Sava Re, d.d.
First-quarter results for 2026: Sava Insurance Group delivers €39.2m in pre-tax profit
In accordance with the Ljubljana Stock Exchange rules and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana, announces the following results:
- Business volume up 8.7% to €357.2m
- Pre-tax profit of €39.2m
- Return on equity (ROE) of 15.7%
- Solvency ratio within 218%–224% range
Business volume growth
The Group increased its business volume by 8.7% to EUR 357.2 million, driven primarily by growth in gross premiums, while revenue in the pensions and asset management segment also increased.
- Non-life insurance: growth in business volume of 3.1% in the EU markets and 14.1% in the non‑EU markets was achieved through the sale of new policies and higher average premiums, and partly due to the dynamics of larger policies.
- Life insurance: gross written premiums increased by 10.3% in the EU markets and by 7.1% in the non‑EU markets. There was an increase in sales of both protection and unit‑linked insurance products.
- Reinsurance: growth of as much as 22.0%, reflecting the pursuit of new opportunities in selected international markets.
- Pensions and asset management: asset management revenue increased by 12.9%. Net inflows grew by a strong 23.2%, more than offsetting the impact of adverse developments in financial markets on assets under management.
Profitability reflecting claims experience
The first quarter was characterised by a slightly less favourable claims experience than in the same period of the previous year, when claims experience was particularly favourable.
- Net profit for the period: it amounted to EUR 31.2 million and remained broadly unchanged year on year. Although the Group increased revenue by 5.0%, this growth was offset by higher claims expenses from natural catastrophes and other major claims.
- Combined ratio: the less favourable claims experience resulted in a higher combined ratio, which nevertheless remained very favourable at 87.2%.
Solvency position remains strong
The Group continues to maintain a strong capital position in 2026, with its estimated solvency ratio increasing further to a range of 218% to 224%. The solvency ratio remains significantly above the regulatory requirement of 100% and is also in line with the Group’s internal capital criteria.
Progress on the 2026 business plan
In the first quarter, the Group successfully delivered on its 2026 business plan. It achieved approximately 30% of the planned full‑year business volume, while net profit represents 32.9% of the lower end of the planned range. It should be noted that the Group’s operations are statistically most affected by natural catastrophes in the second and third quarters, a factor that is taken into account in the business plan. The Group remains exposed in the remainder of the year to major claims and higher claims frequency, as well as financial market volatility and other potential external factors. Accordingly, at the end of the first quarter, management believes that it is premature to provide any guidance on full‑year performance that would differ from the Group’s 2026 business plan.
This announcement will also be available on the Company’s website, at www.sava-re.si, at least five years from the publication date.