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:

Following its regular annual rating review, the rating agency Standard & Poor’s (Agency) affirmed the “A” (strong) insurer financial strength rating on Sava Re d.d. and Zavarovalnica Sava d.d. The outlook is stable.

In the rating agency’s assessment, the key strengths of the Sava Insurance Group are its established and stable position in the Slovenian market, solid capitalisation at the “AAA” level and its conservative investment policy. One of the Group’s strengths is also prudent underwriting combined with conservative reinsurance protection, which supports operating performance.

The Agency is of the opinion that the Sava Insurance Group solidified its market position in the Slovenian insurance market with the successful consolidation of Vita. The Agency believes the Group will continue to leverage its extensive distribution capabilities and client-centric approach to tap profitable growth from the favourable market conditions in Slovenia. The Agency also believes that the Group’s good underwriting profitability will safeguard its stability, even as claims frequency normalises following a slowdown during COVID-19 lockdowns.

The stable outlook on the Group’s core operating entities reflects the Agency’s expectation that the Group’s management will continue to implement its strategy of profitable growth while further diversifying premiums and income streams. Despite the integration of Vita and the potential turn in the economic cycle, the Agency expects the Group to sustain a strong balance sheet with at least very strong capitalisation and strong and stable earnings over the next two years, enabling the Group to continue developing its domestic and foreign operations.

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.