Pozavarovalnica Sava (POSR) Investor presentation summary

Market position and business profile

• Ranked second largest insurance group in the Adria region with €1,096m in gross premiums written (GPW) in 2025 and operations in six countries, including strong positions in underpenetrated markets like Montenegro, North Macedonia, and Kosovo.

• Largest non-captive reinsurer in the region, with a global reinsurance presence and over €5b in assets under management.

• Achieved S&P A+ and AM Best A ratings with a stable outlook in 2025; solvency ratio at 208% as of end 2024.

• Group structure includes full ownership of key subsidiaries across Slovenia, Croatia, Serbia, Montenegro, Kosovo, and North Macedonia.

• Market capitalisation exceeded €1bn for the first time at end 2025, with a share price of €66.50 and total shareholder return of 71.9%.

Financial performance and results

• Business volume reached €1,133.6m in 2025, up 9.5% from 2024, with non-life and reinsurance segments showing strong growth.

• Net profit rose to €114.1m (+29.8%), surpassing the €100m mark for the first time, and return on equity (ROE) reached 15.9%.

• Combined ratio improved to 87.4% (-3.9pp), with a significant reduction in natural catastrophe claims (€25.3m, -51.3%).

• Assets under management grew to €3,377.6m (+16.9%), and the investment portfolio reached €1,764.6m (+5.9%).

• Dividend payout proposed at €2.75 per share for 2025, with a policy of distributing 35–45% of net profit.

Business segments and growth

• Non-life EU segment GPW rose to €589.7m in 2025, with a combined ratio of 87.8% and profit before tax of €79.2m.

• Life EU segment GPW reached €199.2m, with 72.5% from traditional life products and profit before tax of €20.6m.

• Reinsurance GPW increased to €156.3m, with a combined ratio of 76.9% and profit before tax of €23.3m.

• Non-life non-EU and life non-EU segments also showed growth, with GPW of €132.5m and €15.0m, respectively.

• Pensions and asset management revenue rose to €27.5m, with assets under management at €2,485.5m.