,418,474
Investments in infrastructure funds - 828,116 - - 377,491 - - 1,205,607
Investments in real-estate funds - 374,614 - - - - - 374,614
Investments measured at fair value through other comprehensive income 0 0 0 46,895 5,842,972 72,089 241 5,962,197
Debt instruments - - - 46,895 5,842,972 72,089 241 5,962,197
Investment property 0 0 0 0 0 0 236,804 236,804
Investment property - - - - - - 236,804 236,804
Total investment expenses 0 2,604,587 160 46,895 7,507,225 103,871 237,046 10,499,785
Investment expenses by IFRS category for 2023
Sava Re
Change in fair Losses on Losses on Change in
Interest value of disposal of disposal of Exchange expected
EUR expenses FVTPL FVTPL investments losses credit losses Other Total
investments investments of other IFRS (ECL)
categories
Investments measured at amortised cost 0 0 0 0 3,124,503 23,954 0 3,148,457
Debt instruments - - - - - 10 - 10
Cash and cash equivalents - - - - 3,124,503 - - 3,124,503
Deposits and CDs - - - - - 23,399 - 23,399
Loans granted - - - - - 545 - 545
Investments measured at fair value through profit or loss 0 2,692,105 158,893 0 919,266 0 0 3,770,264
Mandatorily measured at fair value through profit or loss, not held for trading 0 2,692,105 158,893 0 919,266 0 0 3,770,264
Debt instruments - 78,616 15,456 - - - - 94,072
Equity instruments - 2,613,489 143,437 - 919,266 - - 3,676,192
Investments measured at fair value through other comprehensive income 0 0 0 132,904 10,047,293 11,541 6,905 10,198,643
Debt instruments - - - 132,904 10,047,293 11,541 6,905 10,198,643
Investment property 0 0 0 0 0 0 220,196 220,196
Investment property - - - - - - 220,196 220,196
Total investment expenses 0 2,692,105 158,893 132,904 14,091,062 35,495 227,101 17,337,560



Graphics
435

Investment income and expenses by source of funds
The Group records investment income and expenses separately by source of funds, i.e. separately for
own fund assets, non-life insurance register assets and life insurance register assets. Own fund
investments support the Group’s equity; non-life insurance register assets support (re)insurance
contract liabilities relating to non-life business, whereas life insurance register assets support
(re)insurance contract liabilities relating to life insurance business.
Investment income non-life insurance business
Sava Insurance Group Sava Re
EUR Liability fund Liability fund Liability fund Liability fund
2024 2023 2024 2023
Interest income 13,339,584 8,393,085 6,225,685 4,091,965
Change in fair value and gains on disposal of FVTPL assets 7,691,602 8,083,070 3,584,520 3,828,337
Gains on disposal of other IFRS asset categories 151,804 42,381 91,912 21,844
Income from dividends and shares other investments 282,091 377,731 100,903 197,197
Exchange gains 8,965,606 9,092,627 8,470,560 8,605,716
Change in expected credit losses (ECL) 848,348 569,613 166,215 84,298
Diverse other income 4,466,653 3,662,301 2,220,164 1,865,515
Total investment income liability fund 35,745,688 30,220,808 20,859,958 18,694,872
Capital fund Capital fund Capital fund Capital fund
2024 2023 2024 2023
Interest income 4,043,422 2,469,129 1,593,661 873,308
Change in fair value and gains on disposal of FVTPL assets 424,745 362,758 226,893 75,550
Gains on disposal of other IFRS asset categories 95,507 10,798 - -
Income from dividends and shares other investments 39,918 21,520 39,918 20,770
Exchange gains 2,286 1,813 2,200 1,754
Change in expected credit losses (ECL) 92,067 73,818 34,574 5,622
Diverse other income 156,811 119,970 9,834 10,069
Total investment income capital fund 4,854,755 3,059,806 1,907,079 987,073
Total investment income non-life business 40,600,443 33,280,614 22,767,037 19,681,945
Investment income life insurance business
Sava Insurance Group
EUR Assets supporting life business Assets supporting life business
2024 2023
Interest income 8,279,186 8,917,868
Change in fair value and gains on disposal of FVTPL assets 137,190,124 97,489,188
Gains on disposal of other IFRS asset categories 107,216 466,971
Income from dividends and shares other investments 731,515 699,810
Exchange gains 106,299 111,507
Change in expected credit losses (ECL) 510,076 349,494
Diverse other income 36,633 59,673
Total investment income life insurance liability fund 146,961,048 108,094,511
Capital fund Capital fund
2024 2023
Interest income 2,507,564 2,135,165
Change in fair value and gains on disposal of FVTPL assets 102,786 163,740
Gains on disposal of other IFRS asset categories 51,356 34,740
Income from dividends and shares other investments - -
Exchange gains 58,764 58,769
Change in expected credit losses (ECL) 87,805 91,853
Diverse other income 11 -
Total investment income capital fund 2,808,286 2,484,267
Total investment income life business 149,769,334 110,578,778



