Pozavarovalnica Sava (POSR) Q3 2025 earnings summary

Executive summary

• Business volume grew by 8.0% year-over-year to €879.6 million, driven by higher gross premiums in motor, non-life, and reinsurance segments.

• Net profit rose 36.1% to €84.5 million for 1-9/2025, with return on equity up to 15.7%.

• Combined ratio improved to 87.7% from 91.7%, reflecting better claims experience and absence of major catastrophes.

• Credit ratings were reaffirmed or upgraded, with S&P raising the rating to A+ and AM Best maintaining an A rating, both with stable outlooks.

• Assets under management grew 11.4% to €3.2 billion, driven by high net inflows and fund returns.

Financial highlights

• Gross premiums written increased to €879.6 million, up 8.0% year-over-year.

• Insurance result up 52.7% to €86.7 million, driven by 11.6% revenue growth and improved claims.

• Equity rose to €707.3 million, a 9.1% increase from the previous year.

• Total investment portfolio grew to €1,755.3 million, up 5.3% year-over-year; return on portfolio at 2.3%, down 0.2 pp.

• Earnings per share rose 36.1% to €5.44; share price up 57.0% year-over-year.

Outlook and guidance

• FY 2025 net profit guidance raised to over €105 million, significantly above the original plan of over €84 million, assuming no major loss events.

• 2025 business plan implementation on track, with 83% of planned business volume achieved by Q3.