CONSOLIDATED UNAUDITED QUARTERLY REPORT, FOR THE PERIOD 1 January 2025 – 30 September 2025

This document is a translation of the original Croatian version and is intended to be used for informational purposes only. While every effort has been made to ensure the accuracy and completeness of the translation, please note that the Croatian original is binding.

CONTENT

I.	UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 3
	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4
	CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) 6
	CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 8
	CONSOLIDATED STATEMENT OF CASH FLOWS – indirect method 9
II.	MANAGEMENT REPORT 10
III.	NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
	PERIOD I-IX 2025 15
	MANAGEMENT BOARD STATEMENT 29

I. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Annex 1
	ISSUER'	S GENERAL DATA
Reporting period:		1.1.2025 to	30.9.2025	]
Year:		2025
Quarter:		3
	Quarterly financia	al statements
Registration number (MB):	03276147	Issuer's home	HR	1
		Member State		J
Entity's registration number		1	,
Personal identification number (OIB):	26187994862	LEI:	74780000M0GHQ1VXJU20
Institution code:	199
Name of the issuer:	CROATIA osiguranje d.d.
Postcode and town:	10 000	ZAGREB
Street and house number:	Vatroslava Jagića 33
E-mail address:	[email protected]
Web address:	www.crosig.hr
Number of employees (end of the reporting period):	3986
Consolidated report:	KD (KN-not consol	idated/KD-consolidated)
Audited:	RN (RN-not audi	ted/RD-audited)
Names of subsidia	aries (according to IFRS):	Registe	red office:		MB:
CROATIA PREMIUM d.o.o.		ZAGREB		.	01885880
CROATIA NEKRETNINE d.o.o.		ZAGREB		r	04570243
AUTO MAKSIMIR VOZILA d.o.o	).	ZAGREB			01804812
CROATIA OSIGURANJE DD		MOSTAR			20097647
MILENIJUM OSIGURANJE A.D		BEOGRAD			7810318
CROATIA OSIGURANJE A.D		SKOPJE		r	05920922
CROATIA OSIGURANJE A.D	ZA NEŽIVOTNA OSIG.	SKOPJE		r	06479570
CROATIA OSIGURANJE MIROV	/INSKO DRUŠTVO D.O.O.	ZAGREB		_	01731742
RAZNE USLUGE D.O.O U LIK	VIDACIJI	ZAGREB		r	01892037
CROATIA - TEHNIČKI PREGLE	DI D.O.O.	ZAGREB		r	01450930
PBZ CROATIA OSIGURANJE D	D	ZAGREB			01583999
CO ZDRAVLJE D.O.O.		ZAGREB			04837550
STRMEC PROJEKT d.o.o.		ZAGREB			02586649
AGROSERVIS STP d.o.o.		VIROVITICA			01233033
KOREQT d.o.o.		ZAGREB			081353961

Bookkeeping firm:	No	(Yes/No)
Contact person:	Jelena Matijević		e bookkeeping firm)
Telephone:	(only name and surname of the contact 072 00 1884	person)
E-mail address:	[email protected]
Audit firm:
Certified auditor:	(name of the audit firm)
	(name and surname)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(STATEMENT OF PROFIT OR LOSS)

For the period: 1.1.2025 - 30.9.2025

Item	Sum					Cumul	lative					Qu	arter
	elements	Identifier	ltem	Previo	us accounting	period	Curre	ent accounting p	eriod	Previous accounting period			Curre	nt accounting p	eriod
number				Life	Non-life	Total	Life	Non-life	Total	Life	Non-life	Total	Life	Non-life	Total
001	002 + 003 + 004	ı	Income from insurance contracts	10.096.733	381.629.252	391.725.985	10.847.702	435.735.466	446.583.168	3.459.642	136.928.183		3.656.093	157.835.650	161.491.74
002		1	General measurement model	9.592.365	3.629.069	13.221.434	10.226.059	3.500.250	13.726.309	3.285.688	1.208.379	4.494.067	3.442.313	1.229.447	4.671.76
003		2	Variable fee approach	504.368	0	504.368	621.643	0	621.643	173.954	0	173.954	213.780	0	213.78
004		3	Premium allocation approach	0	378.000.183	378.000.183	0	432.235.216	432.235.216	0	135.719.804	135.719.804	0	156.606.203	156.606.20
005	006+007++ 012	II	Expenditure from insurance contracts	-6.023.974	-350.311.455	-356.335.429	-7.841.545	-380.297.143	-388.138.688	-2.360.308	-127.216.974	-129.577.282	-2.455.357	-139.635.065	-142.090.42
006		1	Claims incurred	-1.300.788	-225.428.731	-226.729.519	-1.548.929	-253.501.932	-255.050.861	-426.897	-84.367.473	-84.794.370	-563.697	-92.217.339	-92.781.03
007		2	Commissions	-1.917.474	-36.430.909	-38.348.383	-2.574.748	-42.887.066	-45.461.814	-722.415	-13.562.151	-14.284.566	-907.895	-15.407.997	-16.315.89
800		3	Other expenses related to the sale of insurance	0	-39.139.150	-39.139.150	0	-42.379.201	-42.379.201	0	-13.941.739	-13.941.739	0	-14.729.584	-14.729.58
009		4	Other insurance service expenses	-2.485.846	-53.037.268	-55.523.114	-2.514.831	-57.825.063	-60.339.894	-821.130	-17.856.335	-18.677.465	-843.049	-19.890.323	-20.733.37
010		5	Depreciation of insurance acquisition costs	0	0	0	0	0	0	0	0	0	0	0
011		6	Losses and reversal of losses on onerous contracts	-233.815	873.801	639.986	-325.714	714.435	388.721	-108.554	-207.490	-316.044	-31.166	-385.722	-416.88
012		7	Change in liabilities for claims incurred	-86.051	2.850.802	2.764.751	-877.323	15.581.684	14.704.361	-281.312	2.718.214	2.436.902	-109.550	2.995.900	2.886.35
013	014 + 015	III	Net result of (passive) reinsurance contracts	-36.735	-8.798.387	-8.835.122	-43.555	-19.460.397	-19.503.952	-12.316	-2.353.201	-2.365.517	-14.700	-4.516.700	-4.531.40
014		1	Income from (passive) reinsurance contracts	0	40.470.808	40.470.808	0	40.586.604	40.586.604	0	18.229.146	18.229.146	0	17.874.646	17.874.64
015		2	Expenditure from (passive)	-36.735	-49.269.195	-49.305.930	-43.555	-60.047.001	-60.090.556	-12.316	-20.582.347	-20.594.663	-14.700	-22.391.346	-22.406.04
016	001 + 005 + 013	IV	reinsurance contracts Result from insurance contracts	4.036.024	22.519.410	26.555.434	2.962.602	35.977.926	38.940.528	1.087.018	7.358.008	8.445.026	1.186.036	13.683.885	14.869.92
017	018 + 023 + 024 + 025 + 026 + 027 + 031 + 032 + 033 +034	V	Net investment result	12.785.855	34.959.026	47.744.881	7.539.015	43.166.079	50.705.094	3.990.803	11.247.808	15.238.611	-350.698	11.179.483	10.828.78
018	019 + 020 + 021 + 022	1	Net result from investment in land and buildings	25.772	11.186.540	11.212.312	61.911	13.956.096	14.018.007	2.070	3.727.636	3.729.706	28.108	4.748.222	4.776.33
019		1.1.	Rental gains/losses (net)	7.030	11.181.232	11.188.262	61.911	12.940.827	13.002.738	2.070	3.727.634	3.729.704	28.108	4.277.954	4.306.06
020		1.2.	Realised gains/losses (net) from property not for own use	18.742	5.308	24.050	0	1.015.269	1.015.269	0	2	2	0	470.268	470.26
021		1.3.	Unrealised gains/losses (net) from property not for own use	0	0	0	0	0	0	0	0	0	0	0
022		1.4.	Depreciation of land and buildings not occupied by an undertaking for its own activities	0	0	0	0	0	0	0	0	0	0	0
023		2	Interest revenue calculated using the effective interest rate method	8.749.904	13.928.190	22.678.094	7.884.574	15.408.096	23.292.670	2.543.505	4.441.784	6.985.289	2.556.948	4.771.703	7.328.65
024		3	Other interest income	0	79.417	79.417	0	0	0	0	38.710	38.710	0	0
025		4	Dividend income	1.165.963	7.672.941	8.838.904	2.016.967	10.485.247	12.502.214	770.668	1.959.998	2.730.666	722.621	1.151.185	1.873.80
026		5	Unrealised gains/losses (net) from financial assets at fair value through profit or loss	1.787.288	2.758.113	4.545.401	641.430	2.045.883	2.687.313	938.532	2.007.503	2.946.035	-888.942	-1.668.695	-2.557.63
027	028 + 029 + 030	6	Realised gains/losses	30.423	1.729.467	1.759.890	-2.958.866	5.547.450	2.588.584	-184.068	605.729	421.661	-3.088.253	2.621.063	-467.19
028		6.1.	Realised gains/losses (net) from financial assets at fair value through profit or loss	507.850	2.978.046	3.485.896	1.698.445	4.494.260	6.192.705	90.603	956.176	1.046.779	1.325.988	2.934.364	4.260.35
029		6.2.	Realised gains/losses (net) from financial assets at fair value through other comprehensive	-477.427	-1.248.579	-1.726.006	-893.526	1.053.190	159.664	-274.671	-350.447	-625.118	-803.555	-313.301	-1.116.85
030		6.3.	Other realised gains/losses (net)	0	0	0	-3.763.785	0	-3.763.785	0	0	0	-3.610.686	0	-3.610.68
031		7	Net impairment / reversal of	71.294	186.655	257.949	81.025	523.430	604.455	76.788	146.283	223.071	23.807	290.106	313.91
			impairment of investments
032		8	Net exchange rate differences Other income from investments	-76.038 1.129.820	-187.318	-263.356 1.405.619	-644.511 639.889	-2.969.515 439.607	-3.614.026 1.079.496	-300.878	-825.562 89.664	-1.126.440 272.504	30.738	-49.842 265.058	-19.10 641.73
		_	Other expenditure from		275.799					182.840			376.674
034		10	investments	-98.571	-2.670.778	-2.769.349	-183.404	-2.270.215	-2.453.619	-38.654	-943.937	-982.591	-112.399	-949.317	-1.061.71

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS)