Graphics
436

Expenses for financial assets and liabilities non-life business
Sava Insurance Group Sava Re
EUR Liability fund Liability fund Liability fund Liability fund
2024 2023 2024 2023
Interest expenses 1,835 767 - -
Change in fair value and losses on disposal of FVTPL assets 4,391,618 5,740,499 2,526,387 2,665,061
Losses on disposal of other IFRS asset categories 133,265 469,967 46,895 276,341
Exchange losses 7,699,535 14,589,799 7,506,058 14,089,188
Change in expected credit losses (ECL) 629,724 522,246 69,184 31,242
Other 547,742 549,575 231,262 222,052
Total investment expenses liability fund 13,403,718 21,872,853 10,379,787 17,283,884
Capital fund Capital fund Capital fund Capital fund
2024 2023 2024 2023
Interest expenses - - - -
Change in fair value and losses on disposal of FVTPL assets 137,647 79,524 78,359 27,044
Losses on disposal of other IFRS asset categories 10,029 16,315 0 15,456
Exchange losses 1,413 2,039 1,167 1,875
Change in expected credit losses (ECL) 56,417 37,295 34,687 4,253
Other 83,301 13,112 5,784 5,049
Total investment expenses capital fund 288,807 148,285 119,998 53,677
Total investment expenses non-life business 13,692,526 22,021,138 10,499,785 17,337,560
Expenses for financial assets and liabilities life business
Sava Insurance Group
EUR Assets supporting life business Assets supporting life business
2024 2023
Interest expenses - -
Change in fair value and losses on disposal of FVTPL assets 38,852,893 41,866,122
Losses on disposal of other IFRS asset categories 89,678 572,783
Exchange losses 72,187 146,908
Change in expected credit losses (ECL) 253,006 25,109
Other 124,794 255,806
Total investment expenses life insurance liability fund 39,392,558 42,866,728
Capital fund Capital fund
2024 2023
Interest expenses - -
Change in fair value and losses on disposal of FVTPL assets 20 70,139
Losses on disposal of other IFRS asset categories 13,157 235,565
Exchange losses 62,857 75,827
Change in expected credit losses (ECL) 16,582 156,334
Other 78,046 8,920
Total investment expenses capital fund 170,662 546,785
Total investment expenses life business 39,563,221 43,413,513
Net investment income from non-life and life business
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Non-life insurance 26,907,917 11,259,476 12,267,252 2,344,384
Life insurance 110,206,113 67,165,265 - -
Total 137,114,030 78,424,741 12,267,252 2,344,384



Graphics
437

The Group’s net investment income in 2024 was EUR 137.1 million (2023: EUR 78.4 million) and
includes the return on investments supporting the liabilities of life insurance policyholders who bear
the investment risk (direct participating contracts).
The return on the investments supporting the liabilities of life policyholders who bear the investment
risk in 2024 was EUR 99.2 million (31 December 2023: EUR 56.0 million). The majority of the return
relates to the change in the fair value of unit-linked life insurance mutual funds (31 December 2024:
EUR 99.2 million, 31 December 2023: EUR 55.4 million). The majority of this return has no impact on
profit or loss, as accordingly finance expenses on unit-linked life insurance contracts have also been
recognised.
The return on the Group’s investments for 2024, net of exchange differences and net of the return on
investments supporting the liabilities of life policyholders who bear the investment risk, is EUR 36.7
million. The most significant part of this is the interest income of EUR 27.5 million.
The net investment income of Sava Re in 2024 was EUR 12.3 million (2023: EUR 2.3 million). The net
investment income increased in 2024, mainly due to lower foreign exchange differences. Excluding
foreign exchange differences, the 2024 return of EUR 11.3 million would be higher than the 2023
return of EUR 7.8 million, mainly due to higher interest income.


3.7.39 Asset management revenue
Sava Insurance Group Sava Re
EUR 2024 2023 2024
Entry fee income 3,010,097 2,565,242 -
Exit fee income 25,488 22,400 -
Management fee income 20,624,748 17,001,768 4,034
Total 23,660,332 19,589,410 4,034

3.7.40 Operating expenses
The Group monitors operating expenses by nature. Compared to 2023, these expenses rose by 22.3%,
or EUR 56.2 million, (2023: EUR 23.3 million).
The Company’s operating expenses increased by 20.4% or by EUR 11.0 million (2023: EUR -6.4 million).
Operating expenses by nature
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Acquisition costs (commissions) 124,594,176 84,253,993 43,152,474 34,982,281
Depreciation/amortisation of operating assets 12,208,794 11,645,260 756,973 671,812
Personnel costs 108,915,203 98,735,179 13,210,765 11,305,985
Salaries and wages 82,174,535 74,381,931 10,489,906 8,807,034
Social and pension insurance costs 11,748,620 10,665,861 1,732,638 1,457,342
Other personnel costs 14,992,048 13,687,387 988,222 1,041,610
Costs of services by natural persons not 1,204,273 1,210,564 521,308 469,080
performing business, incl. of contributions
Other operating expenses 60,902,408 55,806,322 7,068,393 6,321,946
Total 307,824,855 251,651,318 64,709,913 53,751,104


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438
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Attributable expenses 250,901,769 200,636,773 48,527,528 39,945,596
Non-attributable expenses 31,079,973 29,432,276 16,182,385 13,805,508
Expenses of non-insurance companies 25,843,113 21,582,269 - -
Total 307,824,855 251,651,318 64,709,913 53,751,104


