AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Pozavarovalnica Sava d.d. (Sava Re) (Slovenia), the operating holding company of the Sava Insurance Group. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Sava Re’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

Sava Re’s very strong balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment also considers the group’s strong earnings generation, liquid investment portfolio and prudent reserving. Additionally, the company exhibits low reliance on reinsurance and sound financial flexibility, with access to both equity and debt markets. The BCAR includes partial credit for the group’s contractual service margin for life business. Adjusted financial leverage as calculated by AM Best stood at a relatively low level of 8.7% at year-end 2025. Interest coverage at year-end 2025 was strong.

Sava Re’s strong operating performance assessment is supported by consistent operating profits over the last years driven by sound life and non-life underwriting performances, supplemented by healthy investment income. At year-end 2025, the company’s return on equity was 16.4% (2024: 14.2%) with a net/net combined ratio of 86.5% (2024: 90.6%), both calculated by AM Best. For the first half of 2026, Sava Re reported a strong net profit of EUR 55.6 million and a combined ratio of 90.7%. AM Best expects the full-year result to be in line with historical performance.

The Sava Insurance Group benefits from a strong position in its core domestic market of Slovenia, where it is the second-largest player and holds a market share of approximately 30% in terms of gross written premiums. The group’s insurance business is dominated by premiums written in Slovenia; however, the company continues to expand in the Adriatic region markets. AM Best expects to see further geographic diversification from Sava Re in the medium term in both the direct and reinsurance segments, as the group continues to develop its position prudently in the international reinsurance market.

AM Best considers Sava Re’s ERM to be developed and appropriate for the company’s risk profile and operational scope.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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