For the Triglav Group, a source of inspiration has been its 119 years in the insurance industry. Vzajemna zavarovalnica, a Ljubljana mutual insurer, from which Zavarovalnica Triglav, d.d., gradually evolved, was established in 1900.
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THE FOUNDING YEARS
The founding meeting of Vzajemna zavarovalnica took place on 5/7/1900 in Ljubljana as the first Slovene insurance company founded with domestic capital. Initial capital of 100,000 former Austrian crowns (kronen) was provided by Anton Bonaventura Jeglič, the Bishop of Ljubljana.
The first President of Vzajemna zavarovalnica and one of its founders was Ivan Vencajz, a royal court adviser, member of the parliament and landowner.
The company opened for business on 1/8/1900 and issued its first policy on 12/7, taking effect on 1/8. In the beginning it offered fire insurance and bell insurance. In order to distinguish itself from the authorised agencies of foreign insurance companies present in Ljubljana, which emphasised their size and profits, Vzajemna zavarovalnica was based on:
- mutual insurance operations and a non-profit character and
the principle that “he gives twice who gives promptly”.
FIRST NOBEL PRIZES AWARDED
25% of the total cars sold were electric vehicles. The first Nobel Prizes were awarded in 1900.
In its early years, Vzajemna met with great dislike from competitive insurance companies. In response to its establishment they lowered their premiums, expanded their agent networks, raised agent commissions, etc. Moreover, they convinced reinsurers not to provide their services to Vzajemna, which is why it was forced to seek reinsurance in Bohemia.
In the former Austro-Hungarian Empire, Vzajemna primarily operated in the Slovene territory, developing its agent network in the Kranjska, Štajerska, Goriška, Tržaška and Istria regions. In the first ten years of operation its volume of business greatly increased. The beginning of World War One did not stop its operations; however it did experience a significant negative impact in 1915 when Goriška became a war zone, forcing Vzajemna to suspend its operations in this region. In 1918, Slovenia lost the Primorska and Istria regions, parts of the Notranjska and Štajerska regions and Koroška. After the collapse of the Austro-Hungarian Empire, the Kingdom of Serbs, Croats and Slovenes was founded.
FIRST AIRPLANE FLIGHT IN HISTORY
In 1903, the Wright Brothers made the first successful airplane flight and the first car registration plate A1 was issued in England. In 1913, the world’s first assembly line opened at a Ford plant.
YEARS OF GROWTH AND EXPANSION
At the end of World War One, Vzajemna zavarovalnica was facing high inflation and portfolio losses. In order to survive, it had to introduce new insurance products. In 1919 it issued the first life insurance policy, in 1926 it introduced glass insurance, in 1930 burglary insurance and in 1931 suretyship, accident and comprehensive car insurance.
Vzajemna began expanding its operations to the territories of the State of Slovenes, Croats and Serbs, which later became a part of the Kingdom of Yugoslavia. Between 1918 and 1936 the insurance industry in the Kingdom of Yugoslavia developed without single legislation applicable to the entire country. The insurance sector was better regulated with the adoption of the Decree on the Supervision over Insurance Companies, followed by the Cooperatives Act adopted in 1937. By the commencement of World War Two the number of insurance companies in Slovenia gradually decreased – at the beginning of the war there were thirteen insurers, of which eight were Slovene owned. Due to occupation and war at the end of 1941 the majority of insurance companies had to transfer their policies to Italian, German and Austrian insurers.
BETWEEN THE TWO WORLD WARS
With the opening of the Versailles Peace Conference in 1919, the First World War officially ended. Einstein’s Theory of Relativity was officially confirmed the same year.
By a special ordinance in March 1945, the nationalised insurers were merged into the National Insurance and Reinsurance Institute, which was in 1946 renamed the National Insurance Institute and operated until 1947 Having avoided incorporation into the National Insurance and Reinsurance Institute, on 16/7/1945 Vzajemna changed its name to the Insurance Institute of Slovenia FPRY.
