Annual Report (ESEF) • Apr 1, 2025
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Download Source FilePresident: Andrej Slapar
Members: Uroš Ivanc, Tadej Čoroli, Marica Makoter, Blaž Jakič
Positive medium-term outlook (S&P Global)
Stable medium-term outlook (AM Best)
"A"
| Total revenue in EUR million | Total business volume in EUR million | Combined ratio Non-Life and Health of the Triglav Group | Return on equity of the Triglav Group | Earnings before tax in EUR million |
|---|---|---|---|---|
| 1,738.0 | around 1,600 | 101.9% | around 95% | 1,452.2 |
| 1,717.6 | 1,251.6 | 1,005.8 | 940.3 | |
| 2023 | 2024 | Triglav Group Zavarovalnica Triglav | ||
| 21.1 | 130 - 150 | 159.0 | 15.8 | 117.6 |
| 2023 | 2024 plan | 2024 Triglav Group Zavarovalnica Triglav | ||
| 1.8% | 14.0% | 2023 | 2024 | |
| 76.3% | 65.5% | 25.6% | 28.1% | |
| 2023 | 2024 plan | 2024 | ||
| Claims ratio | Expense ratio | 93.6% |
Dear Shareholders and Readers,
This has been a year of strong performance. The Triglav Group consistently pursued its strategic ambitions, achieved its business objectives, and benefited from favourable financial market conditions and relatively favourable claims development, further reinforcing its strong results. Excellent performance was recorded across all business segments, significantly exceeding expectations. Importantly, the Group remains financially robust, as reaffirmed by its high "A" credit rating, with S&P Global upgrading its outlook from stable to positive. Earnings before tax amounted to EUR 159 million, while net earnings reached EUR 131 million. Strong results in insurance, reinsurance and asset management, alongside one-off events – particularly in health insurance – contributed to this achievement.
Despite ongoing uncertainty surrounding inflationary expectations and a highly competitive market, the Group further strengthened its dominant position in the insurance market both in Slovenia and the Adria region. The Group remained focused on maintaining the resilience of its business model, enabling adaptability to environmental challenges. It continued to pursue prudent underwriting while carefully maintaining targeted asset-liability matching. The Group remains well-capitalised, further reinforced by profitable operations and the successful issuance of a new subordinated bond. The Group's net return on equity stood at favourable 14%.
of services (FOS). In line with the Group's target geographical diversification, the share of premium written outside Slovenia increased. The Slovenian market accounted for 56% of total written premium, with a 6% increase, including the impact of the Health segment. In other Adria region markets, premium growth reached 9%, while in international markets, where the Group operates primarily under the FOS principle and conducts inward reinsurance business, growth stood at 21%. The Group's combined ratio of 93.6% outperformed expectations, driven by an improved claims ratio. Claims development in 2024 remained relatively favourable, even in the context of mass CAT events. The Group achieved strong and profitable performance across all insurance segments.
In the Health segment, the business model in Slovenia was restructured, including the merger of the health insurance subsidiary into the parent company. This restructuring aimed to support continued premium growth, ensure adequate claims management and rationalise costs. The Group's key strategic guidelines and ambitions for the Health segment remain unchanged, reaffirming its position as one of the core development segments.
Favourable financial market conditions contributed to strong performance in the Asset Management segment. Net assets under management for clients in mutual funds and through discretionary mandate services grew by 33% to EUR 2.3 billion, driven by rising equity market prices and strong net inflows.
In line with investment policies, the conservative structure and quality of the Group's investment portfolio – which grew by 15% to EUR 3.9 billion – remained largely unchanged. Bonds in developed markets, most of which have a high credit rating, constitute the majority of the total investment portfolio. Implementation of the dividend policy by paying out dividends. Our aim is to ensure that the ZVTG share remains an attractive, secure and stable investment option for investors. In 2024, its total return was 21% and its dividend yield was 4.0%. A dividend was paid to shareholders, significantly exceeding the Group's 2023 net earnings. The objectives of the dividend policy were consistently pursued and maintained, considering the unique operating environment in 2023 and the improved outlook for 2024. These objectives have been achieved.
Strategic objectives for 2025 were met, and in some cases, exceeded. The Group's operations remain profitable, safe and sustainable. Return on equity surpassed the 10% target in 2024. Business volume, despite a shortfall in the Health segment, is above target, with the share of premium written outside Slovenia continuing to grow steadily. Client experience in underwriting and after-sales activities was enhanced through a client-focused approach. At Group level, we expanded the range of products and services, digitalised processes, efficiently managed sales channels and strengthened strategic partnerships. Client and employee satisfaction remain key performance indicators, with results reflecting a high level of achievement even in recent challenging years.
existing strategic approaches to address evolving client and market needs. The goal is to bring together engaged, collaborative and entrepreneurial employees, united by shared values. Sustainable development at the core of our activities The Group continues to deliver on its sustainability ambitions and support the transition to a climate-neutral and climate-resilient economy. Some of this year's achievements include:
Additionally, we upgraded our sustainability reporting, which has followed the international GRI guidelines since 2009, further aligning it with additional standards and targets, such as SASB and SDGs. This year, we took a significant step forward by aligning our sustainability disclosures with the CSRD and ESRS. On behalf of the Management Board and all the Triglav Group employees, I sincerely thank you for your trust in us.
Andrej Slapar
President of the Management Board of Zavarovalnica Triglav
The Triglav Group's performance was strong and profitable across all segments. Taking into account the effects in the Health segment, the Group increased its business volume and maintained its financial strength and high "A" rating, with S&P Global upgrading its outlook from stable to positive. Its leading position in the insurance sector was strengthened both in Slovenia and the Adria region.
| 2024 | 2023 | Index | |
|---|---|---|---|
| Total business volume | 1,717.6 | 1,738.0 | 99 |
| Gross written premium | 1,622.3 | 1,663.7 | 98 |
| Other income | 95.4 | 74.3 | 128 |
| Total revenue | 1,393.2 | 1,425.2 | 98 |
| Insurance operating result | 97.5 | -7.1 | |
| Insurance revenue | 1,298.0 | 1,351.2 | 96 |
| State compensation pursuant to the Decree on supplemental health insurance premium | 11.0 | 0.0 | |
| Claims incurred | 678.7 | 1,021.2 | 66 |
| Acquisition and administrative costs including non att. costs | 370.9 | 358.0 | 104 |
| Net reinsurance service result | -140.9 | 31.6 | |
| Net other insurance revenue and expenses | -20.9 | -10.6 | 197 |
| Net investment result | 49.0 | 22.2 | 220 |
| Investment result | 159.7 | 83.8 | 191 |
| Financial result from insurance contracts | -118.5 | -69.7 | 170 |
| Change in provisions for not achieving the guaranteed yield | 0.9 | 8.1 | |
| Gains/losses and impairments of investments in associates | 6.9 | 0.0 | |
| Result from non-insurance operations | 12.5 | 5.9 | 213 |
| Earnings before tax | 159.0 | 21.1 | 755 |
| Net earnings | 131.4 | 16.3 | 808 |
| Other comprehensive income | 6.3 | 34.7 | 18 |
| Combined ratio Non-Life and Health | 93.6% | 101.9% | -8.3 p.p. |
| Claims ratio Non-Life and Health | 65.5% | 76.3% | -10.8 p.p. |
| Expense ratio Non-Life and Health | 28.1% | 25.6% | 2.5 p.p. |
| New business margin Life | 13.4 % | 14.6% | -1.2 p.p. |
| Annualised return on equity | 14.0% | 1.8% | 12.2 p.p. |
| Return on financial investments | 3.0% | 1.6% | 1.4 p.p. |
| 31 Dec 2024 | 4,538.3 | 4,099.0 | 111 |
| Equity | 989.0 | 891.1 | 111 |
| Contractual service margin (CSM) | 286.8 | 238.4 | 120 |
| Assets under management (AUM) | 5,893.8 | 4,851.4 | 121 |
| Number of employees | 5,204 | 5,318 | 98 |
| Number of employees (full-time equivalent) | 5,088 | 5,190 | 98 |
segment and non-insurance operations (see Section 2.9 of the Accounting Report for further information). The impact of discontinued operations is discussed in greater detail in Section 3.7.6 of the Accounting Report. The breakdown of profit or loss in the Business Report (comprising insurance operating result, net investment result, result from non-insurance operations) differs from that of the statement of profit and loss in the Accounting Report (comprising insurance service result, investment result, financial result from insurance contracts and other profit or loss categories). The presentation of the insurance operating result also takes into account non-attributable costs, insurance revenue, insurance service expenses, net other insurance revenue and insurance service expenses, and state compensation under the Decree on setting the maximum price of the supplemental health insurance premium. Furthermore, the net investment result includes the financial result from insurance contracts, change in provisions for not achieving the guaranteed yield, gains/losses on investments in associates and impairment of investments in associates, in addition to the investment result. Other categories are included in the result from non-insurance operations.
| 2024 | 2023 | Index | ||
|---|---|---|---|---|
| Total business volume | 1,134.1 | 1,215.6 | 93 | |
| Gross written premium | 1,104.8 | 1,189.7 | 93 | |
| Other income | 29.3 | 26.0 | 113 | |
| Total revenue | 940.3 | 1,005.8 | 93 | |
| Insurance operating result | 84.4 | -10.6 | ||
| Insurance revenue | 911.1 | 985.6 | 92 | |
| State compensation pursuant to the Decree on supplemental health insurance premium | 11.0 | 0.0 | ||
| Claims incurred | 420.8 | 770.0 | 55 | |
| Acquisition and administrative costs including non att. costs | 266.0 | 257.3 | 103 | |
| Net reinsurance service result | -130.7 | 39.5 | ||
| Net other insurance revenue and expenses | -20.2 | -8.3 | 242 | |
| Net investment result | 33.8 | 24.9 | 136 | |
| Investment result | 134.9 | 67.1 | 201 | |
| Financial result from insurance contracts | -110.1 | -62.9 | 175 | |
| Change in provisions for not achieving guaranteed yield | 0.0 | 4.3 | ||
| Gains/losses and impairments of investments in associates | 9.0 | 16.3 | 55 | |
| Result from non-insurance operations | -0.6 | 1.5 | ||
| Earnings before tax | 117.6 | 15.8 | 746 | |
| Net earnings | 98.2 | 14.2 | 691 | |
| Other comprehensive income | 0.7 | 33.3 | ||
| Combined ratio | 92.0% | 102.8% | -10.6 p.p. | |
| Claims ratio | 63.1% | 77.7% | -14.5 p.p. | |
| Expense ratio | 29.1% | 25.1% | 4.0 p.p. | |
| New business margin Life | 14.6% | 13.9% | 0.7 p.p. | |
| Annualised return on equity | 13.8% | 2.1% | 11.7 p.p. | |
| Return on financial investments | 2.8% | 2.2% | 0.6 p.p. | |
| 31 Dec 2024 | 31 Dec 2023 | Index | ||
| Balance sheet total | 3,273.8 | 2,998.9 | 109 | |
| Equity | 741.6 | 682.5 | 109 | |
| Contractual service margin (CSM) | 271.4 | 225.5 | 120 | |
| Number of employees | 2,223 | 2,349 | 95 | |
| Number of employees (full-time equivalent) | 2,197 | 2,315 | 95 |
| Index | 1. | Environmental aspects |
|---|---|---|
| Carbon footprint (tonnes of CO2 equivalent)* | 7,038 | 7,992 |
| Scope 1 and 2 carbon footprint per employee (tonnes of CO2 equivalent)* | 1.34 | 1.51 |
| Electricity consumption (MWh) | 9,420 | 10,342 |
| Share of electricity consumption from renewable sources (%) | 66 | 62 |
| Written premium from products promoting social and environmental benefits (EUR million) | 22.9 | 25.0 |
| Assets under management in funds that incorporate sustainability aspects (EUR million) | 1,977.3 | 1,139.0 |
| Investments in social impact, green and sustainable bonds (EUR million) | 339.4 | 262.5 |
| Employee satisfaction (ORVI) | 3.97 | 3.94 |
|---|---|---|
| Average employee age | 45.1 | 45.1 |
| Women employees to total employees ratio (%) | 55.7 | 55.0 |
| Employee turnover (number of leavers/average number of employees; %) | 16.5 | 12.0 |
| Average number of training hours per employee | 31 | 27 |
| Lost time incident rate – LTIR (number of work-related incidents/total number of hours of all employees x 1,000,000) | 0.96 | 1.88 |
| Client satisfaction of Triglav Group (NPS)** | 70 | 73 |
| Investments into the community (prevention, donations, sponsorships) (EUR million) | 9.5 | 8.9 |
| Proportion of women in the management board/supervisory board in parent company (%) | 20.0/37.5 | 20.0/25.0 |
|---|---|---|
| Proportion of women at the first management level under the management board (%) | 45.7 | 44.6 |
| Proportion of women in management and supervisory bodies (%) | 26.4 | 26.7 |
| Average age of Zavarovalnica Triglav Management Board members | 48.8 | 47.8 |
| Independence of Zavarovalnica Triglav Supervisory Board members, shareholder representatives (% of members) | 100 | 100 |
| Term of office of the current President of the Management Board (years) | 11 | 10 |
| Policies adopted: equal opportunities policy, anti-corruption policy, employee protection/whistleblower protection policy | YES | YES |
| Fair business practices (number of fraud cases investigated) | 1,756 | 1,771 |
| Internationally renowned audit firm (Big 4) | YES | YES |
| Period of cooperation with the existing auditor (years) | 6 | 5 |
relations when publishing results YES YES
| Economic value generated (EUR million) | 1,712.9 | 1,642.4 | 104 |
|---|---|---|---|
| Economic value distributed (EUR million) | 1,621.3 | 1,682.9 | 96 |
| Economic value retained (EUR million) | 91.7 | -40.5 |
** NPS shows the share of promoters who would recommend the Company to their acquaintances and friends based on experience.
For additional information about this report please contact: Zavarovalnica Triglav d.d., Ljubljana Miklošičeva cesta 19, 1000 Ljubljana
Blaž Kmetec, Executive Director of Finance and Controlling
Email: [email protected]
adopted at the end of the year. It is ambitious and focuses on ensuring profitable, safe and sustainable operations. See Section 4. Triglav Group strategy and plans for more information.
▪ Issue of a subordinated bond: As part of the Triglav Group's regular capital management activities, Zavarovalnica Triglav issued a subordinated bond in July 2024 with a nominal value of EUR 100 million, maturing in 20.5 years. See Section 6.7 Bonds for more information.
Calendar of financial announcements for 2025
| Date of announcement* | Time | Type of announcement | Quiet period** |
|---|---|---|---|
| Thursday, 6 March 2025 | 8:30 | Preliminary key figures for 2024 | From Thursday, 13 February 2025 |
| Monday, 31 March 2025 | 8:30 | Audited annual report for 2024 | From Monday, 17 March 2025 |
| Thursday, 24 April 2025 | Call notice of the General Meeting of Shareholders to decide on the distribution of accumulated profit | ||
| Wednesday, 21 May 2025 | 8:30 | January–March 2025 interim financial report | From Wednesday, 7 May 2025 |
| Tuesday, 3 June 2025 | General Meeting of Shareholders and announcement of its resolutions | ||
| Wednesday, 20 August 2025 | 8:30 | January–June 2025 interim financial report | From Wednesday, 6 August 2025 |
| Wednesday, 19 November 2025 | 8:30 | January–September 2025 interim financial report | From Wednesday, 5 November 2025 |
The general public is informed about the dates of key announcements and about any amendments to the planned time of announcement:
The Triglav Group is the leading insurance and financial group in Slovenia and the Adria region as well as one of the leading groups in South-East Europe. The Group also operates in the wider international environment, mainly through partnerships with foreign insurance brokerage and agency companies as well as with reinsurers.
The markets in the Adria region and its two core activities are shown below.
| Strategic activities | Insurance | Asset management |
|---|---|---|
| Non-Life | Own insurance portfolio (asset backing liabilities and back) | Life |
| Health | Mutual funds and individual asset management | Reinsurance |
| Pension funds |
| Slovenia | Serbia | Croatia | Bosnia and Herzegovina | Montenegro | North Macedonia | International insurance |
|---|---|---|---|---|---|---|
| 1st place 40.8% market share* (+1.3 p.p.) | 5th place 7.7% market share* (+0.2 p.p.) | 8th place 4.8% market share* (–0.4 p.p.) | 5th place 8.3% market share* (–1.0 p.p.) | 1st place market share* (–0.4 p.p.) | 3rd place 13.8% market share* (+0.4 p.p.) | |
| 2,621 employees | 818 employees | 567 employees | 537 employees | 378 employees | 283 employees | |
| EUR 990 million total volume (11%) | EUR 117 million total business volume (+19%) | EUR 93 million total business volume (+1%) | EUR 52 million total business volume (+1%) | EUR 51 million total business volume (+11%) | EUR 38 million total business volume (+15%) | EUR 377 million total business volume (+21%) |
The insurance activity includes non-life, health and life insurance, as well as reinsurance. The Group's insurance business comprises:
The Triglav Group strengthened its dominant market position in the Adria region (Slovenia, Croatia, Serbia, Montenegro, Bosnia and Herzegovina, and North Macedonia). According to the latest available data for 2023, it increased its market share by 0.1 percentage points to 21.8%.
