The Group's combined ratio is planned at below 95%, which is in the lower end of the range of its average target strategic value of around 95%.
"We are operating in difficult times, which are demanding not only for us, but for all our stakeholders. The scale of the epidemiological situation at the global level is uncertain also from a macroeconomic point of view, financial markets are volatile and affected by low/negative interest rates, while a highly competitive environment dominates the markets. We assess that the Group is financially sound, reliably manages risks, operates profitably, and is gradually and effectively being digitally transformed. With respect to the business result, profit before tax of EUR 85-95 million is planned for the next year according to the probable scenario of the foreseen situation," Andrej SLAPAR, President of the Management Board of Zavarovalnica TRIGLAV, said. He further pointed out: "In this environment, we remain focused on the guidelines of our strategy, which we are implementing consistently. I would like to thank the team of over 5,000 employees for their cooperation and effort so far."
The Group plans to increase the volume of premium, which, together with other factors, will also affect the claims segment. With regard to major CAT events, similar trends as in previous years are expected and, therefore, its prudently selected reinsurance protection will be maintained. Cost-effectiveness will remain the Group's focus in 2021. To this end, the TRIGLAV will continue to streamline the costs not directly related to insurance acquisition. In parallel, the costs related to investment in information technology and activities connected to the Group's continued digital transformation are expected to increase. Considering the aforementioned and backed by underwriting discipline, the Group plans to maintain the profitability of its insurance business in its markets.
The investment policies of the Group remain unchanged and their goal is to achieve a high credit rating of the entire investment portfolio. With regard to asset management, the Group will follow the strategic objective of increasing the volume of assets under management by selling existing savings and insurance products as well as increasing the assets of investment funds managed by its subsidiary Triglav Skladi. Furthermore, the goal in 2021 is to maintain the existing high credit ratings assigned by the renowned credit rating agencies S&P Global Ratings and AM Best.
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