Transcript Sava Template

Presentation for Investors
May 2010
Agenda
1
The Sava Re Group as at 30 April 2010
2
Results 2009
3
Major result drivers in 2009 – Sava Re d.d.
4
Equity as at 31 Dec 2009 – Sava Re d.d.
5
Underwriting results - reinsurance
6
Underwriting results - insurance
7
Sava Re impacted by goodwill impairment
8
Sava Re performance on underserved markets
9
Technical provisions increased
10 Major events
11 Major goals for 2010
12 Appendix
1
1 The Sava Re Group as at 30 April 2010
Sava Re
Zavarovalnica Tilia
Slovenia
99,99%
Sava osiguranje
Serbia
99,99%
Sava životno osiguranje
Serbia
100,0%
Dukagjini
Kosovo
100,0%
Dukagjini Life
Kosovo
100,0%
Sava Montenegro
Montenegro
99,71%
5,0%
Moja naložba
Slovenia
20,0%
20,0%
Zavarovalnica Maribor
Slovenia
51,14%
45,79%
100,0%
Velebit usluge
Croatia
100,0% Dukagjini Hospital
Kosovo
100,0%
66,7%
51,14%
Sava Tabak
Macedonia
28,9%
Velebit osiguranje
Croatia
4,32%
4,44%
2
Velebit životno
osiguranje
Croatia
Bro Dil
Macedonia
Goldmak
Macedonia
Subsidiaries
Associated
Companies
2 Results 2009
Sava Re Group
2009
2008
2007
Profit/loss after tax (EUR)
-28.216.212
- 8.472.644
20.845.254
Comprehensive income (EUR)
-17.691.584
-36.201.633
n.p.
Equity as at 31 Dec (EUR)
161.677.406
174.087.055
168.551.461
103,2%
99,3%
95,8%
Net combined ratio1
Sava Re d.d.
45% of the
consolidated result
derived from the
parent company
2009
2008
2007
Profit/loss after tax (EUR)
-12.598.645
- 7.991.649
18.205.424
Equity as at 31 Dec (EUR)
149.995.279
153.740.161
145.637.435
-3.744.882
-28.411.525
n.p.
105,5%
105,8%
98,3%
16,02
16,42
18,52
Comprehensive income (EUR)
Net combined ratio1
Book value of share as at 31 Dec (EUR)2
6. 5. 2010
Market value of share (EUR)
Market capitalisation (million EUR)
31. 12. 2008
11. 6. 20083
10,00
11,45
28,00
93,6
107,2
262,2
________________________________________________________________________________________________________________________________
Notes: 1) (Net claims incurred + administrative costs + income/expenses from reinsurance commissions) / net premium earned
2) In 2008 the number of shares increased by 1.500.000. The book value of shares on the first balance sheet day after the capital increase on 30 June 2008
amounted to EUR19,38.
3) Initial listing
3
3 Major result drivers in 2009 - Sava Re d.d.
160.000.000
140.000.000
2008 extreme loss events
“once-in-a-century losses in Slovenia”
EUR
120.000.000
Storms impacted results
60.867.490
100.000.000
17.960.535
80.000.000
60.000.000
 Summer storms in Slovenia
+14,2%
40.000.000
2008: EUR 55m gross claims (EUR 4,9m net claims)
2009: EUR 25m gross claims (EUR 5,8m net claims)
79.061.685
90.257.788
2008
2009
20.000.000
0
Net claims incurred
Claims incurred - retrocession
Gross and net combined loss ratio
150,0%
140,0%
130,0%
Strong impact of crop losses
(storms with hail in NE Slovenia)
- Limited undewriting of crops in 2010
132,2%
130,1%
121,6%
120,0%
109,3%
102,5%
110,0%
100,0%
99,9%
92,7%
99,6%
95,8%
2003
2004
102,7%
97,5%
90,0%
99,6%
92,9%
88,4%
92,3%92,9%
2006
2007
97,8% 100,3%
80,0%
70,0%
2001 2
2002
Gross combined loss ratio
2005
1 1
Net combined loss ratio
2008
2009
22
____________________________________________________________________________________________________________________________________________
Notes: 1) Gross combined loss ratio = (gross claims + gross commission + current year gross claims outstanding – current year gross deferred acquisition costs + prior year gross deferred
