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Sava

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and sustainable insurance company.

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Members of the management board

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From left to right:
mag. Primoz Močivnik, Deputy Chairman of the Board,
Robert Ciglarič, Member of the Management Board and Employee Representative,
Jošt Dolničar, Chairman of the Management Board,
Uroš Lorenčič, Member of the Management Board,

History

 

 

Macroeconomic indicators for Slovenia

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(million €) 2016 2017 2018 2019 2020 2021 2022
Insurance gross premium with received co-insurance 347.3 365.7 395.1 433.7 456.5 438.3 465.4
Non-life insurances 264.8 281.1 312.5 351.4 378.7 364.2 392.1
Life insurances 82.5 84.6 82.6 82.3 77.8 74.1 73.3
Insurance gross premium with received co-insurance 347.3 365.7 395.1 433.7 369.0 360.9 368.9
Non-life insurances 264.8 281.1 312.5 351.4 291.7 287.4 296.3
Life insurances 82.5 84.6 82.6 82.3 77.3 73.5 72.6
Insurance gross premium with received co-insurance 347.3 365.7 395.1 433.7 307.9 284.6 305.4
Non-life insurances 264.8 281.1 312.5 351.4 201.8 202.9 241.9
Life insurances 82.5 84.6 82.6 82.3 106.2 81.7 63.5
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  31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022
Assets 1,138.0 1,151.8 1,116.7 1,151.0 1,168.9 1,163.9 1,064.8
Financial investments 706.8 707.9 664.7 677.8 681.1 665.7 572,1
Capital 157.8 158.1 151.1 161.3 215.1 225.0 175.6
Insurance Technical Provisions (ITP) 691.4 702.5 686.6 680.2 653.8 622.3 621.1
ITP of policyholders with unit-linked insurance assets 227.0 226.5 210.0 220.6 211.3 221.5 192.7
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  2016 2017 2018 2019 2020 2021 2022
GDP              
Real change in GDP (in %) 3.2 4.8 4.5 3.5 -4.3 8.2 5.0
GDP (in million €) 40,443 43,011 45,876 48,533 47,021 52,208 57,921
UNEMPLOYMENT              
Registered unemployment rate (in %) 11.2 9.5 8.2 7.7 8.7 7.6 5.8
INFLATION              
Average inflation (in %) -0.1 1.4  1.7 1.6 -0.1 1.9 8.9
POPULATION              
Population (in millions) 2.1 2.1 2.1 2.1 2.1 2.1 2.1
GDP (in €) 19,54 20,82 22,092 23,177 22,269 24,758 27,444
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Common Investments Portfolio 2016 2017 2018 2019 2020 2021 2022
Insurance premium (in million €) 2.066 2.196 2.341 2.517 2.571 2.616 2.806
Insurance premium - non-life (in million €) 1.460 1.542 1.624 1.764 1.820 1.869 2.028
Insurance premium - life (in million €) 607 654 717 754 751 747 778

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 Stable August 2021
Euro currency zone Since 2007
EU Member State Since 2004

Achieved planned objectives in 2019

1.

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.

2.

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.

3.

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.

4.1.

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.

4.2.

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.

5.

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.

Investment portfolio

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Type of Investments 31/12/2019 31/12/2020 31/12/2021 31/12/2022
Common Investments Portfolio 677,787,413 681,092,550 665,686,532 572,067,528
Deposits 4,107,007      
Goverment bonds 321,180,288 310,084,510 322,489,885 321,875,235
Business bonds 277,430,450 273,990,548 246,522,944 148,464,492
Shares 7,428,855 38,622,302 28,225,711 13,556,754
Mutual funds 27,279,706 362,897 239,051 354,915
Loans issued 442,415 18,235,490 29,978,123 35,012,504
Infrastructure funds 13,207,714 8,871,145 9,785,325 10,116,148
Real estate funds 3,000,000      
Financial investments in the companies within the … 4,284,026 2,309,878 2,309,878 2,309,878
Investment property 3,962,763 3,895,406 3,139,378 11,873,684
Cash and cash equivalents 15,464,188 24,720,374 22,996,236 28,503,917

Goverment bonds

Business bonds

Mutual funds

Cash and cash equivalents

Infrastructure funds

Other

Insurance premium composition of the insurance portfolio

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Gross Premium 2019 2020 2021 2022
Total 433,694,363 456,509,368 438,309,833 465,378,006
Accident and Health Insurances 27,149,995 28,623,753 29,319,761 30,074,408
Motor insurance 227,619,363 235,992,140 233,885,328 258,979,411
Aircraft and waterborne vessel insurance 3,549,783 7,969,125 1,292,917 1,028,339
Non-life insurances 65,951,957 75,996,203 76,658,351 78,605,055
Life insurances 82,339,302 77,807,050 74,075,964 73,307,983
Other 27,083,963 30,121,098 23,077,513 23,382,811

Motor insurance

Life insurances

Non-life insurances

Accident and Health Insurances

Other

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