For the period: 1.1.2025 - 30.9.2025

ltem	Sum					Cumul	ative			Quarter
number	elements	Identifier	Item	Previo	us accounting p	eriod	Curre	nt accounting p	eriod	Previo	us accounting	period	Curre	nt accounting p	eriod
lullibei	elements			Life	Non-life	Total	Life	Non-life	Total	Life	Non-life	Total	Life	Non-life	Total
035	036 + 037 + 038	VI	Net financial expenditure from insurance and (passive) reinsurance contracts	-3.115.849	-4.071.349	-7.187.198	-3.187.450	-4.413.867	-7.601.317	-614.826	-1.422.539	-2.037.365	-921.800	-1.475.362	-2.397.162
036		1	Net financial income/expenditure from insurance contracts	-3.115.849	-4.816.725	-7.932.574	-3.187.450	-5.168.078	-8.355.528	-614.826	-1.705.302	-2.320.128	-921.800	-1.721.207	-2.643.007
037		2	Net financial income/expenditure from (passive) reinsurance contracts	0	745.376	745.376	0	754.211	754.211	0	282.763	282.763	0	245.845	245.84
038		3	Change of liability for investment contracts	0	0	0	0	0	0	0	0	0	0	0
039		VII	Other income	20.189	27.903.302	27.923.491	305.939	33.369.851	33.675.790	9.624	9.126.828	9.136.452	151.601	10.299.366	10.450.96
040		VIII	Other operating expenses	-285.851	-39.698.665	-39.984.516	-269.535	-47.346.724	-47.616.259	-117.833	-15.592.233	-15.710.066	-56.570	-14.601.496	-14.658.06
041		IX	Other financial expenses	-43.350	-1.353.181	-1.396.531	-48.660	-1.284.683	-1.333.343	-14.451	-487.611	-502.062	-17.212	-424.033	-441.24
042		х	Share of profit of companies consolidated using equity method, net of tax	0	1.096.291	1.096.291	0	1.083.147	1.083.147	0	367.716	367.716	0	350.418	350.41
043	001+005+0 13+016+01 7+035+039 +040+041+ 042	ΧI	Profit or loss of the accounting period before tax (+/-)	13.397.018	41.354.834	54.751.852	7.301.911	60.551.729	67.853.640	4.340.335	10.597.977	14.938.312	-8.643	19.012.261	19.003.61
044	045 + 046	XII	Tax on profit or loss	-2.109.806	-6.338.182	-8.447.988	-890.684	-9.080.317	-9.971.001	-617.714	-1.611.866	-2.229.580	203.235	-3.316.469	-3.113.23
045		1	Current tax expense	-2.022.729	-6.280.237	-8.302.966	-974.714	-10.760.349	-11.735.063	-585.954	-1.567.625	-2.153.579	282.187	-3.494.372	-3.212.18
046		2	Deferred tax expense/ income	-87.077	-57.945	-145.022	84.030	1.680.032	1.764.062	-31.760	-44.241	-76.001	-78.952	177.903	98.95
047	043+ 044	XIII	Profit or loss of the accounting period after tax (+/-)	11.287.212	35.016.652	46.303.864	6.411.227	51.471.412	57.882.639	3.722.621	8.986.111	12.708.732	194.592	15.695.792	15.890.38
048		1	Attributable to owners of the parent	11.275.578	34.981.744	46.257.322	6.405.752	51.411.528	57.817.280	3.718.801	8.974.516	12.693.317	192.359	15.681.452	15.873.81
049		2	Attributable to non-controlling interest	11.634	34.908	46.542	5.475	59.884	65.359	3.820	11.595	15.415	2.233	14.340	16.57
050	051 + 056	XIV	Other comprehensive income	443.329	35.860.607	36.303.936	5.655.195	72.563.378	78.218.573	-1.445.871	14.852.053	13.406.182	2.765.281	25.243.419	28.008.70
051	052 + 053 + 054 + 055	1	Items that will not be reclassified to statement of profit or loss	1.512.955	34.285.351	35.798.306	7.950.503	71.186.751	79.137.254	-132.461	14.964.063	14.831.602	2.766.179	23.628.316	26.394.49
052		1.1.	Net change in fair value of equity securities (OCI)	1.845.067	41.811.404	43.656.471	9.695.735	86.813.111	96.508.846	-161.538	18.248.857	18.087.319	3.373.389	28.815.020	32.188.40
053		1.2.	Actuarial gains/losses on defined benefit pension plans	0	0	0	0	0	0	0	0	0	0	0
054 055		1.3. 1.4.	Other Tax	-332.112	-7.526.053	-7.858.165	-1.745.232	-15.626.360	-17.371.592	29.077	-3.284.794	-3.255.717	-607.210	-5.186.704	-5.793.91
	057 + 058 + + 063	2	Items that are, or may be, reclassified to statement of profit or	-1.069.626	1.575.256	505.630	-2.295.308	1.376.627	-918.681	-1.313.410	-112.010	-1.425.420	-898	1.615.103	1.614.20
057		2.1.	Net change in fair value of debt securities (OCI)	7.426.231	7.549.649	14.975.880	1.825.232	520.601	2.345.833	5.884.760	6.390.064	12.274.824	58.390	617.622	676.01
058		2.2.	Exchange rate differences from translation of foreign operations	5.980	23.536	29.516	-59.021	-32.333	-91.354	34.388	-34	34.354	-11.831	-9.056	-20.88
059		2.3.	Effects of hedging instruments	0	0	0	-728	-31.928	-32.656	0	0	0	-101	-494	-59
060		2.4.	Net financial income/expenditure from insurance contracts	-8.858.940	-6.136.302	-14.995.242	-4.317.729	659.149	-3.658.580	-7.632.316	-7.161.723	-14.794.039	6.075	1.314.129	1.320.20
061		2.5.	Net financial income/expenditure from (passive) reinsurance contracts	0	302.930	302.930	0	464.776	464.776	0	581.698	581.698	0	-47.647	-47.64
062		2.6.	Other	0	0	0	0	0	0	0	0	0	0	0
063		2.7.	Tax	357.103	-164.557	192.546	256.938	-203.638	53.300	399.758	77.985	477.743	-53.431	-259.451	-312.88
064	047+ 050	XV	Total comprehensive income	11.730.541	70.877.259	82.607.800	12.066.422	124.034.790	136.101.212	2.276.750	23.838.164	26.114.914	2.959.873	40.939.211	43.899.08
065		1	Attributable to owners of the parent	11.726.143	70.846.077	82.572.220	12.060.977	123.974.552	136.035.529	2.282.484	23.832.170	26.114.654	2.957.256	40.924.635	43.881.89
066		2	Attributable to non-controlling interest	4.398	31.182	35.580	5.445	60.238	65.683	-5.734	5.994	260	2.617	14.576	17.19

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

As at: 30.9.2025

ltem	Sum	14		Last day of	the preceding but	siness year	At the repo	rting date of the cu	in EUF urrent period
number	elements	Identifier	Item	Life	Non-life	Total	Life	Non-life	Total
001	002+003	1	INTANGIBLE ASSETS	95.507	24.435.268	24.530.775	119.704	26.242.229	26.361.93

002		1	Goodwill	0	3.466.503	3.466.503	0	3.466.503	3.466.50
003		2	Other intangible assets	95.507	20.968.765	21.064.272	119.704	22.775.726	22.895.43
004	005+006+007	II	TANGIBLE ASSETS	3.306.035	122.512.933	125.818.968	3.528.600	126.574.734	130.103.33
005		1	Land and buildings occupied by an undertaking	2.340.062	58.705.556	61.045.618	2.355.005	60.193.703	62.548.70
003		'	for its own activities	2.340.002	30.703.330	01.043.010	2.333.003	00.133.703	02.340.70
006		2	Equipment	174.651	20.585.406	20.760.057	182.790	22.025.962	22.208.75
007		3	Other tangible assets and inventories	791.322	43.221.971	44.013.293	990.805	44.355.069	45.345.87
	009+010+014
800	009+010+014	III	INVESTMENTS	448.280.023	1.050.541.428	1.498.821.451	447.030.088	1.185.108.912	1.632.139.00
			Investments in land and buildings not
009		Α	occupied by an undertaking for its own activities	2.693.941	149.765.245	152.459.186	2.832.559	152.853.674	155.686.23
010	011+012+013	В	Investments in subsidiaries, associates and joint ventures	0	9.868.536	9.868.536	0	10.051.683	10.051.68
011		1	Shares and holdings in subsidiaries	0	0	0	0	0
012		2	Shares and holdings in associates	0	841.326	841.326	0	925.569	925.56
013		3	Shares and holdings in joint ventures	0	9.027.210	9.027.210	0	9.126.114	9.126.11
014	015+020+025	C	Financial assets	445.586.082	890.907.647	1.336.493.729	444.197.529	1.022.203.555	1.466.401.08
014	01010201020	· ·	rinanciai assets	445.500.002	090.907.047	1.330.493.729	444.197.329	1.022.203.333	1.400.401.00
015	016 + 017 + 018 + 019	1	Financial assets at amortised cost	149.266.891	290.185.401	439.452.292	88.197.940	249.356.650	337.554.59
016		1.1	Debt financial instruments	110.128.970	134.622.409	244.751.379	57.251.808	128.603.374	185.855.18

017		1.2	Deposits with credit institutions	36.644.834	117.767.009	154.411.843	29.086.413	93.763.394	122.849.80
018		1.3.	Loans	2.493.087	26.490.264	28.983.351	1.859.719	26.989.882	28.849.60
019		1.4.	Other	0	11.305.719	11.305.719	0	0
020	021 + 022 + 023 + 024	2	Financial assets at fair value through other comprehensive income	254.192.498	538.912.029	793.104.527	286.079.537	636.785.560	922.865.09
021		2.1		10 407 004	172 100 100	404 606 403	26 022 201	261 200 150	200 424 52
021		2.1	Equity financial instruments	18.497.994	173.198.109	191.696.103	36.833.381	261.288.158	298.121.53
022		2.2	Debt financial instruments	235.694.504	365.713.920	601.408.424	249.246.156	375.497.402	624.743.55
023		2.3.	Units in investment funds	0	0	0	0	0
024		2.4.	Other	0	0	0	0	0
025	026 + 027+ +030	3	Financial assets at fair value through profit and loss account	42.126.693	61.810.217	103.936.910	69.920.052	136.061.345	205.981.39
026		3.1	Equity financial instruments	0	502.273	502.273	788.711	689.281	1.477.99
027		3.2	Debt financial instruments	0	0	0	17.453.869	41.668.323	59.122.19

