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Among good people

ANNUAL REPORT

of the Sava Insurance Group and Sava Re d.d. for

2022

September

2022

AM best

September

2022

S&P GLOBAL RATINGS

2

ANNUAL REPORT 2022

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Operating revenue of the Sava Insurance Group(€m)

CAGR: 11.4%

CAGR: 19.2 %

After-tax profit or loss of the Sava Insurance Group(€m)

Return on equity of the Sava Insurance Group

Return on revenue of the Sava Insurance Group

753.6

9.1%

68.2

14.9%

3

ANNUAL REPORT 2022

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

Annual Report

Insurance is about connecting. Connecting individuals and companies to ensure security and quality of life, putting them first and making services more accessible to them through digital tools. Through reinsurance, we connect insurance companies in Slovenia and abroad. Many of them have placed their trust in us for decades.

4

ANNUAL REPORT 2022

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

Declaration of the management board

To the best of our knowledge and in accordance with the International Financial Reporting Standards, 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 fair view of the development and performance of the Group and the Company, and their financial position, including a description of the principal risks to which the consolidated companies are exposed.

Ljubljana, 15 March 2023

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

ANNUAL REPORT 2022

5

Marko Jazbec,

Chairman of the Management Board

Polona Pirš Zupančič,

Member of the Management Board

Peter Skvarča,

Member of the Management Board

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

ANNUAL REPORT 2022

6

Key figures

EUR, except percentages

Sava Insurance Group

2022

2021

Total of all operating segments

Operating revenue

753,642,004

732,714,051

Year-on-year change

2.9%

7.6%

Profit or loss, net of tax

68,242,586

76,167,178

Year-on-year change

-10.4%

35.1%

Comprehensive income

-68,768,647

57,585,415

Year-on-year change

-219.4%

-24.0%

Return on revenue*

9.1%

10.4%

Net expense ratio, including operating revenue*/***

29.3%

29.0%

Return on equity

14.9%

15.8%

Return on equity, excluding the fair value reserve

13.5%

16.9%

Earnings or loss per share

4.39

4.91

Return on the investment portfolio*/**

1.3%

1.8%

Reinsurance + non-life

Gross premiums written

598,502,723

546,925,838

Year-on-year change

9.4%

0.1%

Net incurred loss ratio*

58.3%

55.5%

Net expense ratio

31.5%

31.6%

Net combined ratio*

90.7%

88.1%

Profit or loss before tax

60,064,163

72,204,759

Year-on-year change

-16.8%

75.8%

EUR, except percentages

Sava Insurance Group

2022

2021

Life

Gross premiums written

172,175,270

178,707,830

Year-on-year change

-3.7%

37.2%

Net expense ratio

22.4%

21.4%

Profit or loss before tax

18,530,692

16,761,225

Year-on-year change

10.6%

-38.6%

Total of all operating segments

31 December 2022

31 December 2021

Total assets

2,534,002,659

2,658,322,359

Change on 31 December of prior year

-4.7%

7.7%

Shareholders’ equity

411,951,369

504,077,018

Change on 31 December of prior year

-18.3%

9.5%

Net technical provisions

1,683,693,589

1,703,916,399

Change on 31 December of prior year

-1.2%

6.5%

Book value per share

26.58

32.53

Number of employees (full-time equivalent basis)

2,704.3

2,698.9

Solvency ratio under Solvency II rules

177–187% 1

198%

For definitions of items and ratios, please refer to the appended glossary.

* Excluding the effect of exchange differences.

** Excluding subordinated debt expenses.

*** Excluding the amortisation charge for a customer list.

1 Estimate of the Sava Insurance Group’s solvency ratio as at 31 December 2022, as the Group’s final solvency ratio is not yet available. For more information on the solvency ratio, see section 17.7.2.

