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1–6/2026 Presentation of Results SAVA INSURANCE GROUP 21 August 2026
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CONTENTS 01 02 03 04 05 Group results Segment reporting Financial investments Sava Re share and dividend policy Solvency position
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01 GROUP RESULTS
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+136.9% • Insurance result Less favourable claims experience due to natural catastrophe claims and other major claims • Finance result -21.8% Higher investment result driven by positive fair value movements in FVTPL assets, higher investment rates and portfolio optimisation in 2025 Business volume €672.5m +10.3% 1–6/2025 Net profit Sava Insurance Group • Presentation of results 1–6/2026 • Group results Performance highlights 4 €55.6m -3.6% 1–6/2025 Return on equity 14.1% • Reinsurance • Non-life Pursuing opportunities in select markets Growth in number of policies and average premiums, along with effects of large insurance contract dynamics +18.4% +5.2% • Life +21.5% Top-up premiums to existing policies and stronger sales of new policies Combined ratio 90.7% +4.7 pp 1–6/2025 62.6% Loss ratio 28.1% Expense ratio Solvency ratio 219%–223% +3.3% 1–6/2025 • Stand-alone credit profile upgraded from “a” to “a+” • Financial strength rating affirmed A STABLE + a+ S&P Global RatingsNat cat claims +130.4% 1–6/2025 €18.6m
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Growth in business volume across all operating segments Sava Insurance Group • Presentation of results 1–6/2026 • Group results Gross premiums written by class of insurance Life EU Reinsurance Non-life non-EU Life non-EU Pensions and asset management Other TotalNon-life EU 339.0 99.0 121.0 91.4 108.2 63.9 74.1 328.6 8.2 15.4 17.6 3.9 4.4 609.5 672.5 7.4 +3.1% +22.3% +18.4% +16.0% +11.7% +14.5% +13.8% +10.3% 1–6/2025 1–6/2026 25.8% 22.9% 18.7% 12.2% 6.2% 6.2% 8.1% 1–6/2025 €592.7m 26.8% 21.9% 17.0% 14.4% 6.3% 5.8% 7.9% 1–6/2026 €652.5m Property Land motor vehicles Motor vehicle liability Unit-linked life Accident and health Traditional life Other Gross premiums written Business volume by segment (€m) 5
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Life EU leads growth in business volume Sava Insurance Group • Presentation of results 1–6/2026 • Group results Change in business volume by segment (€m) 1–6/2026Life EU +16.8 Reinsurance +10.2 Non-life non-EU +0.9 Life non-EU +2.2 609.5 672.5+0.5 Pensions and asset management Other1–6/2025 +10.3 Non-life EU +22.0 +10.3% 6
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Profit before tax broadly unchanged compared to the same period last year Sava Insurance Group • Presentation of results 1–6/2026 • Group results Profit before tax by segment (€m) Other TotalNon-life EU 45.2 29.3 11.2 13.3 9.3 18.3 4.9 Life EU 0.5 1.4 5.0 6.5 -2.2 -1.8 4.0 71.1 Reinsurance Non-life non-EU Life non-EU Pensions and asset management 73.9 -35.1% +18.7% +97.0% -18.2% +209.6% +30.1% -3.8% 1–6/2025 1–6/2026 7
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Profit in non-life segments impacted by less favourable claims experience Sava Insurance Group • Presentation of results 1–6/2026 • Group results Change in profit before tax by segment (€m) -15.9 Other 1–6/2026Non-life EU +2.1 Life EU +9.0 Reinsurance -0.9 Non-life non-EU +1.0 Life non-EU +1.5 Pensions and asset management 1–6/2025 73.9 71.1+0.4 -3.8% 8
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Combined ratio remains at a very favourable level Sava Insurance Group • Presentation of results 1–6/2026 • Group results Combined ratio (non -life and reinsurance) 56.7% 2.1% 27.2% 1–6/2025 58.1% 4.6% 28.1% 1–6/2026 Non-nat cat loss ratio Nat cat loss ratio Expense ratio 86.0% 90.7% 9 • Loss ratio: higher due to increased natural catastrophe losses in Slovenia and Croatia and other major loss events • Expense ratio: higher mainly as a result of increased acquisition costs
