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Triglav Group Investor Presentation

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Triglav Group with reaffirmed high “A” credit ratings in 2019

Both credit rating agencies S&P and AM Best in 2019 reaffirmed high credit ratings “A” with stable medium-term outlook.

According to S&P, the reaffirmed high ratings reflect Triglav Group’s leading position in the Slovene insurance and asset management market, its position and strengthening in the markets of the region. S&P emphasizes the Triglav’s stable and profitable operations, adequate risk profile and strong capital adequacy. According to AM Best, Triglav Group’s balance sheet strength is based on Triglav Group’s risk-adjusted capitalisation, which is at its strongest level. The Group has a prudent reserving approach and good financial flexibility with access to equity and bond markets, which was also reflected in the subordinated bond issued this year. Its strong operating performance over the recent years has been driven by the excellent non-life insurance technical earnings in the domestic market and healthy investment income, even though it continues to be impacted by the low interest rate environment, the situation in the life insurance segment and intense competitive conditions on the markets of the region. AM Best pointed out the advantages of the Group’s dominant position both in the Slovene market and the region. Triglav Group has a well-diversified portfolio by both product and geography. Moreover, outside of Slovenia Triglav continues to demonstrate improvement in earnings on the basis of additional scale and actively seeking alternative lower cost distribution channels. Please find more information here

Triglav Group Confirms its Annual Profit Guidance

In the first nine months of 2019, Triglav Group posted a consolidated profit before tax of EUR 72.0 million or 3% more than in the same period last year. Andrej Slapar, President of the Management Board of Zavarovalnica Triglav d.d., said: We are satisfied with our performance and the results achieved in the first nine months of 2019. We operate in very challenging conditions in the financial markets; however, the underwriting discipline and the growing volume of business enable us to effectively achieve the set objectives. Taking into account the business conditions anticipated until the end of the year, we confirm our annual profit guidance. « 

 

Profit arising from the insurance technical part amounted to EUR 54.7 million and was 13% higher y-o-y. The profit from return on financial investments of the insurance business, which amounted to EUR 14.9 million, dropped compared to the year before (index 76), because it was affected by the negative interest rate environment, which continues to reduce net interest income. As a result of the further decrease in interest rates in 2019, the Group formed appropriate provisions. The profit from the non-insurance part of the Group's business, which includes the results of both asset management companies, amounted to EUR 2.4 million (index 144).

 

The Group booked EUR 905.5 million of consolidated gross written premium in the first nine months of 2019 (index 110 y-o-y). Premium growth was recorded in all three insurance segments and in most markets of the Group. Effective sales campaigns, increased sales activities and acquisition of new policyholders resulted in the growth of all insurance groups in the non-life insurance segment; total premium of this segment was 11% higher over the corresponding period of 2018. The health insurance premium was up by 22% as a result of the increased number of insurance policies taken out and the average premium increase. Life and pension insurance premiums grew by 2%, mainly due to higher payments of traditional life and pension insurance products and their sale through bank sales channels. In the reporting period, a relatively favourable claims experience was seen, with gross claims paid amounting to EUR 505.5 million (index 102). The combined ratio of the Group was favourable at 91.3%, which is the result of an improved claims ratio and maintaining a stable expense ratio.

 

As at the reporting date, the Group managed assets worth over EUR 1,050 million, of which EUR 976 million in mutual funds and EUR 78 million in discretionary mandate assets. The total assets of the Group's clients are 61% higher than at the 2018 year-end, largely due to the impact of this year's acquisition of ALTA Skladi. Triglav Group holds a leading position in the Slovene mutual fund management market (a 34% market share).

 

More information available in 9M 2019 report and IR presentation.

 

2019 Triglav Group corporate video

Watch our 2019 Triglav Group “self portrait”.

 

Business Plan 2019 and Revised Strategy

More information in Plan for 2019 and Strategy 2019 – 2022.

 

Market Maker of Triglav’s Share

Zavarovalnica Triglav entered into an agreement with the LJSE member firm InterCapital Securities, which will perform the market-making service for the ZVTG share. The provision of the market-making service will start on 1 February 2019. This new service complements other investor relations activities that are systematically performed by Zavarovalnica Triglav. Andrej Slapar, President of the Management Board of Zavarovalnica Triglav d.d. commented: “Triglav systematically performs a series of investor relations activities with the aim to further increase the liquidity of our shares and create additional value for our shareholders. Our endeavours will now be supported by the market-making service for our shares. Until recently, this service was not performed on the Ljubljana Stock Exchange and we are pleased that the member firm InterCapital Securities will now provide it to us.”