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

ANNUAL REPORT 2022

7

Contents

Declaration of the management board 5

Key figures 7

BUSINESS REPORT 9

1 Letter from the chairman of the management board 10

2 Profile of Sava Re and the Sava Insurance Group 12

3 Shareholders and share trading 23

4 Report of the supervisory board 28

5 Corporate governance statement 38

6 Mission, vision, strategic focus and goals 51

7 Business environment 58

8 Review of operations of the Sava Insurance Group and Save Re 66

9 Financial position of the Sava Insurance Group and Sava Re 89

10 Human resources management 98

11 Risk management 116

12 Internal auditing in the Sava Insurance Group 125

13 Development of information support 126

SUSTAINABILITY REPORT 127

14 Sustainability report 128

FINANCIAL STATEMENTS WITH NOTES 161

15 Auditor’s report 163

16 Financial statements 168

17 Notes to the financial statements 181

18 Significant events after the reporting date 397

APPENDICES (unaudited)398

Appendix A – Sava Re performance indicators 399

Appendix B – Financial statements of the Sava Insurance Group pursuant to requirements of the Insurance Supervision Agency 405

Appendix C – Financial statements of Sava Re pursuant to requirements of the Insurance Supervision Agency 417

Appendix C2 – Glossary of selected terms and calculation methods for indicators 424

Appendix D – GRI index 427

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

ANNUAL REPORT 2022

8

9

ANNUAL REPORT 2022

BUSINESS REPORT

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

BUSINESS REPORT

Business is about people. It is about building relationships based on trust and taking responsibility. We are honoured by your trust and belief in our story. It is your trust that drives us, so that we do not rest at any goal we achieve, but always reach for the next one.

1 Letter from the chairman of the management board 2

Dear Shareholders, Business Partners and Employees,

The previous financial year was marked by rising geo-political tensions and tightening global economic con-ditions. While the Covid-19 pandemic began to loosen its grip, Russia’s war of aggression against Ukraine began in February 2022. This led to an increase in energy prices and pushed up inflation, resulting in a higher key interest rate and higher required yields in financial markets, and it presented the Sava Insurance Group with new challenges. Although our business with Russia had not been substantial, and the sanctions, therefore, did not have a significant impact on the re-sults, inflation began to be reflected in the increased value of claims, as well as in higher labour, information technology and other costs. At half year, it was clear that the insurance industry could no longer delay the much-needed adjustment of its pricing policy.

An advanced risk governance framework, timely action, capital strength and customer focus across all stages of the sales and post-sales process enabled the Sava

Insurance Group to achieve virtually all the goals set in its 2022 business plan. The Group generated a net profit of EUR 68.2 million, which is 13.7% above the plan, achieving a remarkable 14.9% return on equity. At EUR 774.1 million, the Group increased its business volume in terms of gross premiums written by 6.1%, mainly driven by its non-life and reinsurance business. In 2022, the Group continued to strengthen its busi-ness in foreign markets, achieving strong premium and profit growth. As expected, the Group’s combined ratio increased as the pandemic subsided. At 90.7%, it was much better than planned. This was largely due to cost efficiency, as costs grew more slowly than premiums. Financial investments suffered from unfavourable con-ditions in the financial markets in 2022; consequently, the return on the investment portfolio, at 1.3%, was below target and lower than the previous year. Sava Re’s capital strength and solvency were reaffirmed last year with an “A” credit rating from S&P Global Ratings and AM Best.

2 GRI 2-22.

In 2022, the Group continued to strengthen its business in foreign markets, achieving strong premium and profit growth. As expected, the Group’s combined ratio increased as the pan-demic subsided. At 90.7%, it was much better than planned.

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In 2022, the Group continued to make solid progress in its development strategy of digital transformation and customer-centric business processes. Its key de-velopment activities were focused on the consolidation of customer support processes at contact centres and the introduction of centralised multi-channel solu-tions across several Sava Insurance Group companies. We enhanced our digital and self-care solutions for customers and improved the user experience. The Sa-vaNet portal, which currently includes data from Za-varovalnica Sava, Sava Pokojninska and Sava Infond, has undergone several improvements based on custom-er requests and ideas. While implementing advanced technologies, we continued to develop and introduce machine learning into various work processes to reduce process time and improve our customers’ experience.

