1.

The year 2023 was marked by weather events of unprecedented scale, with the August floods representing the largest natural disaster in the history of Slovenia. By optimising our processes for resolving mass claims, we entered 2024 better prepared and wiser from the experience of the previous year.

2.

We increased the volume of operations, as measured by gross premiums written, in the Slovenian and Croatian markets. We exceeded the planned gross premium by 7.6 percent, or EUR 44.2 million. The credit agency S&P Global Ratings affirmed the A (Excellent) financial strength rating on Zavarovalnica Sava with a stable outlook.

3.

The net profit for 2024 of EUR 47.8 million was 22.5 percent higher than planned and EUR 21.5 million above last year’s target. The net profit achieved in Croatia was also positive at EUR 0.6 million compared to a loss of EUR 3.6 million last year. Gross claims from weather disasters throughout the year amounted to EUR 56.5 million, impacting the profit by EUR 29.9 million. Although the gross cost of weather disasters were more than EUR 10 million lower than in 2023, the impact on the result was only a few million euros lower due to weaker reinsurance coverage.

4.

Gross operating expenses were higher than planned, partly as a result of the increased volume of operations. Otherwise, the gross expense improved by 0.7 percentage points to 24.6 percent. The insurance service result (excluding non-attributable expenses) was EUR 5.7 million higher than planned, driven by higher income from insurance services.

5.

In Slovenia and Croatia, we started introducing central IT support to upgrade and replace our core systems. Given the scale of the project, its implementation will continue over the coming years.