Pozavarovalnica Sava

Notice of Dividend Amount • Apr 6, 2018

Category: Inside information

Published on: SEOnet

Published at:  05.04.2018 15:01

Published document ID: INI-260/18

INI-250/18

SAVA RE, d. d., Ljubljana

Proposed dividend for Sava Re shareholders

Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Market in Financial Instruments Act, Sava Re, d.d., Dunajska 56, 1000 Ljubljana (also the "Company") announces the following:

In its meeting on 4 April 2018, the supervisory board of Sava Re, d.d. approved the Audited annual report of the Sava Re Group and Sava Re, d.d. 2017 and the proposed agenda for the notice of the 34th general meeting of shareholders of Sava Re, d.d. to be published on 12 April 2018. 

The supervisory and management boards have drawn up a proposed resolution for the general meeting proposing that shareholders be paid a dividend of €0.80 gross per share, in total €12,398,156.80, or 39.9% of the net profit of the Sava Re Group. The proposed dividend remains the same as last year.

In line with its adopted strategic plan and dividend policy, the Company considered the following when preparing its dividend proposal:

• the estimated surplus of eligible own funds over the solvency capital requirement under Solvency II,
• the Group’s own risk and solvency assessment,
• the capital models of the rating agencies Standard & Poor’s and A.M. Best,
• the approved annual and strategic plans of the Group and the Company,
• new development projects requiring additional capital,
• any other relevant circumstances affecting the financial situation of the Company.

The proposed dividend is in line with the dividend policy that the Company published on 23 November 2017 as part of its strategic plan 2017–2019, which provides that Sava Re will distribute dividends in the amount of approximately 40% of the net profit of the Sava Re Group, taking into account the assumptions and circumstances set out above.

Sava Re applied the rules of KDD (Slovenia’s Central Securities Clearing Corporation) for the setting of the record and dividend payment dates for 2017. Accordingly, the proposed record date and dividend payment date are 13 June 2018 and 14 June 2018, respectively.

This announcement will also be available on the Company’s website at www.sava-re.si, at least five years from the date of the announcement.

The Management Board

Date: 06.04.2018