We expanded and upgraded our product range in view of our customers’ needs and expectations. In non-life insurance, we offered products with strong sustainabili-ty credentials, as well as products targeted at individual policyholder segments and products that promote on-line sales and bancassurance. As part of the expansion of the Group’s life insurance product range, in 2022 the Group focused on further developing and improv-ing protection policies and unit-linked life products, with which it entered the Serbian market. In interna-tional markets, we successfully expanded our bancas-surance business by establishing a new collaboration and by strengthening business with banking partners.

Sustainability has become an integral part of our dai-

ly operations and decision-making. At the end of the year, the Group thus adopted a sustainable develop-ment policy, which governs the sustainability manage-ment system and underlines the principles of respon-sible management in all business areas. In addition to developing products with a sustainability component, we are reinforcing this aspect of our business opera-tions in other areas as well. We developed the guide-lines for the responsible underwriting of environmental, social and governance risks in non-life insurance, which were implemented in several Group companies during the year. We increased our sustainability investments to EUR 218 million in 2022, representing 14.9% of the total investment portfolio. We updated the sustainable investment policy by integrating a sustainability risk management perspective into the investment process and by more consistently integrating the principles of the UN Global Compact into the investment process. We paid particular attention to the many legislative developments in the context of the European Union’s efforts to achieve carbon neutrality by 2050, and implemented the activities necessary to meet the re-quirements in a timely manner.

In the Sava Insurance Group, we recognise our respon-sibility to our employees and the wider community. We have made it a strategic goal for the Group to be recognised by our stakeholders as a socially responsible and attractive employer in the region. The members of the Sava Insurance Group therefore have strong links with their local environment. We support local commu-

nities through sponsorships, donations and prevention projects, and our employees have embraced corporate volunteering by taking part in our Heart for the World initiative. In 2022, the initiative thus resulted in nu-merous activities throughout the Group that promote our corporate responsibility towards our natural and social environment.

At the end of 2022, the Sava Insurance Group suc-cessfully completed the strategic period in all areas of its business. I would like to take this opportunity to thank our employees, shareholders, customers and other stakeholders for their support and trust. With the new 2023–2027 strategy, adopted at the end of 2022, we continue to implement our mission and vi-sion. Through commitment and constant progress, we ensure security and quality of life. We are building a customer-centric, flexible and sustainability-oriented insurance group. A big thank you to all our colleagues who have helped us achieve our goals so far. We be-lieve that among good people the ambitious goals we have set ourselves for the new strategy period can be achieved.

Marko Jazbec

Chairman of the Management Board of Sava Re d.d.

In 2022, the Group continued to make solid progress in its development strategy of digital transformation and customer-centric business processes.

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2 Profile of Sava Re and the Sava Insurance Group

2.1 Sava Re company profile 3

3 GRI 2-1, 2-3.

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 Zupančič Peter Skvarča

SUPERVISORY BOARD Davor Ivan Gjivoje, jr. (chairman)Keith William Morris (deputy chairman)Klemen Babnik Matej Gomboši Edita Rituper (employee representative)Andrej Gorazd Kunstek (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

Slovenski Državni Holding d.d. (Slovenian Sovereign Holding)

17.7% (no-par-value shares: 3,043,883)

Credit ratings: S&P Global Ratings AM Best

A /stable/; September 2022

A /stable/; September 2022

Investor relations contact

ir@sava-re.si

The Company has no branches

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2.2 Significant events in 2022

The year 2022 was marked by a tense geopolitical situation. In February 2022, Russia launched a war of aggression against Ukraine, which has now last-ed a year. In early 2022, the Sava Insurance Group examined the impact of the war in Ukraine on its operations and assessed that, due to the small vol-ume of business with and low investment exposure to Russia and Ukraine, the changed circumstances would not have a material impact on its business result. The Sava Insurance Group (through Sava Re) had written reinsurance contracts with Russian and Ukrainian partners the annual premium volume of which accounted for only 0.1% of the Group’s total operating revenue for 2022. All contracts contain sanctions clauses. In the event of sanctions imposed by the European Union or the United Nations, such clauses limit the obligations of Sava Re under rel-evant contracts if such obligations are contrary to the applicable sanctions. In addition, the reinsurance contracts written exclude coverage related to war.