acquisition costs – prior year claims provision) / (gross premiums + prior year gross unearned premium – current year gross unearned premium)
2) Net combined loss ratio: all items adjusted for reinsurance
4
3 Major result drivers in 2009 - Sava Re d.d.
Negative result due to impairment losses and capital losses continue in 2009
(EUR)
2009
Expenses from investments in affiliates
Investment expenses (total)
2008
Index
-5.687.798
-1.329.362
427,9
-18.961.340
-25.059.828
75,7
 Investment expenses (excl. strategic investments) in 2009 amounted EUR 13,3 million (realized capital losses and
impairment losses)
Impairment losses on investments in subsidiaries in 2009 amounted to EUR 5,7 million (change in methodology of
goodwill test (different assumptions)
Investments expenses (million EUR)
Mutual funds and shares
8,0
Corporate bonds (Lehman; Glitnir)
2,0
Structured products
1,3
Subordinated debt and taxes
1,7
Interest on other debt
0,3
Total
5
2009
13,3
3 Major result drivers in 2009 - Sava Re d.d.
Structure of investments as at 31 Dec 2008
Structure of investments as at 31 Dec 2009
5.1%
3.1%
5.6%
3.6%1.9%
8.5%
30.5%
Strategic shares
10.8%
24.1%
Government bonds
Corporate bonds
Corporate bonds
Government bonds
14.2%
Deposits and CDs
Other mutual funds
11.6%
Strategic shares
Mutual funds
Shares
Shares
16.4%
(EUR)
22.2%
2009
Deposits and CDs
23.4%
Other
19.0%
Structured products
Other
2008
Strategic shares
89.436.602
74.999.030
Corporate bonds
65.110.355
55.139.038
 Increase in strategic investments due to take-over of Croatian
insurance operations (Velebit osiguranje and Velebit životno osiguranje)
Government bonds
48.123.865
49.622.249
 Liability portfolio – better liquidity
Deposits and CDs
41.632.018
38.207.923
Mutual funds
24.991.847
29.759.367
Shares
15.019.995
14.693.075
Structured products
1.563.830
10.225.740
Other
6.947.883
3.260.566
Total
292.826.395
275.906.987
6
 More than 38% of assets supporting the Liability Fund are fixed
income investments
 No American exposure
 More than 80% ALM according to currency
3 Major result drivers in 2009 - Sava Re d.d.
EUR million
EUR million
2008
Fair value reserves
15.0
2009
Fair value reserves
12.5
0.0
10.0
2.6
5.0
Dec 08
0.5
Dec 07
Mar 08
Jun 08
Sept 08
Sept 09
-1.0
-5.4
Dec 08
-8.4
-10.0
-10.0
-15.0
Jun 09
-5.0
0.0
-5.0
Mar 09
-10.6
Transfer of surplus to
investment income
in the amount
of EUR 10,9m
-12.0
-10.6
-15.0
Despite the large loss, the impact on the equity of Sava Re and the Group
remained small.
2009 (EUR)
7
Profit/loss after
tax
Comprehensive
income after tax
Change in equity
Sava Re
-12.598.645
-3.744.882
- 3.774.882
Sava Re Group
-28.216.212
-17.691.584
- 12.409.649
Positive impact of
EUR 8,9m on total
equity from fair value
movements and
impairment losses
Dec 09
-1.7
4 Equity as at 31 Dec 2009 - Sava Re d.d.
200.0
180.0
160.0
8,6
31,1
31,1
Legend
31,1
Equity &
Subordinated
Debt
EUR million
140.0
99,1
120.0
92,7
100.0
80.0
69,6
80,4
3,8
150,0
60.0
Allocated
/required
capital
57,3
76,6
40.0
38,6
73,4
20.0
18,7
0.0
Equity & subordinated debt
Value of equity and
subordinated debt as at
31 Dec 2009
Solvency 1
Required minimal caital
amounts to EUR18,7m;
surplus over regulatory min
capital of EUR 38,6m
(available capital =
EUR 57,3m)
Internal RBC model
S&P model
Long term capital adequacy at A
Internal allocation to
according
reinsurance operations of
to S&P model
EUR 73,4m,
sets minimal capital at
and EUR 99,1m to insurance
EUR 76,6m
operations
Estimated suplus capital over A rating requirement as per 31 Dec 2009.
