Sava Insurance Group reported a solid start to 2026, posting EUR 39.2 million in pre-tax profit for the first quarter, supported by robust growth across its insurance and reinsurance operations. Business volume increased by 8.7% y-o-y to EUR 357.2 million, while the Group maintained a strong solvency position and a return on equity (ROE) of 15.7%.

Growth was primarily driven by higher gross written premiums, alongside increased revenues from the pensions and asset management segment.

In non-life insurance, business volume rose by 3.1% in EU markets and by 14.1% in non-EU markets, supported by new policy sales, higher average premiums, and the contribution of larger contracts. Life insurance operations also expanded, with gross written premiums increasing by 10.3% in EU markets and 7.1% in non-EU markets, reflecting stronger sales of both protection and unit-linked products.

Reinsurance delivered the most significant advance, recording 22% growth as the Group pursued new opportunities in selected international markets.

Meanwhile, the pensions and asset management segment also posted strong results. Asset management revenues increased by 12.9%, while net inflows surged by 23.2%, more than compensating for the impact of volatile financial markets on assets under management.

Despite stronger revenues, profitability was affected by a less favorable claims environment compared with the exceptionally benign first quarter of 2025. Net profit remained broadly stable at EUR 31.2 million, as a 5% increase in revenue was largely offset by higher claims expenses related to natural catastrophes and other major losses.

The Group’s combined ratio deteriorated slightly due to higher claims activity but remained at a very strong level of 87.2%, underlining continued underwriting discipline.

Sava Insurance Group also preserved a solid capital position, with its estimated solvency ratio improving further to a range of 218%-224%, comfortably above the regulatory requirement and aligned with internal capital targets.

The company said first-quarter performance remains in line with its full-year objectives, with approximately 30% of the planned annual business volume already achieved and net profit reaching nearly one-third of the lower end of the projected annual range.

However, management noted that the second and third quarters are historically more exposed to natural catastrophe events and emphasized that it remains too early to revise its full-year outlook. The Group also highlighted continued exposure to major claims, claims frequency trends, financial market volatility and broader external risks during the remainder of the year.