"Written premium growth was recorded in all three insurance segments (the highest growth of 11% was achieved in non-life insurance) and in all insurance markets". Premium growth in Slovenia was 5%, which is 1% above the market growth rate, outside of Slovenia in the markets of the Adria region it reached 12% and in international markets outside the region it stood at 22%. Other insurance income grew by 25% to EUR 32.2 million and the Group's other income increased by 42% to EUR 31.8 million, of which income from asset management (EUR 15.1 million) rose by 11%.
The increased premium volume resulted in a 15% increase in gross claims paid (EUR 398.1 million), which increased following the end of last year's pandemic-related restrictions, higher prices of materials and services and major CAT events that occurred mostly in the second quarter (an estimated EUR 21.6 million). The combined ratio in non-life and health insurance reached a favorable 89.5% (compared to 89.6% in H1 2021) primarily as a result of the improved expense ratio due to higher net premium income and lower expenses for bonuses and discounts.
The half-year consolidated profit before tax totaled EUR 57.5 million and was 2% higher y-o-y "as a result of growth in business volume, effective management of inflationary pressures and other impacts from the environment, and negative investment returns".
The majority of the profit, i.e. EUR 53.3 million, which stems from underwriting activities, rose by 9%. Profit from financial investments was negative (EUR -4.1 million), whereas profit from non-insurance operations grew to EUR 8.3 million (compared to EUR 3.5 million in H1 2021).
Triglav representatives mentioned that the Group maintained its financial strength with capital adequacy in the target range. "It is estimated that the planned annual profit will be achieved; however, it should be stressed that the risks related to the realization of target profit increased significantly due to negative influences from the business environment. In line with the revised strategy to 2025, the Group carried out a number of activities aimed at promoting client focus, digital transformation and sustainable development".