According to the Group, this result reflects growth in the number of insurance and reinsurance contracts, the impact of higher average non‑life insurance premiums and the additional contribution of new opportunities pursued in the reinsurance market.
The insurance result amounted to EUR 118.5 million, up 47.6%. This exceptionally high growth is primarily driven by very favorable claims experience. For the Sava Insurance Group, 2025 was a favorable year in terms of severe weather events, with an impact on the Group’s result that was EUR 26.6 million lower than in 2024. The Group also recorded fewer man-made major claims. Higher revenue, driven by increased business volume, also contributed to the growth in the insurance result. The combined ratio improved significantly for both of these reasons and is now exceptionally favorable at 87.4%.
The finance result amounted to EUR 14.5 million, down 28.6% on 2024, mainly due to one-off effects on investments and interest on subordinated bonds issued in the second half of 2024. Net profit thus increased by 29.8% to EUR 114.1 million. Equity totalled EUR 742.6 million, up 14.5% compared to the end of 2024. The increase is due to profits in 2025 and positive changes in other comprehensive income, partly offset by dividend payments.
Return on equity was 15.9%, up 2.3 percentage points compared to 2024 as a result of higher net profit for the period. The contractual service margin amounted to EUR 190.7 million and increased by 8.6%, mainly in the life segment (by 7.2%), due to both new insurance policies and favourable changes in expected cash flows. The latter were chiefly the result of additional one-off payments on existing unit linked policies and favorable developments in financial markets. Both factors contributed to an increase in the value of unit-linked assets, thereby enhancing future income from the management of these assets.
In 2025, new life insurance sales generated a contractual service margin of EUR 26.7 million, representing a year-on-year increase of 9.9%. The investment portfolio totalled EUR 1,764.6 million, up 5.9%. Fixed-income financial investments remained the largest part of the portfolio (87.7%). The return on the investment portfolio was 2.1%, down 0.4 percentage points compared to 2024.
Assets under management increased by 16.9% to EUR 3,377.6 million. This growth is primarily attributable to strong net inflows, which increased by as much as 30.8% compared with the same period last year, while returns on assets under management also contributed to the overall growth. As at 31 December 2025, the assessment of the solvency position shows that the Group is well capitalised, with an estimated solvency ratio in the range of 215% to 221% (31 December 2024: 208%).
The report on FY2025 results can be found here.
19548 views
