Sava Re Group
In 1990, that is, one year prior to Slovenia’s declaration of independence, Sava Re was turned into a stock reinsurance company. The group’s expansion into the completely restructured space of former Yugoslavia then started.
Starting from 1998, the new reinsurer embarked on direct insurance in Slovenia. This strategic option has been confirmed since the start of the 2000s with acquisitions made in Croatia, Kosovo, Montenegro, Serbia and Macedonia. The group is currently pursuing its diversification, with 70% of its turnover being underwritten in direct business. The share capital remains detained at 65% by natural persons or legal entities of Slovenian nationality.
By December 31, 2017, Sava Re Group counted 2600 staff members spread around a reinsurance company, Sava Re Company d.d., several direct insurance companies, a pension fund and an assistance company. The turnover reported at the end of the previous year amounted to 619.666 million USD, 183.562 million USD of which attributed to Sava Re Company d.d. Still by December 31, 2017, the group posted 2.046 billion USD in assets, 378.721 million USD in shareholder's equity, 37.252 million USD in net result and a 10.1% return on equity.
By December 31, 2017, the company specialized in reinsurance, Sava Re Company had, alone, generated 30% of the turnover and 100% of the group’s net profits. Despite a particularly bad year at the global level, reinsurance results yielded a combined ratio of 96.5%, after-tax profits of 39. 504 million USD and return on equity of 11.7%.
Almost forty years on after its inception, Sava Re has completely succeeded its establishment in Slovenia and in neighboring countries, standing as a regional reference confirmed by the two biggest rating agencies, Standard & Poor’s and A.M. Best which granted it an A- with positive outlooks and stable outlooks respectively.
Marko Jazbec |
Chairman of the management board |
Sava Re Group is in 2017
Share capital (1) | 86 087 000 USD |
Gross written premiums | 619 666 000 USD |
Total assets | 2 046 669 000 USD |
Shareholder’s equity | 378 721 000 USD |
Net result | 37 252 900 USD |
Net loss ratio | 60,5% |
Net combined ratio | 95,5% |
Return on equity | 10,1% |
Subsidaries in Europe | Slovenia: 2, Serbia: 2, Kosovo: 2, Montenegro: 1, Macedonia: 1 |
Number of employees | 2 600 |
Main shareholders (2)
Slovenian Sovereign Holding | 17.7% |
Zagrebačka banka | 14.2% |
Republic of Slovenia | 10.1% |
Sava Re | 10% |
European Bank for Reconstruction and Development (EBRD) | 6.2% |
Other shareholders | 41.8% |
Management board of Sava Re, d.d (3)
Chairman of the management board | Marko Jazbec |
Member | Srečko Čebron |
Member | Jošt Dolničar |
Member | Polona Pirš Zupančič |
Sava Re Group : Main technical highlights (2013-2017)
in USD
2013 | 2014 | 2015 | 2016 | 2017 | |
---|---|---|---|---|---|
Gross written premiums | 532 411 410 | 569 132 502 | 531 341 282 | 516 543 879 | 619 666 340 |
Net written premiums | 501 250 944 | 535 822 175 | 498 216 357 | 483 622 703 | 578 641 501 |
Net incurred losses | 315 298 066 | 312 514 346 | 298 448 958 | 282 814 573 | 354 743 622 |
Management expenses (1) | 175 211 269 | 174 633 241 | 158 727 207 | 164 203 672 | 184 607 733 |
Net non life loss ratio | 58.9% | 59.0% | 59.5% | 58.2% | 60.5% |
Net non life combined ratio | 97.0% | 95.3% | 94.9% | 94.6% | 95.5% |
Net technical result | 14 673 522 | 18 374 300 | 20 958 474 | 22 443 550 | 21 388 394 |
Net financial income | 8 453 894 | 32 747 249 | 25 904 401 | 24 364 621 | 25 953 058 |
Result before tax | 21 717 541 | 47 356 376 | 43 815 053 | 42 855 185 | 47 779 013 |
Result after tax | 21 508 109 | 37 123 091 | 36 458 428 | 34 686 909 | 37 252 944 |
Return on Equity (RoE) (2) | 7.6% | 11.9% | 12.0% | 11.3% | 10.1% |
(2) Average of shareholder’s equity in the period
