Slovenian Sava Insurance Announces Continued Expansion in Croatia

Lauren Simmonds

As Vedran Marjanovic/Novac writes on the 4th of September, 2020, the Slovenian Sava Insurance (Sava Re) plans to expand on the markets where it is currently already present, and the most important countries for expansion are Croatia and Serbia, as was announced by a member of the Management Board of the Slovenian Sava Insurance, Polona Pirs Zupancic.

Appearing on a recent morning podcast of the Ljubljana Stock Exchange, a member of the Management Board of the Slovenian Sava Insurance (Sava Re osiguranje) explained that the insurance company is in actual fact not interested in breaking into new markets, but instead in increasing its market shares in the countries where it already operates, which includes countries of the former Yugoslavia.

Here in the Republic of Croatia, the Slovenian Sava Insurance operates through its subsidiary Sava Osiguranje Podruznica Hrvatska, which ended the last business year with a gross written premium of 202 million kuna, and doesn’t even appear among the ten largest insurers on the Croatian market, in either the life or non-life insurance segment. Otherwise, the six largest insurers in Croatia hold 73 percent of the non-life insurance market.

In an attempt to increase the company’s market share here in Croatia, Sava Osiguranje Branch Croatia purchased Ergo osiguranje and Ergo zivotno osiguranje in a transaction concluded at the end of last year.

The Slovenian Sava Insurance (Sava Re), along with Triglav Osiguranje (Insurance) and Generali, which is otherwise the largest Slovenian insurer, ended the last business year with a total revenue of 640 million euros and a profit of 50 million euros.

The announcement of the expansion of Sava Re comes after it itself was linked to the acquisition plans of the German Allianz last year. One of the largest shareholders of Sava Re is the Rovinj-based Adris Group with about 20 percent ownership, and Slovenian media have on several occasions speculated about Adris’s ambition to increase ownership in the Slovenian insurer.

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