Triglav 3Q profit up 48% to EUR 92.1 m almost exceeding the YE plan of EUR 85-95 million

22 November 2021 — Andrei Victor
Slovene largest insurance group Triglav reported 9 months 2021 10% increasing GWP to EUR 1.06 billion and consolidated profit before tax of EUR 92.1 million, up by 48% relative to the same period last year.

According to the Quarterly report, Triglav Group is expected to exceed the annual profit initially planned, which will presumably range between EUR 115 and 125 million taking into account the business conditions anticipated by the end of the year. "Based on these results and by taking into account the business conditions anticipated until the end of the year, we expect the annual profit before tax to exceed the profit initially planned to reach between EUR 85 and 95 million. We estimate that it will range between EUR 115 and 125 million", said Andrej SLAPAR, President of the Management Board of Zavarovalnica Triglav.

Profit from non-life insurance amounted to EUR 66.0 million (25% growth), from health insurance EUR 9.6 million (25% growth) and from life and pension insurance EUR 10.0 million (EUR -0.4 million in the same period last year). The profit of the Group's non-insurance companies reached EUR 6.5 million, up by 190%.

At the GWP chapter, premium growth was recorded in all markets and in all three insurance segments. In Slovenia it stood at 8%, which is 4 percentage points above the market, reaching 16% in markets outside Slovenia. Non-life insurance premium increased by 12%, life and pension insurance premium by 9% and health insurance premium by 1%.

In 2022, Triglav Group plans to increase its written premium volume to over EUR 1.4 billion and its profit before tax to EUR 120-130 million, as well as to achieve the combined ratio of below 93%.

"We have set ambitious goals. We plan further premium growth both in the existing markets of the region and in those EU markets where we operate under the principle of free movement of services. We also expect good results in the management of clients' assets. An increase in the volume of claims is expected due to the growth of the insurance portfolio and other factors, while with regard to major CAT events, similar trends as in previous years are expected. In 2022, we also anticipate a favorable impact of claims provisions that were conservatively formed in previous years. In operations, we will pay attention to cost streamlining; we are mainly planning an increase in acquisition costs, costs of digitalization and investments in information technology", said Andrej SLAPAR.

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