Pozavarovalnica Sava

Investor Presentation • Aug 25, 2025

Presentation of results 1–6/2025 Sava Insurance Group

22 August 2025

CONTENTS

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

Group results

Performance highlights

Net profit of €57.7m (1–6/2024: €44.5m)

Growth in business volume of 8.1%

with the strongest growth in gross premiums from the motor business, reflecting more policies sold and a higher average premium per policy

and in gross premiums from the reinsurance business, due to seizing new opportunities in foreign markets and strengthening our participation in existing contracts

Better insurance result: more favourable claims experience and higher revenue

Lower finance result: interest on newly issued subordinated bonds, foreign exchange differences and reduced income from FVTPL investments

Improved credit rating S&P Global Ratings has upgraded Sava Re's credit rating to A+ with a stable outlook

€m, except %	1–6/2024	1–6/2025	2025 plan	Change 2025/2024
Business volume	563.8	609.5	growth > 5%	8.1%
Gross premiums written	550.6	592.7		7.7%
Profit, net of tax	44.5	57.7	> 84	29.7%
Return on equity*	13.8%	16.1%	> 11%	+2.3 pp
Combined ratio (non-life and reinsurance)	89.7%	86.0%	< 94%	-3.7 pp
Loss ratio (non-life and reinsurance)	62.6%	58.8%		-3.8 pp
Expense ratio (non-life and reinsurance)	27.1%	27.2%		+0.1 pp
Return on the investment portfolio	2.5%	2.3%		-0.2 pp
	31/12/2024	30/6/2025	P31/12/2025
Equity	648.6	679.3		4.7%
Contractual service margin (CSM) – life	161.0	165.8		3.0%
Total investment portfolio	1,666.9	1,711.5		2.7%
Assets for the benefit of policyholders who bear the investment risk	764.3	788.9		3.2%
Assets in pension company savings funds	1,382.2	1,444.7		4.5%
Assets under management at fund management company	742.9	763.9		2.8%

€m, except %	1–6/2024	1–6/2025	2025 plan	Change 2025/2024
Business volume	563.8	609.5	growth > 5%	8.1%
Gross premiums written	550.6	592.7		7.7%
Profit, net of tax	44.5	57.7	> 84	29.7%
Return on equity*	13.8%	16.1%	> 11%	+2.3 pp
Combined ratio (non-life and reinsurance)	89.7%	86.0%	< 94%	-3.7 pp
Loss ratio (non-life and reinsurance)	62.6%	58.8%		-3.8 pp
Expense ratio (non-life and reinsurance)	27.1%	27.2%		+0.1 pp
Return on the investment portfolio	2.5%	2.3%		-0.2 pp
	31/12/2024	30/6/2025	P31/12/2025
Equity	648.6	679.3		4.7%
Contractual service margin (CSM) – life	161.0	165.8		3.0%
Total investment portfolio	1,666.9	1,711.5		2.7%
Assets for the benefit of policyholders who bear the investment risk	764.3	788.9		3.2%
Assets in pension company savings funds	1,382.2	1,444.7		4.5%
Assets under management at fund management company	742.9	763.9		2.8%
Net liabilites from insurance and reinsurance contracts	1,747.0	1,762.5		0.9%

Key figures

* Annualised.

Growth in business volume across all operating segments

Growth in business volume across all operating segments

Strong profit due to more favourable claims experience

Profit growth in most segments

Improved combined ratio due to more favourable loss experience

Combined ratio (non-life and reinsurance)

New business CSM up 13.1% on stronger sales

Segment reporting

Non-life EU: premium growth and more favourable claims experience

• Growth mainly in the motor segment due to an increase in both the number of policies sold and the average premium
• Growth also in the residential and commercial property business

Life EU: strong revenue growth

Profit before tax (€m) 1–6/2024 1–6/2025 9.7 11.2 +16.0%

Reinsurance: less favourable claims experience

• Growth in motor insurance due to higher average premiums and more policies
• Growth in property premiums, driven by increased sales of policies through new channels

Life non-EU: strong revenue growth

Pensions and asset management: robust growth in fund inflows

Funds inflows (€m) AuM in pension savings funds and asset management funds progression (€m)

"Other" segment

Financial investments

AUM impacted by less favourable trends in US equity markets

Investment portfolio and assets under management (consolidated) (€m)

€m	31/12/2024	30/6/2025	Change	Index
Investment portfolio	1,666.9	1,711.5	44.6	102.7
€m	1–6/2024	1–6/2025	Change	Index
Net investment income	18.8	18.9	0.1	100.4
Interest income	12.9	15.1	2.3	117.5
Change in fair value of FVTPL assets	2.0	1.3	-0.7	63.2
Dividends of equity investments and income of alternative funds	1.9	1.5	-0.4	79.6
Income from associate companies	1.4	0.9	-0.5	62.8
Other income/expenses from investments	0.6	0.0	-0.5	5.7
Rate of return	2.5%	2.3%	-0.2 pp	-

Net investment income on investment portfolio

• Stronger interest income as a result of investment at higher interest rates • Positive impact of stock markets; negative impact of ECL and non-marketable investments valued using models

The investment portfolio and net investment income are shown net of the assets held for the benefit of policyholders who bear the investment risk.

