09.8.2019

“A” Rating of Sava Re d.d. and Zavarovalnica Sava d.d. Confirmed

In July 2019, in their regular annual credit rating review, “Standard & Poor’s” confirmed the long-term financial “A”(excellent) credit rating of Sava Re d.d. and Zavarovalnica Sava d.d., while assessing their medium-term prospects as stable.

 The credit rating agency believes that in the recent few years, “Sava Insurance Group” has materially strengthened its operation in the Slovenia’s market and has significantly expanded in the Adria Region insurance markets. Its reinsurance business has remained stable and has shown a better performance than the industry’s average. In addition, the credit rating agency has positively assessed the take-over of Sava Infond d.o.o., which has helped the Group to strengthen its domestic competitive position with an asset management company.

 Its positive results allow the Group to have a steady growth in its net profit, which respectively translates into return on equity. According to the credit rating agency, these stable profitable operations, combined with the very strong capital position, remains a key strength of “Sava Insurance Group”.

 Sava Pension Company a.d. Skopje is part of the “Sava Insurance Group”.

 Sincerely,

 Sava Pension Company a.d. Skopje

 The supervisor of fully funded pension insurance is the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) (02) 3224 229, www.mapas.mk