TRIGLAV 1Q2019 net profit increased by 9% at Group level

Slovenia-based Triglav Group registered a profit of EUR 26 million in the first quarter of 2019. Investments played the biggest role for the 9% increase in Group's profit. Triglav's activity outside Slovenia slightly increased compared to 2018 Q1.


Triglav Group - highlights of Q1 2019 activity (compared to Q1 2018):

  • Gross written premium (GWP): EUR 317 million (+8%), of which:
    • Non-life GWP: EUR 222 million (+9%)
    • Life GWP: EUR 55 million (-2%)
    • Health GWP: EUR 41 million (+20%)
  • Gross claims paid: EUR 166 million (-3%)
  • Profit before tax: EUR 30 million (+8%)
  • Net profit: EUR 26 million (+9%)
  • ROE (annualized): 14.2% (+1.2 pp.)
  • Combined ratio: 91.6% (+3.1 pp.)
  • Insurance technical provisions: EUR 2,839 million (+5%, compared to 31 Dec. 2018)


The Triglav Group increased the volume of consolidated gross written insurance, co-insurance and reinsurance premiums by 8.4%. The share of non-life (69.9%) and health insurance premiums (12.9%) in total consolidated gross written premium increased, whereas the share of life insurance premium (17.2%) went down.

The Triglav Group gradually increases the share of insurance premium earned on the markets outside of Slovenia. Compared to the same period last year, it grew by 0.3 percentage point. Premium growth was recorded in most insurance markets, with the exception of the Macedonian market.

In Q1 of 2019, a total of 76.0% of Triglav's consolidated gross written premium was charged in the Slovene insurance market, 17.3% of the premium was booked in the markets outside of Slovenia, while international reinsurance premium accounted for 6.8% of written premium.

The Triglav Group posted a total of EUR 166.2 million in consolidated gross claims paid (including claim handling expenses, income from exercised subrogation receivables and gross claims paid from inward reinsurance), or 3 percent lower than in the respective period of the previous year. Gross claims paid experienced growth in health insurance (+14%), whereas in non-life insurance and life insurance they dropped (by -3% and -11% respectively).

Total consolidated gross operating expenses of the Triglav Group totalled EUR 67.2 million, up by 4% compared with the preceding year. In the reporting period. Insurance business expenses grew by 5% to EUR 61.1 million primarily due to higher acquisition costs resulting from premium growth and higher labor costs. In contrast, non-insurance business operating expenses decreased by 5%, reaching EUR 6.1 million.

The combined ratio of the Group was 91.6%, up by 3.1 percentage points compared with the corresponding period the year before, primarily as a result of a higher growth in net claims incurred than in net premium earned.

The Triglav Group posted a profit before tax of EUR 29.9 million or 8% more than in the same period last year. Net profit increased by 9% compared to 2018. Higher profit is primarily a result of the higher growth of net premium earned and higher rates of return on investment. Compared with 2018 first quarter profit before taxes, which was 88% composed by underwriting activities and 12% from investments, 2019 first quarter showed a 70% contribution from underwritings and 30% from investments.

In Slovenia, Montenegro and North Macedonia, TRIGLAV branches were leading the local markets, by 36.1%, 39.8% and 14.5% market shares in total GWP, maintaining the same rank as the year before.




Zavarovalnica Triglav - highlights of Q1 2019 activity (compared to Q1 2018):

  • Gross written premium (GWP): EUR 199 million (+3%)
  • Gross claims paid: EUR 97 million (-10%)
  • Profit before tax: EUR 23 million (+4%)
  • Net profit: EUR 19 million (+4%)
  • ROE (annualized): 14.5% (+0.6 pp.)
  • Combined ratio: 85.7% (+4.3 pp.)
  • Insurance technical provisions: EUR 2,155 million (+5%, compared to 31 Dec. 2018)


Zavarovalnica Triglav, the Slovenian branch of Triglav Group and the controlling company of the Group, impacted the most the overall group results. The Slovenian branch brought 76.0% of total GWP and about 84.3% of gross claims paid in the first quarter.

Zavarovalnica Triglav was also the leading company in Slovenia, with a local market share of 29.0% in terms of GWP. Together with "Triglav, Zdravstvena zavarovalnica, d.d.", the health insurance specialized member which totaled 6.0% GWP market share, and "Skupna pokojninska druzba ", the private pension-related products company which took 1.2% share from the market GWP, Slovenian Triglav managed to double its distance from the following competitor, which held around 17.8% market share.

Andrej SLAPAR, President of the Management Board of Zavarovalnica Triglav, said:

"We are pleased with the performance in the first three months of 2019. Taking into account the business conditions anticipated until the end of the year, we confirm our annual profit guidance. With the team of over 5,000 employees, Triglav Group pursues the set strategy to become a modern, innovative and dynamic insurance/financial group, firmly remaining the leader both in Slovenia and the wider region."



Full report over Triglav Group and ZavarovalnicaTriglav d.d. activity between 1 January 2019 to 31 March 2019 can be found here:


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