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439


The main items of other operating expenses, excluding audit expenses, are as follows.
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Other operating expenses 60,047,842 54,951,844 6,779,036 6,051,684
Cost of materials 1,572,893 1,952,616 76,452 66,464
Energy costs 1,929,204 2,281,062 137,087 138,347
Rental costs 4,858,347 4,704,807 1,149,934 1,083,886
Employee reimbursements and training costs 2,112,575 1,820,193 464,794 414,330
Cost of other services 17,246,453 15,741,976 1,732,561 891,023
Transaction costs 2,715,485 2,581,785 273,659 276,763
Costs of intellectual and personal services 15,639,258 12,931,395 1,658,755 2,253,531
Insurance premiums 694,449 489,718 205,817 171,571
Cost of advertising, promotion and entertainment 7,888,665 7,735,539 284,118 214,010
Provisions for pensions and other provisions 1,743,245 1,449,206 135,698 130,900
Cost of donations, sponsorship, membership fees 3,647,270 3,263,547 660,162 410,858
Total 60,047,842 54,951,844 6,779,036 6,051,684

Audit fees
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Audit of annual report 587,299 709,774 123,011 217,017
Other assurance services 267,267 144,705 166,346 53,245
Total 854,566 854,479 289,357 270,262

The cost of auditing the annual report includes audit costs incurred by each Group company, and
additionally for the Company, in addition to the cost of auditing the separate financial statements, the
cost of auditing the consolidated financial statements of the Sava Insurance Group. Other audit
services relate to assurance services for reports drawn up by the Company and the Group under
Solvency II requirements, and for other reports for which the auditor provides assurance services
(letter of comfort, sustainability report, related parties report, ESEF compliance report, reporting to
the Insurance Supervision Agency, remuneration report, approval of financial statements for foreign
regulators and similar).

3.7.41 Income and expenses relating to investments in subsidiaries and associates
In 2024, the Group generated income from profit distributions of associates of EUR 1,781,075 (2023:
EUR 2,169,860).

No impairment losses on goodwill were recognised in 2023 or 2024.
In 2024, the Company recognised EUR 39,035,925 (2023: EUR 30,642,415) of dividend income and
profit distributions. In 2024 and 2023, no impairment losses on shares of subsidiaries were recognised.


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440


3.7.42 Other operating income and expenses
Other operating income and expenses
Sava Insurance Group Sava Re
EUR 112/2024 112/2023 112/2024 112/2023
Income from outsourced internal audit services - - 395,705 395,705
Penalties and damages received 452,528 497,291 - 18,169
Operating income from revaluation 38,512 77,611 - -
Revenue from other services 5,184,983 4,772,343 108,329 93,705
Operating revenue 9,811,469 9,147,731 - -
Insurance revenue outside the scope of IFRS 17 2,149,282 2,441,442 - -
Other income 17,636,775 16,936,418 504,034 507,579
Net exchange differences -348,323 -4,743 -348,361 -4,997
Operating expenses from revaluation -33,367 -119,356 - -
Expenses for other services -3,962,805 -4,819,796 -194,526 -268,260
Expenses of non-insurance companies -25,843,113 -21,582,269 - -
Other expenses -30,187,608 -26,526,164 -542,887 -273,256
Net other operating income and expenses -12,550,833 -9,589,746 -38,853 234,323
Income from other services comprises gains on the disposal of items of property, plant and equipment,
extraordinary interest income and income from the use of holiday facilities.
Operating income mainly includes income from assistance services.
Expenses for other services include allowances for and impairment losses on other receivables, indirect
operating expenses relating to investment property, expenses due to impairment losses on property,
plant and equipment assets for own use and other extraordinary expenses.




3.7.43 Income tax expense
Tax expense recognised in the income statement
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Income tax expense 23,273,185 13,119,837 3,990,564 2,893,138
Deferred tax expense -1,317,327 1,836,345 98,626 1,221,269
Total tax expense recognised in the income statement 21,955,857 14,956,182 4,089,191 4,114,406

Tax expense recognised in other comprehensive income items that will not be reclassified to profit or
loss
Sava Insurance Group 2024 2023
EUR Before taxes Tax After taxes Before taxes Tax After taxes
Other comprehensive income 1,935,866 -2,124 1,933,742 845,648 -26,777 818,871
Total 1,935,866 -2,124 1,933,742 845,648 -26,777 818,871
Sava Re 2024 2023
EUR Before taxes Tax After taxes Before taxes Tax After taxes
Other comprehensive income -12,298 - -12,298 27,063 -624 26,439
Total -12,298 0 -12,298 27,063 -624 26,439