028		3.3.	Units in investment funds	41.980.602	60.783.192	102.763.794	51.466.261	92.627.381	144.093.64
029		3.4.	Derivative financial instruments	0	20.843	20.843	211.211	1.076.360	1.287.57
030		3.5	Other	146.091	503.909	650.000	0	0
031	032 + 036 +040	IV	ASSETS FROM INSURANCE CONTRACTS	30.830	14.998.944	15.029.774	61.141	11.874.734	11.935.87

032	034+035+036	1	General measurement model	30.830	12.612.714	12.643.544	61.141	11.874.734	11.935.87
033		1.1.	- Assets for remaining coverage	30.830	-1.262.308	-1.231.478	61.141	-1.164.672	-1.103.53
034		1.2.	- Assets for insurance acquisition cash flows	0	0	0	0	0
035		1.3.	- Assets from claims incurred	0	13.875.022	13.875.022	0	13.039.406	13.039.40
036	037+038+039	2	Variable fee approach	0	0	0	0	0
037		2.1.	- Assets for remaining coverage	0	0	0	0	0
			5 5
038		2.2.	- Assets for insurance acquisition cash flows	0	0	0	0	0
000			- Assets from claims incurred	0	0	0	0	0
		2.2	r- Assers from Califus incliffed	. 0	0	U	U	•
039	041 +042 -042	2.3.				0 000 000
039 040	041 +042 +043	3	Premium allocation approach	0	2.386.230	2.386.230	0	0
039	041 +042 +043					2.386.230 4.370.994	0	0
039 040	041 +042 +043	3	Premium allocation approach	0	2.386.230
039 040 041	041 +042 +043	3 3.1.	Premium allocation approach - Assets for remaining coverage	0	2.386.230 4.370.994	4.370.994	0	0
039 040 041 042	041 +042 +043	3 3.1. 3.2.	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows	0 0	2.386.230 4.370.994 0	4.370.994 0	0	0	73.665.30
039 040 041 042 043	041+042+043	3 3.1. 3.2. 3.3.	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred	0 0 0	2.386.230 4.370.994 0 -1.984.764	4.370.994 0 -1.984.764	0 0	0 0	73.665.30
039 040 041 042 043 044		3 3.1. 3.2. 3.3. V	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS	0 0 0 0	2.386.230 4.370.994 0 -1.984.764 59.140.685	4.370.994 0 -1.984.764 59.140.689	0 0 0 14.338	0 0 0 73.650.963	73.665.30 9.835.74
039 040 041 042 043 044		3 3.1. 3.2. 3.3. V	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS	0 0 0 0 4 538.672	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410	4.370.994 0 -1.984.764 59.140.689 14.521.082	0 0 0 14.338 408.413	0 0 0 73.650.963 9.427.336	73.665.30 9.835.74 8.358.14
039 040 041 042 043 044 045		3 3.1. 3.2. 3.3. V	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets	0 0 0 0 4 538.672 538.672	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632	0 0 14.338 408.413	0 0 73.650.963 9.427.336 7.949.730 1.477.606	73.665.30 9.835.74 8.358.14 1.477.60
039 040 041 042 043 044 045 046 047 048		3 3.1. 3.2. 3.3. V VI 1 2 VII	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets OTHER ASSETS	0 0 0 0 4 538.672 538.672 0 5.228.485	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476	0 0 14.338 408.413 408.413 0 10.009.412	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62
039 040 041 042 043 044 045 046 047 048 049	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII 1	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets COTHER ASSETS CASH AT BANK AND IN HAND	0 0 0 0 4 538.672 538.672 538.672 0 5.228.485 939.795	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856	0 0 14.338 408.413 408.413 0 10.009.412 2.271.079	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62 14.063.55
039 040 041 042 043 044 045 046 047 048	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets Current tax assets CTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account	0 0 0 0 4 538.672 538.672 0 5.228.485	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476	0 0 14.338 408.413 408.413 0 10.009.412	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62 14.063.55
039 040 041 042 043 044 045 046 047 048 049	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII 1	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets OTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account Funds in the account of assets covering liabilities	0 0 0 0 4 538.672 538.672 538.672 0 5.228.485 939.795	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856	0 0 14.338 408.413 408.413 0 10.009.412 2.271.079	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474	9.835.74 8.358.14 1.477.60 73.354.62 14.063.53 13.201.58
039 040 041 042 043 044 045 046 047 048 049 050	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII 1.1 1.2	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets OTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account Funds in the account of assets covering liabilities from life insurance contracts	0 0 0 0 4 538.672 538.672 0 5.228.485 939.795 547.067 392.509	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061 7.727.162	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856 8.274.229 392.509	0 0 14.338 408.413 0 10.009.412 2.271.079 1.544.947 725.905	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474 11.656.639	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62 14.063.55 13.201.58
039 040 041 042 043 044 045 046 047 048 049 050	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII 1 1.1	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets OTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account Funds in the account of assets covering liabilities from life insurance contracts Cash in hand	0 0 0 0 4 538.672 538.672 0 5.228.485 939.795 547.067	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061 7.727.162	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856 8.274.229	0 0 14.338 408.413 408.413 0 10.009.412 2.271.079 1.544.947	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474 11.656.639	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62 14.063.55 13.201.58
039 040 041 042 043 044 045 046 047 048 049 050 051	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII 1.1 1.2 1.3	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets OTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account Funds in the account of assets covering liabilities from life insurance contracts Cash in hand Fixed assets held for sale and discontinued	0 0 0 0 4 538.672 538.672 0 5.228.485 939.795 547.067 392.509 219	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061 7.727.162 0	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856 8.274.229 392.509 110.118	0 0 14.338 408.413 0 10.009.412 2.271.079 1.544.947 725.905	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474 11.656.639 0 135.835	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62 14.063.55 13.201.58 725.90
039 040 041 042 043 044 045 046 047 048 049 050	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII 1.1 1.2 1.3 2	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets OTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account Funds in the account of assets covering liabilities from life insurance contracts Cash in hand	0 0 0 0 4 538.672 538.672 0 5.228.485 939.795 547.067 392.509	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061 7.727.162	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856 8.274.229 392.509	0 0 14.338 408.413 0 10.009.412 2.271.079 1.544.947 725.905	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474 11.656.639	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62 14.063.55 13.201.58 725.90 136.06
039 040 041 042 043 044 045 046 047 048 049 050 051	046 +047 050 +051 +052	3 3.1. 3.2. 3.3. V VI 1 2 VII 1.1 1.2 1.3	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets OTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account Funds in the account of assets covering liabilities from life insurance contracts Cash in hand Fixed assets held for sale and discontinued	0 0 0 0 4 538.672 538.672 0 5.228.485 939.795 547.067 392.509 219	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061 7.727.162 0	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856 8.274.229 392.509 110.118	0 0 14.338 408.413 0 10.009.412 2.271.079 1.544.947 725.905	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474 11.656.639 0 135.835	73.665.30 9.835.74 8.358.14 1.477.60 73.354.62 14.063.55 13.201.58 725.90 136.06
039 040 041 042 043 044 045 046 047 048 049 050 051	046+047	3 3.1. 3.2. 3.3. V VI 1 2 VII 1.1 1.2 1.3 2	Premium allocation approach - Assets for remaining coverage - Assets for insurance acquisition cash flows - Assets from claims incurred ASSETS FROM REINSURANCE CONTRACTS DEFERRED AND CURRENT TAX ASSETS Deferred tax assets Current tax assets Current tax assets COTHER ASSETS CASH AT BANK AND IN HAND Funds in the business account Funds in the account of assets covering liabilities from life insurance contracts Cash in hand Fixed assets held for sale and discontinued operations	0 0 0 0 4 538.672 538.672 0 5.228.485 939.795 547.067 392.509 219 0	2.386.230 4.370.994 0 -1.984.764 59.140.685 13.982.410 7.879.778 6.102.632 54.706.991 7.837.061 7.727.162 0 109.899 273.867	4.370.994 0 -1.984.764 59.140.689 14.521.082 8.418.450 6.102.632 59.935.476 8.776.856 8.274.229 392.509 110.118 273.867	0 0 14.338 408.413 0 10.009.412 2.271.079 1.544.947 725.905 227 0	0 0 73.650.963 9.427.336 7.949.730 1.477.606 63.345.211 11.792.474 11.656.639 0 135.835 265.186