** Data for 2024 not yet available. Source: Zavarovalnica Triglav's calculation based on the data of national insurance supervision agencies and insurance associations.
Zavarovalnica Triglav, the Group's parent company, is the leader among the insurers in South-East Europe (Albania, Bulgaria, Bosnia and Herzegovina, Montenegro, Croatia, Moldova, Romania, North Macedonia, Slovenia and Serbia). The Romanian insurers Groupama Asigurari and Allianz – Tiriac Asigurari again ranked second and third. Eight insurance companies of the Triglav Group ranked among the top 100 insurers in South-East Europe in terms of gross written premium. All 100 insurers collectively recorded a total written premium of EUR 12.4 billion, up by 17% compared to the previous year.
| Modra zavarovalnica | 2.2% |
|---|---|
| Allianz | 3.4% |
| Uniqa | 3.4% |
| Grawe | 4.0% |
| Vzajemna | 5.3% |
| Dunav | 4.9% |
| VIG Croatia | 6.6% |
| Group Agram | 7.7% |
| Sava insurance Group | 8.0% |
| Generali | 8.3% |
| Triglav Group | 21.7% |
| 2.2% | |
| 3.4% | |
| 3.5% | |
| 4.1% | |
| 4.4% | |
| 5.1% | |
| 6.0% | |
| 7.7% | |
| 8.3% | |
| 9.0% | |
| 12.9% | |
| 21.8% |
Source: SeeNews 2024.
The asset management activity at the Triglav Group comprises the management of the parent company's insurance portfolios (assets backing liabilities and guarantee funds), clients' pension savings through the insurance services of the Group's insurance and pension companies, asset management by asset management companies and the management of clients' assets in mutual funds and discretionary mandate assets.
See Section 8.4 Asset management for more information on asset management and Section 7.5 Asset and investment fund management market in Slovenia for the situation of the asset management market in Slovenia.
| 225.9 | 228.8 | 248.0 | 256.1 | 289.3 | 311.0 | 322.1 | 344.8 | 385.5 | 478.8 | 512.6 | 538.1 | 702.0 | 821.5 | 982.8 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Euroins | Euroherc Osiguranje | Generali Osiguranje Srbija | Lev Ins | Generali Romania | Vzajemna | Zdravstvena Zavarovalnica | Asirom | VIG | Dunav Osiguranje | Croatia Osiguranje | Omniasig | VIG | Generali Zavarovalnica | Zavarovalnica Sava | Allianz - Tiriac Asigurari | Groupama Asigurari | Zavarovalnica Triglav |
As at 31 December 2024, the Triglav Group comprised 54 companies: the parent company, 31 subsidiaries, 12 associates and 10 joint ventures.
The Management Board of Zavarovalnica Triglav comprises:
The period from the first appointment to the end of the current term of office: 2013–2029
Employed at the Triglav Group: from 1997
- Uroš Ivanc, Member
The period from the first appointment to the end of the current term of office: 2014–2029
Employed at the Triglav Group: from 2001
- Tadej Čoroli, Member
The period from the first appointment to the end of the current term of office: 2014–2029
Employed at the Triglav Group: from 2001
- Marica Makoter, Member
The period from the first appointment to the end of the current term of office: 2011–2026
Employed at the Triglav Group: from 2001
- Blaž Jakič, Member
The period from the first appointment to the end of the current term of office: 2023–2028
Employed at the Triglav Group: from 2010
Report of the Supervisory Board of Zavarovalnica Triglav d.d. on the verification of the Annual Report of the Triglav Group and Zavarovalnica Triglav d.d. for 2024 and Opinion of the Supervisory Board of Zavarovalnica Triglav d.d. on the Annual Internal Audit Report of the Internal Audit Department of Zavarovalnica Triglav d.d. for 2024
In 2024, the Supervisory Board of Zavarovalnica Triglav d.d. diligently and responsibly fulfilled its supervisory role, ensuring high-quality oversight of the operations of Zavarovalnica Triglav d.d. and the Triglav Group. It oversaw various aspects of their operations and development, and on that basis took appropriate decisions and followed up on their implementation. Individual topics were initially reviewed by the Supervisory Board's committees, whose findings and proposals supported well-informed and prudent decision-making. The Supervisory Board also monitored the implementation and execution of the Triglav Group's strategy and actively participated in the formulation and adoption of the new strategy. The Supervisory Board performed its work within the scope of its powers and competencies set out by law, the Company's Articles of Association and its own Rules of Procedure.
The composition of the Supervisory Board in 2024 is described in Section 5. Corporate Governance Statement (Supervisory Board) of the Business Report. In 2024, the Supervisory Board held nine sessions and had four committees: the Audit Committee, the Appointment and Remuneration Committee, the Strategy Committee, and the Nomination Committee. In addition, at its 7th/2024 meeting on 21 August 2024, it established the fifth committee, the Risk Committee. The composition of the Supervisory Board committees in 2024 as well as the more important duties and powers of individual committees are described in Section 5. Corporate Governance Statement (Composition of Supervisory Board committees and their activities in 2024) of the Business Report.
In 2024, the Audit Committee held six meetings, at which it, among other things:
(re)insurance groups in the European Union and (re)insurers in Slovenia;
The external expert Jernej Pirc provided his expertise and support to the work of the Audit Committee in relation to information technology issues. The Audit Committee carried out a performance self-assessment with the aim of ensuring the continued improvement and quality of its work and adopted an action plan for the improvement of its performance.
The Appointment and Remuneration Committee held seven meetings in 2024. Its most important activities included:
The Strategy Committee, which held three meetings in 2024, devoted special attention to the implementation and revision of the Triglav Group strategy for 2025–2029 and the starting points for the development of the Triglav Group's business plan for 2025.
The Risk Committee was established at the 7th/2024 Supervisory Board session, held on 21 August 2024. It met once in 2024. Its activities included:
The Nomination Committee was established on 29 November 2023 to carry out the nomination process for appointing a candidate for Supervisory Board member – shareholder representative to replace Igor Stebernak, whose term of office expired on 3 June 2024. Following the resignation of Supervisory Board member Jure Valjavec, the Nomination Committee was tasked with proposing two candidates for Supervisory Board membership. In 2024, the Nomination Committee held five meetings and proposed two candidates for Supervisory Board members – shareholder representatives, both of whom were subsequently appointed at the General Meeting of Shareholders. The Nomination Committee was re-established on 19 November 2024 to conduct the nomination process for appointing two candidates for Supervisory Board members – shareholder representatives, as the terms of office of Andrej Andoljšek and Tomaž Benčina on the Supervisory Board will expire on 14 June 2025.
The description of the Supervisory Board's operations and the scope of monitoring and supervision of the governance of the Company and the Group in 2024 are based on the supervision of the Company's and the Group's operations performed by the Supervisory Board in 2024, acting within its powers. The Supervisory Board held nine sessions in 2024. The Supervisory Board's duty is to supervise how the Company conducts its business and to perform other tasks in accordance with the Companies Act, the Insurance Act, the Company's Articles of Association, the Rules of Procedure of the Supervisory Board and the Slovenian Corporate Governance Code. The methods and organisation of its work are set out in the Rules of Procedure of the Supervisory Board, which are published on the Company's website.
a) With regard to its core competences, in 2024 the Supervisory Board:
and the annual capital adequacy as at 31 December 2023 and took note of the independent auditor’s assurance report;
Insurance Actuarial Function Holder in Zavarovalnica Triglav d.d.;
The costs in connection with the Supervisory Board's work other than the remuneration paid to its members and committees (disclosed in Section 4.4 Related party transactions of the Accounting Report) mostly included the rental costs of interpretation equipment and translation costs for smooth execution of its sessions, training costs of the members of the Supervisory Board and its committees, and the outsourced IT services for the Audit Committee. These costs, including all remuneration, amounted to EUR 407,932 in 2024.
Committees. With their attendance at its sessions and active participation in discussions and decision-making, they contributed to the effective discharge of duties within the powers of the Supervisory Board and its committees. The work of the Supervisory Board is well managed and supported, whilst the planning and frequency of its sessions is adequate. Both the Rules of Procedure of the Supervisory Board and the Rules of Procedure of the Audit Committee include clear rules of conduct in the event of a conflict of interest. The Supervisory Board members and the Audit Committee's external member signed and submitted statements of independence in accordance with the Slovenian Corporate Governance Code, which are published on the Company's website. All Supervisory Board members declared themselves independent in accordance with the Slovenian Corporate Governance Code criteria (all statements of independence are published on the Company's website). All members of the Supervisory Board and its committees diligently adhere to the rules on managing conflicts of interest. The Supervisory Board and its committees follow the highest standards of conflict of interest management.
The Supervisory Board is of the opinion that its cooperation with the Management Board was adequate, in accordance with the applicable legislation and good practices. To the best of its knowledge, the Supervisory Board was informed of all events of material significance to the assessment of the situation and its consequences, and to the effective supervision of the Company's operations. The documents provided as materials for the Supervisory Board’s sessions were of good quality and information was accurate, relevant, reliable, comparable and exhaustive. The Supervisory Board regularly followed the implementation of its resolutions.
The Governance System and Policy of Zavarovalnica Triglav d.d. sets out main corporate governance guidelines, taking into account the set long-term objectives and the defined role and work of the Supervisory Board and its committees. The fit and proper criteria as set out in the Fit and Proper Policy for the Management Board and Supervisory Board Members of Zavarovalnica Triglav d.d. apply to both the Supervisory Board as a collective body and to Supervisory Board members as individuals. A fit and proper assessment was carried out before new Supervisory Board members – shareholder representatives took office.
On 10 January 2024, the Slovenian Insurance Supervision Agency issued a final decision prohibiting Vinko Letnar from serving as a Supervisory Board member, thereby confirming the Supervisory Board's views and assessment. In addition, the Appointment and Remuneration Commission's periodic assessment was performed. The Supervisory Board as a collective body was assessed as fit and proper, taking into account the adequate range of qualifications, knowledge and experience in view of the circumstances and requirements under which the Company operates. A fit and proper assessment is also performed for the Audit Committee's external member.
The Supervisory Board regularly carries out the self-assessment procedure. Based on its findings, it adopts an action plan containing a series of proposals and measures aimed at improving its future performance. The implementation of the action plan is monitored on an ongoing basis. By implementing the self-assessment procedures, the quality of the Supervisory Board's work is improved, which is reflected in a higher quality of supervision of the operations and the areas material for the Company and the Group.
The Supervisory Board carried out its duties and powers smoothly. The sessions of the Supervisory Board and its committees were held in person and, in exceptional cases, also virtually with the help of technical means. In view of the above, the Supervisory Board is of the opinion that its work and the work of its committees in 2024 were successful.
In accordance with paragraph three of Article 165 of the Insurance Act (ZZavar-1), the Annual Internal Audit Report of the Internal Audit Department of Zavarovalnica Triglav d.d. for 2024 was submitted to the Supervisory Board, which took note of it at its session on 26 March 2025. The report contains an overview of the implementation of the Internal Audit Department's (hereinafter: IAD) planned activities in 2024 and a summary of material audit findings, an assessment of the adequacy and effectiveness of risk management and the internal control system of the audited areas in both the Company and the Group, the assessment of the adequacy of the IAD's funds for its work, the IAD's quality assurance and improvement programme and its results, and the statement of independence and impartiality of the IAD and its employees.
The Internal Audit Department conducted the planned internal audits in the Company and other companies of the Group and presented its internal audit findings to the relevant persons in charge and made recommendations for improving risk management and the internal control system of audited areas. Based on the performed internal audits and the follow-up of implementation of recommendations and other relevant information, the IAD assessed that risk management and the internal control system of the audited areas in the Company and the Group were overall appropriate and were constantly improving.
The Company has an appropriate governance system proportionate to the nature and scale of its operations and the complexity of its risks. It regularly monitors its risk profile and actively enhances the risk management system and the internal control system, particularly in areas of increased risk or exposure. As the Group's parent company, it also oversees risk management and internal control systems in its subsidiaries, providing support for their improvement.
The IAD carried out advisory activities, followed up on recommendations, and worked on quality assurance and improvement of both the IAD and the internal audit departments of other Group members. This included the necessary activities for the implementation of the new Global Internal Audit Standards. Additionally, the IAD performed the internal audit function for Triglav, Zdravstvena zavarovalnica.
The IAD reported on the implementation of its work plan, material audit findings and the monitoring of the implementation of recommendations on a quarterly basis to the Audit Committee and on a semi-annual basis to the Supervisory Board. Based on the monitoring of the IAD's work and the submitted Annual Internal Audit Report of the Internal Audit Department of Zavarovalnica Triglav d.d. for 2024, the Supervisory Board is of the opinion that the IAD operated in line with its work plan for 2024, which was adopted by the Management Board with the approval of the Supervisory Board, and the expectations of the Supervisory Board and that its work contributed to the better functioning of the internal control system and improved risk management both in the Company and the Group.
The Supervisory Board has no objection to the Annual Internal Audit Report of the Internal Audit Department of Zavarovalnica Triglav d.d. for 2024.
Based on its monitoring and supervision of the Company's operations in 2024 and the examination and verification of the Annual Report of the Triglav Group and Zavarovalnica Triglav d.d., the Supervisory Board hereby establishes that the Company performed well and pursued its strategic objectives.
The Group generated EUR 159.0 million in consolidated earnings before tax and EUR 131.4 million in consolidated net earnings. The parent company's net earnings amounted to EUR 98.2 million. The Group's total revenue reached EUR 1,393.2 million, 2% lower than the previous year due to the termination of supplemental health insurance. The Group's total business volume fell by 1% to EUR 1,717.6 million.
The Group's insurance companies generated insurance, coinsurance and reinsurance premiums of EUR 1,622.3 million in 2024 (index 98), of which EUR 1,104.8 million (index 93) was earned by the parent company following the merger with Triglav, Zdravstvena zavarovalnica. Premium growth was achieved in all insurance segments, with the exception of the health segment, and in most markets where the Group operates, except for the markets of Slovenia and Bosnia and Herzegovina.
The Group's consolidated operating expenses, including other attributable insurance service expenses, increased by 5% year-on-year to EUR 450.8 million. The Group's total equity increased by 11% to EUR 989.0 million as at 31 December 2024. Return on equity stood at 14.0%.
The Group's financial stability, high capital adequacy and high profitability in 2024 were again confirmed by the two renowned rating agencies S&P Global and AM Best by assigning an "A" rating to the Group. Both rating agencies gave a stable medium-term outlook, but in December 2024, S&P upgraded its outlook from stable to positive.
The Management Board submitted the Unaudited and later the Audited Annual Report of the Triglav Group and Zavarovalnica Triglav d.d. for 2024 to the Audit Committee and the Supervisory Board. The Supervisory Board hereby ascertains that the Annual Report, which includes the Triglav Group Sustainability Report, was compiled within the statutory deadline and submitted to the appointed auditor.
The Annual Report of the Triglav Group and Zavarovalnica Triglav d.d. for 2024 was audited by the audit firm Deloitte revizija d.o.o., Ljubljana, which on 11 March 2025 expressed an unmodified opinion on the separate and consolidated financial statements in the Annual Report of the Triglav Group and Zavarovalnica Triglav d.d. for 2024.
In their independent auditor's report, they addressed key audit matters related to the valuation of insurance and reinsurance contract liabilities, insurance revenue, and the valuation of investments in subsidiaries in the separate financial statements. The audit firm Deloitte revizija d.o.o., Ljubljana also conducted the audit of the Group's consolidated Sustainability Report for 2024 and issued an independent limited assurance opinion on 11 March 2025.
Based on a detailed verification, the Supervisory Board established that the Annual Report of the Triglav Group and Zavarovalnica Triglav d.d. for 2024, which was prepared by the Management Board and verified by a certified auditor, was compiled in a clear and transparent manner and that it was a true and fair presentation of the assets, liabilities, financial position, and profit or loss of the Triglav Group and Zavarovalnica Triglav d.d.
