Sava Re Group

The first reinsurance operations of the group date back to 1973. This business was initially centralized within the department of the direct insurance company, Sava Insurance (Zavarovalnica Sava). In 1977, that latter was elevated to a distinct company specialized in reinsurance. That is how Sava Re came into being.
Sava Re

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-Sava Re
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
(1) Share capital of Sava Re Company d.d.

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%
(2) Sava Re, d.d. is the parent company of Sava Re Group

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
(3) Shareholding of Sava Re Company d.d

Sava Re Group : Main technical highlights (2013-2017)

in USD

 20132014201520162017
Gross written premiums
532 411 410569 132 502531 341 282516 543 879619 666 340
Net written premiums
501 250 944535 822 175498 216 357483 622 703578 641 501
Net incurred losses
315 298 066312 514 346298 448 958282 814 573354 743 622
Management expenses (1)
175 211 269174 633 241158 727 207164 203 672184 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 52218 374 30020 958 47422 443 55021 388 394
Net financial income
8 453 89432 747 24925 904 40124 364 62125 953 058
Result before tax
21 717 54147 356 37643 815 05342 855 18547 779 013
Result after tax
21 508 10937 123 09136 458 42834 686 90937 252 944
Return on Equity (RoE) (2)
7.6%11.9%12.0%11.3%10.1%
(1) Including reinsurance commissions
(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 premiums

Sava Re Group : Evolution of ratios ( 2013-2017)

Sava Re ratios * Ratios relate to reinsurance and non-life insurance

Sava Re Group : Breakdown of gross written premiums per class of business (2013-2017)

(Direct insurance and reinsurance operations combined)

in USD

 20132014201520162017Parts 2017
Motor
212 131 607226 404 916200 438 783196 891 618242 686 23039.2%
Fire and property
damage
 
144 336 458139 845 002137 977 690138 100 810156 226 21525.2%
Personal accident
37 743 64639 521 83237 610 73230 647 25732 933 5585.3%
General third party
liability
 
16 924 35421 302 83617 990 26619 818 35224 773 7224%
Marine & aviation
13 350 01112 023 19212 966 51313 033 88817 330 9502.8%
Assistance
8 042 31111 314 36311 198 85712 280 36516 754 5132.7%
Health
4 202 5432 621 5155 038 0293 295 8348 962 1041.4%
Credit
2 797 5342 825 2234 617 2576 754 9336 695 7281.1%
Other risks (1)
2 711 7053 593 0457 862 4164 674 0645 019 4260.8%
Total non life
442 240 169 459 451 924 435 700 543 425 497 121 511 382 446 82.5%
Life (2)
90 171 241109 680 57895 640 73991 046 758108 283 89417.5%
Total
532 411 410569 132 502531 341 282516 543 879619 666 340100%

Sava Re Group : Gross written premiums per class of business in 2017

(Direct insurance and reinsurance operations combined)

Sava Re Group Gross written premiums (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 GroupSava Re Company
 2017201620172016
Gross written premiums
619 666 340516 543 879183 563 392155 348 140
Net earned premiums
564 116 293482 715 321153 781 049140 598 008
Gross paid claims
371 065 527283 923 119100 066 82989 741 539
Net incurred losses
354 743 622282 814 57394 146 73686 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 01342 855 18541 648 50036 856 462
Result after tax
37 252 94434 686 90939 504 40134 640 127
Return on Equity (RoE)
10. 1%11.3%11.7%12.3%
Total assets
2 046 669 3181 760 982 174695 924 879598 674 343
Shareholder’s equity
378 720 685312 998 196348 589 092284 881 830
Net technical provisions
1 350 357 6241 169 398 885254 662 082219 179 599
(1) Excluding price fluctuation

Sava Re Company : Breakdown of gross written premiums per geographical area (2016-2017)

in USD
 20172016
 Gross written premiumsPortfolio structureGross written premiumsPortfolio structure
National
63 428 94134.6%54 911 20135.3%
International
120 134 45165.4%100 436 93964.7%
Total
183 563 392 100% 155 348 140 100%

Sava Re Company : Shares in the Slovenian reinsurance market (2016-2017)

En USD
 20172016
 Gross written premiumsMarket sharesGross written premiumsMarket shares
Sava Re
183 563 39255.3%148 214 21544.7%
Triglav Re
155 348 14055.7%123 726 54144.3%
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
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