- Operating revenues: EUR 428 million (+8.7%)
- Gross premiums written: EUR 471 million (+9.5%)
- Net investment income: EUR 19 million (+2.3%)
- Net combined ratio: 93.9% (-0.4 pp.)
- Net profit: EUR 38 million (+29.3%)
The Sava Insurance Group wrote EUR 471.1 million in non-life premiums, up by 9.5% year on year. The growth in gross premiums written was contributed by Slovenian non-life insurance business (10.9% growth), non-Slovenian non-life insurance business (20.3% growth), reinsurance business (3.6% growth), non-Slovenian life insurance business (7.4% growth) and Slovenian life insurance (0.4% growth). Thus, in the first three quarters of the year, the Group wrote 84.9% of its full-year premium target for 2019.
The net incurred loss ratio was somewhat larger than planned, mainly due to the impact of higher net claims incurred by the Group's non-life insurers. Primary insurance saw an increased claims burden in Croatia, where claims rose in motor third-party liability and in motor casco business, as well as owing to the integration of the Ergo non-life insurer into the Group.
In addition to achieving significant organic growth, the Sava Insurance Group remains committed to its strategy of acquisitions-based growth. After Zavarovalnica Sava acquired the insurers ERGO Osiguranje d.d. and ERGO Zivotno Osiguranje d.d., Croatia, in February this year, Sava Re purchased 85% of Sava Infond, so that the members of the Sava Insurance Group now hold 100% of the voting rights in Sava Infond. In August, a deal was signed to purchase the Slovenia-based medical centre "Diagnosticni center Bled, d.o.o."
In October 2019, Sava Re issued subordinated bonds worth a total of EUR 75 million, with a scheduled maturity of 2039 and an early recall option for 7 November 2029. The capital raised is Tier 2 eligible and Solvency II compliant. This successful issuance will provide the Group even more flexibility to pursue growth.
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