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S&P reaffirms high “A” credit ratings with a stable medium-term outlook

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

Following its regular annual revision on 11 September 2020, S&P Global Ratings (hereinafter: S&P or the agency) reaffirmed the “A” Long-Term Credit Rating and Financial Strength Rating with a stable medium-term outlook of Triglav Group and thereby of its parent company and its subsidiary Pozavarovalnica Triglav Re. The high rating is a reflection of the stable and profitable operations of Triglav Group, its strong capitalisation, sound reinsurance protection and its leading position in the domestic and regional insurance markets. The “A” credit rating exclusively reflects the Group's stand-alone credit risk profile.

In its report, S&P assessed the business risk profile of Triglav Group as strong and its financial risk profile as very strong. By maintaining its client-centric approach, the Group ensures stable and profitable operations in both activities, insurance and asset management, even during the current economically challenging times. The leading position in the Slovenian market enables it to implement economies of scale, which it complements with its diversified product range and sales network, as well as a strong brand. Triglav Group's risk profile remains solid, benefiting from its conservative investment policy and a stable and effective reinsurance protection; its investment portfolio is of high quality and well-diversified, with most assets invested across the eurozone. According to S&P, this combined with underwriting discipline is a key factor for Triglav Group's stable earnings and capital position.

The medium-term outlook reflects S&P’s expectations that the Group will continue to effectively implement its business strategy at least over the next two years, focusing on growth and further diversifying its operations. The agency expects that despite the pandemic and its impacts Triglav Group will sustain strong, stable earnings and strong capitalisation at least in the “AA” range over the next two to three years.

This information will be published on the website of Zavarovalnica Triglav d.d. at www.triglav.eu as of 14 September 2020 and will remain available on the Company's public website for a period of at least five years.

Management Board of Zavarovalnica Triglav d.d.
Date: 14.09.2020