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INI-686/18

ZAVAROVALNICA TRIGLAV, d.d., Ljubljana

Unaudited Report of Triglav Group and Zavarovalnica Triglav for the First Half 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 H1 2018, Triglav Group generated a profit before tax of EUR 35.6 million. The reason for its year-to-year decline (index 84) lies in major CAT loss events in the second quarter of 2018 and a lower return on financial investments. Such operating conditions have been duly taken into account in the business plans for 2018. Taking into account the business conditions anticipated until the end of the year, at the half-year the Group estimates that the budgeted annual profit will be realised.

PREMIUM GROWTH IN ALL MARKETS AND SEGMENTS. Triglav Group's insurance business performed well. The Group posted a total of EUR 575 million in consolidated gross written premium, up by 5% compared with 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 7%. Apart from that, the Group is gradually increasing the share of premium in the markets outside of Slovenia. At the half-year, it stood at 18.1%, up by 0.4 percentage point compared with the corresponding period the year before. In terms of individual insurance segments, a 6% premium growth was seen in non-life insurance, a 0.3% growth in life insurance and an 8% growth in health insurance.

MAJOR CAT LOSS EVENTS IN Q2. Claims are a natural part of the Group’s business, which also includes major CAT loss events of varying severity, frequency and impact on the business performance. In the second quarter of 2018, floods, hail, storms and spring frost in Slovenia and Macedonia caused over EUR 21 million in claims, which resulted in 9% higher gross claims paid in non-life insurance compared to 2017. Despite the higher claims ratio, the combined ratio of the Group remained favourable at 95.2%. Triglav Group puts emphasis on ensuring the long-term security of its clients, which is achieved by the Group’s capital strength, prudent formation of insurance technical provisions, good reinsurance protection and careful management of all the risks to which the parent company and the other 37 Group members are exposed in their operations.

A LOWER RETURN ON FINANCIAL INVESTMENTS. As at 30 June 2018, the Group’s financial investments totalled EUR 3.1 billion, the return of which (excluding the return on unit-linked life insurance investments) dropped by 30% compared with the corresponding period of 2017, as expected given the last year’s one-off events. The Group continues to follow the main guidelines of its existing investment policy.

TOWARDS THE GROWTH AND DEVELOPMENT STRATEGY. In the second year of its 2017–2020 strategy, Triglav Group continues to consistently implement its strategic guidelines, developing into a modern, innovative and dynamic insurance/financial group, which firmly remains the leader both in Slovenia and the wider region. One of the strategic guidelines is enhancing the visibility of the Group as the leading asset manager in the existing markets and increasing the volume of assets under management. In this context, the Group is actively seeking the possibilities to consolidate asset management companies and the portfolios of pension companies in its existing markets. This year’s acquisition of the majority stake in Raiffeisen Mirovinsko osiguravajuče društvo in the Croatian pension insurance market is related thereto.

Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: “The first half of the year was characterised by our dynamic operations. Along with good premium growth they were affected by CAT loss events and lower return on our investments. In terms of annual and strategic objectives, we are satisfied with the achieved. In all our markets and in both business segments, we continued to consistently carry out activities related to our growth and development strategy. All of the Group’s activities are centred around our clients, adapting our operations to their needs as well as digitising and streamlining our processes, in addition to developing comprehensive insurance products and services along with the omni-channel approach to our clients. I believe that the energy, expertise and engagement of our team of over 5 thousand colleagues are a good basis to effectively achieve what we pursue.”

The Unaudited Report of Triglav Group and Zavarovalnica Triglav for the first half of 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 17 August 2018 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: 17.08.2018