In accordance with the aforementioned findings, the Supervisory Board expresses no objection to the unmodified opinion of the certified audit firm Deloitte revizija d.o.o., Ljubljana, which found that in all material respects the consolidated and separate financial statements presented a true and fair presentation of the financial position of the Triglav Group and Zavarovalnica Triglav d.d. as at 31 December 2024, their profit or loss, comprehensive income and cash flows for the year then ended, in accordance with the International Financial Reporting Standards as approved by the EU.
The Supervisory Board has no comments on the certified auditor's Limited Assurance Report on the consolidated Sustainability Report for 2024, included in the Annual Report. The auditor concluded that nothing has come to their attention that causes them to believe the consolidated Sustainability Report is not prepared, in all material respects, in accordance with the applicable legal requirements.
In view of the above, the Supervisory Board approves the Audited Annual Report of the Triglav Group and Zavarovalnica Triglav d.d. for the Year Ended 31 December 2024.
At its session, the Supervisory Board also discussed the Remuneration Report for 2024, which was verified by the authorised audit firm Deloitte revizija d.o.o., Ljubljana: In accordance with paragraph six of Article 294b of the Companies Act (ZGD-1), the auditor issued a limited assurance opinion confirming that the Remuneration Report contains all the information required by paragraphs two and three of Article 294b of the ZGD-1.
At its 2nd/2025 session, the Supervisory Board examined the Management Board's proposal for the distribution of accumulated profit as at 31 December 2024, which will be subject to a final decision by the General Meeting of Shareholders of Zavarovalnica Triglav d.d., and approved the following draft resolution on the distribution of accumulated profit to be proposed by the Management Board to the General Meeting of Shareholders:
"The accumulated profit totalling EUR 109,430,652.82 as at 31 December 2024 shall be distributed as follows:
Andrej Andoljšek
Chairman of the Supervisory Board
Ljubljana, 26 March 2025
Strategic risks and business opportunities are regularly assessed in response to the challenges and opportunities arising in a rapidly changing business and social environment.
From 2025 to 2030, in line with its vision as the region's leading international financial and insurance group, the focus will be on profitable and sustainable growth in both strategic activities. The ambition is to double earnings by 2030 and drive growth in markets outside Slovenia. With a client-centric approach, the Group will pursue further digitalisation and strengthen existing strategic approaches to address evolving client and market needs.
To ensure a balanced transition to a low-carbon society, the business model and investment strategies are being adapted, with the introduction of sustainable products and services.
The Group demonstrated the resilience of its business model with strong performance in 2024. Its operations will continue to be profitable in 2025, with further expansion of the business planned.
The environment in which the Group operates is characterised by rapid change and increasing complexity. Responsiveness and reliability remain central to the Group's revised strategy, enabling it to overcome challenges and create long-term value. By analysing and adapting to evolving economic, social and environmental demands, the Group remains focused on maintaining steady, profitable growth while identifying opportunities and risks arising from global and regional developments.
workforce dynamics, present both challenges and opportunities for the development of new products and services.
The global economic landscape continues to be shaped by persistent geopolitical tensions, easing inflationary pressures and subdued economic growth. Geopolitical risks arising from the Russia–Ukraine war and instability in the Middle East are affecting commodity flows, supply chains, market sentiment and international political stability. Inflationary pressures have eased, with interest rates declining as expected at the shorter end of the curve while rising slightly at the longer end. Weak demand and an uncertain economic outlook are slowing overall economic activity. Financial markets have been influenced by continued uncertainty surrounding the pace of policy adjustments by the major central banks in 2024. Gradual changes in monetary policy, along with interest rate adjustments, have generated cautious optimism, tempered by the awareness that sudden geopolitical or regulatory shifts could rapidly alter the economic landscape. Despite this volatility, equity markets recorded significant growth throughout most of the year. For further details on macroeconomic trends and geopolitical risks, see Section 7. Macroeconomic environment and market trends, and for market risks, refer to Section 2.8 Risk management in the Accounting Report.
The Group's operations in the Health segment were significantly affected in 2024 by the regulatory framework for supplemental health insurance in Slovenia, introduced in 2023. While presenting short-term challenges, this regulatory change also created opportunities for innovation and sustainable growth within the complementary health insurance segment. In this dynamic environment, the Group remains focused on resilience and strategic flexibility, closely monitoring external factors to effectively adapt to macroeconomic and geopolitical developments.
To manage market risks, the investment policies of Group companies primarily focus on ensuring the security of assets covering future non-life and life insurance liabilities. These policies are designed in the best interests of all beneficiaries, aligning with the objectives set out in insurance contracts. Investments are broadly matched to the nature and duration of insurance and reinsurance liabilities through a robust asset-liability management system, allowing for effective management of market risks while maintaining a balance between investment security and achieving an adequate return on investment portfolios.
The physical risks of climate change, which have a significant impact on the insurance industry, are linked with the increasing severity and frequency of extreme weather events, affecting both social and economic structures. In the region where the Group operates, more frequent and severe floods, droughts and hailstorms are of particular long-term concern. Rising demand for insurance coverage presents opportunities for business expansion, alongside challenges in securing adequate reinsurance cover and implementing effective risk management strategies.
The transition to a low-carbon economy, driven by evolving policies, consumer behaviours and market sentiment, is significantly reshaping the business environment. Beyond operational risks, it introduces legal, reputational and technological risks, including the need to adapt business practices to reduce greenhouse gas emissions. For insurers, the indirect impact of emissions through investment and insurance portfolios can be more substantial than the impact of the direct carbon footprint. Transition risks may also lead to fluctuations in asset values, while shifts in environmental policies and consumer behaviour could significantly affect policyholders and insurance products.
Investment and insurance activities play a key role in influencing issuers and policyholders, promoting a faster transition to sustainable business practices. Global population growth and economic development contribute to the overconsumption of natural resources, increasing the importance of balanced social development to reduce inequalities and improve conditions for vulnerable groups. Rising temperatures may lead to higher mortality rates, the spread of infectious diseases, and an increased likelihood of new epidemics or pandemics. These factors could drive greater demand for life and health insurance while exacerbating broader climate change impacts on public health and social stability.
offering insurance solutions and other services to mitigate climate-related risks and adopting investment policies that support sustainability, the sector can meet evolving client needs while facilitating a stable transition to a more sustainable future.
The Group conducts its two core activities to create long-term economic, social and environmental value for stakeholders, wider society and the environment. By prioritising sustainable business, it fulfils its mission of Creating a Safer Future. The Sustainable Development Policy defines the approach to achieving strategic sustainability ambitions by identifying impacts, risks and opportunities while integrating global best practices into business operations.
As part of the Group's own risk and solvency assessment (ORSA) process, particular attention is given to identifying and assessing climate risks. A qualitative assessment of assets and liabilities was conducted, highlighting the significance of climate risks for the investment segment in the medium and long term. Transition risks could become material over the medium or long term if legal and technological risks materialise. A stress scenario was carried out to assess physical risks within the insurance portfolio, which could already be material in the short term. Ensuring adequate client protection remains a priority, with reinsurance terms and conditions adjusted where necessary.
The Group is also examining biodiversity risks. Although linked to climate risks, these pose distinct and complex challenges. In the short term, they are not considered material; however, transition risks affecting assets and liabilities could become increasingly significant in the long term. Physical risks related to the investment portfolio remain negligible, as no major dependence on nature or natural resources has been identified. However, physical risks within the insurance portfolio are expected to grow in materiality over the long term.
To reduce policyholders' exposure to physical risks and insurance losses, priority is given to preventive solutions that mitigate climate risks. These include raising client awareness of climate change through tools such as the i.triglav digital platform, promoting insurance products for electric and hybrid vehicles, and offering tailored cover for renewable energy companies. Sustainability efforts also extend to claims settlement processes, where an environmentally responsible reuse and reduce approach is applied.
Sustainability-related risks also extend to the Group's reputation. Such risks may materialise over time, potentially affecting all key business processes, acquisition and retention of business and employees. See Section 10 of the Sustainability Report for further details on the sustainability aspects of operations, including the double materiality assessment process.
The digital transformation of the financial sector is driven by rapid technological advances, evolving client expectations and increasing competition. Insurers are prioritising seamless user experiences, flexible product offerings and secure operations when adopting new technological solutions and innovative business models. The use of advanced analytics, cloud services, the Internet of Things (IoT), cognitive computing, advanced mobile networks, process automation and robotics continues to expand.
and sophisticated cyberattacks. Strengthening digital resilience through robust cyber risk management, continuous testing and ongoing improvements to response plans is therefore essential to maintaining client trust and ensuring sustainable performance. At the core of digital transformation is the need for highly skilled employees with expertise in areas ranging from AI-driven decision-making to maintaining a secure digital infrastructure. Many insurers are strengthening partnerships and alliances with specialised external providers to meet evolving requirements and access innovative technologies and expertise.
These trends are reflected in regulatory developments. In 2024, the European Parliament and the European Council adopted the Artificial Intelligence Act, introducing extensive requirements for providers and users of high-risk AI systems. The Digital Operational Resilience Act (DORA), which comes into force in January 2025, mandates comprehensive digital risk management and cybersecurity practices for financial institutions. Additionally, the first set of implementing acts for the EU Digital Identity Wallet was adopted. These regulatory developments will shape the future of the financial sector, influencing business practices and client protection.
The Group continually adapts to changes in the digital landscape, accelerating the digitalisation of its operations and launching innovations that align with its strategic development goals. Solutions such as remote signing, video identification, multi-channel access, electronic identities and remote business have become integral to the Group's operations. The digitalisation process is continuously being expanded, enhanced and upgraded. See Section 4.4 Development activities (digital transformation) for more information on development activities.
The Group's risk management processes were upgraded with additional rules and controls to comprehensively and systematically identify, assess and manage the risks posed by new technological solutions. New solutions are evaluated before being implemented and regularly tested in terms of security and business continuity. Alignment with clients' expectations and needs is ensured, with improvements based on client feedback.
As part of efforts to innovate and enhance business process efficiency, tools that increase productivity, including AI, are deployed. The Group cooperates with ICT service providers who are committed to high security standards and whose solutions comply with information security and data protection legislation. Tailored cyber protection insurance products and assistance services are offered to clients to better deal with the challenges of remote business and to reduce cyber threats.
The information security and security controls management system is continuously upgraded, and information security, business continuity plans and recovery procedures are regularly reviewed at various levels. Cyber risks are consistently incorporated into stress scenario tests, whereby information security is analysed and measures are taken to make further improvements. Employees are regularly made aware of information security risks and trained on the safe use of IT. Their level of awareness is also regularly assessed, and additional measures and new approaches are implemented.
Information security is an essential aspect in the design of the Group's processes, information systems and controls. The Company reaffirmed its commitment by extending the ISO/IEC 27001:2022 certification for the information security management system. See Section 11. Digital Operational Resilience Report for more information.
Demographic trends and changing workforce dynamics continue to shape the insurance landscape. Ageing populations, lower fertility rates and the rising incidence of chronic diseases are placing sustained pressure on social welfare systems and healthcare services, affecting their long-term sustainability and influencing demand for insurance products. The evolving needs of clients, especially younger and more price-sensitive segments, call for more accessible, flexible and inclusive insurance solutions. Increasing awareness of the interplay between health, lifestyle and environmental factors is also prompting clients to seek tailored products and advice. The advancing digital transformation and rapid technological developments, increasingly characterised by artificial intelligence, are driving the demand for skilled professionals, particularly those combining industry knowledge with digital skills. High employment rates and competitive labour market conditions often result in demand exceeding supply, leading to increased salary pressures and recruitment challenges. Flexible working conditions, continuous training and a strong corporate culture have become essential for maintaining a stable talent base, although these measures also contribute to higher labour costs.
Demographic pressures, changing client expectations and a shortage of professionals with digital skills elevate the importance of innovative products, effective talent management, and inclusive and accessible solutions.
Based on regular monitoring of demographic trends in all the Group's markets, insurance terms and calculation factors are adjusted, and opportunities for new insurance coverages and products are identified. By expanding the range of products, risks not sufficiently covered, or not covered at all, by the compulsory social insurance scheme are addressed. The Company is expanding its life, pension and health insurance product range, thereby increasing the security of clients at all stages of life. It is exposed to longevity risk in products with lifetime annuity or pension payouts. Especially long-term risk, which requires special attention, is managed by developing dynamic models of the policyholders' life expectancy and setting appropriate premium rates and provisions.
and competences, particularly in IT, digitalisation, business intelligence, risk management, actuarial science and related fields. The risk of key staff leaving also remains a current concern. Efforts to reduce the risk of unwanted turnover include quality working conditions, employee benefits and quality communication. The Group is strengthening its brand of a development-oriented and responsible employer and building up its recognisability as a desirable employer, being able to attract and motivate new highly qualified and highly skilled workers and young people. Young people are actively involved in various initiatives before they are hired through company scholarships, work placements, and company and business presentations. Substantial investments are made in the professional and general training of employees. Where the nature of the work permits, hybrid work is provided and expanded for employees of Group companies. See Section 8.5 Investment in own-use real property and equipment for more information on the hybrid workplace. Employee satisfaction within the Group is regularly monitored by measuring the organisational climate. According to this year's results, the Group is effectively adapting to changes, communication is open and effective, and the Group remains an attractive working environment. See Section 10.3.1 Employee care for more information about care for employees.
Strategic risks, challenges and opportunities, as well as the needs of key stakeholders, are regularly monitored alongside ongoing assessments of the business model and strategy (see Section 10.1.3 Triglav Group's business model and value chain). Based on the analysis of industry trends, challenges and opportunities in the business environment, as well as the expectations of key stakeholders, the business strategy for 2025–2030 was ambitiously upgraded at the end of 2024. In its implementation, the mission of Creating a Safer Future will continue to be pursued, while enhancing the profile of the Group as an international insurance and financial group, which is the vision.
Creating a Safer Future We are client-focused. We help our partners grow. We promote employee development. We are a profitable, stable and safe investment.
An international insurance and finance group. The Triglav Group is the leading insurance and financial group in the Adria region, strengthening its dominant position in the region. An international group, further strengthening its identity and visibility. Revenue from regional and international markets will exceed that of the Slovenian market.
▪ Highly profitable operations – value for shareholders
The Group aims to double earnings before tax to EUR 250–300 million by 2030, while remaining a profitable, stable and safe investment for investors. While pursuing high profit targets, the Group is expanding the scale of its business, ensuring that profit sources are diversified both geographically and across products and services, thereby consolidating its market position. The Group's dominant market position in the region allows it to leverage economies of scale and achieve greater process efficiencies, which will be further strengthened. Cost-effectiveness will be improved by simplifying and centralising processes and continuing the digital transformation of operations. The Group aims to maintain its high "A" credit rating as an insurance and financial group, confirming its sound risk management and capital adequacy. The target capital adequacy ratio has been set at 200–250% (see Section 9.2.1 Capital management for more details).
In the insurance business, the goal is a high level of profitability, with the aim of keeping the combined ratio for the Non-Life and Health segments below 95% throughout this strategy period. Plans include growing earnings per ZVTG share at an average annual rate of 10% and the book value per share at 8%. The ambition is to achieve a net return on equity (ROE) of 12–13% by 2030. In line with the dividend policy (see Section 9.2.1 Capital management for more information), the Group plans to distribute approximately EUR 400 million in dividends to shareholders over this strategy period. At the same time, the target capital adequacy and favourable conditions for the Group's growth and development will be maintained.
| Earnings before tax (in EUR million) | 2030 | 2024 | ||
|---|---|---|---|---|
| 130–150 | 250–300 | ≈5.0 | ≈9.0 | |
| Ambitious EPS Growth (in EUR million) | ≈10% CAGR | 24–30 | ||
| Combined ratio Non-Life and Health | < 95% | 2025 Plan | 2030 |
35 ▪ Above-average growth in markets outside Slovenia Increasing the Group's visibility as an international group, while maintaining a dominant market position in the Adria region. The focus is on improving the position in individual markets within the region. In international markets outside the region, growth opportunities are pursued through reinsurance activities and new business models.
▪ Ambitious growth in business volume and assets under management Expansion of the business volume. The Group aims for its business volume to reach EUR 2.5–3.0 billion in 2030, with assets under management exceeding EUR 10 billion. Ambitious organic growth will be complemented with acquisition activities, should the right opportunities arise.
▪ An outstanding client experience Clients and their needs remain at the core of all activities, with a focus on delivering a consistently high-quality experience at every point of contact. A diversified offering is adapted to clients' needs and expectations, ensuring their well-being and enhancing their quality of life. Client-specific requirements are considered, providing affordable, innovative, simple and comprehensive insurance and investment solutions.
▪ An agile and efficient organisation The Group operates as an agile organisation, adapting effectively to challenges and environmental changes, including climate change. This strengthens the Group's ability to reallocate, upgrade or phase out assets, adjust its product and service portfolio, and develop employees' core competencies. Its activities are focused on further process simplification.