___________________________________________________________________________________________________________________________________________
Notes: 1) Solvency I minimal capital – capital calculated accourding to the Insurance Companies Act
2) RBC Model “risk base capital” – internally used capital allocation model
8
5 Underwriting results - reinsurance
Gross premiums written 2009
2.1% 3.4%
2.6%
7.5%
28.5%
Fire and natural forces
(EUR)
2009
2008
Slovenia
85.450.863
81.821.496
Europe
39.315.695
35.184.540
9.511.760
8.368.397
Other damage to property
Motor liability
15.9%
Former Yugoslavia
Land vehicles casco
Other
12.804.012
9.369.286
Personal accident
Total
147.082.330
134.743.719
General liability
Goods in transit
21.7%
18.3%
The Group is decreasing its exposure in Slovenia.
Other
Gross claims paid 2009
2.1% 4.7%
(EUR)
2009
Fire and natural forces
Slovenia
71.469.870
85.747.041
Other damage to property
Europe
18.357.908
19.390.993
Former Yugoslavia
4.787.120
4.769.657
Personal accident
Other
6.193.064
4.781.540
General liability
Total
100.807.961
114.689.231
4.0%
26.7%
15.5%
Land vehicles casco
Motor liability
23.0%
9
24.1%
Other
2008
5 Underwriting results - reinsurance
Net incurred loss ratio
80,0%
78,0%
76,0%
74,0%
72,0%
70,0%
68,0%
66,0%
64,0%
Net expense ratio
78,8%
76,9%
72,0%
69,7%
Domestic
27,5%
27,0%
26,5%
26,0%
25,5%
25,0%
24,5%
24,0%
23,5%
23,0%
Foreign
2009
27,2%
26,9%
24,6%
24,5%
Domestic
2008
Foreign
2009
2008
Net combined ratio
 improved underwriting result on foreign markets
 improved expense ratios
106,0%
104,0%
103,8%
103,3%
102,0%
2009
2008
Net incurred loss ratio
75,8%
72,7%
Net expense ratio
24,5%
27,1%
5,2%
6,2%
105,5%
106,0%
Administrative expense ratio
Net combined ratio
100,0%
98,0%
96,9%
96,5%
96,0%
94,0%
92,0%
Domestic
Foreign
2009
2008
____________________________________________________________________________________________________________________________________________
Net incurred loss ratio = (net claims + change in net claims outstanding) / (net premiums + change in net unearned premiums)
Net expense ratio = (net commisssion + change in net deferred acquisition costs) / (net premiums + change in net unearned premiums)
Administrative expense ratio = operating expense / (net premiums + change in net unearned premiums)
10
6 Underwriting results - insurance
(EUR)
Non-life business
2009
Net earned premiums
Consolidated
Life business
Index
2009
2008
Index
2009
2008
Index
74.115.969
117,6
11.217.545
10.938.510
102,6
217.427.839
194.113.773
112,0
Gross premiums written
119.665.563 106.452.791
112,4
11.407.225
10.874.387
104,9
251.416.588
229.606.926
109,5
Net claims incurred
-55.939.199
-41.212.188
135,7
-1.621.249
-1.571.138
103,2
-147.818.236
-121.848.431
121,3
Gross claims paid less income from recourse receivables
-61.376.186
-51.051.030
120,2
-1.617.844
-1.495.967
108,1
-149.390.360
-155.131.483
96,3
Change in the net provision for outstanding claims
-10.732.205
-3.316.663
323,6
-3.761
-75.171
5,0
-30.122.280
-12.058.082
249,8
Operating expenses
-42.117.528
-34.989.750
120,4
-5.558.258
-4.736.570
117,3
-81.250.387
-73.868.273
110,0
-8.666.527
848.844
-1.021,0
-4.859.155
3.972.226
-122,3
-21.375.126
-2.598.396
822,6
4.630.836
4.718.878
98,1
5.374.801
984.107
546,2
22.182.898
28.007.027
79,2
-3.592.865
-2.595.928
138,4
-1.178.505
-5.898.101
20,0
-23.701.131
-33.239.644
71,3
1.037.971
2.122.950
48,9
4.196.296
-4.913.994
-85,4
-1.350.736
-3.882.351
34,8
-5.695.201
-1.784.236
319,2
