In the first half of 2024, the Triglav Group generated earnings before tax of EUR 89.5 million (H1 2023: EUR 12.1 million) and its net earnings amounted to EUR 75.4 million (H1 2023: EUR 11.4 million). While all the Group's business segments performed well, the insurance business of the Non-Life segment contributed the most to these strong results. The Group's claims performance was relatively favourable, with estimated claims from CAT events not significantly deviating from the levels of previous years. The Group’s total business volume amounted to EUR 942.9 million, which was down by 2% year-on-year; however, when factoring in the effect of the shortfall in supplemental health insurance premium, it recorded a 9% growth. Taking into account expected business conditions until the end of the year, the Group estimates that this year it will generate between EUR 130 -150 million earnings before tax. The Group continues to maintain its financial stability and capitalisation at adequate levels this year, consistently pursuing its strategy towards growth, development and sustainable ambitions, while striving to be a stable, safe and profitable investment for investors.

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At today's 49th General Meeting of Shareholders, the shareholders passed the Management Board's and the Supervisory Board's proposal to pay out a dividend of EUR 1.75 gross per share, which represents a 5% dividend yield. Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: "I would like to thank the shareholders for their trust. The decision to pay a dividend this year aligns with the Company's guideline to implement its dividend policy in a consistent manner. In doing so, the shareholders duly took note of the opinion of the Management Board and the Supervisory Board that the financial stability and the conditions for the Group's growth and development would be ensured even after the dividend payout. After a challenging year, we plan to deliver this year's results in line with our strategy. This was first confirmed by the promising results of the first quarter."

The dividend will be paid to the shareholders appearing in the Company's share register on Tuesday, 18 June 2024 (the ex-dividend date is Monday, 17 June 2024). The Company will transfer funds for the payment of all dividends on the account of Central Securities Clearing Corporation on 19 June 2024.

More information available in Notice of the Resolutions of the 49th AGM.

The Triglav Group effectively overcame the shortfall in supplemental health insurance premium in Slovenia in Q1 2024. It significantly increased the business volume of other segments, especially the Non-Life segment (up by 12%), and achieved growth both in the Adria region markets (up by 14%) and the wider international environment (up by 19%), while maintaining its financial stability and strong capitalisation. The Group's earnings before tax amounted to EUR 43.3 million (up by 153%) and its net earnings to EUR 36.6 million (up by 154%). Taking into account the expected business conditions for the remainder of the year, at the end of the first quarter, the Group estimates that it will achieve its planned annual result.

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The Company’s Management Board hereby convenes the 49th General Meeting of Shareholders of Zavarovalnica Triglav d.d., to be held on 4 June 2024 at 10:00 a.m. in the Diamant Hall of the Grand Plaza Hotel, Slovenska cesta 60, Ljubljana.

More information available in the notice.

The Management Board and the Supervisory Board of Zavarovalnica Triglav will propose to this year's General Meeting of Shareholders to pay a dividend of EUR 1.75 gross per share, or EUR 39.8 million in total. The proposed dividend currently represents a dividend yield of 5% on the ZVTG share, aligning with investors' expectations for the ZVTG share and reflecting the expected average dividend yield of European insurance companies' shares for this year.
Andrej Slapar, President of the Management Board of Zavarovalnica Triglav, said: "With respect to the proposed dividend, both the Management Board and the Supervisory Board have, as always, followed the established dividend policy. This means that the dividend is attractive for shareholders and meets the requirement of sustainability, i.e. maintaining financial stability while fostering the continued growth and development of the Triglav Group. The proposed dividend payment greatly surpasses the Group's earnings, which were lower last year due to one-off negative events. This year, we expect our operations to normalise in line with our strategy. We aim to implement our dividend policy consistently, thereby meeting shareholders' expectations of being a stable, safe and profitable long-term investment."
The Company is expected to announce the convening of the regular General Meeting of Shareholders on 26 April 2024, scheduled to take place on 4 June 2024.

More information available in public announcement.

The Supervisory Board of Zavarovalnica Triglav approved the Audited Annual Report of the Triglav Group and its parent company for 2023.
The Group increased its total business volume by 12% to EUR 1,780.2 million in 2023, while maintaining its financial stability and high capital adequacy. Furthermore, it retained its dominant market position in the Adria region. Under the impact of negative one-off events, the Group's earnings before tax amounted to EUR 21.1 million and its net earnings to EUR 16.3 million. In 2024, the Group expects its operations to normalise in line with its strategy.

More information available in public announcement, public announcement about SFCR, annual report and investor presentation.

According to unaudited data, in 2023 the Triglav Group's total revenue rose by 12% to EUR 1,780.2 million, while its earnings before tax amounted to EUR 21.1 million. Earnings are in line with the mid-year estimate published by the Group due to one-off events, in particular the regulated price of supplemental health insurance in Slovenia and record high CAT claims, the impact of which on the Group's operations was limited by adequate reinsurance protection. Due to these circumstances and inflationary pressures affecting claims and expenses, the combined ratio of Non-Life and Health segments increased to 101.6%. The Triglav Group maintained its capital strength and stability, which was confirmed by the re-affirmed high "A" credit ratings with a stable medium-term outlook. It consistently carried out its strategic development activities and achieved its sustainable ambitions. In 2024, the Group anticipates that business conditions will return to normal and plans a total business volume (taking into account the impact of the discontinuation of supplemental health insurance) of around EUR 1.6 billion, earnings before tax of EUR 100–120 million and a combined ratio of Non-Life and Health segments of around 95%.

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Triglav Group increased its business volume by 12% to EUR 1,390.1 million in the first nine months of 2023, maintained its financial strength and its dominant market position in both Slovenia and the Adria region. The results were impacted by one-off negative events this year, mainly major CAT claims and the loss due to the price regulation of supplemental health insurance, and additionally by inflationary pressures on claims and costs. The Group's nine-month earnings before tax were EUR –11.8 million. The Group confirms the estimate already announced at the half-year that the annual earnings before tax would be around 80% lower than originally planned, provided that the claims development remains within expectations until the end of the year. In 2024, the Group expects its operations to normalise in line with its strategic guidelines and plans earnings before tax of EUR 100–120 million. The Group's total business volume is planned at around EUR 1.6 billion and the combined ratio of non-life and health insurance at around 95%. The Group has consistently pursued its strategy with the aim of realising growth, development and its sustainable ambitions.

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