5.9 > 10
36
Operating safely and profitably, the Group achieved a business volume of EUR 1.7 billion and met its target capital adequacy ratio. Dividends of EUR 39.8 million were paid to shareholders. Planned development activities in strategic insurance and asset management businesses were successfully delivered, reinforcing the Group's leadership in both the sector and the region. By the end of 2024, the Group had met most of the objectives outlined in its strategy for the period to 2025.
Adequate profitability was achieved, with return on equity exceeding the 10% target. Despite a shortfall in the Health segment, total business volume surpassed the strategic target in 2024, and the share of premium written outside Slovenia increased. Despite challenges arising from a changing business and operational environment, the Group maintained a high level of client satisfaction (NPS). Client focus remained a key priority, with extensive development efforts dedicated to enhancing the user experience in underwriting and after-sales activities.
Insurance products and services, as well as sales processes and channels, were further developed. The network of strategic partnerships was strengthened, and progress was made towards the digital transformation of processes. The Group remained committed to its core values: responsiveness, simplicity and reliability. A visual employer brand identity was developed, and employees were encouraged to enhance their competences, adopt a healthy lifestyle and embrace the organisational culture. High scores were recorded on strategic indicators measuring satisfaction and engagement.
Through its sustainability-oriented operations, the Group reaffirmed itself as a development-driven environment for employees and business partners and a stable investment for investors.
with the dividend policy, amounting to EUR 39.8 million, or EUR 1.75 gross per share.
The high "A" credit rating was reaffirmed.
Gross written premium per Group insurance company employee: EUR 353 thousand.
In 2024, client focus was further strengthened in alignment with the Group's existing strategy, particularly through the implementation of an advanced data management system, business process digitalisation and, where applicable, the implementation of artificial intelligence into business processes. These steps were taken to address the evolving needs of clients and partners, as well as emerging risks and regulatory requirements. In both of the Group's core businesses, development activities were aimed at delivering an outstanding client experience at all stages of engagement.
Digitalisation and simplification, along with the customisation of products and services for clients and partners, are closely intertwined. The main new insurance solutions have been grouped according to their dominant features, directly supporting client focus.
For clients using only digital channels, the sales process was further digitalised to enhance the overall digital experience. For multi-channel users, the hybrid journey was improved to facilitate seamless transitions between channels. In non-life insurance, a user-friendly, easy-to-understand and efficient experience was achieved with step-by-step claims reporting. A digitalised claims reporting process was established with selected partners in the Pets ecosystem.
The functionalities of the i.triglav digital office in Slovenia were extended to include risk assessment and claims settlement status for non-life claims. For clients in Croatia, the non-life insurance content on this increasingly popular platform was updated, and additional functionalities were added. In Serbia, the digital presence of travel insurance was enhanced. In North Macedonia, non-life insurance business with financial institutions was digitalised, and an online platform for life insurance banking partners was launched. In Montenegro, an online bundled insurance tailored to the SME segment was offered.
were upgraded, while new family medicine and paediatric concession service options were launched. The sales and underwriting process for group supplemental pension insurance was adapted to meet the needs of micro and small enterprises. In the Adria region, products were redesigned, and several new ones were launched. In Croatia, comprehensive car insurance and home insurance products were upgraded. A new guaranteed-return endowment life insurance product for individuals was introduced, and a new product, Riziko plus (Risk Plus), was launched for financial institutions. In Serbia, a new non-life product, Triglav biznis (Triglav Business), was launched for entrepreneurs. For life insurance clients, a new product was linked to investment funds, and digital communication channels (email, SMS, Viber) were significantly expanded. Documentation for the sales network was simplified, and cooperation with non-life insurance sales centres was strengthened. In North Macedonia, new products, including overdraft insurance and photovoltaic insurance, were launched. A new contact centre for life insurance client support was established, and new coverage options were added to this insurance class. In Bosnia and Herzegovina, new communication channels (email, Viber) were introduced for non-life insurance clients, and travel insurance was renewed. For 39 companies and other institutions, a new group term insurance for employees under life insurance was introduced. In Montenegro, a new contact centre and online bill payment system were launched.
In developing excellent relationships with external partners, greater emphasis was placed on training activities. Across all markets, high-quality user experiences were ensured when using IT solutions, and in some cases, specialised units were established to collaborate with partners. A single integration layer was introduced for the sale of embedded insurance through consumer electronics stores and travel agencies. IT support for partner banking networks was modernised in several Group companies, with efforts focused on expanding and upgrading cooperation. Cooperation with leasing service providers, roadworthiness test providers and vehicle importers was supported by new IT solutions, particularly those based on the new AdInsure 3.0 underwriting application.
New and upgraded products. Projects to centralise IT infrastructure continued, optimising the use and cost-efficiency of IT equipment while enhancing security. The DRAJV app was further developed into a transactional and ecosystem platform, which includes policy overviews for motor vehicle and travel insurance, renewal and underwriting of new insurance policies, claims reporting, vehicle assistance requests, tow tracking and promotional functionalities. The number of users of Triglav's digital platform increased by 20%, reaching over a quarter of a million. The number of clients consenting to electronic business transactions grew by 30%, directly supporting the Group's strategic objectives.
A significant shift in development was achieved with the renewal of Triglav Skladi's product range, both in mutual fund management and discretionary mandate services, offering new clients only products that adhere to sustainable principles. An advanced and user-friendly mobile app was launched to provide a simpler and more comprehensive user experience, complementing the digital marketing and sales model for mutual funds. Additionally, the complex implementation of an IT solution for digital business process execution was completed, enhancing the efficiency and transparency of fund management and discretionary mandate services.
The strength, visibility and perception of the Triglav brand, which are regularly monitored, are key factors in the Group's market position and in seizing development opportunities. Key findings from the Group's 2024 general public reputation survey indicate that it ranks among the top five most reputable in the industry across nearly all of its markets. The Group ranks highest in Slovenia, followed by Montenegro and North Macedonia. The business community's assessment of its performance and reputation remains high, and the brand excellence index is stable. In 2024, a broad focus was placed on employer brand. Its visual identity was developed, and the brand was strengthened through a multi-channel approach and a broad range of activities for both employees and potential recruits. These included communication campaigns and events for employees (Festival of Ideas, Triglav International Business Academy), innovative events for students and targeted recruits (Top Experience – exploring AI in insurance) and other initiatives, such as popular team-building programmes incorporating corporate social responsibility.
See Section 10. Sustainability report for more information.
amounted to EUR 1.7 billion, exceeding the target of approximately EUR 1.6 billion. It was 1% lower than the previous year due to the termination of supplemental health insurance in Slovenia. As a result of this termination, premium written in the Slovenian market declined by 13%, whereas the international market recorded 21% growth and other markets in the Adria region saw a 9% increase. Growth was achieved in most insurance markets and across all business segments, except in Slovenia and Bosnia and Herzegovina, and in the Health segment. The combined ratio for the Group's Non-Life and Health segments was a favourable 93.6%, outperforming projections. It decreased by 8.3 percentage points year-on-year due to an improvement in the claims ratio. See Section 8. Operations of the Triglav Group and Zavarovalnica Triglav for more information.
The credit rating agencies S&P Global and AM Best reaffirmed the Group's "A" credit rating with a stable medium-term outlook, which was upgraded to positive in December by S&P Global. Achieving an "A" credit rating ensures an appropriate competitive position of the Group in insurance, reinsurance and financial markets as it confirms its financial strength, stability and sound performance. See Section 6.6 Credit rating of the Triglav Group and Zavarovalnica Triglav for more information.
The year 2025 marks the first year of a new strategy period to 2030, during which the Triglav Group has set high ambitions for profitable, safe and sustainable operations (see Section 4.2 Triglav Group Strategy for 2025–2030 for further information). It is estimated that the Group's operations will be primarily influenced by macroeconomic conditions, financial market developments, reinsurance cover, market situation and the development of the potential of its markets. Under the projected conditions for the year, earnings before tax are expected to reach EUR 130–150 million in 2025 (with net earnings ranging from EUR 100 million to EUR 120 million).
The three-line system, comprising corporate governance and the management of key functions and business lines, plays a crucial role in the effective management and control of subsidiaries.
The General Meeting of Shareholders approved the Remuneration Policy of Zavarovalnica Triglav d.d.
The President of the Management Board, Andrej Slapar, along with Management Board members Uroš Ivanc and Tadej Čoroli, commenced a new five-year term of office.
Barbara Nose and Rok Ponikvar were appointed new Supervisory Board members, shareholder representatives.
Zavarovalnica Triglav's governance system plays the main role in the implementation of the business strategy and effective risk management on which it is based. The main governance guidelines take into account the set long-term objectives. They are defined in the Governance System and Policy of Zavarovalnica Triglav d.d., which is adopted by the Management Board and the Supervisory Board. It is published on SEOnet, the Ljubljana Stock Exchange information system, and on the Company's website (www.triglav.eu).
In its operations, Zavarovalnica Triglav abided by the Corporate Governance Code (hereinafter: the Code), which was adopted on 9 December 2021. The Code is published on the Ljubljana Stock Exchange's website in Slovenian and English. Zavarovalnica Triglav's statement of compliance with the Corporate Governance Code for 2024 is available on SEOnet and Zavarovalnica Triglav's official website. Zavarovalnica Triglav adheres to the provisions of the Code. For well-grounded reasons, the Company deviated from or did not comply with the following provisions of the Code:
Management Board and Supervisory Board members are appointed, efforts are made to achieve as much diversity as possible. The Company's Diversity Policy sets out that if several candidates meet the fit and proper criterion, the candidate who will contribute more to greater diversity of the Management Board will have priority. The diversity of expertise and experiences is set out in greater detail in the Fit and Proper Policy for the Management and Supervisory Board Members of Zavarovalnica Triglav d.d. The Diversity Policy requires that both genders are represented on the management and supervisory bodies. The gender balance within the Company, appropriate to the size of its bodies, objectives and influence on the selection procedures for members of the management and supervisory bodies, as well as other Company procedures, is not predetermined. Primarily, the fitness and propriety of the bodies as a whole must be ensured, in accordance with strict legislative requirements mandating that both individual members and the bodies collectively meet specific fit and proper criteria for insurance undertakings. The Diversity Policy does not set goals for each aspect of diversity and for each body separately, but it does determine the method to ensure diversity as mentioned above and, as a result, has a direct impact on personnel procedures and other processes in the Company.
▪ Point 5.6, which refers to an external assessment of the appropriateness of the Corporate Governance Code by an independent institution: The Corporate Governance Statement, as part of the annual report, is reviewed annually by an independent external auditor. Zavarovalnica Triglav is a regulated company, whose operations are supervised by the Slovenian Insurance Supervision Agency. One of the key functions at the Company is internal audit, which not only performs continuous and comprehensive supervision of the Company's operations but also verifies and assesses whether the processes of risk management, control procedures and management of the Company are appropriate.
▪ Point 16.4, which stipulates that at least once in every three years the Supervisory Board should ensure an external assessment in which it cooperates with an independent institution or external experts: Each year, the Supervisory Board, with the assistance of competent departments, carries out assessment of its work and the work of its committees and draws up a report, which it considers carefully, and adopts an action plan of measures to improve its performance. At its discretion, the Supervisory Board also performs external assessment by cooperating with relevant external experts. The last such assessment was performed in February 2023.
abides by the principles of the Insurance Code, available on the website of the Slovenian Insurance Association (www.zav-zdruzenje.si). The Company also has its own code, published on its website, which defines its fundamental values and business principles in order to achieve its business objectives, strategic guidelines and competitive advantages in a fair and transparent manner and in compliance with the law and ethics. The Statement of compliance with the Slovenian Corporate Governance Code is available both on SEOnet and the Company's official website.
The Company has a two-tier governance system in place. Its governance bodies are as follows: General Meeting of Shareholders, Management Board and Supervisory Board. They operate in compliance with the primary and secondary legislation, the Articles of Association of Zavarovalnica Triglav d.d. (hereinafter: the Articles of Association) and adopted rules of procedure. Zavarovalnica Triglav's Articles of Association are published on its official website. The most important documents (Articles of Association of Zavarovalnica Triglav d.d., the Governance System and Policy of Zavarovalnica Triglav d.d. and similar) defining the governance, controls and operating procedures are published at https://www.triglav.eu/en/about-us/zavarovalnica-triglav/documents.
The shareholders of Zavarovalnica Triglav exercise their rights at the General Meeting of Shareholders, which is convened at least once a year, by the end of August at the latest. It may also be convened in other circumstances provided by law and the Articles of Association, and when it is in the interest of the Company. The powers and operation of the General Meeting of Shareholders are set out in the Companies Act and the Articles of Association. The holder of a Zavarovalnica Triglav share has the right to:
All shareholders who are entered in the share register managed by KDD – Centralno klirinška depotna družba d.d. not later than by the end of the seventh day before the date of the General Meeting of Shareholders have the right to attend the General Meeting. They may exercise their voting right provided that they register their attendance not later than by the end of the fourth day before the date of the General Meeting of Shareholders. The rights and obligations attached to the shares as well as the notes on the restriction of transfer of shares and on reaching a qualifying holding are described in Section 6.2 Equity. See the Insurance Act for further details.
In accordance with the Financial Instruments Market Act, the following three shareholders of Zavarovalnica Triglav held a qualifying holding as at 31 December 2024:
6,386,644 shares or 28.09% of the Company's share capital. Its stake remained unchanged in 2024.
Erste Group Bank AG - a fiduciary account, Vienna, holds 1,543,798 shares or 6.79% of the Company's share capital, up 0.08 percentage points on the previous year.
According to the data available, as at the reporting date Zavarovalnica Triglav had no other shareholders whose interests exceeded 5.00% of the share capital, nor any issued securities that would grant their holders special control rights.
In 2024, the General Meeting of Shareholders of Zavarovalnica Triglav convened once, at the 49th General Meeting held on 4 June 2024. The total number of shares and voting rights represented was 17,389,110 or 76.70% of all shares. The shareholders took note of the following documents:
The General Meeting of Shareholders approved the Remuneration Policy of Zavarovalnica Triglav d.d. and adopted the Remuneration Report of Zavarovalnica Triglav d.d. for 2023. The shareholders adopted a resolution on the following distribution of the accumulated profit of EUR 87,854,038.93 as at 31 December 2023:
The shareholders granted a discharge for the 2023 financial year to both the Management Board and the Supervisory Board of Zavarovalnica Triglav. Due to the expiry of Igor Stebernak's term of office and Jure Valjavec's resignation, Barbara Nose and Rok Ponikvar were appointed new Supervisory Board members, shareholder representatives.
manages and governs the Company independently and at its own responsibility, and presents and represents the Company without limitations. In legal transactions, the Company is always jointly presented and represented by two members of the Management Board, one of whom is its President. In line with the Solvency II Directive, all persons who manage an insurance undertaking must have adequate professional qualifications (fit) and be appropriate to perform this function, i.e. be of good reputation and integrity (proper).
The fit and proper assessment of the Management Board members is carried out based on national legislation and internal regulations. Any person fulfilling the requirements stipulated by the Insurance Act, the Companies Act and the applicable documents of the Company may be appointed to the Management Board as its President or member. The fit and proper criteria applying to individual Management Board members and the Management Board as a collective body are clearly defined in the Fit and Proper Policy for the Management and Supervisory Board Members of Zavarovalnica Triglav d.d.,
which sets out the fit and proper assessment procedure for Management Board members to be performed before the appointment, periodically, extraordinarily or after the appointment of an individual Management Board member. With respect to the latter, the Supervisory Board takes into account the diversity of knowledge and competences, which not only allow comprehensive functioning of the Management Board, but also contribute to an appropriate variety of skills, knowledge and experience for professional management of the Company.
The members are required to together possess the relevant knowledge and experience relating to insurance and financial markets, the business strategy and business models, governance systems, financial and actuarial analyses, risk management, and the regulatory and legal environment in which the Company operates. In line with the Fit and Proper Policy for the Management and Supervisory Board Members of Zavarovalnica Triglav d.d., a periodic fit and proper assessment was carried out in 2024 for Management Board members Andrej Slapar, Marica Makoter, Blaž Jakič, Tadej Čoroli and Uroš Ivanc, and the Management Board as a collective body, as well as an extraordinary assessment of a Management Board member.
All assessments confirmed that the Management Board members were deemed fit and proper for their positions, and the Management Board as a collective body was deemed fit and proper to manage the Company with prudence and due diligence. The Diversity Policy is also taken into account when appointing an individual member of the Management Board. Its goal is not only to achieve representation of both genders and various age groups but also to ensure the complementarity and diversity of the Management Board, while the proportion of the underrepresented gender among the members of the Company's management and supervisory bodies has yet to be determined.
