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Slovenia's Sava Insurance Group says S&P affirms 'A' rating

Author Radomir Ralev
Slovenia's Sava Insurance Group says S&P affirms 'A' rating Source: Mozaik Zavarovanj Doo - Zavarovalnica Sava Radovljica

LJUBLJANA (Slovenia), September 15 (SeeNews) - S&P Global Ratings affirmed the 'A' insurer financial strength rating with a stable outlook of Slovenia-based multiline insurance group Sava Insurance Group's core entities Sava Re and Zavarovalnica Sava, Sava Re said.

"The key strengths of the Sava Insurance Group are its established and stable position in the Slovenian market, solid capitalisation at the “AAA” level and its conservative investment policy," Sava Re said in a statement on Tuesday.

One of the Group’s strengths is also prudent underwriting combined with conservative reinsurance protection, which supports operating performance, S&P said.

S&P is of the opinion that the Sava Insurance Group will continue to leverage its extensive distribution capabilities and client-centric approach to tap profitable growth from the favourable market conditions in Slovenia.

The credit rating agency also believes that the group’s good underwriting profitability will safeguard its stability, even as claims frequency normalises following a slowdown during COVID-19 lockdowns.

Zavarovalnica Triglav's shares traded 3.65% higher at 28.40 euro ($33.6) by 10:08 CET on Tuesday on the Ljubljana bourse.

($ = 0.84609 euro)