Bulletin: Sava Re's Planned Acquisition Of NLB Vita Will Not Affect Group Financial Strength

FRANKFURT (S&P Global Ratings) Dec. 27, 2019--S&P Global Ratings said today that Slovenia-based Sava Re's (core company of Sava Insurance Group; A/Stable/--) upcoming acquisition of 100% of NLB Vita's (not rated) shares does not affect Sava Insurance Group's creditworthiness. In particular, we think the acquisition will not affect Sava Insurance Group's capital adequacy, given the group's very robust capital position and the acquisition's comparably limited size relative to Sava Insurance Group's excess capital position. We understand that NLB Bank (BBB-/Stable/A-3) divested NLB Vita to comply with conditions set out by the European Commission. Following the acquisition, the group's standing on the domestic market is likely to be more solid, with its prospective life insurance market share in Slovenia doubling in

...December 27, 2019 FRANKFURT (S&P Global Ratings) Dec. 27, 2019--S&P Global Ratings said today that Slovenia-based Sava Re's (core company of Sava Insurance Group; A/Stable/--) upcoming acquisition of 100% of NLB Vita's (not rated) shares does not affect Sava Insurance Group's creditworthiness. In particular, we think the acquisition will not affect Sava Insurance Group's capital adequacy, given the group's very robust capital position and the acquisition's comparably limited size relative to Sava Insurance Group's excess capital position. We understand that NLB Bank (###-/Stable/A-3) divested NLB Vita to comply with conditions set out by the European Commission. Following the acquisition, the group's standing on the domestic market is likely to be more solid, with its prospective life insurance market share in Slovenia doubling in size. This is because NLB Vita is the fourth-largest life insurance company operating in Slovenia, with a market share of 10.8% as of the first half of 2019,...

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