Proper criterion, the candidate who will contribute more to greater diversity of the Management Board will have priority. One of the important goals is that both genders are represented in the management body. A comprehensive approach enables prudent and careful management of the Company, thus achieving strategic objectives and ensuring long-term values for all key stakeholders. Once the share of the underrepresented gender is determined, the Company will proceed with implementing appropriate measures to achieve the desired balance. In 2024, the gender representation ratio in the Management Board was last 4:1, with the underrepresented gender accounting for 20%.
On 29 November 2023, the Supervisory Board reappointed Andrej Slapar as the President of the Management Board for a new five-year term of office. He has held this position since May 2013; his new five-year term of office began on 13 November 2024. The Supervisory Board agreed with the President of the Management Board's proposal and reappointed Uroš Ivanc and Tadej Čoroli as Management Board members. They took office in July 2014. The new five-year term of office of Uroš Ivanc commenced on 16 July 2024 and that of Tadej Čoroli on 31 July 2024.
In accordance with the Company's Articles of Association, the Management Board may have no less than three and no more than six members, one of whom is the president. The number of the Management Board members, their powers, the manner of representation and presentation and the transfer of the Management Board's authorisations are determined by the Supervisory Board in the Management Board Rules. The Management Board is appointed by the Supervisory Board. The term of office of individual Management Board members is up to five years, with the possibility of reappointment without limitation.
Zavarovalnica Triglav has one Worker Director, who is a member of the Management Board. The appointment or recall of an individual member or all members of the Management Board is proposed to the Supervisory Board by the President of the Management Board. Any individual member or President of the Management Board may be dismissed by the Supervisory Board if legal grounds for their dismissal have been established.
| First and last name | Function | Area of work in the Management Board | Start of term of office (the first) | End of term of office | Gender | Nationality | Year of birth | Education | Professional profile | Membership in the supervisory and/or management bodies of other companies |
|---|---|---|---|---|---|---|---|---|---|---|
| Andrej Slapar | President | Manages and directs the work of the Management Board and head office support departments (Internal Audit Department and Corporate Communication Department). In charge of Corporate Accounts Division, Non-Life Insurance Division, Triglav Group Subsidiary Management Division (excluding the subsidiaries outside Slovenia), Corporate and Legal Affairs Division and Human Resource Management Division. Also responsible for arbitration and Nuclear Pool, as well as for the drawing up and implementation of the strategy of Zavarovalnica Triglav and the Triglav Group. | 22 May 2013 | 13 November 2029 | Male | Slovenian | 1972 | LL.B. | Management, strategic management, commercial insurance and reinsurance, actuarial science | |
| Uroš Ivanc | Member | In charge of Non-Life Insurance Actuarial Department, Life Insurance Actuarial Department, Accounting Division, Financial Controlling Division, excluding Investment Department, Triglav Group Subsidiary Management Division – the subsidiaries outside Slovenia and two head office support departments – Investment Department and Outward Reinsurance Department. Also responsible for mergers and acquisitions (M\&A), investor relations (IR) and relations with credit rating agencies, and for environmental, social and corporate sustainable development (ESG) activities. | 14 July 2014 | 16 July 2029 | Male | Slovenian | 1975 | MSc in Business and Organisation | Management and organisation, strategic management, insurance, financial management, financial markets and analyses, asset management, actuarial analyses and risk management | Trigal, upravljanje naložb in svetovalne d.o.o.* Triglav INT d.o.o. |
| Tadej Čoroli | Member | In charge of Non-Life Insurance Claims Division, Insurance Sales Division and Digital Operations and Client Experience Division. | 2014 | 31 July 2029 | Male | Slovenian | 1975 | LL.M. | Management, strategic management, commercial law, insurance, marketing | Pozavarovalnica Triglav Re d.d. Triglav, Upravljanje nepremičnin (from 19 June 2024) |
| Marica Makoter | Member and Worker Director | Represents the workers' interests as set out in the Worker Participation in Management Act. In charge of Change and Portfolio Management Department and Back Office Division. Also responsible for the Strategic Sourcing Department, Compliance Office and Marketing Department (head office support departments). | 21 December 2011 | 23 December 2026 | Female | Slovenian | 1972 | LL.B. | Management, strategic management, commercial law, insurance, human resources and organisation, worker representation | Triglav Skladi d.o.o. |
| Blaž Jakič | Member | In charge of Life Insurance Division, IT Division, Health Insurance Division, Back Office Division, Digital Platform and Business Intelligence Division and two head office support departments – Risk Management Department and Bancassurance Section. He is responsible for money laundering prevention. | 2 March 2023 | March 2028 | Male | Slovenian | 1982 | BSc in Economics | Insurance, finance, accounting, business strategy and business models, governance systems, actuarial analyses, risk management | Triglav pokojninska družba d.d. Triglav Skladi d.o.o. Diagnostični center Vila Bogatin d.o.o., Bled * |
The Company's conduct of business is supervised by the Supervisory Board. In line with the Articles of Association, the Supervisory Board is composed of nine members: six shareholder representatives and three employee representatives. As at 31 December 2024, it consisted of eight members, six shareholder representatives and two employee representatives. The term of office of the Supervisory Board members is four years, and they can be re-elected without a term limit. Shareholder representatives are elected by the General Meeting of Shareholders and employee representatives by the Company's Works Council.
The Chairman and Vice Chairman of the Supervisory Board are elected from among its members representing shareholders. The appointment and dismissal of the Supervisory Board members is made in accordance with the applicable legislation and Company regulations. The General Meeting of Shareholders may dismiss any elected Supervisory Board member before the expiry of their term of office, while each Supervisory Board member may resign from their position under the conditions and in the manner laid down by the Articles of Association.
The term of office of Igor Stebernak, a Supervisory Board member, shareholder representative, expired on 3 June 2024. The term of office of Jure Valjavec, a Supervisory Board member, shareholder representative, expired on 1 September 2024 following his resignation. The General Meeting of Shareholders appointed Barbara Nose and Rok Ponikvar as new Supervisory Board members – shareholder representatives, with their four-year terms of office commencing on 4 June 2024 and 2 September 2024, respectively.
appointment of an individual Supervisory Board member. In line with this policy, a fit and proper assessment of the candidates for Supervisory Board members – shareholder representatives and of the Supervisory Board as a collective body, taking into account the candidates assessed, was carried out before the appointment of new members also in 2024. The two newly appointed Supervisory Board members were assessed as fit and proper to perform this function. In October 2024, a periodic fit and proper assessment was carried out for all Supervisory Board members and the Supervisory Board as a collective body, comprising Andrej Andoljšek, Tomaž Benčina, Monica Cramér Manhem, Tim Umberger, Rok Ponikvar, Barbara Nose, Aleš Košiček and Janja Strmljan Čevnja. All individual members and the Supervisory Board as a collective body were assessed as fit and proper. In October 2024, the periodic fit and proper assessment of the Audit Committee's external member Luka Kumer was carried out, who is an independent expert qualified in accounting and/or auditing. It was established that he continues to be fit and proper to perform the duties of the Audit Committee's external member. In the same month, a preliminary fit and proper assessment was conducted for Katarina Sitar Šuštar, the candidate for the new external member of the Audit Committee, an independent expert qualified in accounting and/or auditing. The candidate was assessed as fit and proper to perform this function.
In assessing its composition and performance in accordance with the Insurance Act and the Companies Act, the Supervisory Board takes into account that all members possess the relevant knowledge, skills and experience relating to insurance and financial markets, the business strategy and business models, governance systems, financial and actuarial analyses, risk management, and the regulatory and legal environment in which the Company operates. In addition to the above, if several candidates meet the fit and proper criterion, the Diversity Policy (diversity in terms of gender, experience in international markets, etc.) is taken into account in the appointment of new members. The goal is to ensure complementarity and diversity in the Supervisory Board by taking into account qualifications, experience and knowledge defined in the Fit and Proper Policy for the Management and Supervisory Board Members of Zavarovalnica Triglav d.d. This enables prudent and careful supervision of the Company, thereby achieving strategic objectives and ensuring long-term values for all key stakeholders, representation of both genders and representation of different age groups. When appointing Supervisory Board members, the fit and proper requirements stipulated by law and the regulator are primarily taken into account with respect to both an individual Supervisory Board member and the Supervisory Board as a whole. Although the proportion of the underrepresented gender among the members of the Company's management and supervisory bodies has yet to be determined, appropriate measures are already being implemented to achieve diversity and gender balance. These principles were also applied in nomination procedures for appointing new Supervisory Board members in 2024, resulting in a gender representation ratio of 5:3, with the proportion of the underrepresented gender increasing to 37.5% (25.0% in 2023).
| First and last name | Function | Start of term of office (the first) | End of term of office | Attendance of sessions / total number of Supervisory Board sessions | Gender | Nationality | Year of birth | Education | Professional profile | Independence pursuant to the Slovenian Corporate Governance Code | Existence of conflict of interest in 2024 | Membership in the supervisory and/or management bodies of other companies while serving on the Supervisory Board in 2024 | Membership Supervisory Board committees | Function in Supervisory Board committees | Attendance of meetings of Supervisory Board committees / total number of meetings of Supervisory Board committees | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Andrej Andoljšek | Member | 13 June 2017 | 13 June 2021 | 9 of 9 | Male | Slovenian | 1970 | BSc in Economics | Financial and general management, financial markets and analyses, banking, corporate governance, business and financial restructuring of companies | YES | NO | Sava d.d. | Strategy Committee, Nomination Committee, Appointment and Remuneration Committee | Member, Chairman from 29 November 2023 to 3 June 2024 | 3 of 3, 5 of 5 / 7 of 7 | |||||
| Tim Umberger | Member, Vice Chairman | 7 June 2023 | 10 July 2024 | 9 July 2027 | Male | Slovenian | 1980 | MSc in Economics | Financial and analyses | YES | NO | Gorenjska banka d.d. | Audit Committee, Strategy Committee, Nomination Committee, Appointment and Remuneration Committee | Member until 17 September 2024, Chairman from 18 September 2024, Chairman from 19 November 2024 | 6 of 6, 2 of 3 / 1, 1 of 3 / 1 of 7 | |||||
| Barbara Nose | Member | 4 June 2024 | 4 June 2029 | 3 of 9 | Female | Slovenian | 1 | in Economics | Finance and insurance markets, strategy and business model, risk management, controlling, accounting and audit, corporate governance | YES | NO | Luka Koper d.d., Pošta Slovenije d.o.o. | Strategy Committee, Audit Committee, Risk Committee | Member, Chairwoman from 10 July 2024 | 2 of 3, 2 of 6, 1 of 1 | |||||
| Tomaž Benčina | Member | 14 June 2021 | 14 June 2025 | 9 | Male | Slovenian | 1965 | BSc in Economics and BSc in Metallurgy | Financial markets, business strategy and business models, governance system, financial analyses | YES | NO | Luka Koper d.d. | Appointment and Remuneration Committee, Strategy Committee | Chairman, Member | 7 of 7, 3 of 3 | |||||
| Monica Cramér Manhem | Member | 7 June 2023 | 7 June 2027 | 5 of 9 | Female | Swedish | 195 | Economics | International regulatory and other legal requirements, financial and actuarial analyses | YES | NO | CCR Re, France, Sompo Int'l Lux | Strategy Committee, Risk Committee | Member, Chairwoman | 3 of 3, 1 of 1 | |||||
| Rok Ponikvar | Member | 2 September 2024 | 2 September 2029 | 2 of 9 | Male | Slovenian | 1972 | BSc in Economics | Financial markets, governance system, financial analyses, business strategy and business models | YES | NO | Loterija Slovenijed.d. | Strategy Committee, Risk Committee, Nomination Committee | Member from 2 September 2024 | 2 of 3, 1 of 1 | |||||
| Igor Stebernak | Chairman, Member, Vice Chairman | 18 August 2016 | 3 June 2020 | 30 August 2023 | 2 June 2020 | 3 June 2024 | 3 June 20 | Male | Slovenian | 1968 | BSc in Electrical Engineering, MBA | Banking, insurance, strategic management, financial markets and analyses, controlling, accounting and business process reengineering | YES | NO | Audit Committee, Strategy Committee | Member, Chairman from 3 June 2024, Member until 3 June 2023 | 3 of 6, 1 of 3 |
| First and last name | Supervisory Board committee | Attendance of meetings of Supervisory Board committees and total number of committee meetings | Gender | Nationality | Education | Year of birth | Professional profile | Membership in the supervisory bodies of other companies while serving on a Supervisory Board committee |
|---|---|---|---|---|---|---|---|---|
| Luka Kumer | Audit Committee | Until 19 November 2024 7 of 7 | Male | Slovenian | BSc in Economics | 1981 | Financial markets, business strategy and business models, governance systems | financial analyses |
| Mateja Lovšin Herič | Nomination Committee | Until 6 June 2024 From 28 November 2024 5 of 5 | Female | Slovenian | BSc in Economics | 1969 | Corporate governance | Istrabenz turizem d.d., Koto d.o.o. |
| Katarina Sitar Šuštar | Audit Committee | From 19 November 2024 | Female | Slovenian | MSc in Business | 1971 | Certified auditor, audit of various legal entities | insurance The audit committees of the supervisory boards of Pošta Slovenije d.o.o., and University of Ljubljana |
| First and last name | Function | Start of term of office (the first) | End of term | Attendance of sessions of the Supervisory Board / total number of Supervisory Board sessions | Gender | Nationality | Year of birth | Education | Professional profile | Independence pursuant to Slovenian Corporate Governance Code | Existence of conflict of interest in 2024 | Membership in the supervisory and/or management bodies of other companies while serving on the Supervisory Board in 2024 | Membership in Supervisory Board committees | Function in Supervisory Board committees | Attendance of meetings of Supervisory Board committees / total number of meetings |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jure Valjavec | Member | 14 June 2021 | 1 September 2024 | 9 of 9 | Male | Slovenian | 1975 | Master of Science | Business strategy and business models, governance | YES | NO | Appointment and Remuneration Committee, Nomination Committee, Strategy Committee | Member until 1 September 2024, Member from 29 November 2023 to 3 June 2024 | 5 of 7, 5 of 5, 1 of 3 | |
| Aleš Košiček | Member | 11 July 2023 | 10 July 2027 | 4 of 9 | Male | Slovenian | 1966 | MSc in Business and Organisation | Insurance governance systems, business strategy and business models, financial analyses in the context of Zavarovalnica Triglav's operations | YES | NO | Audit Committee, Nomination Committee, Appointment and Remuneration Committee, Strategy Committee | Member until 3 June 2024, Member from 19 November 2024, Member from 2 September 2024, Member from 18 September 2024 | 6 of 6, 5 of 5, 1 of 7, 1 of 7 | |
| Janja Strmljan Čevnja | Member | 11 July 2023 | 10 July 2027 | 4 of 9 | Female | Slovenian | 1969 | LL.B. | Regulatory and other legal requirements apply to Zavarovalnica Triglav | YES | NO | Strategy Committee, Risk Committee | Member | 3 of 3, 1 of 1 |
By signing the Statement of Independence and Loyalty, the members of the Supervisory Board undertook to adhere to the principles of independence laid down in item B of the Annex to the Corporate Governance Code. The statement is available on the company's website.
Data on the remuneration of the Supervisory Board members are disclosed in Section 4.4 of the Accounting Report. Their remuneration was in line with the resolution passed by the 41st General Meeting of Shareholders of Zavarovalnica Triglav.
The Triglav Group is comprised of Zavarovalnica Triglav as the controlling company, its subsidiaries and associates, and joint ventures. The subsidiaries operate as independent legal entities in accordance with the applicable local legislation, the resolutions passed by their general meetings and their management and supervisory bodies, business cooperation agreements (where applicable) and other adopted internal documents. The Governance Policy of the Triglav Group's Subsidiaries (hereinafter: the Policy) sets out the main guidelines.
for the governance of subsidiaries, taking into account the Group's long-term objectives, values and strategy. It was updated in May 2024.
The systemic governance of subsidiaries, as set out by the Policy, is implemented through general meetings, supervisory and management bodies of each subsidiary and by applying standardised and unified key rules and procedures in the areas of expertise. These rules apply to key risk management, compliance, internal audit and actuarial functions of the subsidiaries, with their implementation aimed at achieving common minimum standards for core business performance, effective governance, reporting and control at Group level. The updated Policy assigns a crucial role to the three-line governance system in the effective management and control of subsidiaries. The Triglav Group Subsidiary Management Division, key functions, relevant departments and business segments of the parent company are responsible for ensuring the effective implementation of the Group's governance system. Through mutual cooperation, they establish and maintain an efficient and transparent Group governance system. The three-line governance system supports a clear separation of powers, responsibilities and effective risk management. At the same time, it ensures that business activities align with the Group's corporate objectives and strategy for harmonious and synergistic operations.
