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Planned profit before tax for 2019 higher than the 2018 budgeted profit

Triglav Group Business Plan for 2019 and Revised Strategy to 2022

Triglav Group presented its plans for 2019 and a revised strategy to 2022. In 2019, the Group plans to generate between EUR 90 and 100 million in profit before tax and earn around EUR 1.1 billion in consolidated gross written premium, while the target combined ratio is set at around 95%. Moreover, the Group is expected to continue to operate in still favourable macroeconomic conditions in the region, however, fierce competition in the insurance markets and an unfavourable financial environment for the return on financial investments are anticipated. The Group revised its existing strategy, while preserving its main elements. Its vision, which is based on a client-centric approach, is to dynamically develop new ways of doing business as the foundation of the Group’s responsible long-term development, while at the same time operating profitably and safely.

Triglav Group Strategy

The Triglav Group revised its strategy to 2022, while preserving its existing main elements. In its vision, a greater emphasis has been placed on the client, whilst pointing out three values that most define the Group – responsiveness, simplicity and reliability.


Achieving long-term stable profitability and increasing its value remains the strategic objective of Triglav Group. By doing so, the Group pursues its mission – Building a safer future for all our stakeholders. The main strategic objectives related thereto remain unchanged, whereas the target return on equity (ROE) was defined in greater detail. It is set to exceed 10% throughout the whole strategy period.


The Group continues to follow its client-centric approach by developing related services aimed at strengthening its core activities, i.e. insurance and asset management. Within the Group, employee development and building cooperative and agile organisation and culture remain the main guidelines. Engaged employees with adequate competences and digital skills are of key importance for the upgraded and optimised processes of the Group.


Triglav Group plan for 2019

In 2019, the Group’s operations will continue to be financially sound and profitable.

-   The Group’s profit before tax is budgeted between EUR 90 and 100 million (2018 plan: between EUR 80 and 90 million).

-   Consolidated gross written premium is planned at around EUR 1.1 billion (2018 plan: over EUR 1 billion).

-   The combined ratio of the Group is projected to be favourable at around 95%.


The Group expects that the macroeconomic environment of the region will continue to be favourable for its insurance business, even though less than in 2018, which could result in even fiercer competitive conditions in the insurance markets. As expected, the financial environment for the return on investments will remain unfavourable in 2019. The basic investment guidelines governing the insurance portfolios of the Group, i.e. adequate levels of investment security and liquidity while achieving adequate profitability, remain unchanged.


In the insurance business, the Group plans further growth in the share of total premium written in the markets outside of Slovenia. In all markets, the Group will not only continue to strengthen its strong competitive advantages but also implement an appropriate marketing strategy. The development activities will be aimed at ensuring a range of simple, reliable, integrated and transparent insurance products, which will be complemented by related services. In 2019, Triglav Group will continue to focus on the client, implement the relevant development activities and increase the efficiency of the sales networks through strategic omni-channel client communication. Approximately the same development and occurrence of loss events is expected as in past years as well as developments of major CAT events (flood, hail, storm). The Group continues to duly provide for adequate reinsurance protection.


In asset management, the strategic objectives of the Group will be to increase the volume of AUM from non-compulsory saving and effective management of assets at the level of the whole Group. The Group will continue to actively pursue any opportunities arising from the consolidation of the asset management industry in the region.


Andrej Slapar, President of the Management Board of Zavarovalnica Triglav: “Our guideline of growth and development has been strategically set and we believe it is the right one and we will not change it. The strategy has been revised particularly with the aim of defining the main focus of the Group’s operations even more clearly. The team of over 5,000 employees in the region is connected by the values of responsiveness, simplicity and reliability. We are entering 2019 with optimism and energy to continue developing the culture of engagement and our focus on the client, with the aim of achieving profitable and financially sound operations. Taking into account the business conditions, a higher profit before tax is planned for the next year compared to the one budgeted for 2018. We will continue to carefully implement all set strategic projects and activities, and I believe we will be successful.”


The Triglav Group Business Plan for 2019 and the Strategy are available at Triglav.eu.


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