AI Terminal
Pozavarovalnica Sava
Earnings Release • Mar 8, 2021
1987_rns_2021-03-08_22d9a3fb-4c9c-4414-9675-b8db374751b7.pdf
Earnings Release
Open in ViewerOpens in native device viewer
Sava Insurance Group
2020 unaudited results
5 March 2021
2020 unaudited results
Highlights of 2020
Growth in operating revenues of 15.5%
Net profit of €56.4 million and ROE of 13.3%, which includes gain on the acquisition of Vita d.d. of €9.9 m
Net combined ratio (excl. FX) of 93.9%, which is within the target range
Completed acquisition of NLB Vita d.d. in May 2020, later renamed Vita d.d.
Emergency situation due to Covid-19 pandemic with large impacts on lives and global capital markets
Publication of revised plan for 2020–2022, adapted to the new circumstances due to the corona crisis and the takeover of Vita
Standard & Poor's and AM Best's "A" ratings, stable outlook, affirmed
Increase in claims events in reinsurance and FoS business
Unaudited data.
Achievement of the 2020 revised plan
| 2019 actual |
2020 revised plan |
2020 actual* |
|
|---|---|---|---|
| Group | |||
| Operating revenue | €584.2 m | > €640 m | €674.9 m |
| Profit or loss, net of tax | €50.2 m | > €50 m | €56.4 m |
| Return on equity (ROE) | 13.8% | > 12% | 13.3% |
| Net expense ratio** | 31.6% | 32‒33% | 29.5% |
| Investment return** | 1.9% | 1.4% | 1.6% |
| (Re)insurance part | |||
| Gross premiums written | €596.2 m | > €640 m | €676.5 m |
| Net incurred loss ratio** (reins. + non-life) | 61.7% | 59‒60% | 61.6% |
| Net combined ratio** (reins. + non-life) | 93.8% | < 94% | 93.9% |
* Unaudited data.
** Excluded effect of exchange differences. The investment return does not include subordinated debt expenses. The net expense ratio does not include any gains on acquisitions (2019: ERGO, 2020: Vita) or amortisation on customer lists.
Development of consolidated GPW, (re)insurance part
Development of consolidated GPW by insurance market
Global markets Sava Re reinsurance business Non-Group premiums: €106.8 m 2020/19: +18.3%
2021 plan
Major development areas in 2021
-
-
-
Key group performance metrics
| 2019 actual |
2020 actual* |
2021 plan |
|
|---|---|---|---|
| Group | |||
| Operating revenues | €584.2 m | €674.9 m | > €685 m |
| Profit or loss, net of tax | €50.2 m | €56.4 m | > €53 m |
| Return on equity (ROE) | 13.8% | 13.3% | >= 11.5% |
| Net expense ratio** | 31.6% | 29.5% | 32‒33% |
| Investment return** | 1.9% | 1.6% | 1.5% |
| (Re)insurance part | |||
| Gross premiums written | €596.2 m | €676.5 m | > €685 m |
| Net incurred loss ratio** (reins. + non-life) | 61.7% | 61.6% | 59‒60% |
| Net combined ratio** (reins. + non-life) | 93.8% | 93.9% | < 94% |
* Unaudited data.
** Excluded effect of exchange differences. The investment return does not include subordinated debt expenses. The net expense ratio does not include any gains on acquisitions (2019: ERGO, 2020: Vita) or amortisation on customer lists.
Consolidated GPW / operating revenues by segment
Thank you for your attention.
Disclaimer
Forward-looking statements
This document may contain forward-looking statements relating to Sava Reʾs expectations, plans or goals, which are based on assumptions made by Sava Re management. By their nature, forward-looking statements involve risk and uncertainty. As a result, actual developments, in particular performance, may differ materially from expectations, plans and goals set out in this document; therefore, persons should not rely on forward-looking statements.
Duty to update
Sava Re assumes no obligation to adjust any forward-looking statements or other information contained in this document to future events or developments.
