Triglav Group aims for higher premiums and profit in 2020

7 January 2020 —
In 2020, Triglav Group expects to increase its consolidated written gross premium to around EUR 1.2 billion (2019 plan: around EUR 1.1 billion) and profit before tax to EUR 95-105 million (2019 plan: EUR 90-100 million), while keeping a combined ratio below 95%.

In the claims segment, Triglav expects similar trends as in previous years and, therefore, it will keep its prudently selected reinsurance protection.

The Group said that it will operate "under difficult conditions", their insurance business facing the effects of fiercer competition. The Group also expects somewhat deteriorated but still favourable macroeconomic conditions in the markets of the region where it operates.

The investment portfolio structure will remain relatively conservative, with bonds and other fixed-rate investments accounting for the bulk. The main elements of the investment policy thus remain unchanged. The Group intends to slightly improve expected returns by closer matching of assets to liabilities in some parts of the portfolio that require less (short term) liquidity.

In asset management, the Group will increase the volume of assets under management by selling existing savings insurance products and investment funds. The Group will continue to actively pursue any opportunities arising from the consolidation of the asset management industry in the region.

"We assessed that the insurance markets in the region will continue to grow next year, however we expect the situation to be somewhat more challenging due to the slight deterioration in economic growth outlook. We also expect that the historic low interest rate environment will continue. (...) Maintaining the financial strength of Triglav Group and appropriate risk management remain our priority (...) We are entering 2020 prudently but with energy and determination to achieve our objectives. I believe that our team of over 5,000 employees will be successful in this," stated Andrej SLAPAR, President of the Management Board of Zavarovalnica Triglav.