Slovenia-Based Sava Insurance Group 'A' Ratings Affirmed; Outlook Stable

Sava Insurance Group (Sava) is the second-largest insurer in Slovenia, with further operations through the Adria region. The group is expanding its operations and has sustainably stable earnings in its domestic insurance business, while its international reinsurance business offers additional income diversification. In our view, sound macroeconomic conditions in Slovenia have strengthened the creditworthiness of Sava's Slovenian assets and are solidifying the group's risk profile. Sava continues to benefit from its robust capital position. While Sava's domestic competitive position is strong, its revenues and net income remain less geographically diversified than those of higher-rated peers. We are therefore affirming our 'A' ratings on Sava's core entities, Pozavarovalnica Sava and Zavarovalnica Sava. The stable outlook on the group's core entities reflects

...July 30, 2019 - Sava Insurance Group (Sava) is the second-largest insurer in Slovenia, with further operations through the Adria region. The group is expanding its operations and has sustainably stable earnings in its domestic insurance business, while its international reinsurance business offers additional income diversification. - In our view, sound macroeconomic conditions in Slovenia have strengthened the creditworthiness of Sava's Slovenian assets and are solidifying the group's risk profile. Sava continues to benefit from its robust capital position. - While Sava's domestic competitive position is strong, its revenues and net income remain less geographically diversified than those of higher-rated peers. - We are therefore affirming our 'A' ratings on Sava's core entities, Pozavarovalnica Sava and Zavarovalnica Sava. - The stable outlook on the group's core entities reflects our expectations that management will continue pursuing profitable growth and diversifying group's premiums...

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