The subsidiary governance system is designed so that Zavarovalnica Triglav, as the parent company, manages its direct subsidiaries. Accordingly, its direct subsidiaries assume responsibility for transferring the governance system to their own subsidiaries and actively managing them. The expected objectives of the system transfer and the implementation of the activities are further detailed in the Minimum Standards of Zavarovalnica Triglav d.d. for the Operations of Subsidiaries (hereinafter: the Minimum Standards). These standards outline the basic and key requirements for ensuring the efficient and consistent operation of all Group members, irrespective of their geographical location or specific activities. The purpose of the Minimum Standards is to align all Group subsidiaries with the Group's objectives, values and strategy, while respecting local legislation and accounting for market specificities. The Policy defines the procedures for preparing, monitoring, implementing, enforcing and updating the Minimum Standards, outlines the responsibilities of the relevant departments of the parent company and the management of the subsidiaries, and specifies the actions to be taken in the event of deviations from the Minimum Standards. The Minimum Standards are regularly updated. The relevant business segments of the parent company monitor the implementation of the Minimum Standards in subsidiaries, thereby achieving integration between the subsidiaries' and Zavarovalnica Triglav's business functions and ensuring a comprehensive overview at the Group level.
The Company has in place and is implementing a robust and reliable governance system for the Triglav Group, which is compliant with statutory requirements and comparable to other insurance groups.
| Subsidiary | Management | Supervisory Function |
|---|---|---|
| Pozavarovalnica Triglav Re d.d., Ljubljana | Gregor Stražar – President | Tomaž Rotar – Member Tadej Čoroli – Chairman Maja Omahen Petrič – Member Katja Modec, Janko Šemrov |
Aljoša Uršič – President
Peter Krassnig – Member
Blaž Jakič – Chairman
Vida Šeme Hočevar – Member
Blaž Kmetec, Miha Grilec, Miran Kalčič, Vesna Vodopivec, Borut Simonič, Helena Lokar
Benjamin Jošar – President
Andrej Petek – Member
Blaž Jakič – Chairman
Miha Grilec – Member
Jaka Kirn, Damir Verdev, Marica Makoter, Barbara Gorjup, Damjan Kralj
Tedo Djekanović – Director
Uroš Ivanc – Chairman
Nataša Veselinović (resigned), Saša Kovačić
Rok Pivk – Director
Tadej Čoroli – Chairman
Ksenija Zajc, Nataša Novak Priveršek
Tomaž Dvořak – Director
Maja Benko – Chairwoman
Jana Polda, Matjaž Novak, Lidija Breznik
Janez Obaha – Director
Mladen Jug – Director
Matej Ferlan – Chairman
Nataša Novak Priveršek, Jaka Klement
Vilma Učeta Duzlevska – President
Darko Popovski – Member
Tedo Djekanović – Chairman
Lidija Pecigoš Višnjić – Member
Gorazd Jenko, Alenka Vrhovnik Težak, Pave Srezović-Pušić
Dragan Marković – President of the Executive Committee
Tedo Djekanović – Chairman
Ivan Grujić – Member of the Executive Committee
Fejsal Hrustanović, Vuk Šušić, Gorazd Jenko, Milan Tomaževič
Matjaž Božič – Chief Executive Officer
Stanko Mugoša – Executive Director
Tedo Djekanović – Chairman
Tomaž Žust, Alenka Vrhovnik Težak, Marjeta Gorinšek, Mateja Geržina
Zorka Milić – Executive Director
Ljubica Kovačević – Chairwoman
Slobodanka Vukadinović, Danilo Pavličić
Edib Galijatović – President
Emir Krivošija – Member
Tedo Djekanović – Chairman
Simon Vidmar, Janko Šemrov, Ivica Vulić, Robert Trnovec
Janez Rožmarin – Director
Biljana Grahovac – Member of the Executive Committee
Midhad Salčin – President
Dragan Berić – Member of the Executive Committee
Emir Čaušević, Gregor Railić
Gjorgje Vojnović – Chief Executive Officer
Vojdan Jordanov – Executive Director
Tedo Djekanović – Chairman
Darko Popovski, Matej Ferlan, Blaž Kmetec, Gjorgje Vojnović, Vojdan Jordanov, Gjorgji Jančevski
Hristina Đambazovska Anastasov – Chief Executive Officer
Tedo Djekanović – Chairman
Ivan Sotošek, Vilma Učeta Duzlevska, Gjorgji Jančevski, Vladimir Mišo Čeplak, Hristina Đambazovska Anastasov
Tihomir Petreski – President
Marijan Nikolovski – Member
Aljoša Uršič – President
Rok Pivk, Blaž Kmetec, Andraž Rangus
The Group's integrated internal control and risk management system is continuously adapted to the development, organisational changes and good practices, thereby maintaining its effectiveness. The system complies with the basic statutory requirements for insurance undertakings set out in the Companies Act and the Insurance Act, as well as special implementing regulations of the Insurance Supervision Agency on the establishment and maintenance of a suitable internal control and risk management system. The characteristics and operation of the risk management system is discussed in detail in Section 9. Risk management.
The system was set up in all organisational levels and processes and includes:
records, ensuring the matching of balance of books of account with the actual balance, separation of the records from the execution of transactions, professionalism of accountants and their independence. Accounting controls are closely linked to IT controls, which, inter alia, restrict and control access to the data and applications and ensure completeness and accuracy of data capturing and processing. The processes for identifying, assessing, monitoring and managing tax risks are described in more detail in Section 2.11 Tax policy of the Accounting Report.
Zavarovalnica Triglav is subject to the Takeover Act (hereinafter: ZPre-1). The share capital structure of Zavarovalnica Triglav, the rights and obligations attached to the shares, the restriction on transfer of shares and the absence of shares that would grant their holders special control rights are described in detail in Section 6. The share and shareholders of Zavarovalnica Triglav.
Zavarovalnica Triglav is not aware of any shareholder agreements that could cause a restriction on the transfer of shares or voting rights. The Company's Management Board is not authorised by the General Meeting of Shareholders to buy its own shares. The Management Board's authorisation to increase the share capital is described in Section 5.3.2.1. The issue of new shares, the amount of capital increase, the rights attached to new shares and the conditions for issuing new shares are decided on by the Company's Management Board with the consent of the Supervisory Board.
Zavarovalnica Triglav has no employee share scheme. The Company is not aware of any agreements that would become effective, change or expire on the basis of a changed control of the Company or as a consequence of a takeover bid as defined by the ZPre-1. Zavarovalnica Triglav did not enter into any agreements with the members of its management or supervisory bodies or employees which would provide for remuneration if a takeover bid in line with the ZPre-1 caused them to resign, be dismissed without justified grounds, or caused their employment to be terminated in some other manner.
Andrej Slapar President of the Management Board
Uroš Ivanc Management Board Member
Tadej Čoroli Management Board Member
Marica Makoter Management Board Member
Zavarovalnica Triglav's share achieved a total return of 21.0%. The Triglav Group received an "A" credit rating for the ninth consecutive time, with S&P upgrading its medium-term outlook from stable to positive. There were no significant changes in Zavarovalnica Triglav's shareholder structure. The share of international shareholders slightly increased and the share of retail shareholders continued to grow. Zavarovalnica Triglav issued a subordinated bond in July 2024.
Zavarovalnica Triglav's share (ZVTG) is listed on the Ljubljana Stock Exchange Prime Market and has been traded on the stock exchange market since the end of 2008. Its total annual return in 2024 was 21.0% and the dividend yield was 4.3%. As at 31 December 2024, the price-to-book ratio (P/B) was 0.90, while the price-to-earnings ratio (P/E) was 8.13. With a market capitalisation of EUR 920.8 million, Zavarovalnica Triglav was the fourth largest Slovenian listed company in 2024, its ZVTG share being one of the most liquid shares on the Ljubljana Stock Exchange. The ZVTG share turnover (excluding block trades) reached EUR 24.4 million, remaining at the same level as the previous year. A third of ZVTG share turnover was carried out by the liquidity provider, which has rendered its services since 2019.
| Key figures relating to the ZVTG share (EUR) | Items | 2024 | 2023 |
|---|---|---|---|
| Maximum closing price | 41.40 | 40.30 | |
| Minimum closing price | 33.60 | 29.20 | |
| Closing price as at 31 December | 40.50 | 34.70 | |
| Book value per share (parent company)* | 32.62 | 30.02 | |
| Book value per share (consolidated data) | 43.50 | 39.19 | |
| Net earnings per share (consolidated data) | 5.76 | 0.71 | |
| Market capitalisation as at 31 December | 920,773,494 | 788,909,636 | |
| Average daily turnover (excluding block trades) | 98,980 | 102,764 | |
| Dividend per share | 1.75 | 2.50 | |
| Number of shares | 22,735,148 | 22,735,148 | |
| Percentage of free float | 30.6% | 30.7% | |
| Traded on Ljubljana Stock Exchange - LJSE | ISIN SI0021111651 | Ticker symbol ZVTG | |
| Bloomberg | ZVTG SV | Reuters ZVTG.LJ | |
| Credit rating (S\&P Global Ratings, AM Best) | S\&P Global: "A", positive medium-term outlook |
AM Best: A, stable medium-term outlook
The effects of the merger of Triglav, Zdravstvena zavarovalnica into Zavarovalnica Triglav on 1 October 2024 are explained in more detail in Section 2.7 Merger of the subsidiary Triglav, Zdravstvena zavarovalnica in the Accounting Report.
Movement in the ZVTG share price in 2024 compared to the Ljubljana Stock Exchange SBITOP index and the sectoral index of European insurance companies STOXX Europe 600 Insurance (the baseline date: 31 December 2023 = 100)
| Value in % | Indices | ||
|---|---|---|---|
| ZVTG | SBITOP Index | STOXX Europe 600 Insurance Index | |
| 0 | 90% | 100% | 110% |
| 80 | 120% | 130% | 140% |
| 160 | Value in % | ZVTG price in EUR | ZVTG turnover |
| 240 | 33 | 34 | 35 |
| 320 | 36 | 37 | 38 |
| 400 | 39 | 40 | 41 |
| 480 | 42 |
In the first half of the year, the ZVTG share price was still influenced by the lower results of the previous year but later gained momentum due to promising half-year and nine-month results, as well as an improved annual profit guidance. The Company paid dividends to shareholders in June, with 17 June 2024 being the cut-off date (see Sections 5.3.1 General Meeting of Shareholders and 6.4 Dividends and the dividend policy for more information).
As at 31 December 2024, Zavarovalnica Triglav's share capital remained unchanged and amounted to EUR 73,701,391.79 compared to the previous year. It is divided into 22,735,148 ordinary registered no-par value shares constituting one class. The shares are issued in dematerialised form and are freely transferable. Each share represents the same stake and corresponding amount in share capital, and all have been fully paid up. Each share gives its holder the right to one vote at the general meeting of shareholders and a proportionate share of profit allocated for dividend payment. In the event of bankruptcy or liquidation, the shareholders are entitled to a proportionate share of residual bankruptcy or liquidation estate after the payoff of preference shareholders.
In acquiring shares, Zavarovalnica Triglav's existing and potential shareholders are required to comply with the Insurance Act (ZZavar-1). An authorisation of the Slovenian Insurance Supervision Agency is a prerequisite for:
In its decision on issuing an authorisation to acquire a qualifying holding, the Insurance Supervision Agency determines the level of the share in the voting rights or capital of the insurance undertaking for which the authorisation is issued as one of the following ranges:
to orgreater than 50%; ▪ The share on the basis of which the future qualifying holder becomes the parent company of the insurance undertaking; ▪ Before any subsequent acquisition of shares by the qualifying holder that would result in the qualifying holding exceeding the range subject to the already issued authorisation for acquisition of a qualifying holding; ▪ For the entities that agree to a concerted acquisition of the shares of the insurance undertaking or a concerted exercising of management rights arising from the shares (joint qualifying holders) and intend to acquire a holding by which they would jointly reach or exceed a qualifying holding of the undertaking; ▪ Before any subsequent acquisition of shares by the joint qualifying holders that would result in their joint qualifying holding exceeding the range subject to the already issued authorisation for acquisition of a qualifying holding. The holder of shares of an insurance undertaking that were acquired or are being held in contravention of the ZZavar-1 has no voting rights with respect to those shares. See the ZZavar-1 for further information.
There were no significant changes to Zavarovalnica Triglav's shareholder structure in 2024. The Company's top ten shareholders held a 76.8% stake, up by 1 percentage points relative to 31 December 2023. Among the shareholders holding a stake of more than 5% are two funds owned by the Republic of Slovenia (ZPIZ Slovenije and SDH d.d.) and the Croatian pension fund, which is listed in the Company's share register under the fiduciary account of its custodian bank.
The Company's free float, representing shares held by shareholders with less than a 5% participating interest, stood at 30.6% (2023: 30.7%). As at 31 December 2024, the ownership of the free float was dispersed among 8,218 shareholders from 30 countries. Among them were approximately 40 international banks with fiduciary accounts held on behalf of their clients, as well as international institutional investors, primarily from Europe and the USA. International shareholders held a 15.9% stake (0.3 percentage points more than the year before), while the share of Slovenian institutional shareholders stood at 7.8% (0.5 percentage points less).
In recent years, Slovenian retail shareholding has gradually increased. This trend continued in 2024, with their stake increasing by 0.2 percentage points to 13.7%. Slovenian retail investors actively traded the ZVTG share, with targeted investor relations activities promoting this engagement.
| Source: | Centralna klirinško depotna družba |
|---|---|
| Two funds owned by the Republic of Slovenia | 62.6% |
| International shareholders | 15.9% |
| Retail investors | 13.7% |
| Slovenian institutional shareholders | 7.8% |
Source: Centralna klirinško depotna družba
In 2024, ZVTG shares were bought by President of the Management Board Andrej Slapar and Management Board members Uroš Ivanc and Tadej Čoroli.
| 0.38% | Miljana Excitement, Croatia |
|---|---|
| 0.51% | Intercapital Securities Ltd., Croatia - fiduciary account |
| 0.60% | OTP Banka, Croatia - fiduciary account |
| 0.71% | Clearstream Banking AG Germany |
| 1.02% | Hrvatska poštanska banka, Croatia – fiduciary account |
| 1.88% | Citibank, Great Britain – fiduciary account |
| 2.31% | Unicredit Bank Austria, Austria – fiduciary account |
| 6.79% | Erste Group Bank, Austria – fiduciary account |
| 28.09% | SDH, Slovenia |
| 34.47% | ZPIZ Slovenije, Slovenia |
| First and last name | Function | Number of shares | Participating interest |
|---|---|---|---|
| Andrej Slapar | President | 1,800 | 0.01% |
| Uroš Ivanc | Member | 1,042 | 0.00% |
| Tadej Čoroli | Member | 750 | 0.00% |
| Marica Makoter | Member | 150 | 0.00% |
| Blaž Jakič | Member | 2,864 | 0.01% |
| Management Board | 6,606 | 0.03% | |
| Supervisory Board | 0 | 0.00% | |
| Total Management Board and Supervisory Board | 6,606 | 0.03% |
At Zavarovalnica Triglav, the dividend policy is regarded as a firm commitment to its shareholders. The Company strives to implement its dividend policy consistently, thereby fulfilling shareholders' expectations of the ZVTG share as a stable, safe and profitable long-term investment.
Zavarovalnica Triglav's dividend policy provides as follows: "The Company pursues an attractive and sustainable dividend policy. The part of consolidated net profit of the preceding year which is to be allocated to dividend payment accounts for at least 50%. The Company will strive to pay out a dividend no lower than the dividend paid out in the preceding year. As thus far, the future implementation of the dividend policy will be subordinated to achieving the medium-term sustainable target capital adequacy of the Triglav Group. The proposal of the Management Board and the Supervisory Board as regards the annual distribution of accumulated profit of the Company will therefore take into account the following three objectives in a balanced manner: to ensure prudent capital management of the Triglav Group and its financial stability, to reinvest net profit in the implementation of the strategy of growth and development of the Triglav Group and to pay out attractive dividends to its shareholders."