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) As at: 30.9.2025

ltem	Sum	14	и	Last day of	the preceding bus	siness year	At the repor	ting date of the cu	in EUF irrent period
number	elements	Identifier	Item	Life	Non-life	Total	Life	Non-life	Total
057	058+061+062+0	х	CAPITAL AND RESERVES	82.658.315	676.297.531	758.955.846	93.765.416	755.584.257	849.349.67
058	66+067+071+07 059 +060	1	Subscribed capital	5.881.322	72.414.820	78.296.142	5.881.322	72.414.820	78.296.142
059	000 1000	1.1	Paid in capital - ordinary shares	5.881.322	72.414.820	78.296.142	5.881.322	72.414.820	78.296.142
060		1.2	Paid in capital - preference shares	0.001.022	0	0	0.001.022	0	70.230.142
061		2	Premium on shares issued (capital reserves)	0	90.448.275	90.448.275	0	90.448.275	90.448.275
000	063 +064 +065	•	` · ·	240 240	440 454 450	440 007 000	0.000.040	472 272 202	404 004 226
062	003 +004 +003	3	Revaluation reserves	246.216	110.451.453	110.697.669	8.688.340	173.272.990	181.961.330
063		3.1	Land and buildings	9.739	20.736.313	20.746.052	9.739	20.477.499	20.487.238
064 065		3.2	Financial assets Other revaluation reserves	236.477	89.693.162 21.978	89.929.639 21.978	8.679.198 -597	152.799.695 -4.204	161.478.893 -4.801
		4	Financial reserves from insurance contracts	20.294.705			16.530.754
066		4	rinancial reserves from insurance contracts	20.294.705	7.160.131	27.454.836	10.550.754	8.084.780	24.615.534
067	068+069+070	5	Reserves	11.317.678	41.965.240	53.282.918	11.317.678	41.965.240	53.282.918
068		5.1.	Legal reserves	294.066	3.702.116	3.996.182	294.066	3.702.116	3.996.182
069		5.2.	Statutory reserve	1.003.040	18.455.600	19.458.640	1.003.040	18.455.600	19.458.640
070		5.3.	Other reserves	10.020.572	19.807.524	29.828.096	10.020.572	19.807.524	29.828.09
071	072+073	6	Retained profit or loss brought forward	31.914.426	305.836.672	337.751.098	44.941.570	317.986.624	362.928.194
072		6.1.	Retained profit	31.914.426	305.836.672	337.751.098	44.941.570	317.986.624	362.928.19
073		6.2.	Loss brought forward (-)	0	0	0	0	0
074	075+076	7	Profit or loss for the current accounting period	13.003.968	48.020.940	61.024.908	6.405.752	51.411.528	57.817.280
075		7.1.	Profit for the current accounting period	13.003.968	48.020.940	61.024.908	6.405.752	51.411.528	57.817.28
076		7.2.	Loss for the current accounting period (-)	0	0	0	0	0
077		ΧI	SUBORDINATE LIABILITIES	0	0	0	0	0	(
078		XII	MINORITY INTEREST	133.095	348.875	481.970	140.022	356.205	496.227
079	080+084+088	XIII	LIABILITIES FROM INSURANCE CONTRACTS	356.485.969	503.003.799	859.489.768	338.154.007	564.131.488	902.285.49
080	081+082+083	1	General measurement model	343.966.988	13.704.578	357.671.566	324.584.700	13.458.494	338.043.194
081		1.1.	- Liabilities for remaining coverage	332.115.703	13.183.272	345.298.975	311.005.911	12.838.361	323.844.272
082		1.2.	- Assets for insurance acquisition cash flows	0	0	0	0	0	(
083		1.3.	- Liabilities for claims incurred	11.851.285	521.306	12.372.591	13.578.789	620.133	14.198.922
084	085+086+087	2	Variable fee approach	12.518.981	0	12.518.981	13.569.307	0	13.569.307
085		2.1.	- Liabilities for remaining coverage	10.586.775	0	10.586.775	11.969.107	0	11.969.107
086		2.2.	- Assets for insurance acquisition cash flows	0	0	0	0	0
			·						4 000 00
087 088	089 +090 +091	2.3.	- Liabilities for claims incurred	1.932.206	489.299.221	1.932.206 489.299.221	1.600.200	550.672.994	1.600.20 550.672.99
089	000 1000 1001	3.1.	Premium allocation approach - Liabilities for remaining coverage	0	133.914.872	133.914.872	0	154.860.235	154.860.23
090		3.2.	- Assets for insurance acquisition cash flows	0	133.914.072	133.914.072	0	134.800.233	134.000.23
091		3.3.	- Liabilities for claims incurred	0	355.384.349	355.384.349	0	395.812.759	395.812.75
092		XIV	LIABILITIES FROM REINSURANCE	19.999	6.619.022	6.639.021	0	2.798.381	2.798.38
093		ΧV	LIABILITY FOR INVESTMENT CONTRACTS	0	0	0	0	0
094	095+096	XVI	OTHER PROVISIONS	490.651	7.373.390	7.864.041	400.799	7.455.664	7.856.46
095		1	Provisions for pensions and similar obligations	377.801	7.045.762	7.423.563	373.277	7.128.036	7.501.313
096		2	Other provisions	112.850	327.628	440.478	27.522	327.628	355.15
097	098+099	XVII	DEFERRED AND CURRENT TAX LIABILITIES	3.999.791	33.720.920	37.720.711	6.021.781	48.345.714	54.367.49
098		1	Deferred tax liability	3.775.203	30.717.321	34.492.524	5.047.285	44.932.537	49.979.82
099		2	Current tax liability	224.588	3.003.599	3.228.187	974.496	3.413.177	4.387.67
100	101+102++105		FINANCIAL LIABILITIES
	10111021100			1.003.707	48.388.208	49.391.915	3.426.034	50.257.258	53.683.29
101		1	Loan liabilities	0	1.407.480	1.407.480	0	1.669.553	1.669.55
102		2	Liabilities for issued financial instruments	0	0	0	0	0
103		3	Liabilities for derivative financial instruments	216.246	600.864	817.110	1.970	41.659	43.629
104		4	Liability for unpaid dividend	1.761	216.738	218.499	1.761	438.133	439.894
105		5	Other financial liabilities	785.700	46.163.126	46.948.826	3.422.303	48.107.913	51.530.216
106	107+108+109	XIX	OTHER LIABILITIES	12.688.029	64.566.914	77.254.943	19.263.637	67.295.152	86.558.78
107		1	Liabilities for disposal and discontinued operations	0	875	875	0	1.360	1.360
108		2	Accruals and deferred income	2.538.369	23.592.223	26.130.592	3.251.542	20.484.428	23.735.97
109	057+077+078+0	3	Other liabilities	10.149.660	40.973.816	51.123.476	16.012.095	46.809.364	62.821.45
110	79+092+093+09 4+097+100+106	ХX	TOTAL LIABILITIES	457.479.556	1.340.318.659	1.797.798.215	461.171.696	1.496.224.119	1.957.395.81

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the period: 1.1.2025 - 30.9.2025

											u eurima
Item number	Item	Paid in capital (ordinary and preference shares)	Premium on shares issued	Revaluation reserves	Attributable to owners of the parent Financial reserves from insurance contracts	Capital reserves (legal, statutory, other)	Retained profit or loss brought forward	Profit/loss for the year	Total capital and reserves	Attributable to non controlling interests*	Total capital and reserves
I.	Balance as at 1 January of the previous year	78.296.142	90.448.275	47.301.688	44.129.212	53.278.877	392.575.916	58.380.781	764.410.891	746.611	765.157.502
1.	Change in accounting policies	0	0	0	0	0	0	0	0	0
2.	Correction of errors from prior periods	0	0	0	0	0	0	0	0	0
II.	Balance as at 1 January of the previous year (restated)	78.296.142	90.448.275	47.301.688	44.129.212	53.278.877	392.575.916	58.380.781	764.410.891	746.611	765.157.502
III.	Comprehensive income or loss for the previous year	0	0	65.062.634	-16.674.376	0	0	61.024.908	109.413.166	53.212	109.466.378
1.	Profit or loss for the period	0	0	0	0	0	0	61.024.908	61.024.908	63.376	61.088.284
2.	Other comprehensive income or loss for the previous year	0	0	65.062.634	-16.674.376	0	0	0	48.388.258	-10.164	48.378.094
2.1.	Unrealised gains or losses on tangible assets (land and buildings)	0	0	6.971.864	0	0	0	0	6.971.864	3.080	6.974.944
2.2.	Unrealised gains or losses on financial assets at fair value through other comprehensive income	0	0	52.854.556	0	0	0	0	52.854.556	-37	52.854.519
2.3.	Realised gains or losses on financial assets at fair value through other comprehensive income	0	0	5.198.324	0	0	0	0	5.198.324	0	5.198.324
2.4.	Net financial income/expenditure from insurance contracts	0	0	0	-17.246.523	0	0	0	-17.246.523	-14.042	-17.260.565
2.5.	Net financial income/expenditure from (passive) reinsurance contracts	0	0	0	572.147	0	0	0	572.147	835	572.982
2.6.	Other changes in equity unrelated to owners	0	0	37.890	0	0	0	0	37.890	0	37.890
IV.	Transactions with owners (previous period)	0	0	-1.666.653	0	4.041	-54.824.818		-58.380.781 -114.868.211	-317.853	-115.186.064
1.	Increase/decrease in subscribed capital	0	0	0	0	0	0	0	0	0
2.	Other contributions by owners	0	0	0	0	0	5.137	0	5.137	-289.961	-284.824
3.	Payment of share in profit/dividend	0	0	0	0	0	-81.049.412		-33.824.493 -114.873.905	-28.021	-114.901.926
4. V.	Other distribution to owners Balance on the last day of the previous year reporting	0 78.296.142	0 90.448.275	-1.666.653 110.697.669	0 27.454.836	4.041 53.282.918	26.219.457 337.751.098	-24.556.288 61.024.908	557 758.955.846	129 481.970	686 759.437.816
VI.	period Balance as at 1 January of the current year	78.296.142	90.448.275	110.697.669	27.454.836	53.282.918	337.751.098	61.024.908	758.955.846	481.970	759.437.816
1.	Change in accounting policies	0	0	0	0	0	0	0	0	0
2.	Correction of errors from prior periods	0	0	0	0	0	0	0	0	0
VII.	Balance as at 1 January of the current year (restated)	78.296.142	90.448.275	110.697.669	27.454.836	53.282.918	337.751.098	61.024.908	758.955.846	481.970	759.437.816
VIII.	Comprehensive income or loss for the year	0	0	81.057.551	-2.839.302	0	0	57.817.280	136.035.529	65.683	136.101.212
1.	Profit or loss for the period	0	0	0	0	0	0	57.817.280	57.817.280	65.359	57.882.639
2.	Other comprehensive income or loss for the year	0	0	81.057.551	-2.839.302	0	0	0	78.218.249	324	78.218.573
2.1.	Unrealised gains or losses on tangible assets (land and buildings)	0	0	0	0	0	0	0	0	0
2.2.	Unrealised gains or losses on financial assets at fair value through other comprehensive income	0	0	81.306.507	0	0	0	0	81.306.507	-25	81.306.482
2.3.	Realised gains or losses on financial assets at fair value through other comprehensive income	0	0	-130.827	0	0	0	0	-130.827	0	-130.827
2.4.	Net financial income/expenditure from insurance contracts	0	0	0	-3.213.616	0	0	0	-3.213.616	820	-3.212.796
2.5.	Net financial income/expenditure from (passive) reinsurance contracts	0	0	0	374.314	0	0	0	374.314	-470	373.844
2.6.	Other changes in equity unrelated to owners	0	0	-118.129	0	0	0	0	-118.129	-1	-118.130
IX.	Transactions with owners (current period)	0	0	-9.793.890	0	0	25.177.096	-61.024.908	-45.641.702	-51.426	-45.693.128
1.	Increase/decrease in subscribed capital	0	0	0	0	0	0	0	0	0
2.	Other contributions by owners	0	0	0	0	0	0	0	0	0
3. 4.	Payment of share in profit/dividend	0 0	0 0	0 -9.793.890	0 0	0 0	0 25.177.096	-45.641.124 -15.383.784	-45.641.124 -578	-51.426 0	-45.692.550
	Other transactions with owners Balance on the last day of the current year reporting										-578
X.	period	78.296.142	90.448.275	181.961.330	24.615.534	53.282.918	362.928.194	57.817.280	849.349.673	496.227	849.845.900