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Growth in contractual service margin (CSM) Sava Insurance Group • Presentation of results 1–6/2026 • Group results CSM movement in life insurance 1–6/2025 (€m) +14.3 CSM balance 30/6/2025 Release to P&L -10.5160.9 165.8 Change in expected cash flows +0.2 Accretion +0.9 New business CSM CSM balance 31/12/2024 +3.0% +14.4 New business CSM CSM balance 30/6/2026 Release to P&L -11.7 172.5 184.0 Change in expected cash flows +7.9 Accretion +0.9 CSM balance 31/12/2025 +6.7% CSM movement in life insurance 1–6/2026 (€m) 10 • Favourable financial markets and top-up premiums to existing unit-linked policies support changes in expected cash flows
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Performance against plan Sava Insurance Group • Presentation of results 1–6/2026 • Group results 11 Business volume growth Return on equity Profit, net of tax (€m) Combined ratio 1–6/2026 2026 plan 10.3% > 5% 1–6/2026 2026 plan 14.1% > 12% 1–6/2026 2026 plan 90.7% < 93% As % of plan 58.6% 1–6/2026 2026 plan 55.6 > 95
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02 SEGMENT REPORTING
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Non-life EU: impact of natural catastrophes and other major claims 13 Gross premiums written €339.0m +3.1% 1–6/2025 Profit before tax €29.3m -35.1% 1–6/2025 Insurance result (€m) Finance result (€m) Combined ratio Non-life EU: impact of natural catastrophes and other major claims Sava Insurance Group • Presentation of results 1–6/2026 • Segment reporting • Impact of natural catastrophe claims and other major claims • Increase in claims incurred, also due to claims inflation • Less favourable claims experience • Investment result improved due to positive fair value movements in FVTPL assets and higher interest income resulting from cash inflows and portfolio optimisation at the end of 2025 • Primarily driven by higher average premiums and strong underwriting activity in general liability insurance • Growth in motor and property business supported mainly by an increase in the number of policies, with higher average premiums also supporting the property business 6.4 -2.7-0.3 1–6/2025 12.5 -2.9 0.1 1–6/2026 3.4 9.7 Investment result Ins. fin. result Net FX gains/ losses 1–6/2025 1–6/2026 41.1 19.2 -53.1% 59,2 % XX,X % 27.9%57.1%1–6/2025 28.2%65.0%1–6/2026 85.0% 93.2% Loss ratio Expense ratio
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Life EU: favourable claims experience and revenue growth 14 Insurance result (€m) Finance result (€m) Insurance revenue Gross premiums written €121.0m +22.3% 1–6/2025 Profit before tax €13.3m +18.7% 1–6/2025 Sava Insurance Group • Presentation of results 1–6/2026 • Segment reporting (€m) CSM (€m) • More favourable claims experience and revenue growth • Lower investment result due to the run-off of the traditional savings life insurance portfolio, as these policies are no longer sold in Slovenia • Growth driven by top-up premiums to existing policies and stronger sales of new unit-linked and protection policies 1–6/2025 1–6/2026 8.6 10.7 +23.4% 4.0 -1.1 1–6/2025 3.7 -1.1 1–6/2026 2.9 2.6 Investment result Ins. fin. result 1–6/2025 1–6/2026 36.1 39.3 +8.7% 31/12/2025 30/6/2026 161.8 173.3 +7.1%
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Reinsurance: strong premium growth 15 Gross premiums written €108.2m +18.4% 1–6/2025 Profit before tax €18.3m +97.0% 1–6/2025 Insurance result (€m) Finance result (€m) Combined ratio Sava Insurance Group • Presentation of results 1–6/2026 • Segment reporting -1.9 1.0 • Lower loss ratio • Effect of positive fair value movements in FVTPL assets• Growth in gross premiums by capitalising on new opportunities in select markets 1–6/2025 1–6/2026 9.9 16.2 +64.2% 59,2 % XX,X % 59,2 % XX,X % 12.8%71.0%1–6/2025 15.4%55.8%1–6/2026 83.8% 71.2% Loss ratio Expense ratio 4.0 -3.2 -0.9 1–6/2025 4.6 -3.4 1.0 1–6/2026 -0.1 2.3 Investment result Ins. fin. result Net FX losses
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Non-life non-EU: impact of major fire loss 16 Gross premiums written €74.1m +16.0% 1–6/2025 Profit before tax €4.0m -18.2% 1–6/2025 Insurance result (€m) Finance result (€m) Combined ratio Sava Insurance Group • Presentation of results 1–6/2026 • Segment reporting • Impact of a major fire loss • Higher investment result supported by increased interest income as a result of the investment of operating cash flows • Growth in number of policies and average premiums, particularly for accident, motor, health and property business • Deterioration primarily due to a major fire loss 1–6/2025 1–6/2026 3.2 2.1 -34.2% 2.0 -0.6 1–6/2025 2.5 -0.7 1–6/2026 1.4 1.8 Investment result Ins. fin. result 59,2 % XX,X % 39.2%54.3%1–6/2025 38.8%57.6%1–6/2026 93.5% 96.4% Loss ratio Expense ratio