The credit and currency exposure of the Group’s financial investments to Russia, Ukraine and Belarus was negligible at 31 December 2022. Russia’s military aggression against Ukraine im-pacted capital markets and caused energy prices and inflation to rise. In response to inflation, central banks promptly adjusted monetary policy by raising key interest rates to levels last seen 15 years ago. In terms of inflation, the risk of a decline in profitabil-ity of non-life insurance business in 2022 was sig-nificantly higher, reflecting the increase in average claims, which was mainly seen in motor and property insurance. In the first phase, the greatest impact was felt in the Slovenian market. Zavarovalnica Sava responded by increasing premium rates and adjust-ing products that showed signs of claims inflation. Technical provisions also went up, depending on the estimated effects. The other markets in which the Group operates and in the reinsurance segment also experienced inflationary pressures.

Further uncertainty was added by increased tensions over Taiwan and the difficulties of the economy in China, where it seems increasingly likely that the property bubble is about to burst, while the econo-my is also impacted by the country’s zero-tolerance for Covid-19. Section 17.7 “Risk management” de-tails the risks arising from adverse macroeconomic and geopolitical conditions.

Jošt Dolničar, who was appointed chairman of the management board of Zavarovalnica Sava on 30 December 2021, was granted a licence to perform this function by the Insurance Supervision Agency on 3 May 2022. His term as a member of the man-agement board of Sava Re ended on 4 May 2022, and he assumed the chairmanship of the manage-ment board of Zavarovalnica Sava on 5 May 2022 for a five-year term of office. In December 2022, the supervisory board of Sava Re appointed David Benedek as an additional member of the manage-ment board. David Benedek has been appointed for

a five-year term, beginning on the next business day following receipt of the Insurance Supervision Agency’s decision to issue a licence to David Bened-ek to act as a member of the management board. At the time of writing, this decision has not yet been issued.

In May 2022, the 38th general meeting of share-holders was held 4.

In May 2022, the High Court in Dublin ruled in fa-vour of Zavarovalnica Sava, confirming that its busi-ness interruption and loss of licence policy wording does not provide cover for losses arising from the Covid-19 pandemic.

In September 2022, the rating agencies S&P Glob-al Ratings and AM Best affirmed the “A” ratings of Sava Re and Zavarovalnica Sava. The outlook was stable.

In December 2022, the Sava Insurance Group’s new strategy for 2023–2027 and the business plan for the financial year 2023 were released.

4 For more details, see sections 3 “Shareholders and share trading” and 5.3.1 “General meeting of shareholders”.

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2.3 Significant events after the reporting date

On 15 January 2023, a new five-year term of office for Polona Pirš Zupančič, a member of the manage-ment board of Sava Re, was entered in the register of companies.

At the beginning of 2023, Zavarovalnica Sava and Sava Infond sold two properties in Maribor,

which were classified as available for sale at the re-porting date. The sale value of the properties was EUR 4.2 million. This sale will have no impact on the consolidated income statement of the Sava Insur-ance Group for 2023.

In March 2023, an agreement was signed for the

sale of G2I (GBR). Sava Re’s ownership of the com-pany will cease after the transfer of the shareholding becomes effective in the English register of compa-nies.

2.4 Sava Re rating profile

Sava Re is rated by two rating agencies, S&P Global Ratings and AM Best.

Financial strength ratings of Sava Re

Agency

Rating 5

Outlook

Latest review

S&P Global Ratings

A

stable

September 2022: existing rating affirmed

AM Best

A

stable

September 2022: existing rating affirmed

5 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 vulnera-ble), 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).

