Pozavarovalnica Sava

Earnings Release • Mar 12, 2018

Performance of the Sava Re Group and Sava Re, d.d. in 2017

(Key Figures – Unaudited Data of the Sava Re Group and Sava Re, d.d.)

(€)	Sava Re Group		Sava Re
	2017	2016	2017	2016
Gross premiums written	517,233,431	490,205,154	153,219,752	147,426,893
Year-on-year change (%)	5.5%	0.8%	3.9%	-3.0%
Net premiums earned	470,865,993	458,101,526	130,864,620	133,428,875
Year-on-year change (%)	2.8%	2.4%	-1.9%	6.3%
Gross claims paid	309,727,160	269,445,796	83,525,449	85,165,592
Year-on-year change (%)	14.9%	-0.8%	-1.9%	-5.0%
Net claims incurred	296,103,320	268,393,776	78,583,967	81,781,565
Year-on-year change (%)	10.3%	-1.7%	-3.9%	-5.7%
Net incurred loss ratio*	58.9%	58.6%	60.2%	61.3%
Net incurred loss ratio, excluding exchange differences*	60.5%	58.2%	65.0%	60.2%
Operating expenses, including reinsurance commission income	154,091,460	155,830,879	41,178,447	44,475,032
Year-on-year change (%)	-1.1%	7.3%	-7.4%	18.2%
Net expense ratio	32.7%	34.0%	31.5%	33.3%
Net combined ratio*	94.3%	95.0%	93.1%	94.9%
Net combined ratio, excluding exchange differences*	95.5%	94.6%	96.5%	93.6%
Net inv. income of the investment portfolio	15,731,567	24,612,812	25,332,985	27,684,549
Return on the investment portfolio	1.5%	2.4%	5.6%	6.0%
Net inv. income of the investment portfolio, excluding
exchange differences	21,662,931	23,122,262	30,816,526	26,323,674
Return on the investment portfolio, excluding exchange	2.0%	2.2%	6.8%	5.8%
differences
Profit or loss before tax	39,880,983	40,669,987	34,763,864	34,977,140
Year-on-year change (%)	-1.9%	1.4%	-0.6%	109.0%
Profit/loss, net of tax	31,094,908	32,918,213	32,974,192	32,873,817
Year-on-year change (%)	-5.5%	-1.3%	0.3%	103.0%
Comprehensive income	32,790,903	37,660,245	33,008,694	33,693,737
Year-on-year change (%)	-12.9%	36.4%	-2.0%	127.4%
Return on equity	10.1%	11.3%	11.7%	12.3%
Total assets	31/12/2017 1,708,348,067	31/12/2016 1,671,189,179	31/12/2017 580,886,180	31/12/2016 568,147,764
Change on 31 Dec of prior year (%)	2.2%	4.0%	2.2%	-0.5%
Shareholders' equity	316,116,895	297,038,327	290,966,155	270,355,622
Change on 31 Dec of prior year (%)	6.4%	3.7%	7.6%	2.5%
Net technical provisions	1,127,139,014	1,109,770,895	212,565,592	208,003,567
Change on 31 Dec of prior year (%)	1.6%	3.6%	2.2%	1.5%
Book value per share	20.40	18.81	18.77	17.12
Net earnings/loss per share	2.00	2.08	2.13	2.08
No. of employees (full-time equivalent basis)	2,388.77	2,487.94	96.50	94.58
Solvency ratio under Solvency II rules	-	204%	-	264%

*The Group's net incurred loss ratio and the net combined ratio are calculated based on the reinsurance and non-life insurance operating segments.