Zavarovalnica Triglav d d : Unaudited Interim Report of the Triglav Group and Zavarovalnica Triglav d.d. for the period from 1/1/2022 to 30/6/2022

Unaudited Interim Report of the Triglav Group and Zavarovalnica Triglav d.d. for the period from 1 January 2022 to 30 June 2022

MANAGEMENT BOARD:

President: Andrej Slapar

Members: Uroš Ivanc

Tadej Čoroli

Barbara Smolnikar

David Benedek

Marica Makoter

Ljubljana, August 2022

Total revenue in EUR million

	861.2
779.2
465.0	510.4

H1 2021

H1 2022

Net profit before tax in EUR million

67.1

56.2

57.5

32.3

H1 2021

H1 2022

Combined ratio of the Triglav Group

89.6%	89.5%

29.5%28.4%

60.1%61.1%

H1 2021

H1 2022

Triglav Group Zavarovalnica Triglav

Triglav Group Zavarovalnica Triglav

Loss ratio

Expense ratio

Credit rating
"A"	EUR 3.7
of the Triglav Group	Dividend per share
with a stable medium-term	2

outlook

Dear shareholders, business partner and colleagues,

In the first half of 2022, the Triglav Group generated consolidated profit before tax of EUR 57.5 million, up by 2% relative to the same period last year. Furthermore, we increased the volume of our business and maintained financial strength with capital adequacy within the target range.

In the reporting period, we operated in challenging circumstances, which further deteriorated in the second quarter of the year. In addition to the consequences of the COVID-19 pandemic, these were marked by a worsening macroeconomic situation with high growth in general inflation and an unfavourable situation in international financial markets. Under such circumstances, the half-year profit achieved confirms the robustness of our business model and the resilience of our underwriting activities and

the Group's solvency position to a deteriorating economic situation. Profit was further affected by high growth in business volume, lower investment returns due to the unfavourable situation in financial markets and the impairment of Russian bonds. Moreover, we managed the investment portfolio relatively conservatively in the reporting period.

The estimate stands that the Triglav Group's annual profit will be within the initially planned range; however, we stress that the risks related to the realisation of target profit have increased significantly due to negative influences from the business environment.

The Triglav Group's total revenue increased by 11% to EUR 861.2 million year-on-year, and total gross written premium increased by 9% to EUR 797.2 million. Premium growth was recorded in all three insurance segments and on all insurance markets. The increased premium volume resulted in a 15% increase in gross claims paid (EUR 398.1 million), which also increased this year due to the end of last year's pandemic-related restrictions, higher prices of materials and services and major CAT events that occurred in the second quarter (an estimated EUR 21.6 million in claims). The combined ratio in non-life and health insurance was favourable, standing at 89.5%. As always, we were prudent in the management of costs, which rose due to the economic situation, and conservative in the management of insurance technical provisions.

In the reporting period, we consistently implemented a series of strategic activities with an emphasis on our clients and sustainability ambitions. We are satisfied with our performance in the first half of the year. The credit goes to the Triglav team of over 5,000 employees, whom I thank for their professional and dedicated work.

Andrej Slapar

President of the Management Board of Zavarovalnica Triglav

3

Business Report

1.	Financial highlights in the first half of 2022 ...................................................................................	6
2.	Governance of Zavarovalnica Triglav .............................................................................................	13
3.	The share and the shareholders of Zavarovalnica Triglav.........................................................	15
4.	Operations in the period from 1 January to 30 June 2022........................................................	21
5.	Financial result and financial position ...........................................................................................	44
6.	Risk management................................................................................................................................	52
7.	Employees of the Triglav Group.......................................................................................................	53