"A"

credit ratings reaffirmed

Outlook stable

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2.5 Profile of the Sava Insurance Group 6

Sava Re, the parent company of the Sava Insurance Group, transacts reinsurance business. The insurance part of the Group is composed of eight insurers based in Slovenia and in the countries of the Adriatic region: the composite insurer Zavarovalnica Sava (SVN); the non-life insurers Sava Neživotno Osiguranje (SRB), Sava Osiguruvanje (MKD), Illyria (RKS) and Sava Osi-guranje (MNE); and the life insurers Vita (SVN), Sava Životno Osiguranje (SRB) and Illyria Life (RKS). In addition to these (re)insurers, the Group consists of:

Sava Pokojninska (SVN): a Slovenian pension com-pany;

Sava Penzisko Društvo (MKD): a pension fund man-ager based in North Macedonia managing second- and third-pillar pension funds;

Sava Infond (SVN): a subsidiary managing invest-ment funds;

TBS Team 24 (SVN): a company providing assis-tance services relating to motor, health and home-owners insurance;

DCB (SVN): an associate company carrying on hospital activities;

G2I (GBR): an associate company marketing on-line motor polices.

The Group keeps expanding, diversifying into areas re-lated to its existing business. We strengthen and refine our product range and have evolved into a comprehen-sive service provider.

Reinsurance: With over 40 years of experience in international reinsurance, Sava Re provides a full range of reinsurance coverages. Building a global-ly diversified portfolio, we now conduct business in over one hundred reinsurance markets worldwide. Our guiding principle is to build long-term relation-ships with our clients and partners that allow creat-ing stability throughout all economic cycles.

Insurance, Slovenia: In Slovenia, the insurance busi-ness is conducted through Zavarovalnica Sava and Vita. Zavarovalnica Sava concentrates on developing new products and improving existing ones, with a strong emphasis on customer focus. The company offers a wide range of non-life and life insurance coverages. Products are sold through internal and external sales channels. Vita joined the Sava Insur-ance Group in 2020, making it the second-larg-est insurance group in Slovenia in terms of market share. Vita is the largest life insurance company in Slovenia operating on a bancassurance model. It

sells its policies exclusively through branches of the bank NLB d.d., where customers are served by high-ly qualified financial advisors. The company mainly writes unit-linked life insurance policies.

Insurance, international: The Sava Insurance Group operates through subsidiaries and branches in the markets of Croatia, Serbia, Montenegro, North Macedonia and Kosovo. Motor third-party liability and motor own damage (casco) account for a sig-nificant part of non-life insurance business written in these markets, and there is a rising trend in prop-erty, health and other business. The Group offers life insurance in the markets of Croatia, Serbia and Kosovo.

Pensions: The Sava Insurance Group offers pension insurance in Slovenia and North Macedonia. In the Slovenian market, Sava Pokojninska offers a com-prehensive range of supplementary pension insur-ance: it manages pension fund assets and distributes supplementary pension annuity payments. The com-pany in North Macedonia manages mandatory and voluntary pension funds.

Asset management: Sava Infond manages client as-sets in 19 sub-funds of the Infond umbrella fund and provides portfolio management services to Group companies.

Assistance services: The assistance services of TBS Team 24 complement the core insurance business in all the markets in which we operate. The company is the leading assistance provider in southeastern Eu-rope, offering its policyholders roadside, home and travel medical assistance, as well as other assistance services.

6 GRI 2-6, 2-2.

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2.6 Composition of the Sava Insurance Group 7

Composition of the Sava Insurance Group as at 31 December 2022 8

7 GRI 2-1, 2-2.

8 The percentages in the figure relate to equity stakes. The equity stakes provided for G2i, 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 2022“ provides disclosures about all Group companies, including equity stakes and voting rights.

