SAVA RE, d. d., Ljubljana
Statement re press comment
Pursuant to the Rules of the Ljubljana Stock Exchange d.d., Ljubljana, and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana, hereby announces the following:
Regarding the article in the online edition of the daily Delo under the headline “Sava Re pričakuje okrevanje že v drugem polletju” (Sava Re expects recovery in second half year) posted on 26 March 2020, Sava Re clarifies that some information given in the article relating to the “Audited annual report of the Sava Insurance Group and Sava Re d.d. 2019” is inaccurate and misleading.
Sava Re and the Sava Insurance Group closely follow projections on macroeconomic developments prepared by specialised institutions. In the annual report of the Sava Insurance Group, we state: “Based on a number of publicly available macroeconomic projections, an economic slowdown is very likely and a transition into recession is possible. In addition, lower general consumption contributes to lower demand for insurance services because GDP growth is closely correlated with premium volume.”
We set out in the annual report that, at the time of writing, the overriding assumption for our assessment was an impact on one quarter. This is in stark contrast to what is written in the article: that we are predicting that economic growth after the end of the second quarter would return to the level before the crisis caused by the coronavirus.
To ensure that the public is informed in an objective manner regarding the issues raised by the Delo daily newspaper, Sava Re will request that Delo publish this response.
This announcement will also be available on the Company’s website, at www.sava-re.si, at least five years from the date of the announcement.
The Management Board