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441
Tax expense recognised in other comprehensive income items that will be reclassified to profit or loss
Sava Insurance Group 2024 2023
EUR Before taxes Tax After taxes Before taxes Tax After taxes
Net gains/losses on financial 23,709,774 -5,366,442 18,343,331 50,080,928 -7,282,958 42,797,970
instruments at FVOCI
Net finance income or expenses -21,201,880 2,393,184 -18,808,696 -33,063,968 5,032,586 -28,031,382
from insurance contracts
Net finance income or expenses 1,623,603 -502,281 1,121,323 1,378,743 -685,098 693,645
from reinsurance contracts
Realised net gains/losses on -131,650 - -131,650 661,574 - 661,574
financial investments at FVOCI
Other comprehensive income 3,999,847 -3,475,539 524,309 19,057,277 -2,935,470 16,121,807
Sava Re 2024 2023
EUR Before taxes Tax After taxes Before taxes Tax After taxes
Net gains/losses on financial instruments at 4,984,894 -1,086,773 3,898,121 9,832,360 -1,444,764 8,387,596
FVOCI
Net finance income or expenses from insurance -2,801,470 616,323 -2,185,146 -3,038,396 1,096,411 -1,941,985
contracts
Net finance income or expenses from 1,649,432 -362,875 1,286,557 1,304,240 -148,746 1,155,494
reinsurance contracts
Realised net gains/losses on financial -45,016 - -45,016 120,448 - 120,448
investments at FVOCI
Other comprehensive income 3,787,841 -833,325 2,954,516 8,218,652 -497,099 7,721,553
Tax rate reconciliation
Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Profit or loss before tax 109,802,399 79,613,353 56,323,520 53,589,208
Income tax expense at statutory tax rate (local) 31,458,293 21,521,834 12,391,174 10,181,950
Adjustment to actual rates -1,420,645 -1,187,948 - -
Tax effect of income deductible for tax purposes -8,239,754 -6,333,947 -8,654,276 -5,878,076
Tax effect of expenses not tax deductible 1,100,746 1,478,267 99,882 94,737
Tax effect of income that increases tax base 454,107 389,626 430,993 292,976
Tax relief -1,076,589 -3,104,414 -277,209 -1,798,449
Temporarily unrecognised deferred tax -1,321,284 322,597 98,626 -
Other 1,000,983 1,870,167 - 1,221,269
Total income tax expense in the income 21,955,857 14,956,182 4,089,190 4,114,406
statement
Effective tax rate 20.00% 18.79% 7.26% 7.68%
Pillar Two international tax reform disclosure
Under Article 17 of the Slovenian Minimum Tax Act (MTA), the Sava Insurance Group is considered an
international group of companies in the initial phase of its international activities. The Sava Insurance
Group is considered to have constituent entities in a maximum of six jurisdictions and the sum of the
carrying amounts of the property, plant and equipment assets of all constituent entities located in all
jurisdictions other than the reference jurisdiction (the jurisdiction in which the constituent entities
have the highest total value of property, plant and equipment assets in a financial year) does not
exceed EUR 50 million. Therefore, under the MTA, the Sava Insurance Group is entitled to a tax
reduction, including the domestic top-up tax in Slovenia, up to nil over the five-year transitional period.
As a result, no tax expense has been calculated hereunder for the 2024 financial year.
In accordance with paragraph 4A of the Appendix to IAS 12, the Group and the Company have not
recognised deferred tax assets and liabilities for the minimum tax (under Pillar Two Rules).


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442
3.8 Contingent assets and liabilities
Sava Insurance Group Sava Re
EUR 31 December 31 December 31 December 31 December
2024 2023 2024 2023
Outstanding recourse receivables 37,425,326- - 35,689,636
Receivables from the cancellation of subordinated financial 37,960,300 37,960,300 10,038,000 10,038,000
instruments
Other potential receivables 2,766,185 1,870,961 225,565 225,565
Contingent assets 78,151,810 75,520,897 10,263,565 10,263,565


Sava Insurance Group Sava Re
EUR 31 December 2024 31 December 2023 31 December 2024 31 December 2023
Guarantees issued 11,263,641 11,446,639 3,536,146 2,432,816
Other contingent liabilities 1,940,520 - 507,000 673,875
Contingent liabilities 13,204,162 11,446,639 4,043,146 3,106,691


For 2024 and 2023, the Group and the Company recognised contingent assets equal to their cancelled
subordinated instruments, in respect of which they continue to take action to protect their interests.
In December 2016, claims were filed against the issuing banks of the subordinated financial
instruments held by the Group and the Company prior to their cancellation.


Securities given mostly represent potential liabilities arising from investments in alternative funds. At
the time of signing the subscription, which represents a commitment to make future payments into
the alternative fund, the Company recognises the amount of the commitment as a contingent liability,
which is then reduced by the amount drawn at each call.



3.9 Related party disclosures
The Group makes separate disclosures for the following groups of related parties:
owners and related enterprises,
key management personnel: management board, supervisory board including its committees, and
employees not subject to the tariff section of the collective agreement,
subsidiary companies,
associates.
Owners and related enterprises
The Group’s largest shareholder is Slovenian Sovereign Holding and the Republic of Slovenia with a
31.6% stake. The ultimate beneficial owner of Slovenian Sovereign Holding is the Republic of Slovenia.

Remuneration of management board members in 2024
EUR Gross salary Gross Benefits in Benefits in
fixed salary kind kind use of Total
amount variable insurance company car
amount premiums
Marko Jazbec 217,800 64,800 466 10,066 293,132
Polona Pirš 196,200 58,136 5,600 6,707 266,643
Peter Skvarča 196,200 57,915 5,471 2,989 262,574
David Benedek 195,758 45,430 3,497 5,711 250,397
Total 805,958 226,281 15,033 25,473 1,072,746