CONSOLIDATED STATEMENT OF CASH FLOWS – indirect method For the period: 1.1.2025 - 30.9.2025

Item				Current business	in EUR
number	Sum elements	Identifier	Item	period	the previous year
001	002+018+035 + 036 + 037	ı	CASH FLOW FROM OPERATING ACTIVITIES	68.592.640	123.485.668
002	003+004	1	Cash flow before changes in operating assets and liabilities	42.358.709	31.848.169
003		1.1	Profit/loss of the accounting period	57.882.639	46.303.864
004	005+006++017	1.2	Adjustments:	-15.523.930	-14.455.695
005		1.2.1	Depreciation of property and equipment	8.829.872	8.649.299
006		1.2.2	Amortization of intangible assets	3.355.827	3.226.143
007		1.2.3	Loss from impairment of intangible assets Other financial cost	0	(
008		1.2.4	Impairment and gains/losses on fair valuation	-3.298.527	-4.807.525
010		1.2.6	Interest expenses	1.333.343	1.366.295
011		1.2.7	Interest income	-23.292.670	-22.757.511
012		1.2.8	Profit from the sale of branch	0	(
013		1.2.9	Share in profit of associates	-1.083.147	-1.096.291
014		1.2.10	Equity-settled share-based payment transactions	0	C
015		1.2.11	Cost of income tax	9.971.001	8.447.988
016		1.2.12	Profit/loss from the sale of tangible assets (including land and buildings)	47.927	58.239
017		1.2.13	Other adjustments	-11.387.556	-7.542.332
018	019+020++034	2	Increase/decrease in operating assets and liabilities	-5.493.371	77.511.555
019		2.1	Increase/decrease in financial assets at fair value through other comprehensive income	-31.220.987	55.082.320
020		2.2	Increase/decrease in financial assets at fair value through statement of profit or loss	-99.362.445	-10.967.674
021		2.3	Increase/decrease in financial assets at amortised cost	100.828.698	47.347.802
022		2.4	Increase/decrease in assets/liabilities from insurance contracts	42.231.046	-7.583.232
023 024		2.5	Increase/decrease in assets/liabilities from reinsurance contracts Increase/decrease in tax assets	-17.900.476 4.685.333	-4.471.220
024		2.7	Increase/decrease in receivables	4.665.333	-6.493.346 0
025		2.8	Increase/decrease in investments in real estate	-3.682.998	-4.305.019
027		2.9	Increase/decrease in property for own use	-5.002.550	-4.505.013
028		2.10	Increase/decrease in other assets	-7.103.060	942.872
029		2.11	Increase/decrease in liabilities from investment contracts	0	0
030		2.12	Increase/decrease in other provisions	-7.578	-886.741
031		2.13	Increase/decrease in tax liabilities	-5.847.138	5.602.429
032		2.14	Increase/decrease in financial liabilities	2.582.388	-1.090.227
033		2.15	Increase/decrease in other liabilities	11.698.468	1.017.359
034		2.16	Increase/decrease in accruals and deferred income	-2.394.622	3.316.232
035		3	Income tax paid	-4.795.371	-18.363.050
036		4	Interest received	24.263.861	23.650.089
037		5	Dividend received	12.258.812	8.838.905
038	039+040++045	II.	CASH FLOW FROM INVESTING ACTIVITIES	-13.982.936	-12.201.284
039		1	Cash receipts from the sale of tangible assets	157.972	102.442
040		2	Cash payments for the purchase of tangible assets	-8.926.762	-6.970.180
041 042		3 4	Cash receipts from the sale of intangible assets Cash payments for the purchase of intangible assets	-5.214.146	103.894 -3.684.202
042		5	Cash receipts from the sale of branches, associates and joint ventures	-5.214.140	-3.064.202
044		6	Cash payments for the purchase of branches, associates and joint ventures	0	-1.753.238
045		7	Cash receipts and payments based on other investing activities	0	1.700.200
046	047+048++057	ill	CASH FLOW FROM FINANCING ACTIVITIES	-49.288.585	-118.413.492
047		1	Cash receipts resulting from the increase of initial capital	0	0
048		2	Cash receipts from issuing redeemable preference shares	0	0
049		3	Cash receipts from short-term and long-term loans received	0	0
050		4	Cash receipts from sales of own shares	0	C
051		5	Cash receipts from exercise of share options	0	0
052		6	Cash payments relating to redeemable preference shares	0	С
053		7	Cash payments for the repayment of short-term and long-term loans received	-228.766	-56.810
054		8	Cash payments for the redemption of own shares	0	C
055		9	Cash payments for interest	-45.265	-240
056		10	Cash payments for dividend	-45.822.751	-114.901.926
057		11	Cash payments for rental obligations	-3.191.803	-3.454.516
058	001+038+046	IV V	NET CASH FLOW	5.321.119	-7.129.108
		V	EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS	-34.422	153.093
059	050.050
059 060 061	058+059		NET INCREASE/DECREASE OF CASH AND CASH EQUIVALENTS Cash and cash equivalents at the beginning of period	5.286.697 8.776.856	-6.976.015 23.196.824

II. MANAGEMENT REPORT

In the period observed, total income from insurance contracts at the Group level amounted to EUR 446.6m and increased by 14 percent compared to the same period of the previous year. The total nonlife insurance income amounted to EUR 435.7m and increased by 14.2 percent. Total life insurance income increased by 7.4 percent and amounted to EUR 10.8m.

Total expenditure from insurance contracts in the period observed at the Group level amounted to EUR 388,1m and increased by 8.9 percent compared to the same period of the previous year. The total nonlife insurance expenditure amounted to EUR 380.3m and increased by 8.6 percent. Total life insurance expenditure increased by 30.2 percent and amounted to EUR 7.8m.

Total net result from insurance contracts in the period observed at the Group level amounted to EUR 38.9m and increased by 46.6 percent compared to the same period of the previous year while the total net profit of the Group amounted to EUR 57.9m and increased by 25 percent compared to the same period of the previous year.

Total assets of the Group as at 30 September 2025 amounted to EUR 2 billion, representing an increase of 8.9 percent compared to 31 December 2024.

Liabilities from insurance contracts as at 30 September 2025 amounted to EUR 902.3m, which represents an increase of 5 percent compared to 31 December 2024.

Unaudited consolidated financial statements for the third quarter of the 2025 will be available on the web sites of CROATIA osiguranje d.d., Zagreb Stock Exchange and Officially appointed mechanism for the central storage of regulated information.

Significant business events in the reporting period

Croatia Insurance Q3 2025: revenue and profit growth, with continued business digitalization and expansion of the healthcare segment

The digital business segment continues to grow and deliver positive results. The premium generated from the overall digital business grew by 18 percent compared to the same period last year, and the number of clients using the Moja Croatia mobile application increased by 34 percent. Croatia's digital brand LAQO also recorded an excellent result and achieved a premium growth of 19 percent compared to the same period last year.

New steps have also been taken in the field of business digitalization through the application of artificial intelligence, automation and self-care for clients. For example, the new self-care standard in the Moja Croatia application allows clients to track their claims from notification to payment, have the ability to review all their policies and benefits in detail, and order health check-ups through the application completely independently, simply and quickly.

Croatia's Spektar benefits package continues to grow, and in September it was used by more than 340,000 households. Continuous activities, especially through the Moja Croatia application, resulted in above-average growth in new users and household members and a significant increase in the use of benefits in all segments of the program.

Croatia Polyclinic, including the revenues of Osijek's Medros and Dubrovnik's Marin Med, recorded a 40 percent increase in revenues compared to the same period last year. The team of doctors and medical staff increased by 20 percent. The most modern technology and top medical teams in nine cities in Croatia contribute to the realization of the strategic goal of providing top-notch private healthcare services throughout the country. Great interest in private healthcare services prompted a significant expansion of Croatia Polyclinic's capacities in Zagreb and Rijeka. A new branch office was opened in Zagreb in September, and the premises of Croatia Polyclinic in Rijeka were additionally expanded and equipped with new state-of-the-art medical devices.

Croatia osiguranje also expanded its offer of additional health insurance and introduced the new Active Plus package. It is a comprehensive health platform that combines prevention, technology and financial security, and is especially tailored to younger and economical clients focused on quick and simple digital solutions.

A new Collective Agreement has been signed at Croatia osiguranje, confirming the high level of labor and material rights of employees with new increases. The level of rights of Croatia's employees has been significantly above industry standards and above those guaranteed by the Labor Act for years, and Croatia is recognized as one of the most desirable employers on the market. The new Collective Agreement of Croatia osiguranje will be valid for the next three years until 31 August 2028.

The Management and the Supervisory Board proposed to the General Assembly dividend payment to holders of ordinary and preference shares from the net profit achieved in 2024, in the total amount of EUR 45,771,324.44, or EUR 106.52 per share (ordinary and preference), and the General Assembly adopted the same decision on 5 June 2025. Croatia osiguranje d.d. has been operating successfully in the past years, with a growing level of profit and high capital adequacy rates, both at the Company level and at the Group level, and it is expected that during the year 2025 the capital adequacy should be maintained above the level of 200%.

The Croatian Financial Services Supervisory Agency (HANFA) at its session held on 25 July 2025 adopted a decision granting approval to Hana Zoričić to serve as a member of the Supervisory Board of CROATIA osiguranje d.d. for a term of 4 years, starting from 21 September 2025 until 21 September 2029.

On 28 August 2025, the General Assembly of CROATIA osiguranje d.d. was held, at which a Decision was made to elect Erika Zgrablić as a member of the Supervisory Board for a period of 4 years, starting from 12 October 2025, subject to obtaining HANFA approval. At its session held on 29 August 2025, the HANFA Management Board adopted a decision granting approval to Erika Zgrablić to serve as a member of the Supervisory Board of CROATIA osiguranje d.d. for a term of office from 12 October 2025 to 12 October 2029.

Geopolitical and macroeconomic situation, conflicts and challenges

Global financial markets rose in the third quarter, driven primarily by rising demand for artificial intelligence, strong corporate earnings and with the anticipated reduction in interest rates by the U.S. Federal Reserve. The dollar remained slightly lower, supporting emerging markets and raw materials markets.

