SAVA RE, d. d., Ljubljana
Proposed annual dividend for Sava Re shareholders up by 76.5%
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 makes the following announcement:
In its session of 25 April 2022, the supervisory board of Sava Re d.d. approved the audited annual report of the Sava Insurance Group and Sava Re d.d. for 2021.
The supervisory and management boards prepared a draft resolution for the general meeting to the effect that shareholders be paid a dividend of EUR 1.50 gross per share, in total EUR 23,246,544.00, or 30.5% of the Group’s 2021 net profit. The proposed dividend is a 76.5% increase from the dividend paid out for 2020.
The Sava Insurance Group performed well in 2021 and better than planned, generating a profit of EUR 76.2 million, a 35.1% improvement over 2020. Accordingly, the supervisory and management boards drafted a dividend resolution for the general meeting that reflects this profit growth. In doing so, the Company also considered other factors: the estimated surplus of eligible own funds over the solvency capital requirement under Solvency II, the own risk and solvency assessment of the Group, the capital models of S&P Global Ratings and AM Best, the approved annual and strategic plans of the Group and the Company, new development projects to engage additional capital and other relevant circumstances affecting the financial position of the Company.
Based on the proposal of the Sava Re management board, the supervisory board approved the resolution on the appropriation of the distributable profit of EUR 37,053,726.07 as at 31 December 2021 as presented in the 2021 annual report: EUR 23,246,544.00 to be appropriated for dividends, and the remaining part of distributable profit of EUR 13,807,182.07 to be left unallocated as retained earnings. Thus, the proposed gross dividend per share is set at EUR 1.50.
This announcement will also be available on the Company’s website, at www.sava-re.si, for at least five years from the date of this announcement.
Company management board