"Both credit ratings have a stable medium-term outlook, which reflects the agency's expectations that Triglav Group will maintain strong operating performance in the medium term, a very strong balance sheet and its dominant market position in Slovenia and the broader region", the rating agency said.
AM Best assesses Triglav Group's balance sheet strength as very strong and its operating performance as strong, the impact of both the business profile and the majority holding on the credit rating as neutral, and enterprise risk management as appropriate given the complexity and scope of its operations as well as the Group's chosen risk profile.
AM Best highlighted strategic importance of the subsidiary Pozavarovalnica Triglav Re as the reinsurer of all Triglav Group members and its strong integration into the Group, the company pointed out.
The rating agency believes that the group's very strong balance sheet is underpinned by its risk-adjusted capitalization at the highest level. In life insurance, Triglav is reducing its exposure to products with a guaranteed return and has improved its asset and liability management. The insurer is also present in Croatia, Serbia, Bosnia, Montenegro and North Macedonia.