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Unaudited Report of Triglav Group and Zavarovalnica Triglav for the first three months of 2018

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

PROFITABLE OPERATIONS. In Q1 2018, Triglav Group posted a consolidated profit before tax of EUR 27.5 million or 8% more than in the same period last year. Net profit totalled EUR 23.3 million, up by 5%. The achieved results are mostly the reflection of solid performance of the insurance business. Compared to the respective period of 2017, Triglav Group recorded a 4% premium growth, which was higher than the growth in net claims incurred (index 102), while operating expenses of the insurance business grew by 4%.

PREMIUM GROWTH IN ALL MARKETS OF THE GROUP. Triglav Group posted a total of EUR 293 million in consolidated gross written premium, up by 4% compared to the same period last year. Premium growth was recorded in all markets of the Group. The average growth on the Slovene market was 4% and on the markets outside of Slovenia it stood at 6%. In terms of insurance segments, premium growth was seen in non-life insurance and health insurance (index 106 in both segments). In the life insurance segment, premium decreased by 3%, primarily as the result of positive one-off events in Q1 2017.

NO MAJOR CAT EVENTS. Major CAT events had no impact on the Group's performance in Q1 2018. Gross claims paid totalled EUR 171.0 million and were 12% higher compared to the corresponding period last year. This increase was predominantly the result of the non-life insurance claims that incurred and were reported in 2017, for which adequate provisions were made and which were appropriately reinsured. The growth in gross claims paid was also affected by the increase in the health insurance portfolio and claim frequency, which resulted from the changed age structure of insured persons. The combined ratio of Triglav Group was 88.5% as at the end of Q1 2018.

A LOWER RETURN ON FINANCIAL INVESTMENTS AS EXPECTED. In the reporting period, the Group’s financial investments of EUR 3.1 billion continued to be managed in the environment of low interest rates, which continually reduce interest income. The return on investments (excluding unit-linked insurance contract investments) dropped by 39% compared to 2017; lower net interest income was expected. The Group continues to follow the main guidelines of its existing investment policy.

FINANCIAL STABILITY. As at 31 March 2018, total equity of the Group amounted to EUR 767.8 million and insurance technical provisions equalled EUR 2,766.2 million, which accounted for a 1% growth in both categories compared to the 2017 year-end. Triglav Group is not only financially stable and well capitalised but also carefully manages any risks to which the parent company and the other 37 Group members are exposed in their operations.

TOWARDS THE GROWTH AND DEVELOPMENT STRATEGY. In 2018, the Group has continued to consistently implement its strategic guidelines. In line with its 2020 vision, Triglav Group has been developing into a modern, innovative and dynamic insurance/financial group, which firmly remains the leader both in Slovenia and the wider region. In accordance with its development and growth strategy, last year the Group entered the voluntary pension insurance market in Bosnia and Herzegovina and the Macedonian life insurance market, while this year the Group is entering the pension insurance market in Croatia.

Andrej Slapar, President of the Management Board of Zavarovalnica Triglav d.d., said: “We are pleased with the results achieved in the first quarter. Taking into account the business conditions anticipated until the end of the year, we estimate that the annual profit before tax of Triglav Group will be within the planned range. We have observed that the growth in the volume of operations in the insurance markets of the region has continued to be positive; however, at the same time we have to take into account strong competition on these markets. In line with our strategy, our products and services are being developed and tailored to meet client needs and the specificities of individual markets. With a team of over 5,000 employees, we are not only further strengthening our existing strong competitive advantages but also carrying out intensive sales activities.

The Unaudited Report of Triglav Group and Zavarovalnica Triglav for Q1 2018 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 16 May 2018 and will remain available on the Company’s public website for a period of at least ten years.

Management Board of Zavarovalnica Triglav
Date: 16.05.2018