In Q1 2023, the Triglav Group effectively increased its total business volume to EUR 484.6 million (index 109) and generated EUR 18.5 million in profit before tax (index 63). Results were affected by the more challenging business conditions accompanied by the effects of inflation, higher claim intensity, a lower health insurance result and the effects of methodological decisions in the transition to IFRS 17 and IFRS 9 accounting standards. The Group, which has maintained its financial strength and a dominant market position, continues to implement strategic development activities related to a strong client focus, digital transformation and sustainability ambitions. The Management Board and the Supervisory Board will propose to this year's regular General Meeting of Shareholders to be held on 6 June 2023 to pay a dividend of EUR 2.50 gross per share.

More in the notice.

The Company’s Management Board hereby convenes the 48th General Meeting of Shareholders of Zavarovalnica Triglav d.d., to be held on 6 June 2023 at 10:00 a.m. in the Diamant Hall of the Grand Plaza Hotel, Slovenska cesta 60, Ljubljana.

More information available in the material with proposals for resolutions and other material for the General Meeting of Shareholders.

The Supervisory Board of Zavarovalnica Triglav approved the Audited Annual Report of the Triglav Group and its parent company for 2022.
In the challenging situation in 2022, the Group performed well, maintaining its financial stability and dominant market position in the region. The Group's total revenue in the amount of EUR 1,599.3 million was up by 10% over the year before, of which gross written premium accounted for EUR 1,479.6 million (up by 9% over 2021). The Group's profit before tax amounted to EUR 134.5 million, up by 1% relative to the previous year. The Management Board and the Supervisory Board will propose to this year's General Meeting of Shareholders to pay the dividend of EUR 2.50 gross per share or EUR 56.8 million in total, representing slightly more than 50% of the Group’s net profit for 2022.

More information available in public announcement, public announcment about SFCR, annual report and investor presentation.

The Management Board and the Supervisory Board will propose a dividend of EUR 2.50 gross per share to this year's General Meeting of Shareholders. The proposed dividend in the total amount of EUR 56.8 million accounts for slightly more than 50% of the consolidated net profit for 2022 (EUR 110.5 million). The proposal provides for a dividend yield of more than 6% at the current share price and exceeds investors' expectations regarding the average 4.3% dividend yield of European insurance companies' shares this year. Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: "We are pleased to be able to propose an attractive dividend to shareholders, which still enables the Triglav Group to achieve medium-term sustainable financial stability, further growth and development."

In last year's challenging situation, the Triglav Group achieved good results, which were even above those planned, as a result of not only the increased business volume but also by certain one-off or non-recurring effects. The Group was assigned a high “A” credit rating in 2022 by the credit rating agencies S&P Global Ratings and AM Best and maintained its financial strength. The Management Board and the Supervisory Board estimate that the appropriate level of capital adequacy, which decreased in 2022 as expected, will be maintained in the medium term upon the payment of the proposed dividend. Furthermore, in the dividend proposal, they took into account the assessments of the Group's current and expected future business conditions, its anticipated capital needs and its ability to achieve the outlined strategic objectives also in the future.

The Supervisory Board approved the audited Annual Report of the Triglav Group and Zavarovalnica Triglav for 2022, which will be published on Friday, 31 March 2023, in accordance with the financial calendar. The Company is expected to announce the convening of the regular General Meeting of Shareholders on 21 April 2023, scheduled to take place on 6 June 2023.

At Triglav Group, we prepared an informative theoretical presentation of the new international financial reporting standards (IFRS 17/9) related to re(insurance) contracts.

The first information about the transition to IFRS 17 is available in the presentation for investors.