The Management Board and the Supervisory Board took these circumstances into account when proposing the distribution of accumulated profit for the year, while the General Meeting of Shareholders supported their proposals every year. In 2024, the Company paid a total dividend amount that far exceeded the Group's 2023 earnings (see Section 5.3.1 General Meeting of Shareholders). In doing so, it pursued the objectives of the dividend policy and its consistency, considering the unique circumstances in which the Group operated in 2023 and the improved outlook for 2024.
its share of consolidated net profit for the preceding year for the dividend payment and the dividend yield in 2013–2024
Through the active management of relations with investors, shareholders and analysts, the Company promotes the attractiveness of its financial instruments. In doing so, it follows best international practices and, as a company listed on the Ljubljana Stock Exchange Prime Market, helps to shape the standards of this market. The Company aims to provide clear and consistent information to the market. All key information about the Company's operations, position and outlook is regularly published in both Slovenian and English on the SEOnet information system of the Ljubljana Stock Exchange and on the Company's website (www.triglav.eu), which was upgraded in 2024 to further improve the clarity, quality and accessibility of key information for investors.
In 2024, efforts were also focused on improving the external analytical basis for the ZVTG valuation. Open and constructive relationships with shareholders, investors and analysts are maintained through videoconferencing meetings, conference calls and email communication. A calendar of the 12 investor events attended or organised in 2024, along with the presentations, is available on the Company's website (www.triglav.eu). Four of these events were organised for international and Slovenian institutional investors following the announcement of business results. Special attention is given to retail investors. In 2024, the share was presented to them at three dedicated events. Furthermore, the Company seeks to achieve the highest possible participation in general meetings of shareholders.
In 2024, 77% of all shares with voting rights were represented at the General Meeting of Shareholders (see Section 5.3.1 General Meeting of Shareholders for more information). Shareholders, investors and analysts can direct their inquiries to the contact details provided below.
| 2.00 | 1.70 | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | 0.00 | 1.70 | 3.70 | 2.50 | 1.75 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 63% | 56% | 67% | 64% | 69% | 82% | 70% | 0% | 53% | 74% | 51% | 247% | |||||
| 0.00 | 0.50 | 1.00 |
| 10.5% | 8.7% | 10.8% | 7.5% | 8.3% | 10.6% | 0.0% | 4.6% | 10.7% | 7.2% | 4.3% |
|---|---|---|---|---|---|---|---|---|---|---|
7.2%
Zavarovalnica Triglav d.d., Ljubljana
Miklošičeva cesta 19, 1000 Ljubljana
Helena Ulaga Kitek, Director of Investor Relations Department
Telephone: +386 1 47 47 331
Email: [email protected]
The credit ratings of the Triglav Group – and thus its parent company Zavarovalnica Triglav and its subsidiary Pozavarovalnica Triglav Re – are assigned by two renowned credit rating agencies: S&P Global (hereinafter: S&P) and AM Best. In 2024, the Group was again assigned an "A" stand-alone credit rating by both agencies. All individual elements of the overall credit rating were rated as high as the year before and substantiated in a similar way. Both rating agencies gave a stable medium-term outlook, but in December 2024, S&P upgraded its outlook from stable to positive. The upgrade reflects the agency's expectation that the Triglav Group will continue to perform well in a positive business environment, sustain its strong capitalisation, expand operations in markets outside Slovenia, and retain its leading position in the Slovenian insurance market. The agency assessed the Group's strategy to 2030 as ambitious in terms of profitability, growth and further diversification of its operations. In addition, the Group aims to maintain its robust capital position and implement balanced dividend policy.
| Year | Credit rating | Medium-term outlook | Rating agency |
|---|---|---|---|
| 2024 | A | Positive | S\&P Global |
| Stable | AM Best | ||
| 2023 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2022 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2021 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2020 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2019 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2018 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2017 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2016 | A | Stable | AM Best |
| Stable | S\&P Global | ||
| 2015 | A- | Positive | AM Best |
| Stable | S\&P Global | ||
| 2014 | A- | Positive | AM Best |
| Stable | S\&P Global | ||
| 2013 | A- | Stable | S\&P Global |
In July 2024, Zavarovalnica Triglav issued a 20.5-year subordinated bond (Tier 2 under Solvency II), callable after 10.5 years as part of the Triglav Group's regular capital management activities. The total issue size of the bond was EUR 100 million, with a yield of 6.75%. The success of this issue further confirms the high level of confidence that institutional investors have in the Group. Zavarovalnica Triglav issued two subordinate bonds, which are included in own funds for the purpose of calculating capital adequacy under Solvency II. The first bond was issued in 2019. See the table below for more information.
| Bond of Zavarovalnica Triglav | ISIN | Type | Issue size in EUR | Currency | Coupon rate and payment | First call date | Maturity date | Maturity in years | Regulated market | Issue rating | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XS1980276858 | Subordinated bond (Tier 2 pursuant to the Solvency II regulations) | 50,000,000 | EUR | Fixed at 4.375% annually until first call date, payable annually | 22 October 2029 | 22 October 2049 | 30.5 | Luxembourg Stock Exchange | BBB+ (S\&P) | |||
| XS2848005166 | Subordinated bond (Tier 2 pursuant to the Solvency II regulations) | 100,000,000 | EUR | Fixed at 6.70% annually until first call date, payable annually. Thereafter variable at 3-month Euribor plus 4.937% (equal to the original initial credit spread + 1 percentage point), payable quarterly | 16 January 2035 | 16 January 2045 | 20.5 | Luxembourg Stock Exchange | BBB+ (S\&P) |
| Year | Credit rating | Medium-term outlook | Rating agency |
|---|---|---|---|
| 2024 | BBB+ | Stable | AM Best |
| 2012 | A- | Positive | S\&P Global |
| 2011 | A | Negative | S\&P Global |
| 2010 | A | Stable | S\&P Global |
| 2009 | A | Stable | S\&P Global |
| 2008 | A | Stable | S\&P Global |
The favourable financial market situation had a positive impact on the growth of financial investments, assets under management and the investment result. The Triglav Group maintained its leading market position among insurance groups in Slovenia and Montenegro, while strengthening its market share in the Slovenian, Serbian and Macedonian insurance markets. Total written premium increased across most insurance markets.
In 2024, the global economy was marked by moderate and declining economic growth, accompanied by uncertainties arising from factors such as the armed conflict in the broader Middle East and the ongoing war between Russia and Ukraine. In early June, the European Parliament elections created political uncertainty in France, while in the US, the presidential elections and the November announcement of tariff increases by the newly elected administration added to the uncertainty in the second half of the year. Inflationary pressures eased gradually throughout the year.
According to the latest estimates by international institutions, the US recorded strong real GDP growth, while the euro area saw weak growth. Growth in the US was driven by robust private consumption, whereas in the euro area, it was constrained by reduced investment spending and slower growth in other GDP components. The economic outlook worsened in the second half of the year. This is especially evident in the euro area, where the Purchasing Managers' Index (PMI) for services fell to near stagnation, while the manufacturing PMI, in contraction for over two years, dropped further towards the year's end, in contrast to trends observed in the US.
Investment spending. Slower export recovery in international trade negatively impacted overall GDP growth. Although the unemployment rate began to rise during the year, it remained significantly below the euro area average. According to Eurostat, inflation stood at 5.2% in November, with Slovenia's year-on-year inflation estimated at 2.0% in December. The latest forecasts from international institutions indicate gradual but slowing economic growth in the euro area, with headline inflation projected to remain around 2%, despite ongoing domestic inflationary pressures.
According to the European Central Bank's (ECB) December forecast, the 20 euro area countries are expected to experience below-trend real GDP growth of 0.7% in 2024 and 1.1% in 2025, with headline inflation easing to 2.4% and 2.1%, respectively. In its December forecast for 2024, the Bank of Slovenia projected modest real GDP growth for Slovenia at only 1.4%, with potential strengthening to 2.2% in 2025. Headline inflation is expected to align closely with the euro area, at 2.0% in 2024 and 2.2% in 2025. The outlook is accompanied by risks, primarily stemming from geopolitical uncertainties and potential protectionist measures in international trade.
Financial markets were affected by uncertainty surrounding the timing and pace of major central banks' easing of austerity measures. In June, the ECB responded to a deteriorating economic outlook by reducing the deposit rate by 0.25 percentage points, the first such cut in the year. Subsequently, it implemented three additional cuts of the same magnitude, bringing the rate to 3.0%. Similarly, the US Federal Reserve (Fed) initiated its first rate cut in September, lowering its key interest rate by 0.5 percentage points, followed by two further reductions of 0.25 percentage points each, ending the year at 4.25–4.50%. Representatives of both banks repeatedly emphasised that their decisions would be guided by future macroeconomic data releases, avoiding any commitment to a predetermined monetary policy direction. However, in December, the chair of the Federal Reserve cautioned that the decline in US inflation was progressing too slowly.
Bond markets experienced a rise in required yields in the first half of the year, followed by a decline in the second half, accompanied by considerable volatility. Over the reporting period, the required yield on Germany's 10-year government bond increased by 0.34 percentage points, reaching 2.36%. After nearly two years, the spread between the required yields on the 10-year and 2-year German Bund turned positive, closing the year at 0.29 percentage points. The required yield on Slovenia's 10-year government bond remained largely unchanged throughout the year, finishing at 3.03%. Other euro area government bonds exhibited similar trends in required yields. Political uncertainty contributed to a significant rise in French government bond yields, which ended the year at 3.19%. In contrast, the improved economic outlook led to a notable decrease in Croatian and Italian bond yields, which closed the year at 3.03% and 3.52%, respectively.
The Group's business result was impacted by major CAT events in a total estimated value of EUR 45.5 million (2023: EUR 212.2 million). Hailstorms resulted in EUR 28.8 million in claims in Slovenia and a total of EUR 0.5 million in claims in Croatia and Serbia. The Group's estimated reinsurance claims totalled EUR 16.2 million due to the earthquake in Taiwan, the June floods and other weather events in Germany, Italy, Switzerland and Austria, the unrest in New Caledonia, Hurricane Beryl in the Caribbean, the September floods in Central Europe caused by Cyclone Boris, Typhoon Yagi in Vietnam and China, and the December storms in Western Europe, Greece and Cyprus, and the earthquake in Vanuatu. The net effect of these CAT events amounted to EUR 41.0 million. The favourable financial market situation had a positive impact on the growth of financial investments, assets under management and the investment result. Inflation continued to have an impact on the increase of prices of materials and services and therefore on higher claims paid and operating expenses.
1 GRI 201-2, SASB: FN-IN-450a.2.
According to latest official data from Swiss Re reinsurance company, total premium volume in the global insurance market reached USD 7.2 trillion in 2023, recording a 2.8% growth in real terms year-on-year (6.1% nominal growth). Non-life insurance premium rose by 3.9%, while life insurance premium increased by 1.3%. Advanced markets accounted for 81% of global insurance premiums, achieving 2.0% premium growth, while emerging markets grew by 6.6%. The written premium in the euro area declined by 1.1% in real terms compared to the previous year. The US holds the largest and growing share of the global insurance market at 44.9% (2022: 44.1%), followed by China (10.1%), the UK (5.2%), Japan (5.0%) and the EU markets, France (3.9%) and Germany (3.4%). Global economic growth, rising real incomes as inflation moderates and higher interest rates are driving demand for insurance. Swiss Re estimates that global premiums will grow by 3.2% in 2024, with higher interest rates particularly boosting demand for life insurance (savings products). In non-life insurance, inflationary pressures have pushed up premium rates in recent years and thus the real growth in global premiums in 2023 (3.9%). Lower inflation will have a positive impact on claims payments. Swiss Re forecasts global premium growth of 2.6% in 2025, with slightly higher growth in life insurance.
Source: Swiss RE, SIGMA 3/2024
Vehicle liability insurance continues to dominate, while the most notable growth in non-compulsory insurance is seen in health insurance.
Pozavarovalnica Triglav Re operates throughout the region and in the wider international environment.
| -0.8% | 0.8% | -3.8% | 2.8% | 3.9% | 1.3% |
|---|---|---|---|---|---|
| 3.2% | 3.3% | 2.9% | 2.6% | 2.6% | 2.7% |
Total Non-Life insurance Life insurance 2022 2023 2024 estimate 2025 forecast
The Group increased gross written premium in all insurance markets in the region, except in Slovenia, where supplemental health insurance was terminated at the end of 2023, and in Bosnia and Herzegovina, where ownership consolidation and business optimisation are ongoing. The highest relative premium growth was achieved in the Serbian, North Macedonian and Montenegrin insurance markets (see Section 8. Operations of the Triglav Group and Zavarovalnica Triglav for more information).
| Macroeconomic indicators | Slovenia | Croatia | Serbia | Montenegro | Bosnia and Herzegovina | North Macedonia | European Union |
|---|---|---|---|---|---|---|---|
| Population (in million) | 2.1 | 3.8 | 6.6 | 0.6 | 3.5 | 1.8 | 447.6 |
| GDP growth (estimate, in %) | 1.5 | 3.4 | 3.9 | 3.7 | 2.5 | 2.2 | 1.1 |
| 2024 GDP (estimate, in USD billion) | 73.2 | 89.7 | 82.6 | 8.1 | 28.4 | 15.9 | 19,403.2 |
| 2024 GDP per capita (estimate, in USD) | 34,544 | 23,380 | 12,514 | 12,802 | 8,221 | 8,659 | 62,659.6 |
| 2024 inflation rate (estimate, in %) | 2.0 | 4.0 | 4.5 | 4.2 | 2.2 | 3.3 | 2.6 |
| 2024 unemployment rate (estimate, in %) | 3.5 | 5.6 | 9.1 | 11.0* | 13.2 | 13.0 | n.a. |
Source: International Monetary Fund (IMF), World Economic Outlook, October 2024, *Agency for Statistics of Montenegro (Q3 2024)
The Triglav Group continues to be the leader among insurance groups in Slovenia and Montenegro, and ranks third in North Macedonia. Its market share grew in Slovenia, Serbia and North Macedonia.
| Market | Market share | Market share trend | Ranked in 2024 | Ranked in 2023 |
|---|---|---|---|---|
| Slovenia | 40.8 % | + 1.3 percentage point | 1 | 1 |
| Croatia** | 4.8 % | – 0.4 percentage point | 8 | 8 |
| Serbia* | 7.7 % | + 0.2 percentage point | 5 | 5 |
| Montenegro | 34.6 % | – 0.4 percentage point | 1 | 1 |
| Bosnia and Herzegovina | 8.3 % | – 1.0 percentage point | 5 | 4 |
| - Federation of BiH | 9.7 % | – 0.9 percentage point | 4 | 3 |
| - Republic of Srbska*** | 5.5 % | – 1.1 percentage point | 8 | 5 |
| North Macedonia | 13.8 % | + 0.4 percentage point | 3 | 3 |
** Market share calculations for the Croatian insurance market are based on premium paid.
According to Swiss Re's latest available data, Slovenia's well-developed insurance market ranked 30th globally in 2022 in terms of premium per capita (32nd the previous year) and 29th in terms of insurance penetration (premium as a % of GDP), two places higher than the year before. In 2023, it represented 0.3% of the euro area market, where the premium per capita (insurance density) stood at EUR 2,327 (2022: EUR 2,256) and the premium accounted for 6.2% of GDP (2022: 6.4%). In 2023, premium per capita in Slovenia climbed to EUR 1,443, reaching its highest level to date. Premium as a percentage of GDP stood at 4.8% (0.1 percentage points lower than in 2022), reaching its lowest level since 2003, due to Slovenia's high GDP growth. Nevertheless, the insurance industry remains one of the most important economic sectors.
| Premium per capita (data for 2023) | EUR 1,443 |
|---|---|
| Premium as percentage in GDP (data for 2023) | 4.8% |
| Insurance market growth index in 2024 | 90.3 |
Source: Slovenian Insurance Association (SZZ)
As at 31 December 2024, a total of 12 insurance companies, five foreign branches and two reinsurance companies operated in Slovenia's insurance market, all members of the Slovenian Insurance Association (SZZ). The aforementioned merger of Triglav, Zdravstvena zavarovalnica into its parent company resulted in one fewer insurer on the market compared to the previous year. These data exclude direct insurance transactions of insurers from other EU Member States (FOS).
In 2024, insurance companies collected EUR 2.8 billion in gross written insurance, coinsurance and reinsurance premiums, down by 9.7% year-on-year (this calculation does not take into account internal transfers of assets for the payment of pension annuities). The decline in premium is due to the aforementioned termination of supplemental health insurance at the end of 2023. Excluding this premium, which amounted to EUR 599.8 million in 2023, premium growth in the Slovenian insurance market would have been 11.9%. The highest premium increases were achieved by motor vehicle insurance with 15% growth, other damage to property insurance, fire and natural disaster insurance, and unit-linked life insurance.