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Life non-EU: revenue growth and more favourable claims experience 17 Insurance result (€m) Finance result (€m) Insurance revenue Gross premiums written €8.2m +11.7% 1–6/2025 Profit before tax €1.4m +209.6% 1–6/2025 Sava Insurance Group • Presentation of results 1–6/2026 • Segment reporting (€m) CSM (€m) • Impact of changes in assumptions on insurance finance result • Premium growth in unit-linked and protection policies • Growth in revenue and improved claims experience • Impact of changes in assumptions, which is reflected in a lower finance result with no effect on profit or loss 1–6/2025 1–6/2026 0.5 1.2 +145.2% 0.6 -0.3 1–6/2025 0.8 -0.6 1–6/2026 0.3 0.2 Investment result Ins. fin. result 31/12/2025 30/6/2026 10.7 10.7 -0.4% 1–6/2025 1–6/2026 4.7 5.4 +15.2%
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Fund inflows AuM movement in pension savings funds and asset management fundsAsset management revenue €15.6m +21.0% 1–6/2025 Profit before tax €6.5m +30.1% 1–6/2025 (€m) Cost-to-income ratio (CIR) Pensions and asset management: strong inflows and favourable financial market returns Sava Insurance Group • Presentation of results 1–6/2026 • Segment reporting (€m) -2.8 Transfers +261.4 Net investment income -0.1 Other 2,485.5 2,860.3 30/6/202631/12/2025 +178.3 Inflows -62.1 Outflows +15.1% 1–6/2025 1–6/2026 138.8 178.3 +28.4% 1–6/2025 1–6/2026 52.9% 45.9% 18 • Revenue growth driven by increased assets under management • Positive return from very favourable financial market conditions and high net inflows reported across all companies • Robust sales activity • Strong revenue growth
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Other: improved results of the associate company 19 Composition of profit or loss before tax (€m) • Improved performance of the associate company, having expanded its operations through the acquisition of other service providers last year Profit or loss before tax (€m) Sava Insurance Group • Presentation of results 1–6/2026 • Segment reporting Assistance Associate company Interest expense on subordinated debt and segment expenses Other 1–6/2025 1–6/2026 -2.2 -1.8 Composition of profit or loss before tax (€m) Assistance Associate company Interest expense on subordinated debt and segment expenses Other 0.6 0.5 0.9 1.2 -3.3 -3.3 -0.4 -0.2 1–6/2025 1–6/2026
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03 FINANCIAL INVESTMENTS
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Investment portfolio and AuM Sava Insurance Group • Presentation of results 1–6/2026 • Financial investments Investment portfolio and assets under management (consolidated) (€m) 764 752 789 854 892 895 743 710 764 852 919 929 1,382 31/12/2024 1,696 1,398 1,667 1,712 1,445 1,755 1,513 31/3/2025 1,148 4,556 Mutual fund assets Assets of policyholders who bear the investment risk Pension fund assets Investment portfolio of (re)insurance companies 31/3/2026 1,595 1,788 31/12/2025 4,556 4,709 4,975 5,142 5,207 30/6/2026 1,567 30/6/2025 1,765 30/9/2025 5,740 1,800 1,712 1,080 +12.9% +11.6% Group investment portfolio €1,800m Sredstva v upravljanju 3.378 mio € Assets under management €3,940m 21
