The 47th General Meeting of Shareholders of Zavarovalnica Triglav
On 24 May 2022, at the 47th General Meeting of Shareholders of Zavarovalnica Triglav the shareholders passed the Management Board’s and the Supervisory Board’s proposal to allocate EUR 84.1 million for dividend payment or EUR 3.70 gross per share. This represents 74% of the Company’s consolidated net profit for 2021 and a 9% dividend yield. The dividend will be paid to the shareholders appearing in the Company’s share register as at 7 June 2022 (the ex-dividend date is Monday, 6 June 2022). Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: “I thank the shareholders for their trust. The Triglav Group is financially stable and achieves the set results, and we are pleased that on this basis we are able to pay an attractive dividend to the shareholders. The dividend is exceptionally higher, because in addition to the dividend policy it also takes into account the aspects and circumstances of the past two years.”
The shareholders took note of the Annual Report of the Triglav Group and Zavarovalnica Triglav for 2021 and granted a discharge to both the Management Board and the Supervisory Board for 2021. The General Meeting of Shareholders approved Zavarovalnica Triglav’s remuneration report for 2021, while the consultative resolution on its remuneration policy was not adopted. The remuneration policy, which is pursued by Zavarovalnica Triglav and complies with the law, is not fully in line with the latest recommendations of the shareholder SDH, published on 16 March 2022. The recommendations of the shareholder SDH regarding the remuneration policy will be examined by the time the next regular General Meeting of Shareholders of Zavarovalnica Triglav takes place.
The General Meeting of Shareholders appointed the audit firm Deloitte revizija d.o.o., Ljubljana the auditor of Zavarovalnica Triglav for the 2022, 2023 and 2024 financial years.
More information available in Notice on the Resolutions of the 47th AGM.
Income and profit growth in a challenging situation
In the challenging situation of Q1 2022, Triglav Group’s total revenue grew by 12% to EUR 442.9 million and the volume of gross written premium increased by 10% to EUR 407.1 million year-on-year. Premium growth was recorded in all insurance segments and in all markets of the region where the Group operates. The consolidated profit before tax, amounting to EUR 38.1 million, was 20% higher than in the same period last year, with its growth stemming from underwriting activities and own asset management. The Group maintained its financial strength with capital adequacy in the target range. In line with the revised strategy to 2025, the Group carried out development activities aimed at achieving an improved client focus, digital transformation and other strategic ambitions.
Notice of the 47th General Meeting of Shareholders
The Company’s Management Board hereby convenes the 47th General Meeting of Shareholders of Zavarovalnica Triglav d.d., to be held on 24 May 2022 at 10:00 a.m. in the White hall of the Grand hotel Union, Miklošičeva cesta 1, Ljubljana.
More information available in draft resolutions and other material for the General Meeting of Shareholders .
Proposed dividend for Zavarovalnica Triglav shareholders
The Management Board and the Supervisory Board will propose to this year’s General Meeting of Shareholders to pay the dividend of EUR 3.70, or EUR 84.1 million in total. According to their proposal, 74% of the Triglav Group’s net profit for 2021 would be allocated for the dividend payment, which would represent a 9% dividend yield. The proposed amount exceeds 50% of the consolidated net profit of the previous year (EUR 56.8 million), which is set as a starting point in the Company’s dividend policy. A part of the proposed dividend therefore represents an additional amount made possible by the level of the Group’s available capital and arises from the uniqueness or exceptionality of some segments of the Group's operations in the past two years.
Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: “The Management Board and the Supervisory Board based this year’s dividend proposal on the dividend policy, also taking into account several aspects and circumstances of recent years. The Triglav Group has been operating in an extremely demanding and uncertain business environment over the past two years, exercising extra caution in this respect, particularly with regard to underwriting activities. Last year, the Group was able to achieve very good business results, which were even above expectations. Furthermore, the Group maintained its financial strength, with its capital adequacy being in the target range, thus ensuring that the Group also has an adequate amount of available capital. Its target capital adequacy will be maintained even when the proposed dividend is paid. Last but not least, estimates of the current and expected future business conditions of the Triglav Group and its ability to achieve its set strategic goals in the future were also taken into account.”
Zavarovalnica Triglav’s dividend policy is designed in a way that is attractive to shareholders and sustainable for the development and growth of the Triglav Group. Accordingly, the starting point for the dividend proposal of 50% of the consolidated net profit of the previous year is preserved also for 2023.
The Company is expected to announce the convening of the regular General Meeting of Shareholders on 21 April 2022, scheduled to take place on 24 May 2022.
2021: Record results, increased volume of business and strong profit growth
At its session on 30 March 2022, the Supervisory Board of Zavarovalnica Triglav approved the Audited Annual Report of the Triglav Group and its parent company for 2021.
In 2021, the Group achieved a 10% increase in total revenue compared to the previous year (EUR 1.46 billion) and a 46% increase in profit before tax (EUR 132.6 million). The Group maintained its financial strength, as confirmed by the capital adequacy, which at 219% was within the target range as at the 2021 year-end. In 2021 the Group was again assigned high, “A” ratings by renowned credit rating agencies. The risk profile of the Group did not change significantly; the Group’s capital adequacy ratio of 219% as at the 2021 year-end was within the target range in accordance with its capital management policy.
Commitment to Sustainability (ESG)
Triglav Group defined its strategic sustainable ambitions to 2025, more information available here.
In early 2022, Zavarovalnica Triglav became a signatory to the United Nations Principles for Sustainable Insurance (UN PSI), thereby joining the United Nations Environment Programme Finance Initiative (UNEP FI). It is also a signatory to the Partnership for Carbon Accounting Financials (PCAF) initiative, which aims to ensure that the financial industry’s policies are in line with the Paris Agreement targets. The Group has improved its ESG disclosures by adding disclosures according to the Sustainability Accounting Standards Board (SASB) to the long-term application of the Global Reporting Initiative (GRI) criteria and standard.
Triglav’s Capital Markets Day 2022
On 25 January 2022, Triglav Group hosted its Capital Markets Day 2022. At this virtual event Triglav’s management presented updated strategy till 2025 with insight into the development activities and ambitions. More information available in the presentation.
Revised strategy to 2025
With a revised strategy, the Group continues to carry out development activities with the aim of pursuing its digital transformation and developing service-oriented business models and ecosystems. The operations of the Triglav Group, the leading insurance-financial group in the Adria region, are planned to remain profitable and safe. In the strategy period, a 10% return on equity (ROE) is planned and in 2025 total revenue is projected to exceed EUR 1.6 billion. By being committed to business sustainability, the Group remains a development-oriented environment for its employees, connected with its partners, and a stable, safe and profitable investment for investors. Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: "We have started the 2022 financial year with a revised strategy to 2025. With it, we have set ambitious strategic guidelines and objectives, which have been upgraded in terms of development, thereby following our mission of building a safer future for all our stakeholders.” More information in Strategy of Triglav Group.