According to the Group, its gross written insurance, coinsurance and reinsurance premiums grew by 53% to EUR 2,475.0 million; excluding the new premium from the Italian market, premium growth stood at 10%.
Organic growth was achieved across all business segments. The highest growth, 63%, was recorded in the Non-Life segment, which also contributed the largest share, 83%, of the Group's total business volume (EUR 2,093.5 million).
In line with strategic ambitions, the Group strengthened its business volume outside Slovenia. In the total business volume, the share of the Slovenian market decreased to 40% (2024: 58%), while the business volume on this market grew by 3% to EUR 1,015.4 million. The share of other Adria region markets in the total business volume was 15%, with the business volume increasing by 7% to EUR 374.3 million. The Group generated 46% of the total business volume in international markets (2024: 22%), amounting to EUR 1,171.5 million. On international reinsurance markets, the total business volume increased by 29% to EUR 346.0 million. On international insurance markets, where operations are conducted in partnership (Italy, Poland, Greece, Germany and others), EUR 825.5 million was generated, of which 84% was in the Italian market.
The Group's earnings before tax rose by 9% to EUR 174.1 million year-on-year, while net earnings increased by 4%, reaching EUR 136.7 million. The Group operated profitably in all segments except the Health segment. The majority of earnings before tax, EUR 122.5 million, was generated by the insurance business (2024: 97.5 million), driven primarily by strong performance in the Non-Life segment. Earnings before tax from the investment business totalled EUR 44.8 million (2024: EUR 49.0 million), while EUR 6.8 million was generated from non-insurance operations (2024: EUR 12.5 million). Zavarovalnica Triglav, the Group's parent company, generated earnings before tax of EUR 142.1 million (21% growth). This result was positively affected by the reversal of the impairment of investments in subsidiaries in the amount of EUR 18.0 million, which had no impact on the Group's earnings. The parent company's net earnings amounted to EUR 113.6 million (16% growth).
Other comprehensive income amounted to EUR 15.4 million (2024: EUR 6.3 million), with the increase mainly resulting from the effect of rising risk-free interest rates on the revaluation of investments and liabilities – higher risk-free interest rates were primarily at the long-term end of the yield curve, where aligning interest rate sensitivity between assets and liabilities is particularly challenging due to the absence of appropriate financial instruments. The Group's capitalisation as at 31 December 2025 was within the target range of 200–250%.
The combined ratio Non-Life and Health stood at a favorable 93.2% (2024: 93.6%). Claims development was favorable. The increase in the claims ratio by 0.9 percentage points to 66.4% was primarily driven by the increased structural growth in the international insurance portfolio. The expense ratio decreased by 1.3 percentage points to 26.8%, as the growth in insurance revenue outpaced the growth in expenses. The Group increased its business volume and maintained or improved favorable profitability of the insurance business across all Adria region markets, with the exception of Bosnia and Herzegovina, where ownership consolidation and business optimisation are ongoing. The combined ratio of international insurance and reinsurance stood at 95.3%.
The Group's total assets under management remained broadly unchanged in composition compared to the end of the previous year. Their volume, however, increased by 6% to EUR 6.3 billion. In volatile financial market conditions, the Group achieved a 2.6% rate of return on investments (2024: 3.0%), excluding unit-linked insurance assets. The rate of return is largely comparable to last year's, excluding the effect of exchange rate differences on investments, which are offset by changes in insurance provisions, and the impact of business growth in the Italian market on the value of financial investments.
"We are very pleased with the 2025 business results. Profitability was achieved in both the insurance and asset management segments, generating a high operating result. A 9% organic growth in business volume was achieved, while profitability was maintained or improved. Aligned with our ambitious strategy to 2030, we are continuing to diversify operations, further strengthening the Group's resilience. Accordingly, in 2025 the share of business outside Slovenia increased: in the wider international environment, growth and profitability were recorded in reinsurance markets, while in insurance markets a significant business volume from the Italian market was added to the portfolio”, Andrej Slapar, President of the Management Board of Zavarovalnica Triglav commented. “We are moving forward with confidence, fully focused on creating long-term value for our stakeholders", the President of the Management Board added.
The full Group’s report can be found here.
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