"Sava Life Insurance" obtained work permit

National Bank of Serbia (NBS) announced today (November 24, 2008) that it had issued the work permit to Stock Company "Sava životno osiguranje" (Sava Life Insurance) with the headquarters in Belgrade.

According to the announcement, that insurance company will be dealing with all types of life insurance, except for the voluntary pension insurance.

The majority owner is Slovenian insurance company "Sava", the business group that provides non-life insurance services in Serbia since year 2006.

"Sava životno osiguranje" is the fourth insurance company in Serbia that is majority owned by a company from Slovenia.

National Bank of Serbia estimated that that 3.5m EUR worth of investment of the Slovenian insurance company had direct influence on improvement of financial potentials of Serbia and that it was the proof that Serbian central bank "successfully maintains stability of local finance system in spite of global financial crisis".

SAVA NEŽIVOTNO OSIGURANJE a.d.o. Beograd

Narodna banka Srbije Beograd