The Triglav Group’s operations are to some extent exposed to the situation resulting from the war in Ukraine and related sanctions against Russia and Belarus. The Group estimates that its current exposure is limited and low and that future uncertainties will stem mainly from the impact of this situation on financial markets. In accordance with established practice, the Group will continue to provide transparent information to the public.
Based on available data, the Triglav Group assessed its current exposure to the war in Ukraine and related sanctions against Russia and Belarus. The consequences of this situation remain uncertain, which makes it impossible to form a reliable assessment of their effects on the Group’s operations this year.
The Group estimates that the direct exposure of its insurance and reinsurance business to the war in Ukraine is low. Furthermore, the exposure of the Group’s reinsurance business to sanctions imposed against Russia and Belarus is low. The Group also assessed the direct and indirect exposure of its investment portfolio to the current situation. Due to the geographical diversification of the portfolio, the Group’s direct exposure to Russian issuers is limited only to bonds and accounts for 0.3% of the Group’s total assets. The Group’s investment portfolio is indirectly exposed to developments in the capital markets as a result of the war in Ukraine.
In the current situation, the Group has identified increased cyber risks, which it is managing properly within the framework of the comprehensive risk management system.