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INI-1110/17

ZAVAROVALNICA TRIGLAV, d.d., Ljubljana

Unaudited Report of the Triglav Group and Zavarovalnica Triglav d.d. for the Period from 1 January 2017 to 30 September 2017

In accordance with the Ljubljana Stock Exchange Rules and the applicable legislation, ZAVAROVALNICA TRIGLAV d.d., Ljubljana hereby publishes the following notice:

Profitable operations. The Triglav Group ended Q1–3 2017 with a profit before tax of EUR 64.5 million (EUR 67.5 million in 2016) and generated a net profit of EUR 52.3 million (EUR 53.6 million in 2016).

Premium growth recorded in all insurance markets and all three insurance segments. Compared to the respective period of 2016, the premium growth of 8% was recorded at the Group level (EUR 777.1 million). The Group recorded premium growth in all three insurance segments. Both non-life insurance premium and life insurance premium increased, by 8% and 3% respectively, whilst health insurance premium saw an increase of 14%. Premium growth was recorded in all insurance markets in which the Group operates. The average growth on the Slovene market was 7% and on the markets outside of Slovenia it stood at 11%. In 2017, the situation on insurance markets has been gradually improving, but the Group is still faced with challenging conditions marked by aggressive price competition.

Increased loss developments, favourable combined ratio. Gross claims paid increased by 5% (EUR 467.4 million) as the result of the increase in the insurance portfolio and claim frequency as well as the higher number of mass loss events. The latter increased over 2016; in the first nine months of 2017, they amounted to EUR 25 million (EUR 19 million in 2016). The Group’s combined ratio of 95.3% (2016: 95.0%) was favourable despite the increase in the claims ratio and at the level of its average target strategic value.

Returns on financial investments. As at the reporting date, the Group’s financial investments totalled EUR 3.1 billion. They are effectively managed despite the low interest rate environment, due to which lower interest income was realised compared to the corresponding period last year. In terms of value, returns on financial investments remained at the 2016 level mainly due to higher capital gains on the sale of financial investments.

“A” credit rating affirmation. In 2017, both credit rating agencies, i.e. S&P Global Ratings and A.M. Best, assigned the Triglav Group the same high “A” credit ratings as last year with a stable medium-term outlook. The credit ratings reflect consistently strong operating performance over the past years, the dominant market position and financial soundness of the Group, as well as adequate reinsurance protection and risk management. 

Andrej Slapar, President of the Management Board of Zavarovalnica Triglav d.d., said: “In the first nine months of 2017, the Group not only operated profitably and safely but was also financially strong, as confirmed by high credit ratings. The challenging conditions in capital markets have continued, in addition to an increased number of mass loss events recorded this year. Taking into account the business conditions anticipated until the end of the year, we estimate that our annual plan will be achieved. In 2017, we have continued with the existing or have been implementing new activities aimed at achieving the 2017–2020 strategic guidelines. Clients are in the very centre of our activities. Our products, services and sales channels are being tailored and developed to their needs and the specificities of individual markets. In our markets, we invest in those insurance segments where the highest growth rates are expected. To this end, this year we have entered the voluntary pension insurance market in Bosnia and Herzegovina and the Macedonian life insurance market. I believe that the commitment and energy of the Triglav Group’s team are the guarantee that we will achieve our set objectives.”

 

The Unaudited Report of the Triglav Group and Zavarovalnica Triglav d.d. for Q1–Q3 2017 and the Presentation for Investors are enclosed hereto.

This information will be published on the website of Zavarovalnica Triglav at www.triglav.eu as of 17 November 2017 and will remain available on the Company’s public website for a period of at least ten years.

Management Board of Zavarovalnica Triglav d.d.
Date: 17.11.2017