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Triglav Group Investor Presentation

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Growth of premium and profit before tax in H1 2019

In the first six months of 2019, Triglav Group posted a profit before tax of EUR 41.7 million or 17% more than in the same period last year. Such a solid result can be attributed to the higher growth of net premium earned than the growth of net claims incurred in non-life insurance and the higher realised return on financial investments.

 

Andrej Slapar, President of the Management Board of Zavarovalnica Triglav said: “With the team of over 5,000 employees in the region, Triglav Group holds high, “A” credit ratings assigned by established rating agencies, maintains a strong position and pursues its growth and development strategy. We are pleased with the results achieved. Taking into account the business conditions anticipated until the end of the year, we confirm our annual profit guidance.”

 

In the first six months of 2019, Triglav Group charged EUR 630 million of consolidated gross written premiums (index 110). Premium growth was seen in most markets of Triglav Group and in all three insurance segments. Claims experience was relatively favourable in the reporting period. Gross claims paid of the Group amounted to EUR 335 million (index 102), whilst major CAT events are estimated at EUR 4.9 million. The combined ratio of the Group was favourable at 93.2%, foremost thanks to the improved claims ratio.

 

The Group’s investment portfolio is worth EUR 3.2 billion. The Group’s investments are managed relatively conservatively and with the aim of maintaining a high overall credit rating. Returns on financial investments, excluding unit-linked life insurance contract investments, totalled EUR 51.4 million in the first six months of 2019. Compared with the preceding year, returns on financial investments were higher mostly as a result of higher net gains on the sale of financial assets and higher net income from changes in the fair value. In contrast, net interest income continued to decrease due to the low interest rate environment. Due to a further reduction in interest rates, additional insurance technical provisions for life insurance were made in the amount of EUR 8.6 million as a result of the liability adequacy test (LAT).

 

As at 30 June 2019, Triglav Group, including its subsidiaries Triglav Skladi and ALTA Skladi (acquired in 2019), held a 34.3% share in the Slovene mutual fund market, thereby being a market leader. As at the reporting date, the Group managed net assets worth EUR 947.8 million in mutual funds or 12% more than at the 2018 year-end, while discretionary mandate assets equalled to EUR 73.7 million (index 147).  

 

More information available in H1 2019 report and IR presentation.

 

2019 Triglav Group corporate video

Watch our 2019 Triglav Group “self portrait”.


S&P affirms “A” credit ratings

On 31 July 2019, S&P Global Ratings reaffirmed the “A” Long-Term Credit Rating and Financial Strength Rating of Triglav Group and thereby of its parent company Zavarovalnica Triglav d.d. and its subsidiary Pozavarovalnica Triglav Re. Both ratings have a 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. Furthermore, S&P emphasizes the Triglav’s stable and profitable operations, adequate risk profile and strong capital adequacy. More information in announcement.

 

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.”