0
0
-5.619.585
-2.313.008
243,0
Profit/loss before tax
-13.323.757
1.187.558
-1.121,9
-662.859
-941.768
70,4
-28.345.448
-8.793.754
322,3
Income tax expense
-1.267.034
-1.174.995
107,8
-9.764
-2.285
427,3
129.235
321.110
40,2
12.563 -116.141,0
-672.623
-944.053
71,2
-28.216.212
-8.472.644
333,0
Technical result
Investment income
Investment expenses
Net investment income
Other income - expenses
Net profit/loss for the period
87.151.884
2008
-14.590.791
- increased claims provision
- bad debt write-downs
- impairment losses on
investments
11
- greenfields (early years
of operation usually
negative)
6 Underwriting results - insurance
Market shares
2009
2008
2007
Zavarovalnica Tilia (non-life)
4,3%
4,2%
3,8%
Zavarovalnica Tilia (life)
1,6%
1,7%
1,6%
Zavarovalnica Tilia (total)
3,5%
3,4%
3,1%
Sava osiguranje (Serbia)
2,7%1
2,4%
1,8%
Dukagjini (Kosovo)
23,7%
19,3%
18,7%
Sava Tabak (Macedonia)
17,4%
16,3%
15,1%
Sava Montenegro (Montenegro)
16,9%
19,0%
23,0%
Velebit osiguranje (Croatia)
0,75%
0,54%
N.A.
Velebit životno osiguranje (Croatia)
0,4%
0,31%
N.A.
Dukagjini Life (Kosovo)
100%
N.A.
N.A.
0,04%2
N.A.
N.A.
Sava životno osiguranje (Serbia)
__________________________________________________________________________________________________________________________________________
Notes: 1) Market share for the period January–September 2009
2) Market share for the period January–September 2009
12
7 Sava Re impacted by goodwill impairment
DIFFICULT YEAR 2009 ON UNDERSERVED
MARKETS
Croatia
Serbia
Macedonia
Montenegro
Kosovo
Nominal GDP change (%) estimate
- 5,8%
- 3,0%
- 2,5%
- 4,0%
3,8%
Change in life premium income (%)
- 2,2%
24,2%
12,8%
4,9%
n.a.
Change in non-life premium income (%)
- 3,0%
- 0,4%
- 4,4%
6,1%
20,2%
Change in total premium income (%)
- 2,8%
2,6%
- 3,7%
6,0%
20,2%
Premium per capita 2008 (EUR)
302
89
51
96
26
Premium per capita 2009 (EUR)
290
91
48
102
29
MAIN POINTS
 Financial crisis and its recovery hits underserved markets with a delay
 On most markets insurance premium is still considered a cost
 Crisis followed by increase in receivables – cash flow difficulties and insurance fraud
13
8 Sava Re performance on underserved
markets
Velebit osig.
and Velebit
životno osig.
Market growth/decrease in
life premium
Sava osiguranje
and Sava životno
osig.
Sava Tabak
Sava Montenegro
Dukagjini and
Dukagjini Life
- 2,2%
24,2%
12,8%
4,9%
n/a
Life premium 2008
(TEUR)
1.085
0
-
-
0
Life premium 2009
(TEUR)
1.356
35
-
-
143
25%
-
-
-
-
- 3,0%
- 0,4%
- 4,4%
6,1%
20,2%
Non-life premium 2008
(TEUR)
5.252
12.251
16.343
11.544
7.304
Non-life premium 2009
(TEUR)
7.092
14.031
16.729
11.089
10.261
35%
15%
2%
- 4%
40%
Growth/decrease
Market growth/decrease in
non-life premium
Growth/decrease
MAIN
GROWTH
FEATURES
14
Developing
greenfield
businesses
DINAR devaluation;
growth in RSD 24%
Decreasing
reliance on one
insured
Portfolio cleaning
and change in
Serbian Law
Insurance
represents 36%
of total premium
income
9 Technical provisions increased
Increasing financial stability –
Non-life
Velebit
osiguranje
Sava
osiguranje
Sava Tabak
Sava
Montenegro
Dukagjini
Gross provisions for outstanding
claims 2008 (TEUR)
1.132
5.509
6.772
4.985
3.479
Gross provisions for outstanding
claims 2009 (TEUR)
3.569
9.497
7.228
8.281
3.996
Growth
215%
72%
7%
66%
15%
Total technical provisions 2008
3.627
10.962
11.795
11.184
6.726
Total technical provisions 2009
7.184
16.217
12.407
13.546
7.202
98%
48%
5%
21%
7%
Growth
15
10 Major events
EVENTS UNTIL 31 Dec 2009

