1 / 13

Analyst Meeting Business Results of Sava Reinsurance Company FIRST QUARTER 2011

Analyst Meeting Business Results of Sava Reinsurance Company FIRST QUARTER 2011. Maj 2011. Major events. EVENTS IN THE FIRST QUARTER 2011. Request by the Securities Market Agency relating to a potential takerover bid for POSR shares.

yana
Download Presentation

Analyst Meeting Business Results of Sava Reinsurance Company FIRST QUARTER 2011

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Analyst MeetingBusiness Results of Sava Reinsurance Company FIRST QUARTER 2011 Maj 2011

  2. Major events EVENTS IN THE FIRST QUARTER 2011 • Request by the Securities Market Agency relating to a potential takerover bid for POSR shares • On 3 March 2011, Mateja Treven starts her five-year term of office as Member of the Management Board • Recapitalisation of the subsidiary company Sava životno osiguranje • Claim from designers of Sava Re’s former logo • Decision on the recapitalisation of the subsidiary company Sava Tabak adopted • Decision on the recapitalisation of the subsidiary company Velebit usluge adopted EVENTS AFTER THE REPORTING DATE • Election of Supervisory Board member in regular annual meeting

  3. 1Q 2011 results versus 2011 plan • KEY FEATURES OF FIRST QUARTER 2011 RESULTS: • Gross premiums written of over 25% of budgeted premium; premium volume shrank year-on-year as a result of both the strategy of lowering Sava's dependence on the Slovenian market and of increased selectivity in reinsurance underwriting in European markets (focus on profitable business) • Favourable movement in combined ratio (good results on both the domestic and foreign-sourced portfolio) • Ordinary first quarter movements in unearned premiums • Negative impact from impairment losses on equities (EUR 0,9m)

  4. Key items of the income statement Drop in premiums planned to decrease Slovenian premium Effect of capital gains in prior year Effect of movements in the US dollar Favourable claims development Gross expenses in line with premium income; negative impact from deferred acquisition costs Effect of impairment losses on investments of EUR 0,9m strongest in the first quarter Effect of movements in the US dollar

  5. Premiums earned and claims incurred The gross claims provision grew by 2,2%, of this 17,9% relates to the reinsurers' share, which explains the low figure for the change in the net claims provision.

  6. Reinsurance business: Domestic premium

  7. Reinsurance business: Foreign-sourced premium

  8. Key ratios for reinsurance business – complete portfolio The gross incurred loss ratio includes apart from claims and premiums, the change in unearned premiums and in the claims provision. The gross expense ratio includes apart from commissions and premiums, the change in deferred acquisition costs and in unearned premiums (excluding administrative expenses). Net ratios include the effects of Sava Re's reinsurance coverage (showing the net account).

  9. 1Q Results: Operating expenses

  10. 1Q Results: Investment structure

  11. Impact: - Impairment losses on the equity portfolio 1Q Results: Net investment income Impacts on the investment portfolio: - Settlement of consideration for Zav. Illyria of EUR 8,5m. - Cash flows from reinsurance operations of EUR 1,8m and fair-value revaluation of investments amounting to EUR 0,3m. Impairment losses on quoted equities already valued at fair value through the fair value reserve

  12. 1Q Results: Statement of financial position

More Related