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Analyst Meeting Presentation of Business Results Sava Reinsurance Company January–September 2011

Analyst Meeting Presentation of Business Results Sava Reinsurance Company January–September 2011. November 2011. Major events. SIGNIFICANT EVENTS DURING THE REPORTING PERIOD.

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Analyst Meeting Presentation of Business Results Sava Reinsurance Company January–September 2011

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  1. Analyst MeetingPresentation of Business ResultsSava Reinsurance CompanyJanuary–September 2011 November 2011

  2. Major events SIGNIFICANT EVENTS DURING THE REPORTING PERIOD Sava Reinsurance Company and AtaHolding OJSC of Azerbaijan signed a memorandum of co-operation regarding the establishment of a life insurance company in Azerbaijan. In July the controlling company recapitalised its subsidiary Sava osiguruvanje, Macedonia, with EUR 2,5m. The resolution was entered in the court register in September 2011. In August, the controlling company recapitalised its subsidiary Sava životno osiguranje with EUR 0,4m. The resolution was entered in the court register in September 2011. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD In October 2011, Standard & Poor's reaffirmed their »A–« Rating for Sava Reinsurance Company.

  3. 1–9/2001 results versus plan Planned drop in premium volume; reducing exposure to the Slovenian insurance market Benign claims environment Dividends of Zavarovalnica Maribor and Zavarovalnica Tilia

  4. Major items of the income statement Benign claims environment Lower commission rates Result of exchange rate movements Dividends of ZM and Zavarovalnica Tilia of EUR 4,5m Impairment of Sava Tabak of EUR 2,5m Impairment losses of EUR 5,4m Note: Investment incomeincludes deposits with cedants.

  5. 1–9/2011 results: premiums, claims, combined ratio

  6. 1–9/2011 results: operating expenses

  7. 1–9/2011 results: investment structure Change in the STRUCTURE of the investment portfolio Reducing volatility of return and derisking the investment portfolio Recapitalisation of Zavarovalnica Maribor of EUR 5.9m; other recapitalisations of EUR 5.2m and impairments of Sava osiguruvanje, Macedonia, of EUR 2.5m *The investment structure does not include deposits with cedants of EUR 7.6m.

  8. 1–9/2011 results: investment return &income • Impacts on INVESTED ASSETS and the INVESTMENT RETURN: • - Settlement of consideration for Zavarovalnica Illyria of EUR 8.5m • - Net cash flows from reinsurance • operations of EUR 10.7m • Impairment of goodwill of Sava osiguruvanje, Macedoniaof EUR 2.5m • - Impairment of other investments of EUR 5.4m • - Dividend income of EUR 4.7m *The net investment income does not include interest income from deposits with cedants of EUR 120.000 for 3Q 2010 and EUR 90,000 for 3Q 2011.

  9. 1–9/2011 results: statement of fin.position *estimate until end of 2011: EUR 19.503.024 (193%)

  10. Thank you for your attention.

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