New corporate design

Acquisition of 100% of Velebit usluge, who is the 51,14% owner of Velebit osiguranje and
Velebit životno osiguranje
HAIL STORMS IN SLOVENIA

Net impact on result of EUR 5,8m
STANDARD AND POOR’S

Reaffirmed long-term credit and financial strength rating of A- with stable outlook

Ellection of new Supervisory Board members, presentation of the annual report 2008 and
announcment of challenging action
ELECTION OF CHAIRMAN OF THE
SUPERVISORY BOARD

Branko Tomažič was elected new Chairman of the Supervisory Board and Mateja Lovšin
Herič new Deputy Chairperson
PARTICIPATION IN THE PRE-EMPTION
OFFERING BY THE ZAVAROVALNICA
MARIBOR

Sava Reinsurance Company participated in the pre-emption offering with the amount it
was entitled to under its pre-emptive rights

Sava Reinsurance Company started the procedure for acquiring the remaining 49% share
of Dukagjini and Dukagjini Life, Kosovo
BEGINNING 2010
ENTRY INTO CROATIAN MARKET
GENERAL MEETING
ACQUISITION OF 49% SHARE
EVENTS AFTER 31 Dec 2009
LIQUIDATION OF SAVA INVEST

Liquidation of Macedonian fund management company
LIQUIDATION OF SLOREST

Liquidation of Macedonian company Slorest

Transfer of the acquired shares of the Kosovan companies Dukagjini and Dukagjini Life to
Sava Reinsurance Company
TRANSFER OF SHARES
16
11 Main goals for 2010
ROE 4,0%

Net profit/loss for the period: EUR 6,1m
CAPITAL ADEQUACY

Maintaining capital adequacy (above A according to S&P model)
HIGHER INVESTMENT RETURN

Investment return of 3,5% (5% including fair value reserve)
COST CONTROL

Cost ratio below 5% of gross premium
MAINTAINING CURRENT RATING

To keep long-term credit and financial strength rating of A- according to S&P
ZAVAROVALNICA MARIBOR

Decision regarding capital participation in Zavarovalnica Maribor
HOSPITAL IN KOSOVO

Examination of Dukagjini Hospital project
DIVESTING OF OPERATIONS
NEITHER CORE BUSINESS NOR
SUPPORT FUNCTION

Liquidation of Sava Invest and Slorest; sale of Goldmak – associate of Sava Tabak
17
11 Main goals for 2010
Reinsurance

7% decrease in premiums (8% growth in foreign-sourced premiums; 17,7%
decrease in premiums from Slovenia)
IMPROVED PROFITABILITY OF
REINSURANCE PORTFOLIO

