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S&P affirms Slovenia's Sava Re credit rating at A

Jun 4, 2024, 11:12:58 AMArticle by Radomir Ralev
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June 4 (SeeNews) - Standard & Poor's Global Ratings (S&P) has maintained the “A” insurer financial strength rating of Slovenian reinsurer Sava Re [LJE:POSR] and its main insurance unit Zavarovalnica Sava, with a stable outlook, Sava Re said on Tuesday.

S&P affirms Slovenia's Sava Re credit rating at A
Source: Sava Re

According to S&P, the capitalisation of the Sava Insurance Group is at a very high level with a confidence level of 99.99%, which shows a high excess over the required minimum capital even in extreme scenarios, Sava Re said in a filing with the Ljubljana Stock Exchange.

S&P emphasises that key advantages of the Sava Insurance Group are also its good market position in Slovenia and the prudent conclusion of reinsurance, conservative reinsurance protection and prudent investment strategy, Sava Re noted.

The geographical structure of Sava Insurance Group's revenues is less dispersed compared to comparable business entities that have a higher credit rating, since the group generates most of its revenues in Slovenia, according to S&P.

A possible credit rating upgrade in the next 24 months could be motivated by the growth of the Slovenian GDP in order to get closer to the average of the euro zone and a continued increased of the absolute amounts of excess capitalisation in the capital model, the reinsurer added.

The consolidated net profit of the Sava Insurance Group grew to 64.7 million euro ($70.4 million) in 2023 from 46.9 million euro in the previous year, as business volume increased by 14.4% to 910.1 million euro in 2023, driven by growth in non-life and life gross premiums written.

($ = 0.91858 euro)

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