During the first 9M2024, Sava Insurance Group increased its business volume by 14.7% to EUR 814.7 million, with significant growth in all operating segments. Double-digit growth in GWP was achieved in both the non-life (EU 17.2%, non-EU 15.0%) and life business (EU 11.7%, non-EU 14.1%), while reinsurance premiums also increased by a solid 7.9%.

Net profit for the period was EUR 62.1 million, an increase of 70.0% over the same period last year. The main contributor was the non-life business, with a 20.0% increase in insurance revenue and a more favorable claims experience than last year, when the Group suffered higher natural catastrophe losses than this year.

The combined ratio improved by 4.6 percentage points to a very favorable 91.7%, driven by revenue growth and a more favorable claims experience, as well as the Group’s efficient cost management, despite continued upward pressure on costs.

The solvency ratio, estimated at between 198% and 204%, shows that the Group remains very well capitalised. The composition of the Solvency Capital Requirement (SCR) by risk category has not changed significantly since the end of 2023.

The Group’s net profit for the first nine months of 2024 represents 88.7% of the lower end of the 2024 full-year target range for net profit. If there is no material deterioration in claims experience in the fourth quarter and financial market conditions remain stable, the management board now expects that the Group will exceed its 2024 net profit guidance of EUR 70 million.