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AM Best affirms the credit rating of "A" with a stable medium-term outlook

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

Following its regular annual revision, the AM Best credit rating agency re-affirmed the Financial Strength Rating of “A” (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of both Zavarovalnica Triglav d.d. and Pozavarovalnica Triglav Re d.d. Both credit ratings have a stable medium-term outlook, which reflects the agency's expectations that the Triglav Group will maintain strong operating performance in the medium term, a very strong balance sheet and its dominant market position in Slovenia and the broader region.

AM Best rated all individual elements of the overall credit rating as high as the year before and substantiated them in a similar way.

The Triglav Group’s balance sheet strength was assessed as very strong and its operating performance as strong, the impact of both the business profile and the state’s majority holding on the credit rating as neutral, and enterprise risk management as appropriate given the scope of its operations as well as the Group’s chosen risk profile. By affirming the high credit rating of Pozavarovalnica Triglav Re, AM Best highlighted its strategic importance for the Triglav Group, pointing out how well integrated it is into the Group.

The assessment of a very strong balance sheet is based on the Group’s risk-adjusted capitalisation, which is at its strongest level. The Group has a prudent reserving approach and good financial flexibility with access to equity and bond markets. Furthermore, in its life insurance portfolio, the Group has been constantly reducing its exposure to products with a guaranteed return in recent years.

According to AM Best, the Group effectively benefits from the advantages of economies of scale in its operations, which stem from its leading position in the region and Slovenia. The Group’s strong operating performance has been driven by excellent non-life insurance technical earnings in the domestic market and by healthy investment income in this segment. Moreover, in other markets, the Group is increasing its volume and improving its operations, also by using additional distribution channels. AM Best assesses that the Group is well diversified both in terms of products/services and geographical areas.

This information will be published on the website of Zavarovalnica Triglav d.d. at www.triglav.eu as of 29 September 2022 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: 29.09.2022