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Large share of fixed-income investments 22 The fixed-income portfolio is shown net of assets held for the benefit of policyholders who bear the investment risk. • Portfolio safety and liquidity maintained • Positive operating cash flow • Positive returns on FVTPL assets • Reinvestment yield of about 2.9% in Q2 and 2.8% in H1 2026 Composition of investment portfolio Sava Insurance Group • Presentation of results 1–6/2026 • Financial investments Investment portfolio €m 31/12/2025 30/6/2026 Change Fixed-income investments 1,547.6 1,545.1 -2.5 Government bonds 946.7 888.0 -58.7 Corporate and financial bonds 570.0 621.9 51.9 Deposits 30.9 35.2 4.3 Shares and mutual funds 44.3 55.1 10.8 Shares 24.3 27.0 2.7 Mutual funds 20.0 28.1 8.1 Alternative funds 77.0 78.9 1.8 Investment property 22.7 22.1 -0.6 Cash and cash equivalents 37.4 54.4 17.0 Investments in associates 29.1 37.7 8.7 Loans granted 6.5 6.3 -0.2 Total investment portfolio 1,764.6 1,799.6 35.0 Fixed-income investments Shares and mutual funds Alternative funds Investment property Cash and cash equivalents Investments in associates Loans granted 87.7% 85.9% 2.5% 3.1% 4.4% 4.4% 1.3% 1.2% 2.1% 3.0% 1.6% 2.1% 0.4% 0.4% 31/12/2025 30/6/2026
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Large share of government bonds 23 The fixed-income portfolio is shown net of assets held for the benefit of policyholders who bear the investment risk. Composition of fixed -income investments Sava Insurance Group • Presentation of results 1–6/2026 • Financial investments Fixed-income investments €m 31/12/2025 30/6/2026 Change Fixed-income investments 1,547.6 1,545.1 -2.5 Government bonds 946.7 888.0 -58.7 Corporate and financial bonds 474.2 535.6 61.3 Covered bonds 75.2 66.8 -8.3 Subordinated bonds 20.6 19.5 -1.1 Deposits 30.9 35.2 4.3 Government bonds Corporate and financial bonds Covered bonds Subordinated bonds Deposits 61.2% 57.5% 30.6% 34.7% 4.9% 4.3% 1.3% 1.3% 2.0% 2.3% 31/12/2025 30/6/2026
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Net investment income and rate of return Sava Insurance Group • Presentation of results 1–6/2026 • Financial investments 24 €m 1–6/2025 1–6/2026 Change in €m and pp 2026/2025 Index 2026/2025 Net investment income 18.9 26.3 7.5 139.7 Interest income 15.1 18.1 3.0 119.5 Change in fair value of FVTPL assets 1.3 5.2 3.9 411.3 Dividends of equity investments and income of alternative funds 1.5 1.4 -0.1 90.5 Income from associate companies 0.9 1.2 0.3 130.0 Other income/expenses from investments 0.0 0.5 0.5 - Rate of return 2.3% 3.0% 0.7 pp - The fixed-income portfolio is shown net of assets held for the benefit of policyholders who bear the investment risk. • Positive fair value movements in FVTPL assets • Higher interest income driven by portfolio growth, higher investment rates and portfolio optimisation in December 2025
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Secure and stable investment portfolio The fixed-income portfolio is shown net of assets held for the benefit of policyholders who bear the investment risk. Fixed-income investments by regionFixed-income investments by credit rating 24.4% 19.7% 33.6% 11.3% 7.4% 1.6%2.0% 31/12/2025 25.6% 20.2% 32.9% 9.9% 7.5% 1.8%2.2% 30/6/2026 AAA AA A BBB BB B Not rated 6.6% 62.9% 12.4% 10.9% 7.2% 31/12/2025 5.5% 62.5% 12.8% 12.2% 7.0% 30/6/2026 Slovenia EU countries Non-EU countries USA Other 89.0% 88.5% Sava Insurance Group • Presentation of results 1–6/2026 • Financial investments 25
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04 SAVA RE SHARE AND DIVIDEND POLICY
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* Fiduciary account. ** Fiduciary account, of which 3,278,049 POSR shares are owned by Croatia Osiguranje d.d., representing 19.04% of the share capital and 21.15% of the voting rights. Shareholders and share trading Sava Insurance Group • Presentation of results 1–6/2026 • Sava Re share and dividend policy 27 Total shareholder return* 50.3% Share price as at 30/6/2026 €81.40 Market capitalisation as at 30/6/2026 €1.3bn Sava Re share price performance against selected indices and trading volume trends Shareholder structure as at 30/6/2026 19.2% InterCapital Securities** 17.7% SDH 13.9% Republic of Slovenia 4.1% Modra Zavarovalnica 1.9% Guaranteed Civil Servants’ Sub-fund 1.4% Kapitalska Družba – SODPZ 10.0% Treasury shares 6.2%EBRD 5.3%OTP Banka* 2.3% Hrvatska Poštanska Banka* 18.1% Other Key share data as at 30/6/2026: Trading symbol: POSR No. of shares issued: 17,219,662 No. of treasury shares: 1,721,966 No. of shareholders: 4,998 * Total shareholder return: the ratio of the difference between the share price at 30/6/2026 and 30/6/2025, plus the dividend, to the share price at 30/6/2025.