The US stock market (as measured by the S&P 500 index) recorded a strong 8 percent quarter-onquarter gain due to AI investments and lower interest rates. European stocks (as measured by the EuroStoxx 600 index) rose 3 percent in the quarter, continuing a positive trend seen since the beginning of the year. While global trade tensions have eased somewhat, companies around the world are still adjusting their supply chains to reduce their dependence on the US and China. Despite the optimism, high valuations, inflationary pressures, and geopolitical uncertainties continue to pose potential risks. Domestic and regional equity markets continue to see strong growth. The total growth since the beginning of the year is as much as 35 percent (measured by the ADRIAprime index, which is a composite index of the stock markets of Croatia and Slovenia). This growth was led by Slovenian stocks, and significant growth was also recorded by most of the Croatian stocks from the composition of the mentioned index.

The US economy showed resilience, with GDP increasing by 3.8 percent in the second quarter on an annual basis, while personal consumption and core inflation remained stable. Although fiscal uncertainty, including the beginning of the government shutdown at the beginning of the fourth quarter, introduced some volatility, market sentiment remained positive. In Europe, the European Central Bank decided not to change interest rates in the third quarter, primarily due to the fact that inflation in August approached the ECB's target rate of 2 percent.

Yields on US bonds recorded a decrease (the market had already calculated a reduction in interest rates by the FED weeks before the decision was made), while yields on European bonds generally recorded a slight increase in the third quarter. Croatian government bonds continued to increase (0.8 percent increase in the CROBIS TR index in the quarter). In Europe, financial markets were also affected by the US administration's decision to impose a 15 percent tariff on products imported into the US from the EU, as well as political instability in France (where a stable ruling majority is still being sought). Consequently, French government bonds had their credit ratings downgraded by leading credit institutions.

The EUR/USD exchange rate remained at a more or less similar level in the quarter (around 1.17). On the other hand, gold continues its strong growth in the year. During the quarter, the price of gold increased by an additional 17 percent (47 percent since the beginning of the year), notably surpassing the 4,000 USD/oz threshold in October. The flight to gold in times of uncertainty, the weakening of the U.S. dollar, and strong purchases by various countries have all contributed to increased demand and, consequently, a price increase.

In addition to significant geopolitical risks, caused by numerous conflicts such as the war in Ukraine, the Middle East and other political tensions, and the pervasive presence of climate change risks, the risks of cyber attacks are also increasing, supported, among other things, by the development of new technologies such as artificial intelligence. All of the above contributes to an uncertain environment for market participants. Despite this, the Group's operations have proven to be resilient to various stressful circumstances thanks to its high capitalization, or solvency, as shown by the latest results of the ORSA process. The Group's SCR ratio as of 30.6.2025. is a high 226 percent, and even in stressful circumstances, the Group would likely continue to operate in accordance with all regulatory requirements.

Significant events after the end of the reporting date

There were no significant events after the balance sheet date.

Expected development in the future

Inflationary pressures accelerated in the third quarter of 2025, with quarterly inflation for Croatia at 4.5 percent, measured by the harmonized indicator (HIPC). With this rate, Croatia is once again at the top of the European Union in terms of price growth. With this development, it is highly likely that the year will end with an inflation rate of 4 percent, which is at the level of last year's rate.

The government has announced a new increase in the minimum wage for 2026, as well as a goal that the minimum wage will amount to EUR 1,250 gross by 2028. The projection for wage growth for 2025 is still a high 10 percent, and is caused by further expectations of an increase in the minimum wage.

GDP growth at the annual level should be 3.3 percent, but the macroeconomic situation should also deteriorate somewhat, which is reflected in the increase in the government deficit to 2.9 percent of GDP, which is very close to the limit defined by the Maastricht criteria.

The non-life insurance market continues to record very solid premium growth of about ten percent and is likely to end the year with close to double-digit growth. This applies in particular to voluntary comprehensive motor vehicle insurance and additional health insurance, which are driven more significantly by price increases. The real estate market is also achieving solid growth driven by increased construction costs and new prescribed construction benchmark values.

Life insurance premiums are currently slightly below last year's level. Expectations are that the entire market should end at last year's level.

Research and development activities

The Group continuously monitors environmental events and invests in market research, directs and supports the activities of affiliated companies that are in the function of organic growth and recognition of business opportunities and realization of new acquisitions. Given the increase in global uncertainty and risk, the Group will consider potential new business opportunities much more strictly.

Description of the most significant risks and uncertainties

In relation to the most significant risks and uncertainties which were described in the audited financial statements for the year 2024, in the period observed there were no significant changes in relation to the risks to which the Group is exposed in the course of its business, except as described in the chapter Significant business events in the reporting period.

Zagreb, 28 October 2025

Member of the Management Board President of the Management Board

Luka Babić Davor Tomašković

Member of the Management Board Member of the Management Board

Robert Vučković Vesna Sanjković

III. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD I-IX 2025

1. GENERAL INFORMATION

The Group consolidated the following entities as at 30 September 2025:

			30 September 2025
Group	Activity	Shares directly held by	Shares held by the Group	Shares held by non controlling
		parent	(%)	interests
Subsidiaries registered in Croatia which are		(%)		(%)
consolidated:
Croatia premium d.o.o., Zagreb	Real estate business	100.00	100.00	-
M teh d.o.o. -	Equipment rental	100.00	100.00	-
Croatia Nekretnine d.o.o., Zagreb	Real estate business	100.00	100.00
Razne usluge d.o.o. (u likvidaciji)	-	100.00	100.00	-
AUTO MAKSIMIR VOZILA d.o.o.	Insurance agency	100.00	100.00	-
KOREQT d.o.o.	Trade brokerage	100.00	100.00	-
- KOREQT DISTRIBUCIJA d.o.o.	Insurance distribution	100.00	100.00	-
Strmec projekt d.o.o	Real estate business	100.00	100.00	-
	Consulting and
CO Zdravlje d.o.o.	services	100.00	100.00	-
- CROATIA Poliklinika, Zagreb	Healthcare	-	100.00	-
- POLIKLINIKA MARIN MED	Healthcare	-	100.00	-
- Ustanova za zdravstvenu njegu	Healthcare	-	100.00	-
MARIN MED PLUS
- MARIN MED ZADAR d.o.o. u	Healthcare	-	100.00	-
likvidaciji
- MEDROS d.o.o.	Healthcare	-	100.00	-
Croatia-Tehnički pregledi d.o.o., Zagreb	MOT*	100.00	100.00	-
- Herz d.d., Požega	MOT	-	100.00	-
- Slavonijatrans-Tehnički pregledi d.o.o., Sl. Brod	MOT	-	76.00	24.00
- STP Pitomača, Pitomača	MOT	-	100.00	-
- STP Blato	MOT	-	100.00	-
- Autoprijevoz d.d.	MOT	-	79.12	20.88
- Crotehna d.o.o., Ljubuški	MOT	-	100.00	-
	Technical examination
- Tia auto d.o.o.	and analysis of motor	-	100.00	-
	vehicles
Croatia osiguranje mirovinsko društvo
d.o.o., Zagreb	Fund management	100.00	100.00	-
Subsidiaries registered abroad which are
consolidated
Milenijum osiguranje a.d.o., Beograd	Insurance	100.00	100.00	-
Croatia osiguranje d.d., Mostar	Insurance	97.12	97.12	2.88
Croatia remont d.d., Čapljina	MOT
-	Technical examination	-	100.00	-

- Auto inspekt d.o.o.	and analysis of motor vehicles	-	100.00	-
- Croauto d.o.o., Mostar	MOT	-	100.00	-
- Skadenca d.o.o.	Insurance agency	-	100.00	-
Croatia osiguranje d.d., non-life insurance company, Skopje	Insurance	100.00	100.00	-
Croatia osiguranje d.d., life insurance
company, Skopje	Insurance	95.00	100.00	-

*MOT – Motor vehicle examination stations

In consolidation, the equity method is used for the valuation of investments in associates Agroservis - STP d.o.o., Virovitica (37%) and joint venture PBZ CROATIA osiguranje d.d. (50.0%).

The following is a summary of financial information for PBZ CROATIA osiguranje d.d. for the last year for which the annual financial statements have been adopted and which have been presented for the Group using the equity method.

Summary statement of financial position	31 December 2024
	in EUR'000
Financial assets	17,325
Cash and cash equivalents	527
Other assets	1,638
Total assets	19,490
Liabilities	1,436
Capital and reserves	18,054
Total equity and liabilities	19,490
Summary financial information	31 December 2024
	in EUR'000
Opening balance of net assets at 1 January 2024	18,099
Profit for the period	2,756
Dividends	(2,800)
Closing balance of net assets	18,055
Share in profit of joint venture @ 50%	9,027
Carrying amount	9,027

CROATIA osiguranje d.d., Zagreb, Vatroslava Jagića 33 (parent company) is registered in the Court Register of the Commercial Court in Zagreb, Republic of Croatia, under the Company's Court Reg. No. ("MBS") 080051022 and PIN ("OIB") 26187994862. The Company's principal activity is non-life and life insurance business together with activities that are related to insurance activities and reinsurance business in the non-life insurance segment. Among other important activities, the Group also carries out activities of pension fund management, technical examinations and providing medical services of clinics.

CROATIA osiguranje d.d. is majorly owned by ADRIS GRUPA d.d., Rovinj and is included in the consolidated financial statements of ADRIS GRUPA d.d. which are available on the website of ADRIS GRUPA d.d.

The average number of employees of the Group during the current period is 3,950.

Supervisory Board and Management Board

According to the Company Act, Insurance Act and the Articles of Association of the Company the Company's bodies are: the General Assembly, the Supervisory Board and the Management Board. Obligations and responsibilities of the members of these bodies are determined by the mentioned acts.

Members of the Supervisory Board are:

Roberto Škopac President

Dr.sc. Željko Lovrinčević Vice President and Member until 20 September 2025

Dr. sc. Hrvoje Šimović Vice President since 21 September 2025

Vitomir Palinec Member Hrvoje Patajac Member

Dr. sc. Zoran Barac Member until 11 October 2025

Pero Kovačić Member

Hana Zoričić Member since 21 September 2025

Members of the Management Board are:

Davor Tomašković President Robert Vučković Member Luka Babić Member Vesna Sanjković Member

Basis for preparation and consolidation

Financial statements are prepared in accordance with the Capital Market Act (Official Gazette 65/18, 17/20, 83/21, 151/22 and 85/24), International Accounting Standard 34 – Interim Financial Reporting, Rules of the Zagreb Stock Exchange and the Ordinance on the contents and structure of issuers interim reports and on the form and manner of their submission to the Croatian Financial Services Supervisory Agency, which is issued by the Croatian Financial Services Supervisory Agency.

