Pursuant to the rules of the Ljubljana Stock Exchange and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, 1000 Ljubljana, makes the following announcement:

At its session on 4 April 2024, the supervisory board of Sava Re d.d. approved the Audited Annual Report of the Sava Insurance Group and Sava Re d.d. for 2023.

The supervisory and management boards have prepared a proposal to the general meeting to pay a gross dividend of EUR 1.75 per share to the Company’s shareholders. This corresponds to a total of EUR 27,120,968.00, or 42% of the Group’s net profit for 2023. The proposed dividend represents an increase of 9.4% compared to the dividend paid out for 2022.

The Sava Insurance Group performed well and better than planned in 2023, despite the extraordinary loss events, achieving a net profit of EUR 64.7 million. The dividend proposal is in line with the Company’s dividend policy, which sets the payout range between 35% and 45% of the Group’s net profit. The proposal was made taking into account other circumstances, such as 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 business 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 57,546,609.84 as at 31 December 2023, as presented in the 2023 annual report: EUR 27,120,968.00 to be used for dividends, and the remaining part of distributable profit of EUR 30,425,641.84 to be left unallocated as retained earnings.

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.