Pozavarovalnica Sava

Investor Presentation • Nov 24, 2025

Sava Insurance Group

Presentation of results 1–9/2025

CONTENTS

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

Performance highlights

Growth in business volume of 8.0%

driven mainly by higher gross premiums written

from the motor business, reflecting more policies sold and a higher average premium per policy, and

from the reinsurance business, due to new opportunities in foreign markets and greater participation in existing contracts

Net profit of €84.5m

(1–9/2024: €62.1m)

Better insurance result: more favourable claims experience and higher revenue

Lower finance result: interest expense on subordinated bonds issued in 2024

FY profit outlook sharply raised

2025 net profit now estimated at > €105m (vs. plan > €84m), assuming no major loss events

Credit rating reaffirmed

October 2025 AM Best reaffirmed Sava Re's A ratings, outlook stable

Improved credit rating

June 2025 S&P Global Ratings upgraded Sava Re's ratings to A+, outlook stable

Key figures

€m, except %	1–9/2024	1–9/2025	2025 plan	Change 2025/2024
Business volume	814.7	879.6	growth > 5%	8.0%
Gross premiums written	791.6	852.2		7.7%
Profit, net of tax	62.1	84.5	> 84	36.1%
Return on equity, annualised	12.9%	15.7%	> 11%	+2.9 pp
Combined ratio (non-life and reinsurance)	91.7%	87.7%	< 94%	-4.0 pp
Loss ratio (non-life and reinsurance)	64.6%	60.7%		-3.9 pp
Expense ratio (non-life and reinsurance)	27.2%	27.1%		-0.1 pp
Return on the investment portfolio	2.5%	2.3%		-0.2 pp
	31/12/2024	30/9/2025	P31/12/2025
Equity	648.6	707.3		9.1%
Contractual service margin (life)	161.0	169.5		5.3%
Total investment portfolio	1,666.9	1,755.3		5.3%
Assets for the benefit of policyholders who bear the investment risk	764.3	854.1		11.8%
Assets in pension company savings funds	1,382.2	1,512.7		9.4%
Assets under management at fund management company	742.9	852.4		14.7%
Net liabilities from insurance and reinsurance contracts	1,747.0	1,845.2		5.6%

Growth in business volume across all operating segments

18.8%

22.4%

Other

22.5%

18.6%

Largest contributions from EU non-life business and reinsurance

Strong profit due to more favourable claims experience

Strongest profit growth in non-life segments

Improved combined ratio due to more favourable loss experience

New business CSM up 12.7% on stronger sales

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

• Stronger insurance revenue driven by premium growth
• More favourable experience in weather and other claim categories

• Improved investment result due to higher interest income stemming from portfolio growth

Life EU: strong revenue growth

• Higher revenue due to stronger sales • Higher insurance result due to stronger sales • Reduced insurance finance result and investment result (due to lower interest income), both driven by the portfolio decline caused by maturing traditional life policies

Reinsurance: favourable combined ratio despite elevated claims experience

• Gross premiums grew as a result of seizing new opportunities in certain markets and strengthening our participation in existing contracts
• Impact of a new major treaty in the African market

• Growth in incurred claims, driven by small and medium-sized claims

• Negative foreign exchange impact last year, positive impact this year
• Insurance finance result lower due to growth in business volume

Non-life non-EU: high premium growth and more 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

• More favourable claims experience
• Growth in insurance revenue due to sales growth

• Lower investment result due to reduced fair value gains on FVTPL investments
• Lower insurance finance result driven by growth in business volume

Life non-EU: strong revenue growth

• Robust growth in traditional and unit-linked life business

• Stronger revenue along with methodological adjustments

• Finance result broadly unchanged year on year

Pensions and asset management: robust growth in fund inflows

• Increase in management fees due to higher volume of assets under management

1–9/2024 1–9/2025 176.1 217.9 +23.8%

"Other" segment: impact of interest expense on subordinated bonds

Investment portfolio and AuM growth

Net investment income and portfolio rate of return

€m	31/12/2024	30/9/2025	Change	Index
Investment portfolio	1,666.9	1,755.3	88.4	105.3
€m	1–9/2024	1–9/2025	Change	Index
Net investment income	28.6	29.3	0.7	102.6
Interest income	19.9	23.4	3.5	117.5
Change in fair value of FVTPL assets	3.0	2.5	-0.6	80.9
Dividends of equity investments and income of alternative funds	2.9	2.2	-0.7	76.5
Income from associate companies	1.6	1.2	-0.5	70.3
Other income/expenses from investments	1.1	0.1	-1.0	6.8
Rate of return	2.5%	2.3%	-0.2 pp	-

• Higher interest income supported by favourable bond-market conditions
• Positive but slightly weaker FVTPL contribution in 2024 amid less favourable market conditions
• Higher credit-loss provisions (ECL) due to new investments (part of other income/expenses)

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

Large share of fixed-income investments

€m	31/12/2024	30/9/2025	Change
Fixed-income investments	1,453.5	1,520.2	66.8
Government bonds	922.7	930.3	7.6
Corporate and financial bonds	503.4	561.3	57.8
Deposits	27.3	28.7	1.4
Shares and mutual funds	44.4	55.6	11.2
Shares	23.5	24.5	1.0
Mutual funds	20.9	31.1	10.2
Alternative funds	72.4	76.3	4.0
Investment property	24.1	22.9	-1.2
Cash and cash equivalents	46.2	47.1	0.9
Investments in associated companies	25.6	26.8	1.2
Other	0.7	6.3	5.6
Total investment portfolio	1,666.9	1,755.3	88.4

• Maintaining a low-risk and liquid portfolio by investing in high-grade corporate and financial sector bonds
• Reinvestment yield for the third quarter at approximately 2.5%
• Increased focus on investments in corporate bonds

Large share of government bonds

€m	31/12/2024	30/9/2025	Change
Fixed-income investments	1,453.5	1,520.2	66.8
Government bonds	922.7	930.3	7.6
Corporate and financial bonds	427.2	470.5	43.3
Covered bonds	57.2	75.0	17.8
Subordinated bonds	19.0	15.7	-3.3
Deposits	27.3	28.7	1.4

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.

Secure and stable investment portfolio

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

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Shareholders and share trading

Book value ofshare

30 September 2025

€45.64

Share price

30 September 2025

€62.50

	30/9/2025
Trading symbol	POSR
Market capitalisation (€m)	968.6
No. of shares issued	17,219,662
No. of treasury shares	1,721,966
No. of shareholders	4,614

Attractive dividend yield

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

On 26 May 2025, the general meeting of shareholders approved the dividend proposal of €34,869,816.00 or €2.25 gross per share. Dividends were paid on 11 June 2025 to shareholders of record as at 10 June 2025.

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

Very 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.