Quarterly financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2024. The Group's annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Annual Financial Report for 2024, for the purpose of understanding the information published in the notes to the financial statements prepared for the third quarter of the 2025, is available on the company's official website, the official website of the Zagreb Stock Exchange and the Croatian Financial Services Supervisory Agency's Official Register.

Financial statements are prepared by using the accrual principle which is the underlying accounting assumption. Economic events are recognized when they occurred and are reported in financial statements for the period in which they occurred by using the underlying accounting principle of going concern.

Consolidated financial statements comprise the Company and its subsidiaries (together 'the Group'). All significant intragroup transactions and balances are eliminated.

Financial statements for the third quarter of the 2025 have not been audited.

Presentation currency

Group's financial statements are prepared in the euros as the presentation currency.

Use of estimates and judgements

Preparation of financial statements in conformity with IFRS requires the Management Board to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, and information available at the date of preparation of financial statements, the results of which form the basis of making the judgements about carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes of accounting estimates are recognised from the period in which an estimate is revised and in future periods, if the change also affects them.

During the current reporting period, the Group applied the following significant judgments for the first time:

Separation of embedded derivatives from Virtual Power Purchase Agreements (VPPA)

The embedded derivatives represented by the electricity swaps are components of the VPPA contracts and determining whether such derivatives should be separated from the host contracts involves significant judgement. This includes an assessment of the terms and conditions of the VPPA contracts and the characteristics of the embedded derivatives.

The Group made an assessment and concluded that the economic risks and characteristics of these embedded derivatives are not closely related to the underlying host contracts. Consequently, the Group separately recognized these embedded derivatives as derivative financial instruments – electricity swaps.

Fair value measurement of electricity swaps

The fair values of the electricity swaps generally cannot be measured based on quoted prices in active markets, therefore the Group uses other valuation techniques, in particular the discounted cash flow (DCF) models. The inputs to these models are taken from observable market data where possible, but also a significant degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as production volumes, long-term electricity prices, credit risk or wind or solar capture profiles. Changes in assumptions relating to these inputs could affect the reported fair values.

Accounting policies

Accounting policies and measurement methods which are used in the preparation of financial statements for the reporting period are the same as those which are used for preparation of the audited financial statements for the year 2024, except as stated below.

The Group entered into a Virtual Power Purchase Agreements (VPPAs) as a buyer and therefore have applied the following accounting policies for the first time:

Purchases of Guarantees of origin (GoO)

The Group considers the VPPA contracts as hybrid contracts, and the GoO component within the VPPA contract is considered a "host" contract for the delivery of a non-financial item (GoO) to the customer, while the cash-settled electricity component is reported as an "embedded derivative" in the form of a commodity swap (difference between the contracted price and the market price of cash-settled electricity).

While the embedded derivatives are separately recognised under IFRS 9, the residual non-financial host component of the contract is accounted by the Group as a purchase contract to receive the GoO from the seller of the VPPA contract and are recognized in profit or loss.

Derivative financial instruments and hedge accounting

The embedded derivatives separated from the VPPA contracts represent electricity swaps that are used by the Group to hedge the price risk of forecast physical purchases of electricity. The Group does not enter into these electricity swaps for speculative purposes.

The electricity swaps are initially recognised on the date on which the respective VPPA contracts are concluded and initially measured at nil (due to their non-optional nature) in accordance with IFRS 9. The electricity swaps are subsequently measured at fair value.

The Group has designated the electricity swaps as hedging instruments in cash flow hedge relationships to hedge the exposure to variability in highly probable forecast transactions that is attributable to the electricity price risk associated with the highly probable forecast transactions.

At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedge relationship meets the hedge effectiveness requirements.

Given their designation within cash flow hedge relationships, the Group presents the electricity swaps as Financial assets at fair value through other comprehensive income when their fair value is positive, or Financial liabilities – liabilities for derivative financial instruments when their fair value is negative.

Accounting for cash flow hedges

The effective portion of the gain or loss on the electricity swaps is presented as the Effects of hedging instruments within Other comprehensive income, and is further accumulated in the cash flow hedge reserve, i.e. Other revaluation reserves, presented within Revaluation reserves. Any ineffective portion of the gain or loss on the electricity swaps is recognised immediately in profit or loss.

The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.

The Group uses the electricity swaps as hedges of its exposure to volatility in the spot electricity prices arising from highly probable future purchases of electricity.

The cash flow hedge reserve accumulated in equity is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. This is generally when the hedged future cash flows are recognized as items of income or expense.

This reclassification adjustment affects the same line items of profit or loss as those that are affected by the hedged items (Electricity expenses).

If a cash flow hedge relationship is discontinued, the cash flow hedge reserve remains in equity if the hedged future cash flows are still expected to occur. Once the hedged cash flows occur, the respective amount of the cash flow hedge is reclassified to profit or loss in the same period. However, if the hedged future cash flows are no longer expected to occur, the cash flow hedge reserve will be immediately reclassified to profit or loss.

Related party transactions

On 4 April 2025, the Supervisory Board of Croatia osiguranje d.d. approved transactions between Croatia osiguranje d.d. and Adris grupa d.d., which relate to the acquisition of direct equity interests through the purchase and sale of shares in Pozavarovalnice Sava d.d. and Professio Energia d.d. Croatia osiguranje d.d. and Adris grupa d.d., as the majority shareholder of Croatia osiguranje d.d., have signed two agreements for more efficient management within the Group. Croatia osiguranje d.d. purchased and acquired a total of 838,197 shares of Pozavarovalnice Sava d.d. from Adris grupa d.d., which constitute 4.87% of the Issuer's share capital. Also, an agreement was concluded under which Adris grupa d.d. purchased and acquired a total of 567,193 ordinary shares of Professio Energia d.d. from Croatia osiguranje d.d., representing 19.9985% of the registered share capital of that company. By implementing these agreements, all shares of Professio Energia d.d. previously held by Croatia osiguranje d.d. will transfer to the ownership of Adris grupa d.d., while Croatia osiguranje d.d. will become the owner of shares in Pozavarovalnice Sava d.d. that were previously owned by Adris grupa d.d.

Apart from the above, in the current reporting period, there were usual related party transactions of goods and services.

Seasonality of business activities

Group's operations are not seasonal.

Segment reporting

The Group's reporting segments comprise the life insurance segment and the non-life insurance segment. The description of segments as well as allocation of costs between segment of life insurance and non-life insurance, capital and reserves and assets described in the annual financial statements for 2024, have not changed. There were no significant intersegmental revenues and expenses in the period observed.

Earnings per share

	1 January-30	1 January-30
	September 2024	September 2025
	in EUR	in EUR
Profit for the year attributable to the Company's shareholders	46,257,322	57,817,280
Weighted average of ordinary shares	420,947	420,947
Earnings per share attributable to the Company's sharehol	ders
Basic and diluted earnings per share in EUR	109.9	137.4

Fair value

Fair value is the amount that should be received for an asset sold or paid to settle a liability in an arm's length transaction between market participants at the value measurement date. Fair value is based on quoted market prices, where available. If market prices are not available, fair value is estimated by using discounted cash flow models or other appropriate pricing techniques. Changes in assumptions on which the estimates are based, including discount rates and estimated future cash flows, significantly affect the estimates. Therefore, at this point the estimated fair value cannot be certainly achieved from the sale of a financial instrument.

The fair value of investments at amortised cost is presented below:

	30	September 2025		3	1 December 2024
	Net book value	Fair value	Difference	Net book value	Fair value	Difference
	in EUR	in EUR	in EUR	in EUR	in EUR	in EUR
Debt securities	185,855,182	179,433,011	(6,422,171)	244,751,379	232,907,729	(11,843,650)
Loans	28,849,601	30,074,354	1,224,753	40,289,070	40,289,078	8
Deposits	122,849,807	122,849,807	-	154,411,843	154,411,843	-
	337,554,590	332,357,172	(5,197,418)	439,452,292	427,608,650	(11,843,642)

Methods of assessment or assumptions in determining fair value

For measuring the fair value, the Group takes into account the IFRS fair value hierarchy rules that reflect the significance of inputs used in the assessment process. Each instrument is assessed individually and in detail. The levels of the fair value hierarchy are determined on the basis of the lowest level and the input data that are important for determining the fair value of the instrument.

The table below analyses financial instruments carried at fair value using the valuation method. Different levels have been defined as follows:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices or interest rates information) or indirectly (that is, derived from prices or interest rates) (Level 2).
Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The Group's assets measured at fair value as at 30 September 2025 are presented as follows:

	Level 1	Level 2	Level 3	Total
	in EUR	in EUR	in EUR	in EUR
Property for own use	-	-	62,548,708	62,548,708
Investment property	-	-	155,686,233	155,686,233
Equity securities	275,871,561	11,596,823	10,653,155	298,121,539
Debt securities	500,857,039	123,886,519	-	624,743,558
Financial assets at fair value through other comprehensive income	776,728,600	135,483,342	10,653,155	922,865,097
Equity securities	1,477,992	-	-	1,477,992
Debt securities	52,326,830	6,795,362	-	59,122,192
Investment funds	49,673,500	94,420,142	-	144,093,642
Derivative financial instruments	-	1,287,571	-	1,287,571
Financial assets at fair value through profit or loss	103,478,322	102,503,075	-	205,981,397
Total assets at fair value	880,206,922	237,986,417	228,888,096	1,347,081,435

The Group's assets measured at fair value as at 31 December 2024 are presented as follows:

Level 1	Level 2	Level 3	Total
in EUR	in EUR	in EUR	in EUR
-	-	61,045,618	61,045,618
-	-	152,459,186	152,459,186
160,879,067	-	30,817,036	191,696,103
440,112,926	161,295,498	-	601,408,424
600,991,993	161,295,498	30,817,036	793,104,527
502,273	-	-	502,273
13,265,122	89,498,672	-	102,763,794
-	20,843	-	20,843
-	650,000	-	650,000
13,767,395	90,169,515	-	103,936,910
614,759,388	251,465,013	244,321,840	1,110,546,241

The Group has adopted IFRS 13, pursuant to which it is required to disclose the fair value hierarchy of financial assets that are not measured at fair value as well as a description of valuation techniques and inputs used.

