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S&P upgraded the Triglav Group's credit rating from “A–” to “A”, outlook is stable

On 1 July 2016, the S&P Global Ratings (hereinafter: S&PGR) upgraded the long-term credit rating and the financial strength rating of Zavarovalnica Triglav d.d. together with its subsidiary Pozavarovalnica Triglav Re d.d., and thereby the Triglav Group from “A–” to “A”. Both credit ratings have a stable medium-term outlook.

The S&PGR improved the Group’s business risk profile and assessed it strong mainly due to the improved conditions on the Slovene insurance market resulting in lower sovereign risk. Thanks to the Group’s investment portfolio, and foremost to its diversification, the Group's financial risk profile was assigned a higher rating and reassessed as very strong. Furthermore, the S&PGR emphasized in its report that the Group had provided comprehensive reinsurance protection.

 

The “A” credit rating on Triglav exclusively reflects the Group's standalone credit profile and does not include any uplift from the insurer's status as a government-related entity. The Triglav Group passes the S&PGR's hypothetical sovereign stress scenario, and could be, in case of sovereign stress, rated higher than the sovereign rating on the Republic of Slovenia.

 

The stable medium-term outlook reflects the S&PGR's expectations that the Triglav Group will continue to successfully implement its set strategy and sustain very strong capital adequacy and earnings over the next two years.