Its volume of business expanded already in 1946, when it was merged with the National Insurance Institute, headquartered in Belgrade. The National Insurance Institute underwrote insurance for all state and other assets and continued to operate in such form until 1961.
AFTER SECOND WORLD WAR
The Second World War ended. UNICEF was established in 1946.
A PERIOD OF DECENTRALISED INSURANCE
In this period, the National Insurance Institute was formally closed down, creating apparent competition between the fourteen independent insurance companies which emerged from its subsidiaries in Slovenia and the Insurance Community for the PR Slovenia. But in reality the monopoly, the mandatory insurance of social property and centralised risk equalisation continued to exist.
In 1962, the satellite Telstar relayed the first live trans-Atlatntic television signal.
The realisation that a larger insurance company was needed for sound risk equalisation soon led to the merger of smaller insurance companies from Slovenia and Croatia into two commercial insurers: Zavarovalnica Sava, based in Ljubljana, and Zavarovalnica Maribor, based in Maribor, both operating according to free market principles.
In 1973 Zavarovalnica Sava began to offer reinsurance as well. In 1976 the two companies merged into Zavarovalna skupnost Triglav (Triglav Insurance Community) based in Ljubljana. In that period also Pozavarovalna skupnost Sava (Sava Reinsurance Community) was founded, the first specialised reinsurance company in Slovenia.
The year 1968 was marked by student protests accross Europe.
THE LIBERALISATION OF THE INSURANCE INDUSTRY
In 1976 the Law on the Foundations of the Non-life and Life Insurance System was passed, starting a period of liberalisation of the insurance industry without insurance oversight, which lasted until 1990.
In this period, the Triglav Insurance Community was the only Slovene-owned insurer in Slovenia, with a 95% market share, and the third largest insurer in Yugoslavia. In Slovenia, insurance companies functioned according to the principle of mutuality and solidarity.
FALL OF THE BERLIN WALL
In 1977, the GPS system was presented. The liberalisation of Easteren Block countries in 1989 culminated in the fall of the Berlin Wall.
TRANSFORMATION INTO A PUBLIC LIMITED COMPANY AND EXPANSION OF BUSINESS
In 1990, the Triglav Insurance Community (Zavarovalna skupnost Triglav) was transformed into a public limited company. On 12/12/1990, Zavarovalnica Triglav, d.d., was founded and began operating as an insurance public limited company on 1/1/1991. Thus, the insurance community became a business entity whose objective was to provide insurance services for profit.
As early as in July of 1990, the Belgrade Regional Community obtained an authorisation to establish its own insurance public limited company Kopaonik. In November of the same year such authorisations were also granted to regional units in Koper, Maribor and Novo mesto, which became independent and organised as independent insurance companies (Adriatic, Zavarovalnica Maribor and Zavarovalnica Tilia).
In Croatia, Zavarovalnica Triglav, d.d., registered the insurance company Istra Osiguranje d.d. (including all Zavarovalnica Triglav's regional units in the Republic of Croatia at the time) in 1993. This was later renamed Sava osiguranje, d.d., i. e. the current Triglav osiguranje, d.d., with its registered office in Zagreb.
In 1994, Triglav družba za upravljanje, d.o.o., was established and in 1998 Pozavarovalnica Triglav Re, d.d., which opened for business in 1999 (formerly named Pozavarovalna skupnost Sava (Sava Reinsurance Community) or Pozavarovalnica Sava, d.d.).
BEGINNINGS OF THE INTERNET
Tim Berners Lee created the first webpage in 1990. One year leater, Slovenia became an independent state.
INTENSIVE INTERNATIONALISATION AND EXPANSION OF THE GROUP
In 2000 Zavarovalnica Triglav, d.d., began intensive business expansion. That year it also entered banking sector by acquiring a majority stake in Abanka, d.d., and started to broaden its operations into foreign markets.
