Slovenian Sava Insurance Group and Sava Re published the report for their first half of 2019 activity. The Group's net profit jumped to EUR 23 million, about 59.3% more than previous year's six-month net profit.


1H2019 financial figures (vs. 1H2018) - unaudited

• Operating revenues: EUR 274 million (+7.6%)
• Gross written premiums: EUR 337 million (+9.1%), of which
• GWP Reinsurance: EUR 56 million (+6.6%)
• GWP Non-life Slovenia: EUR 193 million (+9.5%)
• GWP Non-life International: EUR 41 million (+18.2%)
• GWP Life Slovenia: EUR 39 million (+1.5%)
• GWP Life International: EUR 4 million (+8.2%)
• GWP Pensions: EUR 2 million (+36.7%)
• Net premiums earned: EUR 259 million (+7.9%)
• Net claims incurred: EUR 187 million (+13.0%)
• Profit before tax: EUR 29 million (+57.4%)
• Net profit: EUR 23 million (+59.3%)
• Comprehensive income: EUR 35 million (+207.0%)
• Net technical provisions: EUR 1,163 million (+5.4%)
• Net combined ratio: 95.0% (-2.2 pp.)
• Annualized return on equity: 12.5% (+2.6 pp.)

For the first half of year 2019, Sava Insurance Group's operating revenues amounted EUR 274 million, up by 7.6% compared to the same period of previous year. According to company's report, the revenues were primarily driven by the non-life segment and partly by acquisitions.

At the end of the first half of 2019, the total gross written premiums (GWP) volume was EUR 337 million at Group's level. This reflects a 9.1% growth, compared to the same period of prior year's GWP. Sava Insurance Group GWP was heavily powered by non-life insurance business lines (amounting EUR 235 million, +11.0% change y-o-y), especially motor and property insurance, and reinsurance activity (amounting EUR 56 million, +6.6% change y-o-y). Slovenian market remained the main source of premiums, with 69% of their total volume coming from Sava's home market.

For H1 of 2019 period, the net incurred claims totaled EUR 187 million, which translates to a 13.0% increase compared to the same period of previous year. The net combined ratio was 95.0%, 2.2 percentage points lower on a y-o-y comparison. The Group mentioned that the combined ratio was adversely affected by a less favourable loss ratio of the reinsurance segment (in the first half of 2019 there was a downturn in the development of previous underwriting years) and non-Slovenian non-life business (impact of larger net claims incurred by Croatian non-life insurers).

You can find more financial information about Sava Re, here.


Slovenia-based Sava Insurance Group has a strong presence in Adria insurance markets, operating in 6 CEE countries through its subsidiaries from Slovenia, Croatia, Serbia, Kosovo, Montenegro and North Macedonia.

Source: Sava-Re.si