Triglav Group is in target to achieve the planned annual profit of EUR 85-95 million

18 August 2021 — Andrei Victor
Slovene Triglav Group reported H1 2021 aggregate gross profit of EUR 56.2 million, which is 39% more than in the same period last year and 35% higher than in the first six months of 2019, according to the "Unaudited Report of Triglav Group and Zavarovalnica Triglav for H1 2021" posted on the Ljublijanksa Borza (Ljublijana Stock Exchange) website.

Profit from non-life insurance rose by 23% to EUR 42.6 million, while profit from life and pension insurance and health insurance amounted to EUR 5.0 million and EUR 5.2 million respectively.

The operating profit of the Group's non-insurance members reached EUR 3.5 million.

"We are satisfied with the results achieved in the first half of the year. The underwriting results are very good and the management of clients' assets is successful, while the result from the return on investment is lower, which is expected due to the interest rate situation. Taking this into account and the business conditions anticipated until the end of the year, we estimate that we will achieve the planned annual profit of EUR 85-95 million", said Andrej Slapar, President of the Management Board of Zavarovalnica Triglav.

In terms of premiums, Triglav Group achieved a 9% increase in aggregate GWP compared to the same period last year (EUR 731.1 million).

Premium growth was recorded in all markets and in all three insurance segments.

In Slovenia it stood at 7% (4 percentage points above the market) and in markets outside Slovenia it was 16%.

Non-life insurance premium increased by 10%, life and pension insurance premium by 9% and health insurance premium by 1% relative to the corresponding period last year.

Gross claims paid totaled EUR 347.6 million, up by 5% compared to the same period last year and by 4% compared to the year before that.

Their growth resulted from portfolio growth in all insurance segments over the last few years and the claims paid for which adequate provisions were already made by the Group at the end of last year (especially claims related to the earthquakes in Croatia).

In contrast to the first quarter, major CAT events were observed in the second quarter, with an estimated value of EUR 6 million.

The Group's combined ratio in non-life and health insurance was favorable, standing at 89.6% as a result of an improved claims ratio.

As at 30 June 2021, the Group allocated EUR 3,221.3 million to gross insurance technical provisions, up by 6% relative to the 2020 year-end.

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