We have a vision
We are an understanding and trustworthy partner. We listen to each individual person and are committed to the relationship, because we are aware that every single little detail counts.
By providing a stable and safe business operation, the professional competence of our staff and taking care for the quality of life, of both individuals as well as community, we are a constant partner in the life of our business partners, clients and employees.
At the Zavarovalnica Sava insurance company, we place the customers at the centre of all our activities, and we develop excellent and competitive solutions in order to fulfil their needs.
We are providing high-quality services and efficiently cope with risks, which puts us among the most trustworthy companies in the industry. As a single insurance company, we have a transparent and modernly organized business operation system, which provides high-quality services and a long-term development.
We at the Zavarovalnica Sava insurance company make sure that no one will ever be alone due to our commitment and endeavours to get back to the environment where we operate, and pay special attention to those who are most vulnerable.
Members of the management board
Jošt Dolničar, Chairman of the Management Board
mag. Primoz Mocivnik, Deputy Chairman of the Board
Miha Pahulje, Member of the Management Board
Uroš Lorenčič, Member of the Management Board
Robert Ciglaric, Member of the Management Board and Employee Representative
This year was marked by the merger process of four insurance companies. On 2 November, Zavarovalnica Sava insurance company started operating. It has a 5-member Management Board, and is lead by mag. David Kastelic.
In 2017, the Zavarovalnica Sava insurance company operated for the first time the entire year as a new insurance company after the successful merger. With a new approach to the market and by placing the insured person in the focus of our business operation, we enriched our offer of products with a new health insurance Zdravje at the end of 2017, and thus successfully entered the market of health insurances. By expanding the portfolio of our insurances, we are becoming even more accessible to our policyholders and offer them a comprehensive package in all areas.
The Zavarovalnica Sava insurance company is developing further and taking care of its policyholders and employees. In 2018, we signed a purchase agreement for the purchase of a 100% share of the companies ERGO osiguranje and Ergo iivotno osiguranje in the Croatian market, where our subsidiary operates. By developing our own assistance service, we put our policyholders even more in the focus point of our attention.
In 2019, the trend of growth continues, while key projects aim at improving user experience and care for policyholders. After obtaining a licence, the management board is joined by Miha Pahulje and consequently, the management board of the Zavarovalnica Sava insurance company consists of five members. The year 2019 is also marked by the new reorganisation, collective agreement and the purchase of a 100% share in Ergo osiguranje and Egro životno osiguranje insurance companies and their merger with the Croatian branch Sava osiguranje.
Macroeconomic indicators for Slovenia
|Real change in GDP (in %)||3.1%||4.8 %||4.1 %||2.4%|
|GDP (in million €)||40,367||42,987||45,755||48,007|
|Registered unemployment rate (in %)||11.2 %||9.5 %||8.2 %||7.7 %|
|Average inflation (in %)||-0.1%||1.4 %||1.7 %||1.6%|
|Population (in millions)||2.1||2.1||2.1||2.1|
|GDP (in €)||19,540||20,808||22,034||22,925|
|COMMON INESTMENTS PORTFOLIO||2016||2017||2018||2019|
|INSURANCE PREMIUM (IN MILLION €)||2.066||2.179||2.341||2.517|
|Insurance premium - non-life (in million €)||1.460||1.526||1.624||1.764|
|Insurance premium - life (in million €)||607||654||717||754|
Source: IMAD, Economic Mirror, No 4/2020
Source of resident population 2016–2019: Statistical OĴce of the RS
Source of insurance premium 2016–2019: Slovenian Insurance Association_Slovenian Insurance Bulletin 2020
A+ Standard & Poor’s September 2019
Euro currency zone Since 2007
EU Member State Since 2004
|Insurance gross premium with received co-insurance||347.3||365.7||395.1||433.7|
|Net income from insurance premiums||280.0||291.7||315.9||346.2|
|Gross claims with received co-insurance||198.0||236.6||275.7||311.0|
|Gross claims ratio for non-life insurances||58.0 %||58.8 %||60.7 %||55.8 %|
|Gross expense ratio||28.4 %||26.6 %||26.3 %||25.9 %|
|Non-life insurances||30.1 %||27.6 %||26.8 %||26.0 %|
|Life insurances||23.1 %||23.0 %||24.6 %||25.5 %|
|Gross combined ratio for non-life insurances||94.4 %||93.0 %||89.7 %||89.3 %|
|Net profit or loss||23.4||25.1||29.5||38.5|
|Return on equity (after tax) - ROE||15.0 %||15.9 %||19.1 %||24.6 %|
|Insurance Technical Provisions (ITP)||691.4||702.5||686.6||680.2|
|ITP of policyholders with unit-linked insurance assets||227.0||226.5||210.0||220.6|
Achieved planned objectives in 2019
In terms of the financial results achieved, 2019 was the best in the history of the company. We developed an innovation culture in the company and connected with startup companies. In the context of these projects, we developed the first product and oĳered it on the market. We expanded our product range oĳered online and upgraded many products and added new ones.
We purchased a 100% share of the Ergo osiguranje and Ergo životno osiguranje insurance companies. After obtaining an authorisation by the Croatian Insurance Supervision Agency, the company, i.e. Podružnica Hrvaška, transferred the insurance portfolio of the Ergo osiguranje and Ergo životno osiguranje insurance companies on 1/12/2019. The credit rating agency Standard & Poor's assessed the long-term creditworthiness and financial strength with the A rating (excellent) with the stable medium-term forecast.
Net profit and loss of EUR 38,477,270 exceeded the last year's result by EUR 8.9 million (30.3%) and the planned result by EUR 5.7 million (17.4%).
We increased growth in the segment of insurance concluded according to FOS principles. We updated and developed products.
The planned net revenues from premiums were exceeded by 4.9 per cent and the gross premiums by as much as 7.1 per cent. Excellent results are attributed to targeted sales and successful sales campaigns.
Unfortunately, 2019 was also marked by a number of minor weather events, which caused more than €9 million in claims, which is within our projections. Net claims incurred for non-life insurance exceeded plans by 4.3 per cent, but the surplus is 1.3 percentage point less in the respective segment in comparison to the net premium income, which indicates a more favourable net loss/claims ratio than planned by 0.8 percentage point.
In terms of gross operating costs, we exceeded our planned operating costs by 5.1 per cent and planned net operating costs by 1.9 per cent. The main reason is the exceeding of the planned insurance acquisition costs as a result of the larger amount of collected gross premiums than planned. The return on turnover is 1.2% higher than planned.
|TYPE OF INVESTMENTS||31/12/2019|
|COMMON INVESTMENTS PORTFOLIO||677,787,413|
|Real estate funds||3,000,000|
|Financial investments in the companies within the …||4,284,026|
|Cash and cash equivalents||15,464,188|
Insurance premium composition of the insurance portfolio
|Accident and Health Insurances||27,149,995|
|Aircraft and waterborne vessel insurance||3,549,783|