Pozavarovalnica Sava

Investor Presentation • Aug 26, 2024

Presentation of results 1–6/2024 Sava Insurance Group

23 August 2024

CONTENTS

• Group results
• Segment reporting
• Financial investments
• POSR share and dividend policy
• Solvency position

GROUP RESULTS

Performance highlights

Sava Insurance Group / Presentation of results 1–6/2024 / Group results 4

Net profit of €44.5m (1–6/2024: €40.0m)

Growth in gross premiums written of 13.9%

primarily in the motor business due to growth in average premiums and the number of policies sold

and in the life business due to improved policy sales and additional premiums on existing policies

Better insurance service result: higher revenue in all segments, favourable claims development in the reinsurance business and a more favourable expense ratio

Better investment result: investment at higher interest rates

€m % , except	1–6/2023	1–6/2024	plan 2024	Change 2024/2023
volume Business	494 6	563 8	925 >	0% 14
Gross premiums written	483 3	550 6		13 9%
Profit of , net tax	40 0	44 5	70 >	1% 11
equity* Return on	3% 13	8% 13	5% 10 >	+0 4 pp
Combined (non -life and reinsurance) ratio	90 1%	89 7%	95% <	-0 4 pp
portfolio* the investment Return on	2 2%	2 5%	2 2%	+0 3 pp
	31/12/2023	30/6/2024	31/12/P2024
Equity	585 7	598 7		2% 2
contractual (CSM) service margin Net	149 4	164 2		9 9%
Total portfolio investment	1 503 3 ,	1 527 4 ,		6% 1
for the benefit of policyholders who bear the risk Assets investment	608 5	710 9		8% 16
funds Assets in pension savings company	1 174 7 ,	1 275 8 ,		8 6%
fund under Assets management at management company	8 541	651 9		20 3%

Key figures

€m, except %

* Return on equity excludes accumulated other comprehensive income/loss. Investment portfolio return excludes subordinated debt expense.

Continued growth across all operating segments

Sava Insurance Group / Presentation of results 1–6/2024 / Group results 6

Gross premiums written by class of insurance

Business volume: inflationary price adjustments and organic growth

Profit before tax: high revenue growth and favourable claims experience

Sava Insurance Group / Presentation of results 1–6/2024 / Group results 8

(€m)

Profit before tax: high revenue growth and favourable claims experience

Sava Insurance Group / Presentation of results 1–6/2024 / Group results 9

Change in profit before tax by segment

Impact of natural catastrophe claims

Sava Insurance Group / Presentation of results 1–6/2024 / Group results 10

Natural catastrophe claims (€m)

Includes net claims affecting the (re)insurance portfolios of the Group companies resulting from natural perils (such as windstorm, flood, earthquake and hail).

Continued CSM growth

Sava Insurance Group / Presentation of results 1–6/2024 / Group results 11

CSM by segment

SEGMENT REPORTING

- by price adjustments in line with inflation and an

Non-life EU: Revenue growth and improved cost efficiency

-

Life EU: robust growth in unit-linked premiums

Reinsurance: no major loss events

Non-life non-EU: strong premium growth and improved claims experience

Life non-EU: revenue growth

Pensions and asset management: robust growth in net fund inflows

"Other" segment: one-off impacts

FINANCIAL INVESTMENTS

Growth in assets under management

Sava Insurance Group / Presentation of results 1–6/2024 / Financial investments 21

Investment portfolio and assets under management (€m)

€ m	1–6/2023	1–6/2024	Difference
effective income interest Interest at rate	9 3	12 5	3 3
fair of Change value in FVTPL assets	1 8	2 0	0 2
Gains/losses disposal of assets on	-0 1	0 1	0 3
(ECL) Change expected credit losses in	0 2	0 2	0 0
income/expenses Other from investments	4 5	3 9	-0 5
investment income Net	6 15	18 8	3 2
of Rate return	2% 2	5% 2	+0 3 pp

Improved return on investment portfolio

Sava Insurance Group / Presentation of results 1–6/2024 / Financial investments 22

• Increased interest income due to the investment of positive cash flows and the reinvestment of maturing investments at higher interest rates
• Positive contribution from FVTPL portfolio driven by favourable equity and debt market performance

€m	31/12/2023	30/6/2024	Difference
Fixed-rate investments	1 302 4 ,	1 312 8 ,	10 4
bonds Government	818 8	811 3	-7 6
bonds Corporate	458 0	476 8	18 8
& Deposits CDs	25 6	24 8	-0 9
funds Shares and	40 3	42 3	2 0
Shares	21 8	22 4	0 7
Mutual funds	18 6	19 9	3 1
Alternative investments	96 1	97 2	1 1
Infrastructure funds	57 3	59 6	2 3
Real funds estate	13 9	12 9	-1 0
Investment property	24 9	24 7	-0 2
Cash cash equivalents and	39 8	49 2	9 3
Other	24 6	25 9	1 3
Total investment portfolio	503 3 1 ,	527 1 4 ,	24 1

High share of fixed-rate investments

• Investing in highly rated government and corporate bonds to maintain a safe and liquid portfolio

• Reinvestment yield for the second quarter at approximately 3.4%

Secure and stable investment portfolio

Sava Insurance Group / Presentation of results 1–6/2024 / Financial investments 24

POSR SHARE AND DIVIDEND POLICY

Shareholders and share trading

Sava Insurance Group / Presentation of results 1–6/2024 / POSR share and dividend policy

	30/6/2024
Share capital (€m)	71.9
Market capitalisation (€m)	505.2
Trading symbol	POSR
No. of shares	17,219,662
No. of own shares	1,721,966
No. of shareholders	4,379

High dividend yield

Sava Insurance Group / Presentation of results 1–6/2024 / POSR share and dividend policy 27

Dividend policy: distribution of between 35% and 45% of the net profit of the Sava Insurance Group

• On 27 May 2024, the general meeting of shareholders approved the dividend proposal of €27,120,968 or €1.75 gross per share.

SOLVENCY POSITION

Solid solvency position

29

For more information: ir@sava-re.si

Thank you.

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 reflect future events or developments.