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Entry into the Life Insurance Market in Macedonia

After the pension insurance company in Bosnia and Herzegovina, a new life insurance company in Macedonia

Following this year’s entry into the pension insurance market in Bosnia and Herzegovina, the Triglav Group will enter the life insurance market in Macedonia by establishing the insurance company Triglav Osiguruvanje Život. The leading insurance-financial group in this part of Europe has been operating on the Macedonian market since 2007 and holds the leading position in the non-life insurance segment with an 18% market share. Strengthening the position in the region and focusing on the development of life, health and pension insurance in the markets where the Group operates is in line with its strategic guidelines up to 2020.

In the beginning of November, the Triglav Group will enter the life insurance market in Macedonia. The Group has been present in Macedonia since 2007, but only in the non-life insurance market, where it holds the leading position with an 18% market share. The Group is expanding its business to the life insurance segment, as it sees potential for growth in this market due to lower insurance penetration. The Group expects the market conditions to be challenging because this insurance segment is closely linked with the general economic situation in a particular country. Currently, four life insurance companies are operating in tight competitive conditions. The Triglav Group will enter the market with its competitive advantages, particularly with its strong, trusted brand, high-quality products and appropriate expertise. The Group will be operating in this segment of the insurance market through the newly established life insurance company Triglav Osiguruvanje Život, in accordance with the applicable legislation.

 

In its strategy for the 2017–2020 period, the Triglav Group, the leading regional insurance-financial group, set the guidelines of its operations, which will focus on the Group’s two business pillars: insurance and asset management. As announced, in the context of its insurance operations, the Group plans to continue to develop its markets and primarily invest in the insurance segments with expected higher growth rates, which include life, health and pension insurance.

 

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