In 2000 the subsidiary Triglav Pojišt'ovna a.s. was established in Brno, the Czech Republic. In 2001 Zavarovalnica Triglav, d.d., became the largest shareholder of Triglav BH Osiguranje d.d., based in Sarajevo (now Triglav Osiguranje, d.d., Sarajevo), Bosnia and Herzegovina. In November 2002 Triglav Zdravstvena zavarovalnica, d.d., was founded through the reorganisation of the Concordia life insurance company (established in 1994). In 2006 Zavarovalnica Triglav, d.d., increased its stake in the largest Montenegro insurance company Lovćen osiguranje, a.d., based in Podgorica, and acquired a stake in the Serbian insurance company Triglav Kopaonik, a.d.o. (now Triglav Osiguranje, a.d.o., Beograd), based in Belgrade. In 2007, Triglav Krajina Kopaonik, a.d.o. (now Triglav osiguranje, a.d., Banja Luka), based in Banja Luka, the Republic of Srpska and Vardar osiguruvanje, a.d. (now Triglav Osiguruvanje AD, Skopje), from Macedonia, joined the Triglav Group.
HUMAN GENOME DECODED
The Slovene national football team played in the Euro 2000 European Championship. The first draft human genome sequence was published the same year.
LISTING ON THE STOCK EXCHANGE
In 2008 the shares of Zavarovalnica Triglav, d.d., were first quoted on the Ljubljana Stock Exchange. The same year the company was awarded an “A” rating by the Standard & Poor's Rating Services. In the year 2013 Triglav Group was assigned also rating by AM Best. Since 2009 Zavarovalnica Triglav, d.d., has been focused on the profitability of core business, careful selection of insurance risks, consolidation of business functions and transfer of knowledge, with an aim to make full potential of the existing markets. All along this has been underpinned by continued development of effective risk management system.
In 2010, TINT was established, to which all Zavarovalnica Triglav’s equity interests in the insurance subsidiaries outside of Slovenia were transferred.
In 2015, the acquisition of Triglav, pokojninska družba, d.d., took place, whilst the subsidiary Triglav Naložbe, d.d., was merged to the parent company. Furthermore, the subsidiary Slovenijales, d.d., was merged to the subsidiary Triglav, Upravljanje nepremičnin and the sale of the Czech insurance company Triglav Pojišt’ovna a.s., Brno was completed.
By acquiring the remaining 28.1% participating interest in Skupna pokojninska družba now known as Triglav, pokojninska družba, the Triglav Group became its 100% owner in 2018.
In 2017, Zavarovalnica Triglav, d.d., entered the pension insurance market in Republic of Srpska, followed by the North Macedonian pension insurance market in 2019, where it established a company for the management of compulsory and voluntary pension funds – Triglav penzisko društvo, a.d., Skopje. In 2017, Zavarovalnica Triglav d.d. and KGAL Beteiligungsverwaltungs GmbH established TRIGAL d.o.o., Ljubljana for the purpose of managing private equity financial funds. In April 2019, the management company Triglav Skladi became the owner of ALTA Skladi. As a result, the Triglav Group became the leading provider of mutual funds in the Slovene market, thereby continuing to strengthen its asset management business, which is the second strategic activity.
In the insurance business, health insurance and related services are one of the most strategically important segments of the Triglav Group’s operations. In providing health insurance services, the Group relies on an extensive network of partner service providers to ensure the highest possible accessibility of services to all its policyholders. In this way, the Group is able to ensure high insurance coverage of the population and, in the case of health problems, quick access to quality medical care. In order to strengthen the client assistance model, Triglav zdravje asistenca, družba za zdravstveno dejavnost was established in 2022.
In April 2023, the legislative framework for the existing supplemental health insurance system was changed in Slovenia, which, due to price regulation and other restrictions, will have a negative impact on the Group's performance in 2023.
Today the Triglav Group is the leading insurance-financial group in Slovenia, in the Adria region and one of the leading groups in South-East Europe, where it is gaining ground and expanding its operations.
GLOBAL FINANCIAL CRISIS
The year 2008 witnessed the beginning of a global financial crisis.
Years 2020 and 2021 are marked by the SARS-CoV-2 coronavirus pandemic, which causes the COVID-19 disease.