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Analyst Meeting Financial report of Sava Re Group Six Months to 30 June 2011. August 2011. Major events. EVENTS PRIOR TO THE REPORTING DATE. Request of the Securities Market Agency relating to a potential takeover bid for POSR shares.
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EVENTS PRIOR TO THE REPORTING DATE
EVENTS AFTER THE REPORTING DATE
Sava Re; Tilia
Due to results of ZM & Moja naložba
Last year larger capital gains (Sava Re)
Impact of movements of funds of policyholders who bear the investment risk
Favourable loss development
1H 2010-foreign exchange differences (Sava Re);
1H 2011-increase in reinsurance commision
Increase due to deteriorated payment behaviour in markets (impairment losses on premium receivables)
Slower growth than premiums earned
Drop in funds for the benefit of policyholders, who bear the investment risk and impairments of investments.
Note: Investment income includes interest from deposits with cedants of Sava Reinsurance Company
Largest imapact from Sava Re as there were many mid-year renewals
Favourable loss developments in reinsurance and in the non-life insurance segment
Effect of Sava Re due to fast growth of foreign-soursed business in past year
* Gross expense ratio = (Acquisition costs + other operating expenses) / gross premiums written
** Net expense ratio = net operating expenses / net earned premiums
Growth of the investment portfolio was mainly driven by positive cash flow from reinsurance business.
Sava Reins Co & Zav. Tilia are increasing their fixed-income portfolio
Disposals of investments by Sava Reins Co & Zav. Tilia
Added share of profit from subsidiaries
Note: included are interest income/expenses from deposits with cedants of Sava Reins Co; excluded are gains/losses of policyholders who bear the investment risk.
Due to unearned premiums; larger amount of business written in mid-year renewals
Last year larger capital gains
Impact of dollar movements and increase in reinsurance commision
Favourable claims development
Growth lower than growth in earned premiums
Impairment loss on investment in subsidiary
Investment income: includes interest from deposits with cedants of Sava Reinsurance Company