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Triglav Group in 2016: Rating Upgraded to “A”, Premium Growth and Profit Above the Budgeted Level

According to unaudited data, profit before tax of the Triglav Group stood at EUR 95 million (planned at between EUR 80 million and EUR 90 million), while net profit was EUR 82 million. Return on equity of the Group reached 11.4%. The performance of the Triglav Group in 2016 was in line with its strategic guidelines, which are based on profitability, safety and maintaining financial stability. The business results of the Group above the budgeted level were mainly the result of a very successful performance in the insurance business, whilst the unfavourable situation in financial markets and the consequent fall in returns on financial investment had a negative impact on return on investment.

 

According to unaudited data, the Triglav Group recorded a total of EUR 936 million in consolidated gross insurance and co-insurance premium (planned at approximately EUR 900 million) in the reporting period. Premium growth was observed for the second year. In 2015 premium growth was 3%, whereas in 2016 it stood at 2%, or 3% if the sale of the Czech insurer in 2015 is taken into account. The Group charged 2% more written premium in the Slovene insurance market, which was above the 1.5% market growth. Compared to the preceding year, the average premium growth of the Triglav Group on markets outside Slovenia was 2% or 9% if the sale of the Czech subsidiary is taken into account. Solid performance in the core business of non-life and health insurance is reflected in the 92.9% (planned at round 95%) combined ratio of the Triglav Group and the 87.9% combined ratio of the parent company.

 

The Triglav Group maintained its strong financial stability, high capital adequacy and high profitability, as confirmed by the two rating agencies S&P Global Ratings in A.M. Best, which upgraded the Group’s rating from “A–” to “A” in 2016. Both ratings have a stable medium-term outlook.

 

 

Andrej Slapar, President of the Management Board of Zavarovalnica Triglav d.d., said: "We are pleased with the performance in 2016 as we have improved the ratings and achieved the business results even above the planned level. The impact of negative factors, particularly lower returns on financial investments, was slightly lower than expected. At the same time, we have managed to achieve a relatively high premium growth. We have strengthened our market share on our major markets and increased the share of insurance premium in the markets outside of Slovenia, which is consistent with our strategic guidelines of growth and development of the Group. In 2017, the Group’s operations will continue to be financially sound and profitable. This year marks the beginning of the new four-year strategy period of the Triglav Group, and the projects aimed towards the achievement of the set strategic objectives are already well underway."

 

 

Triglav Group Receives Gold Plaque for Best Investor Relations in 2016 in Adria region

As many as 25 companies participated in the selection of the company with the best investor relations, which were also participants of the 6th Regional Investment Conference organised by the Belgrade Stock Exchange and the WOOD & Company investment bank. The analysis was performed based on the 35 selection criteria of openness of the companies to the investing public. The expert jury of the Belgrade Stock Exchange, which was composed of four analysts and a university professor, analysed the obtained results and decided to award the 2016 Gold Plaque for Best Investor Relations to Triglav Group. More info …