Zavarovalnica Triglav dd : S&P upgraded the Triglav Group's credit rating from “A–” to “A”, whilst the medium-term outlook is stable
July 05, 2016 at 08:55 am EDT
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S&P upgraded the Triglav Group's credit rating from 'A-' to 'A', whilst the medium-term outlook is stable
In accordance with the Ljubljana Stock Exchange Rules and the applicable legislation, ZAVAROVALNICA TRIGLAV d.d. hereby publishes the following notice:
On 1 July 2016, the S&P Global Ratings (hereinafter: S&PGR) upgraded the long-term credit rating andthe financial strength rating of Zavarovalnica Triglav d.d. together with its subsidiary Pozavarovalnica Triglav Re d.d., and thereby the Triglav Group from 'A-' to 'A'. Both credit ratings have a stable medium-term outlook.
The S&PGR improved the Group's business risk profile and assessed it strong mainly due to the improved conditions on the Slovene insurance market resulting in lower sovereign risk. Thanks to the Group's investment portfolio, and foremost to its diversification, the Group's financial risk profile was assigned a higher rating and reassessed as very strong. Furthermore, the S&PGR emphasized in its report that the Group had provided comprehensive reinsurance protection.
The 'A' credit rating on Triglav exclusively reflects the Group's standalone credit profile and does not include any uplift from the insurer's status as a government-related entity. The Triglav Group passes the S&PGR's hypothetical sovereign stress scenario, and could be, in case of sovereign stress, rated higher than the sovereign rating on the Republic of Slovenia.
The stable medium-term outlook reflects the S&PGR's expectations that the Triglav Group will continue to successfully implement its set strategy and sustain very strong capital adequacy and earnings over the next two years.
This information will be published on the website of Zavarovalnica Triglav d.d. at www.triglav.eu as of 5 July 2016 and will remain available on the Company's public website for a period of at least five years.
Zavarovalnica Triglav dd published this content on 05 July 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 July 2016 12:55:00 UTC.
Original documenthttp://www.triglav.eu/en/investors/announcements_and_reports/public_announcements/doc-seonet-61088
Public permalinkhttp://www.publicnow.com/view/B4CB3BEC065424C440B7BB0C66621B0783FB54AF
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.