Sava Insurance Group

The stable outlook on Sava's core operating entities reflects our expectation that the group's management will continue to implement its strategy of profitable growth while further diversifying premiums and income streams. Despite the integration of Vita and the turn in the economic cycle, we expect Sava to sustain a strong balance sheet with at least very strong capitalization and strong and stable earnings over the next two years, enabling the company to continue developing its domestic and foreign operations. We could lower the ratings in the next two years if Sava's competitive position were to weaken because of significantly eroded volumes or profitability triggered, for example, by external conditions that would also derail sound macroeconomic development in Slovenia. We are

...With successful consolidation of NLB Vita, Sava Insurance Group (Sava) solidified its domestic market position in the attractive Slovenian insurance market. S&P Global Ratings believes Sava will continue to leverage its extensive distribution capabilities and client-centric approach to tap profitable growth from still-favorable market conditions in Slovenia. We believe that Sava's good underwriting profitability will safeguard its stability, even as claims frequency normalizes following a slowdown during COVID-19 lockdowns. In addition, we believe the group's solid balance sheet strength will enable it to tap profitable growth opportunities in domestic and international insurance and reinsurance markets. Capitalization remains one of the key rating strengths for Sava. After consolidating NLB Vita into its accounts, the group maintains buffers above the '###' level in our capital model. Sava's strong and stable earnings enable it to maintain capital at excellent levels. Although the group...

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