TRIGLAV Group reported Q1 profitable operations and GWP growth in all markets

24 May 2018 — Vlad BOLDIJAR
In Q1 2018, Slovene TRIGLAV Group posted a consolidated profit before tax of EUR 27.5 million or 8% more than in the same period last year, while the net profit was up by 5% y-o-y to EUR 23.3 million.

In terms of premiums, TRIGLAV Group reported a total of EUR 293 million in consolidated GWP, up by 4% y-o-y.

"Premium growth was recorded in all markets of the Group", as the insurer mentioned. The average growth on the Slovene market was 4% and, on the markets, outside of Slovenia it stood at 6%.

On business lines, premium growth was seen in non-life insurance and health insurance (index 106 in both segments), while in the life insurance segment, premium decreased by 3%, primarily as the result of positive one-off events in Q1 2017.

At the same time, gross claims paid totalled EUR 171.0 million, 12% more y-o-y. This increase was predominantly the result of the non-life insurance claims that incurred and were reported in 2017, for which adequate provisions were made and which were appropriately reinsured. The growth in gross claims paid was also affected by the increase in the health insurance portfolio and claim frequency, which resulted from the changed age structure of insured persons. The combined ratio of TRIGLAV Group was 88.5% as at the end of Q1 2018.

According to its business plan for 2018, the TRIGLAV Group plans to generate between EUR 80 and 90 million in profit before tax and earn a total of over EUR 1 billion in consolidated gross written premium, while the combined ratio target is set at a favourable level of around 95%.

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