Adriatic Slovenica's rating was upgraded following the completion of the acquisition process
made by Generali Group over the Slovenian insurer. The decision comes after Adriatic Slovenica's Fitch rating was set to Rating Watch Positive (RWP) in May 2018.
Adriatic Slovenica's acquisition by the GENERALI Group has been completed, the Italian group announced on 13 February. By this acquisition the Italian group increases its contribution to the
market GWP about four times, to aprox. 18%.
The National Assembly has officially transposed the European directive of insurance distribution in the national law at 31 January 2019. This initiative has come in the context where most European countries have already adopted the directive in their own law system.
The Slovenian insurance market maintained steady between 2008-2017, the difference from the first year to the last one being summed up in a small growth, in both written premiums and paid indemnities. In this period, the Slovenian insurance sector kept a smooth transition year over year, with no sudden changes in any of the main business lines, reflecting a good stability and steadiness.
For 2019, SAVA Re Group targets a growth of over 4.5% in the Group's operating revenue, and a net profit of minimum EUR 43 million, 10% over the profit estimated for 2018, corresponding to a growth in ROE of at least 12%, the Slovene groups has announced.
The European Commission has greenlighted the takeover of insurer Adriatic Slovenia by Generali CEE, an affiliate of Italy's Generali Group, the world's third largest insurer, STA reports. According to the Commission, the deal does not affect the competition on the relevant markets.
A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a" of Zavarovalnica TRIGLAV, the parent company of the Slovenian TRIGLAV Group, and Pozavarovalnica TRIGLAV Re, a wholly owned subsidiary of TRIGLAV.
Slovenian insurers reported for 3Q2018 GWP worth EUR 1.78 billion, by 6.6% up y-o-y. Paid claims have increased by 4.8%, to EUR 1.15 billion. Life insurance, in particular the UL products line, have seen the highest growth rates.
In 3Q2018, the Slovene TRIGLAV Group posted a profit before tax of EUR 69.9 million, 8% more y-o-y, mostly thanks to the profitable underwriting. Considering the business conditions anticipated until the year end, the Group confirms its annual profit guidance.
Zavarovalnica TRIGLAV, the parent company of the TRIGLAV Group announced it signed an agreement with Nova Ljubljanska banka - NLB - to purchase the remaining 28.1% equity stake of pension insurer Skupna pokojninska druzba, thereby becoming its 100% owner.
Coface announced it has signed a binding agreement with the Slovenian public SID Bank, to acquire 100% of PKZ capital, a credit insurance subsidiary of SID Bank.
The Slovenian insurance market saw a 6% y-o-y growth in GWP in 1H2018, to EUR 1.24 billion. The non-life insurance segment had the largest contribution to the market growth, but also to the 6.7% growth recorded on the paid claims side.