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443


Remuneration of management board members in 2023
EUR Gross Benefits in Benefits in
Gross salary salary kind kind use of Total
fixed amount variable insurance company car
amount premiums
Marko Jazbec 217,800 62,816 421 3,862 284,899
Polona Pirš 195,586 139,706 5,486 8,120 348,898
Peter Skvarča 194,850 53,460 5,426 3,842 257,578
David Benedek 153,235 0 2,726 5,596 161,557
Total 761,471 255,982 14,059 21,419 1,052,931
Liabilities to management board members based on gross remuneration
EUR 31 December 2024 31 December 2023
Marko Jazbec 18,000 18,000
Polona Pirš 16,200 16,200
Peter Skvarča 16,200 16,200
David Benedek 16,200 16,200
Total 66,600 66,600
As at 31 December 2024, the Company disclosed liabilities for potential payment of the variable part
of pay of management board members in respect of 2021, 2022 and 2023 subject to certain conditions
in the amount of EUR 348,393.
As at 31 December 2024, the Company had no receivables due from the management board members.
Management board members are not remunerated for their functions in subsidiary companies. They
have other entitlements under employment contracts, i.e. an allowance for annual leave of EUR 1,800,
severance pay upon retirement and contributions to voluntary supplementary pension insurance. The
management board members are not entitled to jubilee benefits for years of service in the Company.
Remuneration of the supervisory board and its committees in 2024
EUR Remuneration Reimbursement Benefits
Attendance fees for of expenses in kind Total
performing and training insurance
the function premiums
Supervisory board members
Davor Ivan Gjivoje chairman 2,145 19,500 64,995 103 86,743
Keith William Morris deputy chairman 2,420 14,300 5,862 103 22,685
Klemen Babnik SB member 2,420 13,000 55 103 15,578
Matej Gomboši SB member 2,420 13,000 2,183 103 17,706
Edita Rituper SB member 2,420 13,000 0 103 15,523
Blaž Garbajs member 2,420 13,000 0 103 15,523
Total supervisory board members 14,245 85,800 73,095 618 173,758
Audit committee members
Matej Gomboši chairman 2,420 4,875 2,729 0 10,024
Blaž Garbajs member 2,200 3,250 0 0 5,450
Katarina Sitar Šuštar (until 22 October external member 1,320 6,627 169 0 8,116
2024)
Dragan Martinović external member 1,760 8,058 0 0 9,818
Simona Korošec Lavrič (from external member 220 840 18 0 1,078
21 November 2024)
Total audit committee members 7,920 23,650 2,916 0 34,486
Members of the nominations and remuneration
committee
Klemen Babnik chairman 1,320 4,875 37 0 6,232
Davor Ivan Gjivoje member 880 3,656 33,331 0 37,867
Keith William Morris member 1,540 3,250 4,663 0 9,453




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444


EUR Remuneration Reimbursement Benefits
Attendance fees for of expenses in kind Total
performing and training insurance
the function premiums
Matej Gomboši member 1,320 3,250 1,488 0 6,058
Edita Rituper member 1,320 3,250 0 0 4,570
Blaž Garbajs member 1,540 3,250 0 0 4,790
Total nominations committee members 7,920 21,531 39,519 0 68,970
Members of the risk committee
Keith William Morris chairman 1,100 4,875 3,331 0 9,306
Davor Ivan Gjivoje member 1,100 3,250 41,664 0 46,014
Slaven Mićković external member 880 7,518 0 0 8,398
Janez Komelj external member 880 7,169 0 0 8,049
Total risk committee members 3,960 22,812 44,995 0 71,767
Members of the fit & proper committee
Keith William Morris chairman 880 4,875 2,665 0 8,420
Klemen Babnik member 660 3,250 19 0 3,929
Rok Saje external member 836 3,250 0 0 4,086
Klara Hauko external member 880 3,250 0 0 4,130
Davor Ivan Gjivoje alternate 0 812 0 0 812
member
Total members of the fit and proper committee 3,256 15,437 2,684 0 21,377
As at 31 December 2024, the Company had no receivables due from the supervisory board members
and had no liabilities due to any members of the supervisory board or its committees based on gross
remuneration.

Remuneration of the supervisory board and its committees in 2023
EUR Remuneration Reimburseme Benefits in
Attendance for performing nt of expenses kind Total
fees the function and training insurance
premiums
Supervisory board members
Davor Ivan Gjivoje Jr chairman 2,695 19,500 77,922 84 100,201
Keith William Morris deputy chairman 2,695 14,300 6,679 84 23,758
Klemen Babnik SB member 2,695 13,000 186 84 15,965
Matej Gomboši SB member 2,695 13,000 2,353 84 18,132
Gorazd Andrej Kunstek SB member 1,375 5,850 0 0 7,225
(until 12 June 2023)
Edita Rituper SB member 2,695 13,000 0 84 15,779
Blaž Garbajs (from 13 June 2023) member 1,320 7,150 0 84 8,554
Total supervisory board members 16,170 85,800 87,140 504 189,614
Audit committee members
Matej Gomboši chairman 1,980 4,875 2,161 0 9,016
Gorazd Andrej Kunstek member 1,100 1,462 0 0 2,562
(until 12 June 2023)
Blaž Garbajs (from 13 June 2023) member 880 1,787 0 0 2,667
Katarina Sitar Šuštar external member 0 7,725 179 0 7,904
Dragan Martinović external member 0 6,825 0 0 6,825
Total audit committee members 3,960 22,674 2,340 0 28,974
Members of the nominations and remuneration
committee
Klemen Babnik chairman 660 4,875 57 0 5,592
Davor Ivan Gjivoje Jr member 660 3,250 23,854 0 27,764



