S&P Global Ratings has revised its outlook on Triglav Group from stable to positive. The rating action expresses the agency's expectation that Triglav Group’s profitably will grow in the coming years, it will continue to expand on international markets and occupy a leading market position in Slovenia, while maintaining its capital strength, the insurer said.

"The positive outlook indicates that we consider Triglav well positioned to maintain its strong performance and robust capital position, while expanding abroad and retaining its leading position in the Slovenian insurance market", the ratings agency said in a press release.

The agency assesses the Triglav Group's strategy until 2030 as ambitious from the point of profitability, growth and further business diversification, while the Group intends to maintain its strong capital position and implement its dividend policy in a balanced manner.

The Agency expects that the Group will operate successfully this year and in the following years, which will be also supported by a positive business environment.

The agency also affirmed its 'A' long-term issuer credit and financial strength ratings on the Triglav Group, and its parent company Zavarovalnica Triglav and group member Pozavarovalnica Triglav Re. And its 'BBB+' rating on the junior subordinated bonds issued by Triglav Insurance.

"As a government-related entity with a strong link to and important role for the government of Slovenia, Triglav could also benefit from the sovereign's improved creditworthiness, which prompted us to revise our outlook on Slovenia to positive from stable on December 6", the agency added.

As of 3Q2024, the Group had sizable capital buffers above the 99.99% threshold, according to S&P risk-based capital model. Its very strong performance during the year to date, combined with the EUR 100 million issuance of hybrid capital in mid-2024, supported the growth of its capital in absolute terms, the credit rating agency said.