Improve the combined ratio (before admin. exp.) to 94% (from 102%)
GROWTH STRATEGY FOR
FOREIGN MARKETS

Prepare the basis and activities for further profitable growth in foreign markets
COST CONTROL

Decrease the net expense ratio by 2,4 percentage points
UPGRAD RISK MANAGEMENT

Optimisation of business processes, tools (for reinsurance pricing; dynamic
financial analysis) and corporate culture relating to risk management
EFFICIENT INSURANCE
OPERATIONS

Reduce the expense ratios
IMPROVED UNDERWRITING
PROCESS

Improve the quality of underwriting
DEVELOPMENT OF IT SYSTEMS

Implement existing IT solutions for life and non-life business
DEVELOPMENT OF DISTRIBUTION
NETWORKS

Training of agents and setting up branch offices
DIVERSIFICATION AND GROWTH
OF REINSURANCE PORTFOLIO
Primary insurance
LONG-TERM GOAL: TO CREATE SHAREHOLDER VALUE
18
12 Appendix –
Sava Re d.d. Statement of Fiancial Position
(EUR)
ASSETS
31 Dec 2008
404.105.057
399.152.651
181.818
189.498
Property and equipment
1.808.628
1.852.158
Deferred tax assets
2.112.682
5.383.818
Investment property
1.244.886
1.262.310
89.436.601
74.999.029
207.913.774
204.952.584
Reinsurers' share of technical provisions
25.148.351
37.690.671
Receivables
65.638.369
56.451.138
Deferred acquisition costs
10.263.816
9.652.159
Other assets
225.689
6.707.831
Cash and cash equivalents
130.442
11.454
EQUITY AND LIABILITIES
404.105.057
399.152.651
Equity
149.995.279
153.740.161
31.135.777
31.139.605
169.726.846
159.309.009
Other provisions
170.448
226.667
Deferred tax liabilities
323.814
0
2.900.613
160
Liabilities from operating activities
37.345.543
42.528.378
Diverse liabilities
12.506.736
12.208.671
Intangible assets
Financial investments in Group companies and in associates
Financial investments
Subordinated liabilities
Technical provisions
Other financial liabilities
19
31 Dec 2009
12 Appendix –
Sava Re d.d. Income Statement
(EUR)
2008
119.096.865
109.098.508
12.566.933
22.519.176
5.539.068
2.898.066
67.558
1.314
- 90.257.788
- 79.061.685
- 949.348
- 182.999
Operating expenses
- 39.876.086
- 39.127.544
Expenses from financial assets and liabilities
- 18.961.340
- 25.059.828
- 1.230.757
- 573.706
-663
- 1.370
- 14.005.559
- 9.490.069
1.406.914
1.498.420
- 12.598.645
- 7.991.649
- 1,35
- 0,91
Net earned premiums
Investment income
Other technical income
Other income
Net claims incurred
Change in other technical provisions
Other technical expenses
Other expenses
Profit/loss before tax
Income tax expense
Net profit/loss for the period
Earnings/loss per share
20
2009
12 Appendix –
Key financial ratios
Sava Re d.d.
2009
2008
2007
2006
Retention ratio1
82,7%
84,5%
82,0%
82,9%
Net loss ratio2
75,8%
72,5%
67,3%
66,8%
Net expense ratio3
29,8%
33,3%
31,0%
31,8%
Net combined ratio4
105,5%
105,8%
98,3%
98,6%
Investment profitability5
- 2,3%
- 1,0%
8,8%
5,2%
Return on equity (ROE)6
- 8,3%
- 5,3%
13,8%
8,5%
Sava Re Group
2009
2008
2007
2006
Retention ratio1
88,4%
89,7%
87,5%
87,3%
Net loss ratio2
68,0%
62,8%
62,0%
65,3%
Net expense ratio3
35,2%
36,5%
33,8%
32,5%
Net combined ratio4
103,2%
99,3%
95,8%
97,8%
Investment profitability5
- 1,4%
0,3%
9,0%
6,2%
Return on equity (ROE)6
- 16,8%
- 4,9%
13,5%
10,1%
____________________________________________________________________________________________________________________________________________
Ratios:
1) Net premium written / gross premium written
2) Net claims incurred / net premiums earned
