The distributable profit of Sava Re amounts to EUR 23,8 million, as at 31 December 2020. Out of this total, an amount of EUR 13,17 million will to be appropriated for dividends, while the remaining distributable profit of EUR 10,63 million is to remain unappropriated.
SAVA Re announced that its FY2020 consolidated net profit rose by 12.3% y-o-y to EUR 56.4 million, "better than planned", as the group mentioned in a statement. At the same time, the company generated EUR 674.9 million in operating revenue, up 15.5% y-o-y, while return on equity was 13.3%, 1.3 p.p. above the target return set in the strategy for 2020-2022. SAVA Re representatives said the increase in net profit was driven by good results in the life and non-life insurance segments, partly offset by the challenging claims experience in international reinsurance business. The acquisition of Vita, which generated EUR 9.9 million in one-off income from the excess of the fair value of the net assets acquired over the purchase price, was also a driver for the improved profitability.
The general meeting has granted a discharge to the management board and supervisory board for the 2020 financial year.