Sava Re distributable profit for 2017 stands at EUR 22.5m, which means that the adopted amount is in line with the dividend policy, which envisages that up to 40% of distributable profit is allocated for dividends each year, Sava Re chairman Marko Jazbec said.

The proposal was backed by big shareholders to the dissatisfaction of small shareholders' association VZMD, which wanted the group to pay out EUR 1.40 gross per share.

Any payout below the association's proposal would be irrational for many small shareholders, because fees at brokerages and banks exceed the payout in many cases, VZMD boss Kristjan Verbič said. "This means that these shareholders in reality incur a loss."

It would be better to withhold any payout and raise the dividends next year, he added.

Shareholders voted to grant discharge of liability to the management and supervisors for last year.