TRIGLAV 1H2013: EUR 45.6 million in net profit and eying a star acquisition

5 September 2013 — Daniela GHETU
triglav2The Slovenian TRIGLAV Group ended the first half of 2013 with a net profit of EUR 45.6 million, 10% up as compared with 1H2012, the parent company Zavarovalnica TRIGLAV contributing to this result with a share of EUR 37.5 million (50% up y-o-y). With the approval of the interim results, the Group's Supervisory Board gave the green light to Zavarovalnica TRIGLAV's participation in the process of selling off CROATIA Osiguranje.

Gross written insurance and co-insurance premiums amounted, at the Group's level, to EUR 496.4 million (down 5% y-o-y), with 82.7% of this sum being generated by the business conducted in the country of domicile. Consolidated written premiums had the following structure: non-life insurance accounted for 70.0%, followed by life insurance with a share of 19.6% of the portfolio and health insurance with 10.4%. The parent company contributed EUR 343.8 million to the total gross written premiums, a decrease of 8% in nominal terms compared with the same period last year. The decline in written premiums was a result of the difficult market conditions, the economic crisis and a strategic focus on profitability.

Through the intensive management of the property insurance portfolio, the TRIGLAV Group achieved a favourable combined ratio of 90.8%, while the parent company achieved a ratio of 84.9%. Gross operating costs totalled EUR 142.9 million, 2% less y-o-y, as a result of the improved cost efficiency.

Through last year's extensive impairments of financial assets as a result of unfavourable movements on the capital markets, developments in the banking sector and the resulting drop in the value of certain investments, the TRIGLAV Group successfully adjusted the value of its portfolio, which had a favourable impact on results generated in the first half of 2013.

The TRIGLAV Group is the leading insurance-financial group in Slovenia and one of the leading groups in Southeast Europe, where it is present on eight markets and seven countries, and employs over 5,470 people. Zavarovalnica TRIGLAV is listed on the Ljubljana Stock Exchange and is holding a A- credit ranking from S&P's and Am Best.

The unaudited Interim Report of Zavarovalnica TRIGLAV d.d. and the TRIGLAV Group for the period from 1 January 2013 to 30 June 2013 is available at www.triglav.eu.

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