Illyria | 100%

Illyria Life | 100%

Sava Osiguruvanje | 93,86%

Sava Station | 100%

Sava Penzisko Društvo | 100%

Sava Osiguranje | 100%

Sava Agent | 100%

Sava Car | 100%

Sava Životno Osiguranje | 100%

Sava Neživotno Osiguranje | 100%

Sava Car | 100% (Sava Car MNE)

SO Poslovno Savjetovanje | 100%

Zavarovalnica Sava | 100%

ZS Svetovanje | 100%

ASISTIM | 100%

Sava Infond | 84%

Vita | 100%

Sava Pokojninska | 100%

TBS Team 24 | 87,5%

DCB | 40,1%

Direct subsidiary

Indirect subsidiary

Associate company

North Macedonia

Kosovo

Montenegro

Serbia

Slovenia

Croatia

15%

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Company names of Sava Insurance Group members

Official long name

Short name in this document

Zavarovalna skupina Sava

Sava Insurance Group

1

Pozavarovalnica Sava d.d. / Sava Reinsurance Company d.d.

Sava Re

2

ZAVAROVALNICA SAVA, zavarovalna družba, d.d.

Zavarovalnica Sava (SVN)

Zavarovalnica Sava, Slovenian part (in tables)

SAVA OSIGURANJE, d.d. – Croatian branch office

Zavarovalnica Sava, Croatian part (in tables)

3

SAVA NEŽIVOTNO OSIGURANJE AKCIONARSKO DRUŠTVO ZA OSIGURANJE BEOGRAD

Sava Neživotno Osiguranje (SRB)

4

KOMPANIA E SIGURIMEVE " ILLYRIA " SH.A.

Illyria (RKS)

5

SAVA osiguruvanje a.d. Skopje

Sava Osiguruvanje (MKD)

6

AKCIONARSKO DRUŠTVO SAVA OSIGURANJE PODGORICA

Sava Osiguranje (MNE)

7

Kompania për Sigurimin e Jetës " Illyria – Life " SH.A.

Illyria Life (RKS)

8

"SAVA ŽIVOTNO OSIGURANJE" akcionarsko društvo za osiguranje, Beograd

Sava Životno Osiguranje (SRB)

9

Društvo sa ograničenom odgovornošću – SAVA CAR – Podgorica

Sava Car (MNE)

10

ZS Svetovanje, storitve zavarovalnega zastopanja, d.o.o.

ZS Svetovanje (SVN)

11

ASISTIM, klicni center, storitvene dejavnosti in vrednotenje, d.o.o.

ASISTIM (SVN)

12

DRUŠTVO ZA ZASTUPANJE U OSIGURANJU "SAVA AGENT" D.O.O. - Podgorica

Sava Agent (MNE)

13

Društvo za tehničko ispituvanje i analiza na motorni vozila SAVA STEJŠN DOOEL Skopje

Sava Station (MKD)

14

Sava pokojninska družba, d.d.

Sava Pokojninska (SVN)

15

TBS TEAM 24 podjetje za storitvene dejavnosti in trgovino d.o.o.

TBS Team 24 (SVN)

16

Društvo za upravuvanje so zadolžitelni i dobovolin penzisko fondovi SAVA PENZISKO DRUŠTVO A.D Skopje

Sava Penzisko Društvo (MKD)

17

Got2Insure Ltd

G2I (GBR)

18

SAVA INFOND, družba za upravljanje, d.o.o.

Sava Infond (SVN)

19

SO poslovno savjetovanje d.o.o.

SO Poslovno Savjetovanje (HRV)

20

Diagnostični center Bled d.o.o.

DCB (SVN)

21

Vita, življenjska zavarovalnica, d.d.

Vita (SVN)

22

PRIVREDNO DRUŠTVO ZA TEHNIČKI PREGLED I REGISTRACIJU SAVA CAR DOO BEOGRAD

Sava Car (SRB)

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2.7 General information on Group companies as at 31 December 2022 9

As at 31 December 2022, the Sava Insurance Group had the following members:

Sava Re

Zavarovalnica Sava (SVN)

Sava Neživotno Osiguranje (SRB)

Illyria (RKS)

Sava Osiguruvanje (MKD)

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

Zagrebska br. 28A, 1000 Skopje, North Macedonia

ID number

5063825000

5063400000

17407813

810483769

4778529

Main activity

reinsurance

insurance

non-life insurance

non-life insurance

non-life insurance

Share capital (EUR)

