Slovenian-domiciled reinsurer Sava Re reported gross written premiums (GWP) of €91.4 million for the first half of 2025, representing a 13.5% increase compared to €80.5 million a year earlier.
The company attributed the premium increase to seizing new opportunities in foreign markets and strengthening its participation in existing contracts.
The insurance result totalled €9.9 million, down 17.8% from €12 million, due to higher incurred claims, driven by small and medium-sized claims.
Sava Re’s combined ratio in H1’25 increased 5.3 percentage points to 83.8% from 78.5% in H1’24, reflecting larger losses. It consisted of a loss ratio of 71.0% and an expense ratio of 12.8%, compared to 64.6% and 13.8%, respectively, a year earlier.
The finance result was a loss of €0.1 million, compared to a gain of €813,333, with the decrease mainly due to negative exchange rate differences.
Profit before tax stood at €9.3 million, down 25.7% from €12.5 million.
Across Sava Insurance Group, business volume increased 8.1% to €609.5 million from €563.8 million, driven by higher gross written premiums in non-life insurance and reinsurance.
The insurance result was €63.5 million, up 45.6% from €43.6 million, with an improved combined ratio of 86.0%, down 3.7 percentage points from 89.7%.
The finance result was €6.4 million, down 34.4% from €9.8 million, and net profit totalled €57.7 million, up 29.7% from €44.5 million year over year.
Annualised return on equity was 16.1%, up from 13.8%, reflecting the increase in net profit.
The solvency ratio remained strong, estimated between 211% and 217%.
