Pozavarovalnica Sava d d : S&P affirms 'A' ratings on Sava Re and Zavarovalnica Sava, outlook stable
September 05, 2023 at 03:08 am
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5. 9. 2023
S&P affirms 'A' ratings on Sava Re and Zavarovalnica Sava, outlook stable
Pursuant to the rules of the Ljubljana Stock Exchange, Ljubljana, and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana, makes the following announcement:
Following its regular annual rating review, the rating agency S&P Global Ratings (the Agency) affirmed the "A" (strong) insurer financial strength rating on Sava Re and Zavarovalnica Sava. The outlook is stable.
According to the Agency, the key strengths of the Sava Insurance Group are its established and strong competitive position in the Slovenian market, its solid capitalisation at the "AAA" level, and its prudent underwriting combined with conservative reinsurance protection and a prudent investment strategy, which underpins solid business performance.
The Agency considers that the impact of the recent torrential floods in Slovenia will be manageable for the Sava Insurance Group, with claims remaining inside the Group's risk tolerances. It considers that these claims will not have a material impact on the Group's capital position. This year's profit will be lower, but the impact of claims will be contained by the Group's comprehensive reinsurance protection. The Agency is confident that the Group will maintain its strong position in Slovenia and continue to gradually expand its footprint in its target markets in the Adriatic region and in the international reinsurance markets.
The stable medium-term outlook reflects the Agency's expectation that the Group's management will continue to pursue its strategy of solid operating performance and profitable growth, while further diversifying premiums and strengthening its income streams, and that it will maintain a strong balance sheet over the next two years despite the increased natural catastrophe claims and moderating macroeconomic conditions.
Pozavarovalnica Sava dd published this content on 05 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2023 07:07:07 UTC.
Pozavarovalnica Sava dd (or Sava Reinsurance Plc), also known as Sava Re dd, is a Slovenia-based reinsurance undertaking. It operates as a parent company of Sava Re Group, which comprises direct insurance and pension undertakings. The Companyâs activities are divided into four segments: Reinsurance operations, Non-life insurance operations, Life insurance operations and Other business segment. The Reinsurance operations segment comprises treaty and facultative arrangements for intra-group clients and insurance and reinsurance partners worldwide. The Non-life insurance operations segment supports local markets with non-life insurance products and customer oriented services. The Life insurance operations segment is focused on life protection and saving products, including pension schemes. The Other business segment comprises operations of the Companyâs non-insurance subsidiaries. Sava Re Group operates through subsidiaries in Slovenia, Croatia, Serbia, Macedonia, Montenegro and Kosovo.