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Unaudited Report of Triglav Group and Zavarovalnica Triglav for Q1 2019

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 2019, Triglav Group posted a profit before tax of EUR 29.9 million (index 108 compared with the same period last year). It was influenced by the sound performance of the insurance business and higher net gains on the sale of financial assets.

8% PREMIUM GROWTH. In 2019, the situation in the SEE insurance markets has continued to be influenced by positive economic conditions of the past few years, in addition to the fierce price competition affecting the business operations. Compared with the same period last year, the Group achieved an 8% growth in consolidated gross written premium totalling EUR 317 million in the reporting period. Premium growth of Triglav Group in the most markets of Triglav Group exceeded the growth of the whole market. In Slovenia, where Triglav Group collects 76% of consolidated premium, average premium growth stood at 6% (market growth was 5%) and 10% in the markets outside of Slovenia. The Group systematically implements the set objectives of its strategy, such as adjusting its product range to the clients’ needs in a particular market, developing its sales and communication channels (particularly in the markets outside of Slovenia, it is expanding its external sales network and the banking sales channel) and pursuing an active marketing and sales policy.

In terms of individual insurance segments, premium growth was recorded in all non-life insurance classes, while the growth of the whole segment was 9%. In the life and pension insurance segments, premium declined by 2% compared with the same period last year, primarily due to the lower volume of single premium payments. Health insurance premium increased by 20% as a result of the higher number of underwritten insurance contracts and price adjustments, driven primarily by the increased volume and higher prices of healthcare services.

RELATIVELY FAVOURABLE CLAIMS EXPERIENCE. Gross claims paid of the Group totalled EUR 166 million, down by 3% compared with the corresponding period last year. They were not significantly affected by major CAT events. Net claims incurred were at the expected level, up by 6% compared with last year, when they were relatively low. Their growth is one percentage point above the growth of net premium earned in the reporting period (index 105), resulting in a slightly higher claims ratio than last year. The combined ratio of Triglav Group was favourable at 91.6% (vs. 88.5% in 2018).

HIGHER VOLUME OF ASSETS UNDER MANAGEMENT. The asset management business of Triglav Group includes saving via the insurance services and investing in mutual and pension funds. As at the reporting date, the subsidiary Triglav Skladi, an asset management company, increased its assets under management as a result of the situation in the capital markets and net inflows. In mutual funds, the subsidiary managed net assets worth EUR 662 million or 9% more than at the end of 2018, while discretionary mandate assets increased by 20% to EUR 60 million.

In 2019, in line with the strategic guidelines of strengthening the asset management business, Triglav Group established in Macedonia’s market Triglav penzisko društvo AD, Skopje, a company for the management of compulsory and voluntary pension funds. In Slovenia, it successfully completed the acquisition of the asset management company ALTA Skladi. Through its two asset management companies, Triglav Group is becoming the leading provider of mutual funds in the Slovene market. 

HIGHER RETURN ON FINANCIAL INVESTMENTS. As at the reporting date, the Group’s financial investments totalled EUR 3.2 billion. The rates of return on investment (excluding the rates of return on unit-linked life insurance contract investments) equalled EUR 33.5 million. Compared with 2018, they increased due to higher net gains on the sale of financial assets and higher net gains from changes in the fair value. Net interest income continued to decrease due to the low interest rate environment.

Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: “We are pleased with the performance in the first three months of 2019. Taking into account the business conditions anticipated until the end of the year, we confirm our annual profit guidance. With the team of over 5,000 employees, Triglav Group pursues the set strategy to become a modern, innovative and dynamic insurance/financial group, firmly remaining the leader both in Slovenia and the wider region.

The Unaudited Report of Triglav Group and Zavarovalnica Triglav for Q1 2019 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 15 May 2019 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: 15.05.2019