COVID-19: Slovene TRIGLAV and SAVA Re to suspend the dividend payments for 2019

8 April 2020 —
Slovene re/insurance groups TRIGLAV and SAVA Re informed that following the recommendation received on March 31st, 2020 from the Slovenian Insurance Supervision Agency, they will temporarily suspend the dividend payments for 2019.

Through this temporarily measure, in force until 1 October 2020, the Insurance Supervision Agency believes insurance companies will increase their resilience to the financial shock resulting from the consequences of the COVID-19 epidemic, maintain financial stability and prevent any potential business disruptions.

"Although based on currently available information Sava Re estimates that it is capable of declaring dividends in line with its dividend policy and the proposed appropriation of distributable profit set out in its audited annual report 2019, the Sava Re management board will propose to the Company's supervisory board that SAVA Re follow the recommendation of the Insurance Supervision Agency in its entirety and that its notice of the 36th general meeting of shareholders be prepared in compliance with the measure of temporary suspension of dividend payments for 2019", SAVA Re informed in a statement.

At the same time, TRIGLAV mentioned that its Management Board and the Supervisory Board "will propose to the regular annual General Meeting of Shareholders of Zavarovalnica TRIGLAV that accumulated profit, which amounted to EUR 60,543,475 as at 31 December 2019, remain undistributed. The Company is not changing its dividend policy, which in a balanced way seeks to ensure the financial stability of TRIGLAV Group, implement its growth and development strategy, and pay out attractive dividends to its shareholders. However, the Company understands the call of the regulator, which is responsible for the financial stability of the Slovene insurance sector, especially in a situation of great uncertainty caused by the pandemic".