Sava Group expects to achieve a FY2023 net profit of at least EUR 53 million

11 January 2023 —
In 2023, the Slovenian Sava Insurance Group plans to generate more than EUR 800 million in operating revenue (gross premiums written plus other operating revenue), representing a 4% growth compared to 2022, with growth planned across all markets where the Group is present.

At the same time, the Group expects to achieve a net profit of at least EUR 53 million, while the targeted combined ratio is expected to remain below 95%.

For the 2020-2022 strategy period, the Sava Insurance Group informed it has achieved all its key objectives: "Through organic growth and the acquisition of Vita, the Group has increased revenue by 23% to EUR 720 million during the three years and achieved an average return on equity of over 13%. This outstanding performance reflects the Group's significant progress on its key priorities for the strategy period, in particular by improving the customer experience through the digital transformation, by putting the customer at the centre, and by tailoring services to the wishes and needs of customers".

For the period 2023-2027, the Group representatives mentioned it has adopted a new strategy that will drive the Group forward on three key priorities: the customer-centric approach, the optimization of the business processes and the pursue sustainability in all key areas.

Regarding growth and profitability, targets for the period of 2023-2027, the Group's operating revenue (gross premiums written plus other operating revenue) is planned to grow at an average annual rate of at least 4%, reaching more than EUR 900 million in 2027. At the same time, the primary goal of the Group will remain maintaining appropriate profitability as measured by combined ratios, which are envisaged to remain under 95% for the insurance and reinsurance business.