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445


EUR Remuneration Reimburseme Benefits in
Attendance for performing nt of expenses kind Total
fees the function and training insurance
premiums
Keith William Morris member 660 3,250 2,045 0 5,955
Matej Gomboši member 660 3,250 720 0 4,630
Gorazd Andrej Kunstek alternate 440 1,462 0 0 1,902
(until 12 June 2023) member
Edita Rituper (from 13 June 2023) member 220 1,787 0 0 2,007
Blaž Garbajs (from 14 December 2023) member 0 157 0 0 157
Total nominations committee 3,300 18,031 26,676 0 48,007
members
Members of the risk committee
Keith William Morris chairman 1,320 4,875 4,089 0 10,284
Davor Ivan Gjivoje Jr member 1,320 3,250 47,707 0 52,277
Slaven Mićković external member 0 11,996 0 0 11,996
Janez Komelj external member 0 3,914 0 0 3,914
Total risk committee members 2,640 24,035 51,796 0 78,471
Members of the fit & proper committee
Keith William Morris chairman 440 4,875 1,363 0 6,678
Klemen Babnik member 440 3,250 38 0 3,728
Rok Saje external member 440 3,250 0 0 3,690
Klara Hauko external member 440 3,250 0 0 3,690
Total members of the fit & proper 1,760 14,625 1,401 0 17,786
committee
Subsidiaries
Investments in and amounts due from Group companies
Sava Re
EUR 31 December 2024 31 December 2023
Loans granted to Group companies gross 2,341,628 2,341,628
Other short-term receivables gross 115,137 75,017
Total 2,456,765 2,416,645
Liabilities to Group companies
Sava Re
EUR 31 December 2024 31 December 2023
Other current liabilities 12,583 183,074
Other current liabilities include liabilities that are settled by the companies within the financial year,
so all such liabilities are classified as liabilities with a maturity of up to one year.
Income and expenses relating to Group companies
Sava Re
EUR 2024 2023
Insurance revenue 72,317,796 63,774,722
Insurance service expenses -56,559,226 -92,996,538
Finance result from insurance contracts -3,302,066 -1,073,693
Other operating expenses -290,947 -465,061
Dividend income 39,035,925 30,642,415
Other income 395,705 0
Interest income 119,764 71,052
Total 51,716,951 -47,103




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446


Associate companies
No material income or expenses from operations with associates are recorded in 2024 and 2023.




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447


Majority state-owned companies
Disclosures relating to state-owned companies are prepared for state-owned companies that are
monthly updated on the website of SSH Equity Investments.
Receivables due from the state and majority state-owned companies

Sava Insurance Group Sava Re
EUR 31 December 2024 31 December 2023 31 December 2024 31 December 2023
Interests in companies 1,935,724 2,543,434 1,935,724 2,543,434
Debt securities and loans 63,519,019 61,574,140 16,244,093 15,504,669
Receivables due from policyholders 659,912 1,058,180 - -
Total 66,114,655 65,175,755 18,179,816 18,048,104


Liabilities to majority state-owned companies

Sava Insurance Group
EUR 31 December 2024 31 December 2023
Liabilities for shares in claims - 3,070
Total 0 3,070

Income and expenses relating to majority state-owned companies

Sava Insurance Group Sava Re
EUR 2024 2023 2024 2023
Dividend income 56,535 90,000 56,535 90,000
Interest income at effective interest rate 1,137,034 1,186,857 267,488 254,769
Other investment income 3,745 3,962 3,745 3,835
Other investment expenses -30,767 -72,572 -3,405 -72,218
Gross premiums written 7,748,982 6,230,252 - -
Gross claims payments -5,538,820 -3,007,147 - -
Total 3,376,710 4,431,352 324,363 276,386
Characteristics of loans granted to subsidiaries
Sava Re
Borrower Principal Type of loan Maturity Interest rate
Sava Osiguruvanje (MKD) 1,300,000 ordinary 20 October 2038 4.31%
Sava Pokojninska (SVN) 1,000,000 subordinated 28 June 2027 6.00%
Total 2,300,000











4 Significant events after the reporting date
In early 2025, the subsidiary Vita S Holding established the private healthcare provider PZU Vita S
Skopje.
In January 2025, a petition was filed to initiate the dissolution of Asistim under the summary procedure
without liquidation.
Davor I. Gjivoje Jr began his third four-year term as a member of the supervisory board on 9 March
2025. The supervisory board of Sava Re elected him chairman of the supervisory board for the new
term.



