Pozavarovalnica Sava, d. d.
Financial Report
1-6 2012
August 2012
3
1-6 2012 Consolidated Results
Sava Re Group
1-6 2011
Net profit (EUR)
Net combined ratio S&P
ROE
3.990.775
97,4%
2,6%
31.12.2011
148.080.050
Equity (EUR)
1-6 2012
Plan 2012
10.304.211
96,1%
6,6%
30.6.2012
164.066.369
10.588.677
97,8%
6,6%
31.12.2012
166.426.254
% Change
1-6 12/1-6 11
158,2%
-1,3 o.t.
+4,0 o.t.
10,8%
Consolidated gross premiums written by segment
300.0
271,1
158,5
148,5
15.5
million EUR
250.0
200.0
150.0
100.0
135.4
6.5
6.4
68.9
70.5
120.2
50.0
73.2
81.5
1-6 2011
1-6 2012
0.0
Reinsurance
Non-life
Plan 2012
Life
Plan/actual
97,3%
-1,7 o.t.
98,6%
4
1-6 2012 Results: Sava Reinsurance Company
Sava Reinsurance Company
1-6 2011
Net profit (EUR)
Net combined ratio S&P
ROE
4.220.402
90,4%
2,7%
31.12.2011
158.454.528
Equity (EUR)
1-6 2012
Plan 2012
4.582.351
94,1%
2,8%
30.6.2012
166.794.919
9.597.535
97,3%
5,7%
31.12.2012
172.376.906
% Change
1-6 12/1-6 11
8,6%
+3,7 o.t.
+0,1 o.t.
5,3%
Gross premiums written by region
160.0
85,9
94,8
141,6
140.0
million EUR
120.0
81.2
100.0
80.0
41.7
55.4
60.0
40.0
20.0
44.2
39.3
1-6 2011
1-6 2012
60.5
0.0
Slovenia
International
Plan 2012
Plan/actual
47,7%
-3,2 o.t.
-2,9 o.t.
96,8%
Pozavarovalnica Sava, d. d.
Financial Report
Sava Re Group
1-6 2012
6
The Sava Re Group
After the reporting date, Sava Reinsurance
Company purchased minority interests and
is at the time of preparing this presentation
sole owner of Tila.
7
Structure of Results
cumulative
cumulative
*The operating result and the investment result do not include data relating to policyholders who bear the investment risk.
8
1-6 2012 Results: Premiums & Ratios
9
1-6 2012 Results: Reinsurance Business
Gross premium written
94.8
100.0
90.0
81.0
80.0
million EUR
70.0
58.8
60.0
50.0
2011
42.8
2012
40.0
30.0
20.0
10.0
0.0
1Q
2Q
cumulative
*The Other item includes other income, expenses for bonuses and rebates and other expenses.
**Figures are unconsolidated and net of tax.
10
1-6 2012 Results: Non-life Insurance Business
cumulative
*The other item includes: other income, expenses for bonuses and rebates and other expenses.
** Figures are unconsolidated and net of tax.
11
1-6 2012 Results: Life Insurance Business
cumulative
* The other item includes: other income, expenses for bonuses and rebates and other expenses.
** Figures are unconsolidated and net of tax.
12
1-6 2012 Results: Consolidated Expenses
EUR
1-6 2011
1-6 2012
% Change
1-6 12/1-6 11
NET OPERATING EXPENSES
41.914.581
42.410.389
Acquisition costs including change in DAC
25.067.547
28.514.147
13,7%
Other operating expenses
18.355.892
15.387.720
-16,2%
Income from reinsurance commission
-1.508.858
-1.491.478
-1,2%
The increase is a combined
effect of portfolio growth and a
favourable loss burden for the
reinsurance portfolio as well
as of increased commissions.
1,2%
13
1-6 2012 Results: Net Profit by Group Company
EUR
Sava Re
Zavarovalnica Tilia
Sava osiguranje
Illyria
Sava osiguruvanje
Sava Montenegro
Illyria Life
Sava Life
Velebit osiguranje
Velebit Life
Ostale družbe
Zavarovalnica Maribor
Moja naložba
Total
1-6/2011
4.220.399
768.394
-587.362
-68.581
-977.699
-74.449
76.196
-524.322
-906.542
-315.999
-73.008
2.339.200
114.548
3.990.775
1-6/2012
4.582.348
3.125.041
151.995
-31.539
-669.789
378.702
=
75.552
-135.122
-379.053
-352.324
350.706
3.102.592
105.102
10.304.211
14
1-6 2012: Sava Re Group Investments
409,3
million EUR
450.0
7.1
400.0
350.0
million EUR
300.0
+8%
- 2%
7.3
54.5
+11%
5.4
- 49%
96.5
380,3
million EUR
+13%
Other
49.1
10.5
Strategic shares
85.7
Mutual funds
250.0
Corporate bonds
200.0
97.7
150.0
9.4
- 6%
104.0
-14%
11.0
Shares (exluding
strategic shares)
112.8
Deposits and money
market instrument
100.0
138.8
50.0
Government bonds
+23%
0.0
30.6.2012
-
31.12.2011
Increased share of deposits as a result of a larger share of call deposits.
Increase in corporate bonds due to decision to purchase covered bonds and other highly-rated corporate bonds, and
foreign government guaranteed bonds.
Reduced share of government bonds partly because of maturity of Slovenian government bond.
Reduced share of shares due to impairment losses.
Reduced share of mutual funds as a result of decision to sell them.
* The other item includes loans, land and buildings and other.
1-6 2012 Results: Investments of the Sava Re Group
Investments by issuer credit rating
Investments by IFRS categories
Investments by region
*Investments do not include strategic investments, deposits with cedants nor investments for the benefit of policyholders who bear the investment risk.
15
1-6 2012 Results: Investments of the Sava Re Group
Investments by issuer
Issuer: financial institutions
Issuer: government
The "Other" item includes: business, investment property and strategic investments.
Financial institutions include: banks incl. savings banks, insurance companies, mutual funds and other financial institutions.
*Investments do not include strategic investments, deposits with cedants nor investments for the benefit of policyholders who bear the investment risk.
16
17
1-6 2012 Results: Consolidated Statement of Financial Position
EUR
ASSETS
Financial investments in associate companies
Financial investments
Funds for the benefit of policyholders who bear the
investment risk
Reinsurers' share of technical provisions
Receivables
EQUITY AND LIABILITIES
Equity
Subordinated liabilities
Technical provisions
Technical provisions for the benefit of life insurance
policyholders who bear the investment risk
Liabilities from operating activities
31.12.2011
30.6.2012
% Change
1-6 12/1-6 11
582.037.025
49.085.007
325.188.363
645.586.482
54.471.244
349.138.982
10,9%
11,0%
7,4%
24.138.957
25.787.321
6,8%
21.608.381
86.266.849
582.037.027
148.080.052
31.220.817
320.875.142
31.232.930
111.973.476
645.586.482
164.066.369
31.230.592
362.989.304
44,5%
29,8%
10,9%
10,8%
0,0%
13,1%
23.673.423
25.108.983
6,1%
41.486.024
45.379.587
9,4%
+11%
+7%
+32%