Sava Re Group : Evolution of premiums, losses and results (2013-2017)
Figures in thousands USD
Sava Re Group : Evolution of ratios ( 2013-2017)
* Ratios relate to reinsurance and non-life insuranceSava Re Group : Breakdown of gross written premiums per class of business (2013-2017)
(Direct insurance and reinsurance operations combined)
in USD
2013 | 2014 | 2015 | 2016 | 2017 | Parts 2017 | |
---|---|---|---|---|---|---|
Motor | 212 131 607 | 226 404 916 | 200 438 783 | 196 891 618 | 242 686 230 | 39.2% |
Fire and property damage | 144 336 458 | 139 845 002 | 137 977 690 | 138 100 810 | 156 226 215 | 25.2% |
Personal accident | 37 743 646 | 39 521 832 | 37 610 732 | 30 647 257 | 32 933 558 | 5.3% |
General third party liability | 16 924 354 | 21 302 836 | 17 990 266 | 19 818 352 | 24 773 722 | 4% |
Marine & aviation | 13 350 011 | 12 023 192 | 12 966 513 | 13 033 888 | 17 330 950 | 2.8% |
Assistance | 8 042 311 | 11 314 363 | 11 198 857 | 12 280 365 | 16 754 513 | 2.7% |
Health | 4 202 543 | 2 621 515 | 5 038 029 | 3 295 834 | 8 962 104 | 1.4% |
Credit | 2 797 534 | 2 825 223 | 4 617 257 | 6 754 933 | 6 695 728 | 1.1% |
Other risks (1) | 2 711 705 | 3 593 045 | 7 862 416 | 4 674 064 | 5 019 426 | 0.8% |
Total non life | 442 240 169 | 459 451 924 | 435 700 543 | 425 497 121 | 511 382 446 | 82.5% |
Life (2) | 90 171 241 | 109 680 578 | 95 640 739 | 91 046 758 | 108 283 894 | 17.5% |
Total | 532 411 410 | 569 132 502 | 531 341 282 | 516 543 879 | 619 666 340 | 100% |
Sava Re Group : Gross written premiums per class of business in 2017
(Direct insurance and reinsurance operations combined)
(1) Including suretyship, miscellaneous financial loss and legal expenses(2) Including life insurance, unit-linked policies and savings
A comparative evaluation between Sava Re Group and Sava Re Company
en USD
Sava Re Group | Sava Re Company | |||
---|---|---|---|---|
2017 | 2016 | 2017 | 2016 | |
Gross written premiums | 619 666 340 | 516 543 879 | 183 563 392 | 155 348 140 |
Net earned premiums | 564 116 293 | 482 715 321 | 153 781 049 | 140 598 008 |
Gross paid claims | 371 065 527 | 283 923 119 | 100 066 829 | 89 741 539 |
Net incurred losses | 354 743 622 | 282 814 573 | 94 146 736 | 86 175 688 |
Net non life loss ratio (1) | 60.5% | 58.2% | 65% | 60.2% |
Net expenses ratio | 32.7% | 34% | 31.5% | 33.3% |
Net non life combined ratio (1) | 95.5% | 94.6% | 96.5% | 93.6% |
Result before tax | 47 779 013 | 42 855 185 | 41 648 500 | 36 856 462 |
Result after tax | 37 252 944 | 34 686 909 | 39 504 401 | 34 640 127 |
Return on Equity (RoE) | 10. 1% | 11.3% | 11.7% | 12.3% |
Total assets | 2 046 669 318 | 1 760 982 174 | 695 924 879 | 598 674 343 |
Shareholder’s equity | 378 720 685 | 312 998 196 | 348 589 092 | 284 881 830 |
Net technical provisions | 1 350 357 624 | 1 169 398 885 | 254 662 082 | 219 179 599 |
Sava Re Company : Breakdown of gross written premiums per geographical area (2016-2017)
in USD2017 | 2016 | |||
---|---|---|---|---|
Gross written premiums | Portfolio structure | Gross written premiums | Portfolio structure | |
National | 63 428 941 | 34.6% | 54 911 201 | 35.3% |
International | 120 134 451 | 65.4% | 100 436 939 | 64.7% |
Total | 183 563 392 | 100% | 155 348 140 | 100% |
Sava Re Company : Shares in the Slovenian reinsurance market (2016-2017)
En USD2017 | 2016 | |||
---|---|---|---|---|
Gross written premiums | Market shares | Gross written premiums | Market shares | |
Sava Re | 183 563 392 | 55.3% | 148 214 215 | 44.7% |
Triglav Re | 155 348 140 | 55.7% | 123 726 541 | 44.3% |
Total | 331 777 607 | 100% | 279 074 681 | 100% |
Exchange rate as at: | 2013 | 2014 | 2015 | 2016 | 2017 |
1.37679 | 1.21563 | 1.0927 | 1.05373 | 1.19804 |
Contact Sava Re, d.d.
Head office | Dunajska 56, 1000 Ljubljana, Slovenia |
Phone | +386 1 47 50 200 |
Fax | +386 1 47 50 264 |
E-mail | |
Website |