The parent company Zavarovalnica Triglav achieved earnings before tax of EUR 117.6 billion (2023: EUR 15.8 million) and net earnings of EUR 98.2 million (2023: EUR 14.2 million).
According to unaudited data, the Group's total business volume in 2024 reached EUR 1.72 billion, exceeding the target of around EUR 1.60 billion. In addition to strong results in both insurance and asset management, operations benefited from favourable financial market conditions, relatively favourable claims development and one-off events, particularly in the Health segment.
The Group's combined ratio for the Non-Life and Health segments was better than planned, at a favourable 93.6%. Despite ongoing uncertainty surrounding future inflationary expectations and competitive market conditions, the Group further strengthened its dominant position in the Slovenian and the Adria region insurance markets. Its solid capitalisation, strong performance and positive outlook were reaffirmed by a high "A" credit rating, with an upgraded positive outlook for the medium term. In 2025, the Group is ambitiously entering a new strategy period to 2030, with plans to double total business volume, earnings before tax and assets under management over the period.
"In a relatively favourable environment in 2024 compared to an extremely challenging 2023, we delivered very strong results across all business segments, exceeding our plans. We are entering 2025 in a financially robust position, as reaffirmed by the high "A" credit rating and its positive medium-term outlook from S&P. In 2025, we plan to continue operating profitably and safely, with a projected total business volume exceeding EUR 1.8 billion. The profitability of the insurance business is expected to remain favourable, with the combined ratio for the Non-Life and Health segments set below 95%. In 2025, earnings before tax are projected to range between EUR 130 million and EUR 150 million, assuming operations will not be impacted by any major one-off events. This has been a year of strong performance, and the Triglav Group has entered the 2025–2030 strategy period with enthusiasm and optimism, setting very ambitious goals. On behalf of the Management Board, I would like to extend our gratitude to all our Triglav employees for their unwavering dedication to attaining our business goals", commented Andrej Slapar, President of the Management Board of Zavarovalnica Triglav.
Regarding the Group's strategic ambitions for 2030, Andrej Slapar stated: "Looking ahead to 2030, the Group has set an ambitious strategy that considers environmental challenges, changes and opportunities. As part of its mission of Building a Safer Future, the Group will continue to enhance its profile as an international insurance and financial group, aligning with its new vision. Our ambition is to double earnings by 2030 and drive growth in markets outside Slovenia. We aim to pay dividends of approximately EUR 400 million to shareholders over the 2025–2030 period, in line with our dividend policy, while maintaining our target capital adequacy and ensuring the right conditions for growth and development. With a client-focused approach, we will continue the digitalization process and strengthen existing strategic approaches to address evolving client and market needs. The goal is to bring together engaged, collaborative and entrepreneurial employees, united by our shared values."
Financial highlights of the Triglav Group in 2024 (unaudited data)
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