Category: Inside information
Published on: SEOnet
Published at: 31.07.2018 08:15
Published document ID: INI-657/18
SAVA RE, d. d., Ljubljana
Standard & Poor’s Upgrades Sava Re’s Rating to “A” (with a Stable Outlook)
Pursuant to the Rules of the Ljubljana Stock Exchange, d.d., Ljubljana and the Market in Financial Instruments Act, Sava Re, d.d., Dunajska 56, Ljubljana announces the following:
Following their regular annual review in July 2018, Standard & Poor’s raised the financial strength rating of Sava Re, d.d., to “A” (excellent), with the medium-term outlook being stable.
According to Standard & Poor’s, Sava Re, d.d., has demonstrated to have high capital strength over a longer period of time, both under the methodology of the rating agency and under Solvency II, owing also to its stable dividend policy.
According to Standard & Poor’s, the Group's market position and profitability have improved, driven by both organic growth and acquisitions. They find the Group's operational and cost effectiveness to have improved, both in Slovenia and in other markets where the Group is present.
The Group generates positive technical results, both with its insurance and reinsurance business, and has identified the Western Balkans markets as those with the highest potential for its further growth. The rating agency assesses as positive also the already completed acquisitions of entities in those markets where the Group had already been present before, as they have improved its market position.
Sava Re believes that the improved rating will facilitate the implementation of its strategy of selective or profitable growth in international reinsurance markets.
This announcement will also be available on the Company's website at www.sava-re.si, at least five years from the date of the announcement.