71,856,376

68,417,377

6,314,464

7,228,040

3,820,077

Book value of combined equity interest of all Group members (EUR)

68,417,377

6,314,464

7,228,040

3,585,524

% equity share / voting rights held by Group members

Sava Re: 100.0%

Sava Re: 100.0%

Sava Re: 100.0%

Sava Re: 93.86%

Governing bodies

management board

management board

management board

managing director

board of directors

Marko Jazbec (chair), Polona Pirš Zupančič, Peter Skvarča

Jošt Dolničar (chair), Uroš Lorenčič, Primož Močivnik, Robert Ciglarič, Miha Pahulje

Bojan Mijailović (chair), Aleksandar Ašanin

Shpend Balija

executive director: Melita Gugulovska

non-executive directors of the company: Rok Moljk (chair), Peter Skvarča, Milan Viršek, Sašo Tonevski, Nenad Jovanović

supervisory board

supervisory board

supervisory board

board of directors

Davor Ivan Gjivoje Jr (chair), Keith William Morris, Klemen Babnik, Matej Gomboši, Edita Rituper, Andrej Gorazd Kunstek

Marko Jazbec (chair), Pavel Gojkovič, Polona Pirš Zupančič, Peter Skvarča, Aleš Perko, Branko Beranič

Peter Skvarča (chair), Nebojša Šćekić, Josif Jusković

Marko Jazbec (chair), Rok Moljk, Andreja Rahne, Milan Viršek, Ilirijana Dželadini

9 GRI 2-6, 2-1, 2-6, 2-9, 2-2.

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Sava Osiguranje (MNE)

Illyria Life (RKS)

Sava Životno Osiguranje (SRB)

Sava Car (MNE)

ZS Svetovanje (SVN)

Registered office

Ulica Svetlane Kane Radević br. 1, 81000 Podgorica, Montenegro

Sheshi Nëna Terezë 33, 10000 Pristina, Kosovo

Bulevar vojvode Mišića 51, 11040 Belgrade, Serbia

Ulica Svetlane Kane Radević br. 1, 81000 Podgorica, Montenegro

Ulica Eve Lovše 7, 2000 Maribor, Slovenia

ID number

02303388

810793837

20482443

02806380

2154170000

Main activity

non-life insurance

life insurance

life insurance

technical testing and analysis

insurance agency

Share capital (EUR)

4,033,303

3,285,893

4,326,664

485,000

327,263

Book value of combined equity interest of all Group members (EUR)

4,033,303

3,285,893

4,326,664

485,000

327,263

% equity share / voting rights held by Group members

Sava Re: 100.0%

Sava Re: 100.0%

Sava Re: 100.0%

Sava Osiguranje (MNE): 100.0%

Zavarovalnica Sava: 100.0%

Governing bodies

board of directors

managing director

management board

Sava Osiguranje (MNE): 100.0%

Zavarovalnica Sava: 100.0%

executive director: Melita Gugulovska

non-executive directors of the company: Rok Moljk (chair), Peter Skvarča, Milan Viršek, Sašo Tonevski, Nenad Jovanović

Albin Podvorica

deputy managing director: Mehmeti Fisnik

Miloš Brusin (chair), Ana Bojanić

Siniša Mićunović

Aljaž Kos

board of directors

supervisory board

Marko Jazbec (chair), Andreja Rahne, Rok Moljk, Milan Viršek, Ilirijana Dželadini

Polona Pirš Zupančič (chair), Pavel Gojkovič, Uroš Ćamilović

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Sava Agent (MNE)

Sava Station (MKD)

Sava Pokojninska (SVN)

TBS Team 24 (SVN)

Sava Penzisko Društvo (MKD)

Registered office

Ulica Svetlane Kane Radević br. 1, 81000 Podgorica, Montenegro

Zagrebska br. 28A, 1000 Skopje, North Macedonia

Ulica Eve Lovše 7, 2000 Maribor, Slovenia

Ljubljanska ulica 42, 2000 Maribor, Slovenia

Majka Tereza 1, 1000 Skopje, North Macedonia

ID number

02699893

7005350

1550411000

5946948000

5989434

Main activity

insurance agency

technical testing and analysis

pension fund

provision of assistance services

fund management activities

Share capital (EUR)

