ZAVAROVALNICA TRIGLAV, d.d., Ljubljana
Further clarification on Triglav Group supplemental health insurance
In accordance with the Ljubljana Stock Exchange Rules and the applicable legislation, ZAVAROVALNICA TRIGLAV d.d., Ljubljana is hereby publishing the following notice:
Insurers, which includes the Triglav Group, that offer supplemental health insurance as part of Slovenia's public healthcare system have been given the option by the amended decree of the Slovenian government to potentially receive compensation due to the price regulation introduced in April this year. The Group will carefully consider and assess this, acting as always in the best interests of its policyholders, shareholders and other stakeholders.
In April this year, a decree was issued by the Slovenian government requiring insurers, which includes the Triglav Group, that offer supplemental health insurance to continue doing so until the end of 2023, while setting a maximum price for this insurance. This had a negative impact on the Group's business. Consequently, at the half-year reporting date, the Group informed its shareholders that it would not achieve its planned annual profit.
On Friday afternoon, 22 December 2023, an amendment to the aforementioned government decree was published, which gives the insurers offering supplemental health insurance the option to receive compensation. It refers to the potential reimbursement of the difference between the costs paid by insurers to healthcare service providers and the insurance revenue generated from supplemental health insurance in the period from the date the insurer announced a premium raise to 31 December 2023.
Insurers are eligible to submit said claim within four months of the entry into force of the amended decree, and the claim must be certified by a certified auditor. The claim will be verified by the Ministry of Health in cooperation with the Insurance Supervision Agency. If an insurer submits a claim and receives payment under the amended decree, it forfeits any legal recourse against the Republic of Slovenia for any other damages arising from the setting of the maximum price of supplemental health insurance premium as mandated by the decree.
The Triglav Group will examine and assess these legal bases and, as always, will act in the best interests of its policyholders, shareholders and other stakeholders. As of 2024, it will discontinue its current supplemental health insurance products, but will continue to develop and offer commercial complementary health insurance products in the Adria markets in line with its strategy.
This information will be published on the website of Zavarovalnica Triglav d.d. at www.triglav.eu as of 27 December 2023 and will remain available on the Company's public website for a period of at least five years.