Financial liabilities, which are not valued at fair value through profit and loss account, are recorded at amortised cost. The Management Board believes that, due to fact that interest rate of these instruments is in line with market rates, the carrying value of these instruments is not significantly different from their fair value.

The fair value of deposits, loans and financial liabilities are estimated on the basis of inputs that are not commercially available rates, and are therefore classified as Level 3, or by using publicly available rates published by the Croatian national bank (for the Company's loans) and would therefore be classified as Level 2 in the fair value hierarchy. Investments with available market prices and classified in the portfolio of investments in debt securities valued at amortised cost are classified as Level 1.

The fair values of cash and cash equivalents and other receivables, i.e. other assets do not differ significantly from their carrying amounts due to the short-term nature of these financial instruments. Fair value is determined based on Level 2 inputs for cash and cash equivalents and based on Level 3 inputs for other receivables, i.e. other assets.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. The fair value of financial instruments that are classified as Level 3 is determined by using discontinued cash flow techniques or other valuation techniques by using relevant observable market data, information about current business and estimation of issuer's future business of the financial asset in question. There was no significant increase or decrease in the value of the parameters that would affect the change in the fair value of financial assets classified in Level 3 fair value.

Apart from the sales of equity securities, there have been no significant reclassifications of financial assets at fair value through profit or loss from Level 1 and Level 2 to Level 3 and vice versa in statement of financial position.

The fair value of investment property is derived primarily by applying a sales comparison and income approach and sometimes lacking information on market parameters by applying the cost method, depending on a particular property.

The fair value of the property for own use was carried out primarily by applying the income method.

The most significant inputs in the valuations were prices or rental income per square meter, generated based on comparable properties in the immediate vicinity and then adjusted by differences in key characteristics.

Information on measurements of the fair value of investment property using significant inputs that are not available on the market (Level 3) is published in the financial statements for 2024.

Intangible assets

In the period observed, intangible assets increased by EUR 1.831 thousand, and this represents the net effect of increasing intangible assets due to additional investments in the observed period and reduction of intangible assets due to amortization. The Group capitalized the costs of net salaries in the amount of EUR 76.1 thousand, the costs of contributions from salaries in the amount of EUR 21.9 thousand, the costs of taxes and surcharges from salaries in the amount of EUR 15.1 thousand, the costs of contributions to salaries in in the amount of EUR 14.5 thousand and other employee costs in the amount of EUR 1.7 thousand.

Financial assets and financial liabilities

The structure of financial assets as at 30 September 2025 and 31 December 2024 was as follows:

				30 September
	Financial assets at amortised cost	Financial assets at fair value through other comprehensive income	Financial assets at fair value through profit and loss account	2025 Total
	in EUR	in EUR	in EUR	in EUR
Shares
Shares, listed	-	297,902,890	1,477,992	299,380,882
Shares, not listed	-	218,649	-	218,649
	-	298,121,539	1,477,992	299,599,531
Debt securities
Government bonds	178,930,116	482,445,836	-	661,375,952
Corporate bonds	2,824,549	112,164,447	698,705	115,687,701
Treasury bills	4,100,517	30,133,275	58,423,487	92,657,279
	185,855,182	624,743,558	59,122,192	869,720,932

Derivative financial instruments
Currency forward contracts	-	-	1,287,571	1,287,571
	-	-	1,287,571	1,287,571

Investment funds
Open-ended investment funds	-	-	135,204,800	135,204,800
Open-ended investment funds - assets for coverage of unit-linked products	-	-	8,888,842	8,888,842
	-	-	144,093,642	144,093,642
Loans and receivables
Deposits with credit institutions	122,849,807	-	-	122,849,807
Loans	28,849,601	-	-	28,849,601
	151,699,408	-	-	151,699,408
	337,554,590	922,865,097	205,981,397	1,466,401,084

The structure of financial liabilities as at 30 September 2025 and 31 December 2024 was as follows:

439,452,292 793,104,527 103,936,910 1,336,493,729

	30 September 2025	31 December 2024
	in EUR	in EUR
Lease liabilities	46,053,963	45,300,327
Loan liabilities	1,669,553	1,407,480
Derivative financial instruments	43,629	817,110
Preference shares	1,627,500	1,627,500
Liability for unpaid dividend	439,894	218,498
Other financial liabilities	3,848,753	21,000
	53,683,292	49,391,915

Share capital and shares

The Company's share capital with a nominal value of EUR 79,924 thousand as at 30 September 2025 is divided among 429,697 shares with a nominal value of EUR 186,00. The shares are marked as follows:

Number of shares	Nominal amount (in 000 EUR)
307,598 ordinary shares I. emission with ticker CROS-R-A/CROS	57,213
113,349 ordinary shares II. emission with ticker CROS-R-A/CROS	21,083
TOTAL OF ORDINARY SHARES	78,296
8,750 preference shares I. emission with ticker CROS-P-A/CROS2	1,628
TOTAL OF PREFERENCE SHARES	1,628
TOTAL OF ORDINARY AND PREFERENCE SHARES	79,924

Each share, ordinary and preference, provides the right to 1 (one) vote at the Company's General Assembly, Due to the guaranteed dividend payment, preference shares are classified as financial liabilities, All shares are paid in full, issued in dematerialized form, are transferable and are managed at the central depository of the Central Depository & Clearing Company.

Liabilities

The structure of Group's liabilities as at 30 September 2025 and 31 December 2024 was as follows:

	30 September 2025
	No later than 1 year	1-5 years	More than 5years	Total
	in EUR	in EUR	in EUR	in EUR
Other provisions	626,425	5,610,568	1,619,470	7,856,463
Financial liabilities	8,386,543	14,205,750	31,090,999	53,683,292
Other liabilities	81,589,899	3,799,597	1,169,293	86,558,789
Total	90,602,867	23,615,915	33,879,762	148,098,544

		31 December 2024
	No later than 1 year	1-5 years	More than 5years	Total
	in EUR	in EUR	in EUR	in EUR
Other provisions	818,376	5,172,681	1,872,984	7,864,041
Financial liabilities	6,720,356	10,918,962	31,752,597	49,391,915
Other liabilities	71,280,082	5,058,870	915,991	77,254,943
Total	78,818,814	21,150,513	34,541,572	134,510,899

Deferred taxes

The Group on 30 September 2025 has recognized deferred tax assets and liabilities. There were no significant changes in deferred tax assets compared to 31 December 2024, while the movement of deferred tax liabilities is shown in the note below:

in EUR

	Land and buildings occupied by an undertaking for its own activities	Land and buildings not occupied by an undertaking for its own activities	Derivative financial instruments - cash flow hedging	Financial assets at fair value through other comprehensive income	Impact of IFRS 17 application	Financial reserves from insurance contracts	Other	Total
31 December 2023	2,856,028	4,958,625	-	7,911,221	(71,355)	8,311,170	64,409	24,030,098
Reclassification	-	93,628	-	(6,224)	-	-	(17,954)	69,450
Acquisition	-	-	-	-	-	-	75,780	75,780
Change through profit or loss	(53,430)	115,703	-	23,484	(137,341)	-	19,779	(31,805)
Change through other comprehensive income	1,489,780	-	-	12,184,377	-	(3,324,405)	-	10,349,752
Exchange rate differences from translation of foreign operations		-	-	552	-	(1,303)	-	(751)
31 December 2024	4,292,378	5,167,956	-	20,113,410	(208,696)	4,985,462	142,014	34,492,524
Change through profit or loss	(55,424)	267,901	-	(2,093,065)	63,301	-	(7,512)	(1,824,799)
Change through other comprehensive income	-	-	(5,878)	17,679,023	-	(354,852)	-	17,318,293
Exchange rate differences from translation of foreign operations		-	-	(6,196)	-	-	-	(6,196)
30 September 2025	4,236,954	5,435,857	(5,878)	35,693,172	(145,395)	4,630,610	134,502	49,979,822

Commitments

As at 30 September 2025, the Group's contractual obligations for future investments amount to EUR 25,9m based on binding bids for investments in alternative investment funds.

MANAGEMENT BOARD STATEMENT

Pursuant to article 20 of the Articles of Association of the Company from 31 May 2023 and article 468 of the Capital Market Law (Official Gazette 65/18, 17/20, 83/21, 151/22 and 85/24), the Management Board provides this

STATEMENT

That to the best of our knowledge:

the set of quarterly consolidated unaudited financial statements of the issuer for the period 1 January – 30 September 2025, prepared by using applicable financial reporting standards, gives a true and fair view of assets and liabilities, the financial position, profit or loss of the issuer and the entities included in consolidation,
the management report presents an objective view of the development and business results and position of the issuer and entities included in consolidation, with description of significant risks and uncertainties to which they are exposed,

Zagreb, 28 October 2025

Member of the Management Board President of the Management Board Luka Babić Davor Tomašković Member of the Management Board Member of the Management Board Robert Vučković Vesna Sanjković

AI Terminal

Croatia osiguranje d.d.

2087_10-q_2025-10-28_0d942977-78a5-447c-8ded-73ff1dc74399.pdf

CONSOLIDATED UNAUDITED QUARTERLY REPORT, FOR THE PERIOD 1 January 2025 – 30 September 2025

CONTENT

I. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(STATEMENT OF PROFIT OR LOSS)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) As at: 30.9.2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the period: 1.1.2025 - 30.9.2025

CONSOLIDATED STATEMENT OF CASH FLOWS – indirect method For the period: 1.1.2025 - 30.9.2025

II. MANAGEMENT REPORT

Significant business events in the reporting period

Geopolitical and macroeconomic situation, conflicts and challenges

Significant events after the end of the reporting date

Expected development in the future

Research and development activities

Description of the most significant risks and uncertainties

III. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD I-IX 2025

1. GENERAL INFORMATION

*MOT – Motor vehicle examination stations

Supervisory Board and Management Board

Members of the Supervisory Board are:

Members of the Management Board are:

Basis for preparation and consolidation

Presentation currency

Use of estimates and judgements

Fair value measurement of electricity swaps

Accounting policies

Purchases of Guarantees of origin (GoO)

Derivative financial instruments and hedge accounting

Accounting for cash flow hedges

Related party transactions

Seasonality of business activities

Segment reporting

Earnings per share

Fair value

Methods of assessment or assumptions in determining fair value

Intangible assets

Financial assets and financial liabilities

Share capital and shares

Liabilities

Deferred taxes

Commitments

MANAGEMENT BOARD STATEMENT

STATEMENT

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