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Strong resilience in a challenging situation

Audited Annual Report of the Triglav Group and Zavarovalnica Triglav d.d. for 2020

At its session on 30 March 2021, the Supervisory Board of Zavarovalnica Triglav approved the Audited Annual Report of the Triglav Group and the parent company for 2020. During the COVID-19 pandemic and the low interest rate environment, the Group achieved good results and demonstrated its resilience and financial stability, which is also confirmed by the high “A” credit ratings assigned by established credit rating agencies. The Management Board and the Supervisory Board will propose to this year's General Meeting of Shareholders that part of accumulated profit be distributed for dividend payment, unless the Insurance Supervision Agency opposes this proposal by the time the General Meeting of Shareholders is convened. Both the Management Board and the Supervisory Board assess that the bases for the dividend payment are appropriate and thus, in accordance with the Company’s dividend policy, propose a dividend of EUR 1.70 gross per share. The total amount of dividends of EUR 38.649.751,60 will represent 53% of the Company’s consolidated net profit for 2020 and a 5% dividend yield.

Good business results in 2020. Triglav Group generated profit before tax of EUR 90.9 million in 2020 (index 90 relative to 2019) and net profit of EUR 73.7 million (index 88 relative to 2019) as well as increased its volume of business (written premium grew by 4% to EUR 1,234 million and the volume of clients' assets in mutual funds and discretionary mandate assets by 5% to EUR 1,156 million). Its operations were client-focused and in line with strategic guidelines. The new situation gave additional impetus to the overall digital business transformation of the Group, as it strengthened its digital sales and service, communication and distribution channels and tools as well as increased its digital presence. Employee and client satisfaction, which are continuously monitored by the Company, reached the highest levels ever measured in 2020. With its eleven insurance companies, the Group holds a dominant position in the Adria region and is one of the leading Slovenian asset managers in the mutual fund market.

Financial stability. The Group remained adequately capitalised and liquid, as also confirmed by the assigned high “A” credit ratings with a stable medium-term outlook by the credit rating agencies S&P Global Ratings and AM Best. The risk profile of the Group did not change significantly; the capital adequacy ratio of 240% as at the 2020 year-end was within the target range in accordance with the Group's capital management policy. Both reports, which provide more detailed information on the solvency and financial condition of the Triglav Group and the parent company, are available at this link.

Implementation of the dividend policy. The Management Board and the Supervisory Board propose to this year's General Meeting of Shareholders to pay a dividend of EUR 1.70 gross per share (the total value of EUR 38.649.751,60) or 53% of consolidated net profit for 2020, which is in line with the dividend policy. Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: “We are pleased to be able to again propose a payment of dividends to our shareholders. We have developed a dividend policy, which is attractive for the shareholders and sustainable for the development and growth of Triglav Group. We aim to implement it as such, while acting in compliance with the positions of the Insurance Supervision Agency. The proposal of the Management Board and the Supervisory Board has taken all of the above into account.”

The Annual Report of the Triglav Group and Zavarovalnica Triglav for 2020. The annual report is dedicated to the exceptional commitment and solidarity shown by the employees of the Triglav Group and presents their impressions and testimonies, in addition to the results achieved. The title “Together. At every moment.” summarises the Group's internal connection, integration into the community and building long-term relationships with its stakeholders. These constitute the basis for the implementation of sustainable business principles, to which the Company formally committed at the end of the year with the adoption of the Group’s commitment sustainability. The Group has pursued the principles of integrated reporting for many years. It defines sustainable development indicators according to the international GRI GS standard and links them to the United Nations Sustainable Development Goals.

The PDF version of the Annual Report of the Triglav Group and the parent company for 2020 is designed in accordance with the MAR Regulation and is unofficial. Together with the official version designed in the ESEF format, it is available in Slovenian and English on the websites www.triglav.eu, https://letnoporocilo.triglav.eu/2020 and https://annualreport.triglav.eu/2020.


 
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