2/2024	30/6/2025	Change	Index
1,666.9	1,711.5	44.6	102.7
6/2024	1-6/2025	Change	Index
18.8	18.9	0.1	100.4
12.9	15.1	2.3	117.5
2.0	1.3	-0.7	63.2
1.9	1.5	-0.4	79.6
1.4	0.9	-0.5	62.8
0.6	0.0	-0.5	5.7
2.5%	2.3%	-0.2 pp

€m	31/12/2024	30/6/2025	Difference
Fixed-income investments	1,453.5	1,469.1	15.6
Government bonds	922.7	888.7	-34.0
Corporate and financial bonds	503.4	550.8	47.4
Deposits	27.3	29.5	2.2
Shares and mutual funds	44.4	52.5	8.1
Shares	23.5	23.9	0.5
Mutual funds	20.9	28.6	7.6
Alternative funds	72.4	71.6	-0.7
Investment property	24.1	23.1	-1.0
Cash and cash equivalents	46.2	62.4	16.2
Investments in associated companies	25.6	26.5	0.9
Other	0.7	6.2	5.6
Total investment portfolio	1,666.9	1,711.5	44.6

Large share of fixed-income investments

• Maintaining a safe and liquid portfolio by investing in high-grade corporate and financial sector bonds
• Reinvestment yield for the second quarter at approximately 3.1%

The investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.

€m	31/12/2024	30/6/2025	Difference
Fixed-income investments	1,453.5	1,469.1	15.6
Government bonds	922.7	888.7	-34.0
Corporate and financial bonds	427.2	461.1	33.9
Covered bonds	57.2	71.6	14.4
Subordinated bonds	19.0	18.1	-0.9
Deposits	27.3	29.5	2.2

Large share of government bonds

Composition of fixed-income investments

The fixed-income investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.

The absolute and structural shift was driven by reinvestment from core government bonds into corporate and covered bonds. This did not lead to an increase in credit risk, as the investments consisted of investment-grade corporate bonds and top-rated covered bonds.

The fixed-income investment portfolio is shown net of the assets held for the benefit of policyholders who bear the investment risk.

Sava Re share and dividend policy

Shareholders and share trading

	30/6/2025
Trading symbol	POSR
Market capitalisation (€m)	867.9
No. of shares issued	17,219,662
No. of treasury shares	1,721,966
No. of shareholders	4,584

High dividend yield

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

Dividend payout ratio (dividend payout as % of previous year's net profit)

* The dividend yield has been calculated using the average share price over the trailing 12 months (1 July 2024 – 30 June 2025).

On 26 May 2025, the general meeting of shareholders approved the dividend proposal of €34,869,816.00 or €2.25 gross per share.

Solvency position

Strong solvency position

Thank you.

Hval For more information: ir@sava-re.si | www.sava-re.si/en-si/

Cautionary statements and notes

Forward-looking statements

This document may contain forward-looking statements relating to the expectations, plans or goals of the Sava Insurance Group (the Group), which are based on estimates and assumptions made by the management of Sava Re (the Company). By their nature, forward-looking statements involve known and unknown risks and uncertainties. As a result, actual developments, in particular performance, may differ materially from the expectations, plans and goals set out in this document; therefore, persons should not rely on forward-looking statements.

Duty to update

The Group and the Company assume no obligation to update or revise any forward-looking statements or other information contained in this document, except to the extent required by applicable laws and regulations.

Alternative performance measures

This document may contain certain alternative performance measures used by the Company's management to monitor the business, financial performance and financial position of the Group and to provide investors with additional information that management believes may be useful and relevant to understanding the Group's results. These alternative performance measures or benchmarks generally do not have a standardised meaning and therefore may not be comparable to similarly defined benchmarks used by other companies. Therefore, such measures should not be considered in isolation from, or in place of, the Group's consolidated financial statements and the related notes prepared in accordance with IFRS standards.

Data not audited

The consolidated financial statements presented in this document are unaudited.

Rounding

All calculations are based on exact figures, including decimals, which is why rounding differences may occur.