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Dividend, dividend yield and dividend payout ratio (dividend payout as % of previous year’s net profit) 37.4% Dividend policy 35%–45% payout from net profit of the Sava Insurance Group Dividend policy Sava Insurance Group • Presentation of results 1–6/2026 • Sava Re share and dividend policy On 11 May 2026, the general meeting of shareholders approved the dividend proposal of €42,618,664.00 or €2.75 gross per share. Dividends were paid on 11 June 2026 to shareholders of record as at 10 June 2026. 0 1 2 3 4 5 6 7 8 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 0.0 3.4% 0.85 5.9% 1.50 2022 6.5% 1.60 2023 5.1% 1.75 2024 4.0% 2.25 2025 3.7%* 2.75 20262021 Dividend per share paid in year for previous year (€) Gross dividend yield (%) 41.9%36.3%30.5%23.4% +76.5% +6.7% +9.4% +28.6% 28 * The dividend yield has been calculated using the average share price over the trailing 12 months (1 July 2025 – 30 June 2026). 39.7% +22.2%
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05 SOLVENCY POSITION
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Strong solvency position Solvency ratio Risk profile (structure of SCR) Optimal capitalisation Suboptimal capitalisation 150%–170% Warning capital level 100%–150% Acceptable overcapitalisation 210%–250% Over- capitalisation > 250% Additional engagement or return of capital Seeking ways to restructure capital use No action required Potential capital restructuring Action to safeguard Group solvency Solvency ratio – estimate Solvency ratio – realised 170%–210% Sava Insurance Group • Presentation of results 1–6/2026 • Solvency position 170% Optimal capitalisation 210% Acceptable overcapitalisation Over- capitalisation Warning capital level Suboptimal capitalisation • The Solvency and Financial Condition Report of the Sava Insurance Group for 2025 has been published on the websites of the Company and the Ljubljana Stock Exchange. 65% 64% 62% 23% 25% 27% 5% 4%3% 31/12/2024 6% 3%3% 31/12/2025 5% 3%3% 30/6/2026 (estimate) Capital requirement for companies not consolidated under SII Counterparty default risk Operational risk Market risk Underwriting risk 30
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Additional information: THANK YOU. ir@sava-re.si
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Cautionary statements and notes Forward-looking statements This document may contain forward-looking statements relating to the expectations, plans or goals of the Sava Insurance Group (the Group), which are based on estimates and assumptions made by the management of Sava Re (the Company). By their nature, forward- looking statements involve known and unknown risks and uncertainties. As a result, actual developments, in particular performance, may differ materially from the expectations, plans and goals set out in this document; therefore, persons should not rely on forward-looking statements. Duty to update The Group and the Company assume no obligation to update or revise any forward-looking statements or other information contained in this document, except to the extent required by applicable laws and regulations. Alternative performance measures This document may contain certain alternative performance measures used by the Company’s management to monitor the business, financial performance and financial position of the Group and to provide investors with additional information that management believes may be useful and relevant to understanding the Group’s results. These alternative performance measures or benchmarks generally do not have a standardised meaning and therefore may not be comparable to similarly defined benchmarks used by other companies. Therefore, such measures should not be considered in isolation from, or in place of, the Group’s consolidated financial statements and the related notes prepared in accordance with IFRS standards. Data not audited The consolidated financial statements presented in this document are unaudited. Rounding All calculations are based on exact figures, including decimals, which is why rounding differences may occur. Sava Insurance Group • Presentation of results 1–6/2026 32