10,000

199,821

6,301,109

8,902

2,110,791

Book value of combined equity interest of all Group members (EUR)

10,000

199,821

6,301,109

7,789

2,110,791

% equity share / voting rights held by Group members

Sava Osiguranje (MNE): 100.0%

Sava Osiguruvanje (MKD): 100.0%

Sava Re: 100.0%

Sava Re: 87.5%

Sava Re: 100.0%

Governing bodies

executive director

managing director

management board

managing director

management board

Snežana Milović

Ilija Nikolovski

Andrej Plos (chair), Igor Pšunder

Edvard Hojnik

Petar Taleski (chair), Marija Gjorgjievska, Kosta Ivanovski

supervisory board

holder of procuration

supervisory board

Jošt Dolničar (chair), Rok Moljk, Hermina Kastelec, Pavel Gojkovič, Irena Šela, Tomaž Šalamon, Uroš Krajnc

Aleksandra Tkalčič

Pavel Gojkovič (chair), Rok Moljk, Peter Skvarča, Erol Hasan

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Vita (SVN)

DCB (SVN)

G2I (GBR)

Sava Infond (SVN)

SO Poslovno Savjetovanje (HRV)

Registered office

Trg republike 3, 1000 Ljubljana, Slovenia

Pod Skalo 4, 4260 Bled, Slovenia

First Floor Ridgeland House 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom

Ulica Eve Lovše 7, 2000 Maribor, Slovenia

R. Frangeša Mihanovica 9, 10000 Zagreb, Croatia

ID number

1834665000

5690366000

10735938

5822416000

02467143

Main activity

life insurance

hospital activities

insurance agency

fund management activities

business and other management consultancy activities

Share capital (EUR)

7,043,900

379,123

152,958

1,460,524

3,884,285

Book value of combined equity interest of all Group members (EUR)

7,043,900

189,562

26,768

1,460,524

3,884,285

% equity share / voting rights held by Group members

Sava Re: 100.0%

Sava Re: 40.1%/50.0%

Sava Re: 17.5%/25.0%

Sava Re: 84.00%/84.85%

Zavarovalnica Sava: 15.00%/15.15%

Zavarovalnica Sava: 100.0%

Governing bodies

management board

managing director

board of directors

management board

managing director

Irena Prelog (chair), Tine Pust

Zvonko Novina, Robert Cugelj

Graham Moreton Smith (chair and non-executive member), Robert Paul Marjoram (executive member), Lisa Maire Dunne (executive member), Nicholas Tsimekis (executive member), Justin James Davis (executive member), Robert Anthony Katzaros (executive member)

Jožica Palčič (chair), Samo Stonič

Vedran Sokačič

supervisory board

supervisory board

supervisory board

Marko Jazbec (chair), Pavel Gojkovič, Andreja Rahne, Jure Košir

Jošt Dolničar (chair), Blaž Jakič, Jaka Kirn, Milan Marinič, Polonca Jug Mauko

Polona Pirš Zupančič (chair), Nada Zidar, Jure Košir, Primož Močivnik, Miha Pahulje

The management of all Sava Insurance Group members is local. 10

10 GRI 202-02.

SUSTAINABILITY REPORT

FINANCIAL STATEMENTS WITH NOTES

ApPendices

ANNUAL REPORT 2022

21

BUSINESS REPORT

2.8 Changes to the organisation 11

There were no major changes in the Group’s organisa-tion in 2022, but the Kosovo company S Estate was successfully divested in the first quarter of 2022, the vehicle inspection company Sava Car (MNE) estab-lished the vehicle inspection company Sava Car (SRB) in Serbia in August 2022 to strengthen sales channels and Ornatus KC was renamed ASISTIM at the end of 2022.

11 GRI 2-6.