In accordance with the Ljubljana Stock Exchange rules and the Market in Financial Instruments Act, Sava Re d.d., Dunajska 56, Ljubljana, announces the following results:

• Business volume up 8.0% YoY to €879.6m
• Pre-tax profit of €107.3m
• Return on equity of 15.7%
• Solvency ratio within 212%–218% range
• Moderate claims experience

Robust top-line growth across operating segments

The Group grew business volume by 8.0% to EUR 879.6 million, with all operating segments contributing to this growth, led by higher gross written premiums in non-life insurance and reinsurance. Non-life insurance rose 5.4% in the EU markets and 15.1% in the non-EU markets, supported by higher policy sales and improved average premiums. Reinsurance expanded by 15.3%, reflecting new international opportunities and greater participation in existing contracts. A newly added major treaty is expected to significantly strengthen the Group’s presence in select African markets. Life insurance premiums increased by 3.8% in the EU markets and by 11.4% in the non-EU markets, while the pension and asset management segment achieved double-digit growth in both net inflows, up 19.6%, and revenue, up 15.1%.

Favourable claims experience and revenue growth support profitability

Net profit increased by 36.1% year on year to EUR 84.5 million, already meeting the Group’s full-year 2025 profit target. The favourable claims experience continued into the third quarter, reflecting lower incidence in both weather-related and other claims categories. Strong revenue growth of 11.6% further contributed to the exceptional net profit. The insurance result increased by a remarkable EUR 29.9 million, improving the combined ratio to an excellent 87.7%. The finance result declined by EUR 1.4 million year on year. A EUR 0.7 million increase in the investment result was offset by a EUR 0.8 million decrease in the insurance finance result due to higher business volume. The foreign exchange result improved by EUR 0.8 million, while EUR 2.1 million in interest expenses related to a 2024 bond issue further reduced the finance result. Overall, the Group’s higher net profit lifted the annualised return on equity to 15.7%.

Solvency position remains very strong

The solvency ratio, estimated at between 212% and 218%, continues to demonstrate a very strong capital position. The composition of the Solvency Capital Requirement (SCR) by risk category remained largely unchanged from year-end 2024.

AM Best affirms “A” (Excellent) ratings

In October, AM Best reaffirmed Sava Re’s “A” (Excellent) ratings with a stable outlook following its regular annual review of operations. Earlier, in June, S&P Global Ratings upgraded the Company to “A+”, also with a stable outlook.

Outlook

Due to favourable weather conditions, the Group’s third-quarter losses remained below business plan assumptions, which were based on historical claims experience. Management estimates that, absent major loss events in the fourth quarter, profit before tax for 2025 will exceed EUR 133 million, and net profit will surpass EUR 105 million. The Group remains very well positioned to deliver another year of exceptionally strong results.

This announcement will also be available on the Company’s website, at www.sava-re.si, at least five years from the date of this publication.