"Last year, we made important development steps and achieved good results in a demanding business environment that confirm both the robustness of our business model and the flexibility and success of our strategy. On these bases, we were able to adjust appropriately to the changes in the business environment, especially the rising inflation and the unfavourable situation in the financial markets", said Andrej Slapar, President of the Management Board of Zavarovalnica Triglav.
The Triglav Group's total revenue rose by 10% to EUR 1.59 billion, of which gross written premium accounted for EUR 1.47 billion (up by 9% over 2021).
"Premium growth was recorded in all three insurance segments and in all markets. The non-life insurance premium increased by 12%, life and pension insurance premium by 6% and health insurance premium by 3%. In Slovenia, it reached 7% and was consistent with market trends, while in other markets of the Adria region it stood at 12%. Premium written in the international market based on the principle of free movement of services and inward reinsurance premium grew by 17%. Other insurance income grew by 23% to EUR 59.9 million and the Group's other income increased by 12% to EUR 59.8 million, which primarily included income from asset management and the sale of investment property", as the Triglav Group representatives pointed out in a statement.
Gross claims paid rose by 13% to EUR 832.2 million. Major CAT events in the estimated value of EUR 32.1 million, which was more than 20% higher than the five-year average, also contributed to this.
The Group's combined ratio was favourable, standing at 88.1%, primarily as a result of an improved claims ratio due to the partial release of claims provisions.
Due to inflationary pressures, the increased business volume and investing in digitalisation and other development activities, the Group's gross operating expenses increased by 12% (EUR 374.9 million).
"The increased business volume and the partial release of claims provisions created in past years effectively compensated for higher claims and operating expenses due to the higher activity of households and businesses, rising inflation and other impacts from the environment. In estimating claims provisions, the trends of the best estimate introduced by the IFRS 17 accounting standard were followed, bringing their amount closer to the estimated value according to IFRS 17", said Uros Ivanc, a member of Management Board of Zavarovalnica Triglav.
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