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
mllion EUR
Net result
12.0
10.3
10.0
8.0
6.0
5.5
4.0
4.0
3.7
2011
1-3 2012
2.3
1.9
2.0
4.1
0.0
2010
1-3 2011
1-6 2011
1-9 2011
cumulative
10.0
8.0
8.8
7.4
7.5
6.0
million EUR
1-6 2012
cumulative
4.9
4.0
2.0
0.0
Operating result
Investment result
Other
-2.0
-2.8
-4.0
-4.4
-6.0
1-6 2011
1-6 2012
*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
million EUR
Consolidated gross premiums written
160.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
35.6%
50.2%
45.9%
43.1%
79.1
22.3%
50.0%
46.7%
51.6%
50.0%
76.7
69.4
81.8
0.0%
2007
2008
2009
International
2010
1-6 2011
2011
1-6 2012
International premium as % of total GPW
Sava Re Group – key ratios
111.9%
102.5%
97.4%
98.4%
96.1%
63.7%
57.2%
58.5%
59.1%
35.7%
35.8%
100.0%
72.1%
60.0%
40.0%
30.0%
10.0%
Slovenia
80.0%
40.0%
20.0%
2006
120.0%
60.0%
35.2%
36.2%
35.7%
20.0%
0.0%
2009
2010
Net incured loss ratio
1-6 2011
Net expense ratio
2011
Net combined ratio S&P
1-6 2012
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
7.0
6.0
6.0
5.0
million EUR
4.0
4.2
3.9
4.6
3.0
1.9
2.0
1.0
0.04
0.0
Operating result
-1.0
-0.03 Other -0.002
Investment result
1-6 2011
Net profit
1-6 2012
*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
Gross premium written
80.0
70.6
69.0
70.0
60.0
million EUR
50.0
40.0
38.2
37.4
2011
30.0
2012
20.0
10.0
0.0
1Q
cumulative
2Q
2.7
3.0
2.6
1.8
2.0
million EUR
1.2
1.0
0.0
Operating result
Investment result
Other
Net profit
-0.2
-1.0
-0.7
-2.0
-1.9
-2.2
-3.0
1-6 2011
1-6 2012
*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
Gross premium written
7.0
6.5
6.4
6.0
million EUR
5.0
4.0
3.3
3.2
2011
3.0
2012
2.0
1.0
0.0
1Q
2Q
cumulative
0.8
0.7
0.5
0.6
0.4
million EUR
0.2
0.01
0.0
-0.2
Operating result
Investment result
-0.002
Other
Net profit
-0.4
-0.4
-0.6
-0.7
-0.8
-1.0
-1.2
-1.4
-1.13
-1.05
1-6 2011
1-6 2012
* 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
% Change
1-6 12/1-6 11
1-6 2012
NET OPERATING EXPENSES
41.914.581
42.410.389
1,2%
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.
35.0%
29.8%
30.0%
27.3%
25.0%
20.0%
17.4%
17.6%
15.0%
12.4%
9.7%
10.0%
5.0%
0.0%
Acquisition costs ratio
Other operating expense ratio
1-6 2011
1-6 2012
Gross expense ratio
13
1-6 2012 Results: Net Profit by Group Company
EUR
12.0
10.9
million EUR
10.0
8.0
1-6/2011
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
1-6/2012
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
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
10.3
7.4
1-6/2011
+478%
6.0
1-6/2012
+424%
4.0
4.0
+101%
2.0
+158%
+70%
+47%
+40%
0.02
0.01
0.04
0.4
0.0
Slovenia
-2.0
Serbia
-1.1
Croatia
-0.7
-1.2
Macedonia
-1.0 -0.3
Kosovo
Montenegro
-0.1
Total
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
15
Investments by IFRS categories
Investments by issuer credit rating
30.6.2012
30.6.2012
Not rated,
25.8%
A, 28.8%
At fair value
throught profit
or loss
0.8%
Available for
sale
58.0%
345,2
million
EUR
345,2
million
EUR
Held to
maturity
4.5%
AA, 2.5%
Less than
BBB, 10.9%
AAA, 2.7%
Loans and
deposits
36.7%
BBB, 29.4%
Investments by region
30.6.2012
OECD, 2.6%
Former Yugoslavia, 18.4%
Slovenia, 63.9%
Other; 36,1%
EU, 15.1%
*Investments do not include strategic investments, deposits with cedants nor investments for the benefit of policyholders who bear the investment risk.
1-6 2012 Results: Investments of the Sava Re Group
16
Issuer: financial institutions
Investments by issuer
30.6.2012
EU, 12.5%
345,2
17.8
Other
5,2%
Slovenia,
65.9%
Other; 34,1%
228.6
Financial
institutions
66,2%
Former
Yugoslavia,
17.7%
OECD, 4.0%
Issuer: government
30.6.2012
Former
Yugoslavia,
16.6%
Slovenia, 62.1%
Other; 37,9%
98.7
Government
28,6%
million EUR
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.
EU, 21.3%
17
1-6 2012 Results: Consolidated Statement of Financial Position
EUR
31.12.2011
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
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%
Technical provisions
Movements in equity
+11%
170.0
million EUR
10.8
-0,3
200.0
6.5
150.0
140.0
-0,9
164.1
-0,1
+7%
250.0
148.1
million EUR
160.0
% Change
1-6 12/1-6 11
30.6.2012
150.0
+32%
213.8
100.0
50.0
87.3
227.7
115.7
0.0
130.0
At 31 Dec 2011 Profit reserves
Fair value
reserve
Net profit for the
period
Translation
reserve
Non-controling At 30 June 2012
interest in equity
Unearned premiums
31.12.2011
Claims provisions
30.6.2012