3) Administrative costs (incl. reinsurance commission income/expenses) / net premiums earned
4) Net loss ratio + net expense ratio
5) Net investment income / average investment value
6) Result for the period / average value of equity
21
12 Appendix –
Consolidated Statement of Fiancial Position
(EUR)
ASSETS
31 Dec 2009
560.711.611
23.846.535
31 Dec 2008
535.346.611
24.794.625
24.830.829
22.232.413
Deferred tax assets
2.368.845
5.860.267
Investment property
5.773.564
5.243.407
Intangible assets
Property and equipment
37.646.479
31.580.978
298.131.559
271.602.919
Funds for the benefit of policyholders who bear the investment
risk
17.861.634
10.577.672
Reinsurers' share of technical provisions
28.899.410
40.141.021
Receivables
96.209.971
84.896.822
Deferred acquisition costs
17.404.467
15.746.647
Financial investments in associated companies
Financial investments
Other assets
1.130.971
7.344.421
Cash and cash equivalents
5.617.457
14.128.967
989.887
1.196.451
EQUITY AND LIABILITIES
560.711.611
535.346.611
Equity
161.677.406
174.087.055
31.135.777
31.139.605
288.282.904
256.307.515
17.953.979
10.748.184
Other provisions
872.101
777.616
Deferred tax liabilities
385.659
60.746
3.173.918
600.160
Liabilities from operating activities
40.176.908
45.842.801
Other liabilities
17.052.958
15.782.930
Non-current assets held for sale
Subordinated liabilities
Technical provisions
Technical provisions for the benefit of life insurance
policyholders who bear the investment risk
Other financial liabilities
22
12 Appendix –
Consolidated Income Statement
(EUR)
2008
217.427.839
194.113.774
167.497
1.350.266
22.182.898
28.007.027
7.801.858
4.157.752
822.509
1.345.365
- 147.818.236
- 121.848.431
Change in other technical provisions
- 3.367.476
- 726.586
Change in the technical provision for policyholders who
bear the investment risk
- 7.205.795
- 436.745
- 675.655
- 594.472
- 81.250.387
- 73.868.273
- 254.281
0
- 23.446.850
- 33.239.644
Other technical expenses
- 6.962.929
- 3.989.886
Other expenses
- 5.766.439
- 3.063.901
- 28.345.446
- 8.793.754
129.235
321.110
- 28.216.212
- 8.472.644
Net earned premiums
Income from investments in affiliates
Investment income
Other technical income
Other income
Net claims incurred
Expenses fro bonuses and rebates
Operating expenses
Expenses from investments in affiliates
Expenses from financial assets and liabilities
Profit/loss before tax
Income tax expense
Net profit/loss for the period
23
2009
12 Appendix –
Important dates 2010
Date1
Unaudited financial statements of Sava Re d.d. for 2009
8. 4. 2010
Audited annual report for Sava Re d.d. & Sava Re Group for 2009
30. 4. 2010
Declaration of compliance with the Corporate Governance Code
30. 4. 2010
Unaudited interim report for Sava Re d.d. for the period
January–March 2010
31. 5. 2010
Annual document – list of all information published by Sava Re d.d. over
the past 12 months
11. 6. 2009
Notice of Annual General Meeting
28. 5. 2010
Annual General Meeting of Sava Re d.d.
30. 6. 2010
AGM resolutions published
Unaudited interim report for Sava Re d. d. & Sava Re Group for the
period January–June 2010
Unaudited interim report for Sava Re d. d. for the period January–
September 2010
1. 7. 2010
31. 8. 2010
30. 11. 2010
____________________________________________________________________________________________________________________________________________
Note: 1) Stock Exchange publications are made after 13:30 hrs on the date of publication
24