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448
5 Appendices to the financial statements with notes (unaudited)
Appendix A Glossary of selected terms and calculation methodologies for
indicators
Business volume. Gross premiums written and non-insurance revenue.
Combined ratio. The sum of the loss ratio and the expense ratio. The Group’s ratio is calculated for the reinsurance and non-life insurance
operating segments. Sava Re’s ratio does not include expenses arising from holding activities.
Contractual Service Margin (CSM). An estimate of the unearned profit on groups of insurance contracts that has not been recognised in
the income statement at a reporting date because it relates to future services.
Emerging risks. New risks, or risks that have been identified previously but which arise in new or unknown circumstances and the impact
of which is not fully understood.
EURIBOR (Euro Interbank Offered Rate). The European Interbank Offered Rate is the average interest rate at which euro area banks lend
money.
Exchange Traded Fund (ETF). Closed-end investment fund.
FVTPL (Fair Value Through Profit or Loss) investments. Financial investments measured at fair value through profit or loss.
Gross premiums written. The total premiums from all policies written or renewed during a given period, regardless of what portions have
been earned.
Highly liquid assets. Highly liquid investments include L1A assets (ECB methodology), investments in US bonds, investments in sovereign
and supranational issuers rated AA+ or better, and cash and cash equivalents.
IBOR (Interbank Offered Rate). An interbank reference interest rate is the average interest rate at which banks borrow money (e.g., LIBOR,
EURIBOR).
Investment portfolio. It includes investment property; investments in associates and subsidiaries; financial investments other than unit-
linked assets; and cash and cash equivalents other than those related to unit-linked life insurance contracts.
Loss ratio. Insurance service expenses, excluding operating expenses, plus net result from reinsurance contracts held as a percentage of
insurance revenue. The Group’s ratio is calculated for the reinsurance and non-life insurance operating segments.
NSLT health insurance. Health insurance provided on a technical basis similar to that of non-life insurance.
Own risk and solvency assessment (ORSA). Own assessment of the risks associated with a company’s or the Group’s business and strategic
plan and assessment of the adequacy of own funds to cover them.
SCR. Solvency Capital Requirement.
SLT health insurance. Health insurance provided on a technical basis similar to that of life insurance.
Solvency ratio. The ratio of eligible own funds to the solvency capital requirement, expressed as a percentage. A solvency ratio greater
than 100% indicates that the company has sufficient resources to meet the solvency capital requirement.
Ultimate loss. Total amount of loss after all claims have been paid. Prior to final settlement, the estimated ultimate loss includes reported
claims and provisions for incurred but not reported (IBNR) claims.

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449
Appendix B Fund assets not included in the consolidated financial
statements of the Sava Insurance Group
Name and type of fund Sava Insurance Group company managing Net asset value as at 31
the fund December 2024
Infond Umbrella Fund Sava Infond, Družba za Upravljanje d.o.o. 851,821,605
Infond Dividendni, equity sub-fund of developed markets Sava Infond, Družba za Upravljanje d.o.o. 9,599,349
Infond Družbeno Odgovorni, equity sub-fund of developed Sava Infond, Družba za Upravljanje d.o.o. 26,904,099
markets
Infond Evropa, equity sub-fund Sava Infond, Družba za Upravljanje d.o.o. 8,864,925
Infond Globalni Defenzivni, mixed sub-fund Sava Infond, Družba za Upravljanje d.o.o. 30,252,237
Infond Globalni Delniški, equity sub-fund Sava Infond, Družba za Upravljanje d.o.o. 84,631,985
Infond Globalni Fleksibilni, mixed flexible subfund Sava Infond, Družba za Upravljanje d.o.o. 24,764,649
Infond Globalni Uravnoteženi, mixed sub-fund Sava Infond, Družba za Upravljanje d.o.o. 92,278,929
Infond Kitajska, equity sub-fund Sava Infond, Družba za Upravljanje d.o.o. 4,082,595
Infond Kratkoročne Obveznice (Infond Short-Term Bonds) Sava Infond, Družba za Upravljanje d.o.o. 49,755,736
EUR, bond sub-fund
Infond Megatrendi, equity sub-fund of developed markets Sava Infond, Družba za Upravljanje d.o.o. 5,153,718
Infond Naložbeni Cilj 2040, target date fund Sava Infond, Družba za Upravljanje d.o.o. 5,087,623
Infond Obvezniški (Infond Bonds) – EUR, bond sub-fund Sava Infond, Družba za Upravljanje d.o.o. 9,705,646
Infond Razviti trgi, equity sub-fund of developed markets Sava Infond, Družba za Upravljanje d.o.o. 118,199,207
Infond Select, equity sub-fund of developed markets Sava Infond, Družba za Upravljanje d.o.o. 28,947,559
Infond Surovine in Energija, bond sub-fund Sava Infond, Družba za Upravljanje d.o.o. 8,519,635
Infond Tehnologija, equity sub-fund Sava Infond, Družba za Upravljanje d.o.o. 245,847,581
Infond Trgi v Razvoju, equity sub-fund Sava Infond, Družba za Upravljanje d.o.o. 34,959,937
Infond ZDA, equity sub-fund Sava Infond, Družba za Upravljanje d.o.o. 24,074,850
Infond Zdravstvo, equity sub-fund Sava Infond, Družba za Upravljanje d.o.o. 40,191,345
Sava Penziski Fond Mandatory Fund Sava Penzisko Društvo a.d. 1,147,703,444
Sava Penzija Plus Voluntary Fund Sava Penzisko Društvo a.d. 34,412,931

