Zavarovalnica Triglav d d : Triglav again assigned high "A" credit ratings by S&P
September 12, 2023 at 03:36 am EDT
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Following this year's regular revision, S&P Global Ratings (hereinafter: S&P or the agency) reaffirmed the "A" Financial Strength Rating with a stable medium-term outlook of the Triglav Group and thereby of its parent company Zavarovalnica Triglav and the Group member Pozavarovalnica Triglav Re. The credit rating is based on an assessment of the Group's stand-alone credit profile; all individual elements of the rating are at the same level as last year. According to the agency, Triglav's key strength is its leading market position in the region and Slovenia, with a well-diversified insurance portfolio enhanced by a large agency network and strong brand recognition. The Group's strong capitalisation is supported by its underwriting discipline and sound reinsurance protection that limits the Group's natural catastrophe losses.
The Triglav Group's business risk was again assessed as strong and its financial risk profile as very strong by the S&P credit rating agency. According to the agency, the sudden price cap on supplemental health insurance in Slovenia and extreme natural catastrophes in the region will have negative effects on the Group's results this year. Since these are considered one-off effects, it is expected that the Group's results will improve next year mainly due to a strong recovery in non-life insurance and continued stable operations in life insurance and asset management. Furthermore, the Group managed to source stable and solid reinsurance protection, while pursuing a conservative investment portfolio.
The medium-term outlook reflects S&P's expectations that at least over the next two years the Group will continue to effectively implement its business strategy of profitable growth while further diversifying premiums and realised income streams. Despite increased natural catastrophe claims, discontinuation of its health supplemental business in Slovenia and moderating macroeconomic conditions, the Group is expected to maintain capitalisation at least at the "AA" range of S&P's capital model, while effectively improving its performance results.
S&P's full report is published on the website www.triglav.eu/en under the Investor Relations tab.
Zavarovalnica Triglav dd published this content on 12 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 September 2023 07:35:06 UTC.
Zavarovalnica Triglav dd is Slovenian-based company principally engaged in the insurance and financial services. Zavarovalnica Triglav dd is the controlling company of the Triglav Group which offers insurance, asset management and banking services. Zavarovalnica Triglav dd, Zdrastvena zavarovalnica dd and Pozavarovalnica Triglav Re dd provide wealth, life, voluntary additional pension and health insurances. The insurance sector of the Company also operates in the Czech Republic, Croatia, Bosnia and Hercegovina, Montenegro, Serbia and Macedonia. Through Triglav DZU ddo, Triglav Nalozbe financna druzba dd and Triglav nepremicnine dd the Company provides investment fund management, real estate and banking services. As of June 22, 2012, the Company acquired a 100% stake in Investicijsko podjetje, Trgovanje z lastnimi nepremicninami doo from Sava dd.