Graphics
450
Appendix C Discount rates
Term structure of interest rates for IFRS 17 measurement of non-life and life insurance contracts without an investment component
using the BBA and PAA methods
Term structure of interest rates for IFRS 17 measurement of life
insurance contracts with an investment component using the BBA and
VFA methods
Currency
EUR
USD
MKD
RSD
Currency
EUR
RSD
Date of
measurement
/ year
31
December
2024
31
December
2023
31
December
2024
31
December
2023
31
December
2024
31
December
2023
31
December
2024
31
December
2023
Date of
measurement
/ year
31
December
2024
31
December
2023
31
December
2024
31
December
2023
1
2.41%
3.54%
4.35%
4.91%
2.41%
3.54%
4.65%
5.84%
1
2.50%
3.64%
4.97%
6.16%
2
2.33%
2.99%
4.25%
4.32%
2.33%
2.99%
4.55%
5.93%
2
2.45%
3.14%
4.89%
6.37%
3
2.37%
2.80%
4.22%
4.00%
2.37%
2.80%
4.50%
6.31%
3
2.50%
2.97%
4.85%
6.84%
4
2.41%
2.74%
4.19%
3.85%
2.41%
2.74%
4.64%
6.61%
4
2.56%
2.93%
5.01%
7.19%
5
2.44%
2.73%
4.17%
3.78%
2.44%
2.73%
4.88%
6.83%
5
2.60%
2.93%
5.27%
7.44%
6
2.48%
2.74%
4.21%
3.76%
2.48%
2.74%
5.13%
7.05%
6
2.64%
2.95%
5.55%
7.69%
7
2.51%
2.76%
4.20%
3.77%
2.51%
2.76%
5.34%
7.28%
7
2.67%
2.97%
5.79%
7.95%
8
2.54%
2.78%
4.23%
3.78%
2.54%
2.78%
5.51%
7.50%
8
2.70%
3.00%
5.97%
8.19%
9
2.57%
2.81%
4.21%
3.81%
2.57%
2.81%
5.62%
7.66%
9
2.73%
3.03%
6.08%
8.36%
10
2.59%
2.84%
4.23%
3.84%
2.59%
2.84%
5.69%
7.78%
10
2.75%
3.06%
6.16%
8.50%
15
2.66%
2.92%
4.33%
3.96%
2.66%
2.92%
5.74%
7.83%
15
2.83%
3.15%
6.17%
8.53%
20
2.60%
2.87%
4.35%
3.99%
2.60%
2.87%
5.62%
7.51%
20
2.76%
3.10%
5.99%
8.13%
25
2.61%
2.88%
4.30%
3.89%
2.61%
2.88%
5.47%
7.13%
25
2.77%
3.10%
5.79%
7.67%
30
2.67%
2.92%
4.21%
3.81%
2.67%
2.92%
5.33%
6.79%
30
2.81%
3.12%
5.61%
7.25%
35
2.73%
2.97%
4.14%
3.76%
2.73%
2.97%
5.21%
6.50%
35
2.85%
3.15%
5.46%
6.90%
40
2.78%
3.02%
4.06%
3.72%
2.78%
3.02%
5.11%
6.27%
40
2.90%
3.17%
5.33%
6.62%
45
2.83%
3.06%
3.99%
3.70%
2.83%
3.06%
5.03%
6.07%
45
2.93%
3.20%
5.22%
6.39%
50
2.88%
3.09%
3.93%
3.67%
2.88%
3.09%
4.96%
5.92%
50
2.97%
3.22%
5.13%
6.20%
Term structure of interest rates for IFRS 17 measurement of reinsurance held and issued using the BBA and PAA methods
Currency
EUR
USD
KRW
CNY
INR
Date of
measurement
/ year
31 December
2024
31 December
2023
31 December
2024
31 December
2023
31 December
2024
31 December
2023
31 December
2024
31 December
2023
31 December
2024
31 December
2023
1
2.41%
3.54%
4.35%
4.91%
2.85%
3.69%
1.25%
1.73%
7.76%
8.25%
2
2.33%
2.99%
4.25%
4.32%
2.78%
3.59%
1.27%
2.06%
7.54%
8.52%
3
2.37%
2.80%
4.22%
4.00%
2.79%
3.50%
1.29%
2.29%
7.52%
8.62%
4
2.41%
2.74%
4.19%
3.85%
2.81%
3.50%
1.33%
2.49%
7.52%
8.69%
5
2.44%
2.73%
4.17%
3.78%
2.83%
3.48%
1.38%
2.65%
7.52%
8.73%
6
2.48%
2.74%
4.21%
3.76%
2.84%
3.47%
1.42%
2.75%
7.51%
8.77%
7
2.51%
2.76%
4.20%
3.77%
2.85%
3.47%
1.46%
2.82%
7.47%
8.82%
8
2.54%
2.78%
4.23%
3.78%
2.87%
3.48%
1.51%
2.89%
7.42%
8.87%
9
2.57%
2.81%
4.21%
3.81%
2.89%
3.49%
1.58%
2.94%
7.37%
8.93%
10
2.59%
2.84%
4.23%
3.84%
2.88%
3.49%
1.66%
3.00%
7.32%
8.97%
15
2.66%
2.92%
4.33%
3.96%
2.70%
3.47%
2.08%
3.26%
7.04%
8.80%
20
2.60%
2.87%
4.35%
3.99%
2.61%
3.50%
2.44%
3.46%
6.80%
8.42%
25
2.61%
2.88%
4.30%
3.89%
2.64%
3.52%
2.73%
3.61%
6.60%
8.03%
30
2.67%
2.92%
4.21%
3.81%
2.70%
3.52%
2.95%
3.72%
6.43%
7.70%
35
2.73%
2.97%
4.14%
3.76%
2.76%
3.52%
3.12%
3.82%
6.30%
7.43%
40
2.78%
3.02%
4.06%
3.72%
2.81%
3.52%
3.26%
3.89%
6.20%
7.21%
45
2.83%
3.06%
3.99%
3.70%
2.86%
3.52%
3.38%
3.96%
6.11%
7.03%
50
2.88%
3.09%
3.93%
3.67%
2.90%
3.51%
3.47%
4.01%
6.04%
6.88%