Excluding internal transfers of assets for the payment of pension annuities.
| Market Share | Change | Market Share | Change |
|---|---|---|---|
| Non-life insurance | 44.7% + 2.6 p.p. | 44.7% + 2.6 p.p. | 85 91 |
| Non-life insurance - excluding health insurance | 45.1% – 1.0 p.p. | 45.1% – 1.0 p.p. | 115 112 |
| Health insurance | 33.7% + 2.0 p.p. | 33.7% + 2.0 p.p. | 10 11 |
| Life insurance | 31.3% – 0.5 p.p. | 26.4% – 0.5 p.p. | 106 104 |
| Total | 40.8% + 1.3 p.p. | 39.4% + 1.1 p.p. | 90 93 |
Source: Slovenian Insurance Association (SZZ)
Among supplemental voluntary pension insurance providers, Triglav, pokojninska družba held an 18.7% market share as at 31 December 2024 (0.1 percentage point lower than the previous year). As at 30 June 2024, Pozavarovalnica Triglav Re held a market share of 58.2% in the Slovenian reinsurance market, recording an increase of 2.4 percentage points year-on-year.
Based on strong economic growth in the first half of the year, which continued into the third quarter of 2024, the National Bank of Croatia estimates annual GDP growth to reach 3.7% (IMF: 3.8%), with a gradual moderation over the next two years. The main drivers of growth are robust domestic demand, supported by favourable labour market developments, highly stimulative fiscal policy and substantial private sector investment. Exports of goods also strengthened, while exports of services started to decline.
According to the Croatian Bureau of Statistics, the annual consumer price inflation rate declined significantly (from 8.4% in 2023 to 3.4%). The primary factor contributing to moderating inflation was the much lower expected core inflation (excluding energy and food prices), while the decline in food price inflation was less pronounced. However, the central bank forecasts that elevated inflation could persist, driven by strong domestic and foreign demand, particularly for travel-related services, a strong labour market and significant salary growth. Core and food price inflation are projected to slow further in 2025 and 2026, while energy price inflation may stabilise at a slightly higher level than estimated for 2024.
| Premium per Capita (data for 2023) | EUR 454 |
|---|---|
| Premium as Percentage in GDP (data for 2023) | 2.3% |
| Insurance Market Growth Index in 2024 | 109.9 |
Others Merkur Grawe Modra zavarovalnica Generali Sava Insurance Group Triglav Group 2024 2023
As at 31 December 2024, a total of 14 insurance companies were active in the Croatian market, of which nine were composite insurers, four non-life insurers and one life insurer. Their total written premium was 9.9% higher than the year before (market share calculations for Croatia's insurance market are based on premium paid). Non-life and life insurance premiums increased by 11.2% and 4.2% respectively. In total written premium, non-life insurance premium rose to 82.6% (2023: 81.6%), while life insurance accounted for the rest. Market concentration continued to be high, with top three insurers controlling 51% of the market. With a 25.5% market share, Croatia osiguranje continued to maintain its dominant position (0.3 percentage points more than in the preceding year). With a 4.8% market share, down by 0.4 percentage points relative to the year before, Triglav Osiguranje, Zagreb maintained its eighth place.
Moody's ("Ba2", positive outlook) and Fitch ("BB+", positive outlook) have affirmed the Republic of Serbia's sovereign credit rating, while S&P Global ("BBB–", stable outlook) upgraded its rating. The rating decision was based on appropriate and timely actions and stability, both of which are key to preserving investment and consumer confidence. According to the Statistical Office of the Republic of Serbia and the IMF, real GDP growth is estimated at 3.9%, while the Central Bank of Serbia forecasts medium-term growth in the range of 4–5%. The inflation rate has been declining since April 2023, reaching the target range of 3.4% in May 2024. The Central Bank expects inflation to remain within the target range of 3% ± 1.5% over the medium term. Typical labour market developments include growth in employment and real growth in average salary (by 9.3% in January–October 2024). According to the data from the Statistical Office of the Republic of Serbia, the unemployment rate in the third quarter of 2024 stood at 8.1%, while the employment rate reached a record high of 51.9%.
| Development of Serbia's insurance market | Premium per capita (data for 2023) | EUR 201 |
|---|---|---|
| Premium as percentage in GDP (data for 2023) | 1.9% |
According to IMF estimates, GDP growth in Montenegro stood at 3.7%, with the same rate forecast for 2025. In the services and IT sectors, the country should remove more barriers to facilitate entry and employment in these areas, as well as implement reforms and invest in the green economy to align with the European Union's standard of living. Inflation in 2024 was reported at 2.1% by Eurostat and 4.2% by the IMF. The easing of price pressures at the EU level is expected to result in a gradual moderation, with the IMF forecasting an average of 3% per year over 2025–2027. The unemployment rate reached 11.0% at the end of September (13.1% at the end of 2023). The total number of unemployed in Montenegro at the end of November was 33,205.
Both S&P Global and Moody's upgraded Montenegro's credit rating in 2024. S&P Global twice positively assessed Montenegro's creditworthiness, revising its "B" rating from stable to positive in March, then upgrading it from "B" to "B+" with a stable outlook in August. The key factors behind the upgrade were a significant reduction in public debt, high nominal GDP growth, continued progress on structural reforms as part of the EU accession process and a recovery in the tourism sector, which strengthened Montenegro's balance-of-payments position. Moody's upgraded the rating from "B1" to "Ba3" with a stable outlook, confirming that Montenegro is improving its economic parameters, achieving macroeconomic stability, and providing positive signals and security to both existing and potential investors.
Development of Montenegro's insurance market
| Premium per capita (data for 2023) | EUR 194 |
|---|---|
| Premium as percentage in GDP (data for 2023) | 1.7% |
| Insurance market growth index in 2024 | 112.3 |
Source: Insurance Supervision Agency of Montenegro
premium, non-life insurance continued to account for the bulk (79.3%). The Triglav Group, represented by Lovćen Osiguranje and Lovćen životna osiguranja in Montenegro, maintained its leading position in the market, securing a 34.6% market share (compared to 35.0% in the previous year). The Group is followed by Sava Osiguranje and UniqaGroup (non-life and life insurance together) with a 16.9% and 16.0% market share respectively. Both Group members recorded 11.1% premium growth.
S&P Global affirmed Bosnia and Herzegovina's sovereign credit rating of "B+" with a stable outlook for 2024. Over the past two decades, Bosnia and Herzegovina has made significant development progress, achieving upper middle-income status and becoming a candidate for European Union membership. Further development requires economic and energy structural reforms as well as improved coordination at all government levels.
According to the latest World Bank analysis (March 2024), Bosnia and Herzegovina has significantly reduced its external current account deficit. However, major challenges remain, with real GDP lagging behind regional peers and living standards at approximately one-third of the European Union average. The IMF forecasts Bosnia and Herzegovina's economic growth at 2.5% in 2024, double that of the previous year. However, it warns of rising budget deficits and excessive public spending, which could threaten sustainable development. Encouragingly, inflation continues to decline and is expected to drop from 6.1% in 2023 to 2.2% in 2024. The number of unemployed fell by 7% (as of October 2024), with the IMF estimating an unemployment rate of 13.2%.
| Premium per capita (data for 2023) | EUR 157 |
|---|---|
| Premium as percentage in GDP (data for 2023) | 2.0% |
| Insurance market growth index in 2024 | 110.3 |
Source: FBIH Insurance Supervision Agency, RS Insurance Agency
North Macedonia's economy is projected to grow by 2.2% in 2024 according to the IMF, and by 2.1% in 2025, according to the North Macedonian Ministry of Finance. Meanwhile, the IMF forecasts a stronger growth of 3.6% in 2025. The annual inflation rate has been volatile in recent years, fluctuating between negative and significant positive values. While inflation is expected to decline in 2024 (IMF estimate: 3.3%, Eurostat: 3.5%), the country faces significant challenges in maintaining price stability. The World Bank identified several factors contributing to inflationary pressures in North Macedonia, including rising commodity prices, labour market imbalances and fiscal imbalances. The country's high public debt and reliance on external financing could further exacerbate inflation. For 2025, the IMF forecasts inflation at 2.0%.
The unemployment rate declined in 2024, reaching 12.3% in the third quarter, while the labour force participation rate reached 52.6%. The Ministry of Finance forecasts the unemployment rate at 12.5% and expects it to fall to 11.2% in 2025.
| Premium per capita (data for 2023) | EUR 128 |
|---|---|
| Premium as percentage in GDP (data for 2023) | 1.7% |
| Insurance market growth index in 2024 | 111.3 |
Source: Insurance Supervision Agency of North Macedonia
A total of 17 insurance companies were active in North Macedonia's insurance market (11 non-life insurers and six life insurers). Total written premium increased by 11.3% in 2024. Non-life insurance premium, accounting for 81.9% of total written premium (0.8 percentage points lower than the previous year), grew by 10.3%, while life insurance premium rose by 16.3%. The Triglav Group operates through two insurers, which together achieved a market share of 13.8% (2023: 13.4%), maintaining its third place among insurance groups. Holding a 10.1% market share (down 0.1 percentage points year-on-year), Triglav Osiguruvanje, Skopje ranked second among insurers. Specialising in non-life insurance, it maintained a 12.4% market share. Triglav Osiguruvanje Život, Skopje significantly increased its share in the life insurance market to 20.5% (2023: 18.1%), thanks to strong premium growth (index 131).
The Triglav Group performed well, exceeding expectations. Its results were also positively impacted by one-off events, particularly in the Health segment.
In 2024, the Group achieved earnings before tax of EUR 159.0 million in 2024 (2023: EUR 21.1 million), surpassing the mid-year estimate of EUR 130–150 million. Of this amount, EUR 16.1 million relates to discontinued operations (2023: EUR –27.8 million), specifically the effects of the terminated supplemental health insurance business in Slovenia. The remaining EUR 142.9 million represents the result from continuing operations (2023: EUR 48.8 million).
Net earnings amounted to EUR 131.4 million (2023: EUR –16.3 million). The Group achieved strong performance across all activities and business segments. Net earnings were also positively impacted by one-off events (state compensation received and the release of provisions in the Health segment, both relating to discontinued operations, and the sale of an associate).
Backed by significant asset-liability maturity matching, other comprehensive income amounted to EUR 6.3 million (2023: EUR 34.7 million). Return on equity was 14.0%, driven by the strong increase in net earnings. The total business volume was EUR 1,717.6 million, compared to a target of approximately EUR 1.6 billion. It was down 1% year-on-year due to the termination of supplemental health insurance in Slovenia, which in 2023 generated EUR 190.0 million in written premium. Excluding the written premium from terminated insurance, total business volume growth would have been 11%.
15.8 million) and net earnings of EUR 98.2 million (2023: EUR 14.2 million). Earnings before tax from continuing operations, i.e. excluding supplemental health insurance, amounted to EUR 101.4 million, compared to EUR 43.5 million the previous year (for further details on the merger of Triglav, Zdravstvena zavarovalnica and its impact see Sections 2.7 Merger of the subsidiary 107.8 223.0 229.5 1,177.7 1,738.0 112.4 56.2 244.6 1,304.4 1,171.6 Asset Management Health Life Non-Life Total 2024 2023.
81 Triglav, Zdravstvena zavarovalnica, 2.9 Reporting by business segment and 3.7.6 Non-current assets held for sale and discontinued operations in the Accounting Report). The insurance operating result of EUR 84.4 million (2023: EUR –10.6 million) was predominantly influenced by a decrease in claims incurred in the Health and Non-Life segments. The net investment result grew by 36% to EUR 33.8 million. It was positively influenced by higher interest income (index 130) and returns on alternative investment classes, whereas the corresponding gains on disposal of investments in associates were lower than last year due to lower dividend income (index 49).
In the past year, a positive impact on the net investment result (and thus on earnings before tax) was recorded due to the release of provisions for not achieving the guaranteed yield, amounting to EUR 4.3 million was recorded, but this was not the case in 2024. The Company's other comprehensive income amounted to EUR 0.7 million (2023: EUR 33.3 million), influenced by changes in required yields in 2024. Certain categories of the Group's operations and the structure of earnings generated in 2024 are explained in more detail below.
The Group's total revenue of EUR 1,393.2 million was down 2%, primarily due to lower insurance revenue in the Health segment following the termination of supplemental health insurance. Insurance revenue declined by 4% to EUR 1,298.0 million, whereas income from asset management grew by 24% to EUR 49.4 million and other income rose by 34% to EUR 45.9 million, mainly due to the state compensation under the Decree on setting the maximum price of the supplemental health insurance premium of EUR 11.0 million.
have been 6%), whereas a 21% growth was recorded in the international market and a 9% growth in other markets of the Adria region.
A total of 56.0% of premium was earned in the Slovenian insurance market (2023: 62.7%) and 20.7% in the remaining markets of the Adria region (2023: 18.5%), while the share of international insurance and reinsurance increased by 4.5 percentage points to 23.3%.
| Health | Life | Non-Life | Total | 2024 | 2023 |
|---|---|---|---|---|---|
| 223.2 | 85.4 | 1,042.6 | 1,351.2 | 43.3 | 98.4 |
| 1,156.3 | 1,298.0 |
Gross written premium of the Triglav Group by market (EUR million) Insurance service expenses fell considerably (by 25%) and amounted to EUR 991.8 million. The decline was attributable to an 84% reduction in insurance service expenses in the Health segment following the termination of supplemental health insurance, as previously noted, and a 13% reduction in the Non-Life segment, primarily due to high CAT claims in the previous year. The Life segment expenses were 11% higher.
| Insurance service expenses of the Triglav Group by segment (EUR million) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,043.9 | 96.9 | 90.7 | 47.4 | 41.8 | 31.3 | 311.7 | 909.2 | 114.9 | 91.3 | 47.0 | 46.4 | 35.9 | 377.5 |
Slovenia Serbia Croatia Bosnia and Herzegovina Montenegro North Macedonia International insurance and reinsurance 2023 2024
| Health | Life | Non-Life | Total | 2024 | 2023 |
|---|---|---|---|---|---|
| 249.3 | 59.8 | 1,014.2 | 1,323.3 | 40.1 | 66.2 |
| 885.5 | 991.8 |
Health segment would have been 117.8% (with a claims ratio of 73.3% and an expense ratio of 44.5%). The total combined ratio for the Non-Life and Health segments would have been 94.9% (with a claims ratio of 66.6% and an expense ratio of 28.3%). The increase in the expense ratio to 28.1% (2023: 25.6%) was mainly driven by the changed structure of insurance revenue following the termination of supplemental health insurance, which had a high claims ratio and a low expense ratio. Excluding the impact of supplemental health insurance, the expense ratio would have been 28.8% in 2023.
The combined ratio for the Non-Life and Health segments decreased across most insurance markets, with the exception of Montenegro (higher claims ratio). In Croatia, the combined ratio exceeded 100%, reaching 104.5%, though this marked a 3.6 percentage point decrease compared to the previous year. As a result of the insurance portfolio adjustment, an improvement in profitability in this market is expected to continue.
The Group's CSM of new contracts amounted to EUR 48.8 million (index 115), the bulk of which (84%) was generated in the Life segment and the remaining 16% in the Non-Life segment. The share of the CSM of new contracts in total contractual service margin was 17.0%, a decrease of 0.7 percentage points year-on-year, also due to an increase in the contractual service margin.
| Market | 2023 | 2024 |
|---|---|---|
| Slovenia | 101.9% | 93.6% |
| Croatia | 102.8% | 108.1% |
| Serbia | 100.0% | 101.3% |
| Bosnia and Herzegovina | 95.6% | 100.0% |
| Montenegro | 92.2% | 104.5% |
| North Macedonia | 98.7% | 94.7% |
| 97.9% | 97.7% |
| 2024 | Non-Life | Life | Health | Asset Management | Total | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Insurance operating result | Insurance revenue | Claims incurred | Acquisition and administrative costs incl. non-att. items | Insurance operating result | Insurance revenue | Claims incurred | Acquisition and administrative costs incl. non-att. items | Insurance operating result | Insurance revenue | Claims incurred | Acquisition and administrative costs incl. non-att. items | Insurance operating result | Insurance revenue | Claims incurred | Acquisition and administrative costs incl. non-att. items | |||
| 69,084,585 | 1,156,299,596 | 627,530,982 | 304,338,440 | 97,510,069 | 19,804,608 | 98,399,942 | 27,161,982 | 48,590,117 | 8,620,876 | 43,252,881 | 23,996,976 | 18,007,020 | 0 | 1,297,952,373 | 678,689,940 | 370,935,582 | ||
| 3,641,356 | 1,042,646,914 | 769,196,929 | 290,661,755 | 16,684,632 | 85,367,869 | 25,603,176 | 42,030,166 | –27,377,596 | 223,171,882 | 226,446,868 | 25,319,883 | –7,051,608 | 1,351,186,665 | 1,021,246,973 | 358,011,804 | |||
| –139,958,713 | 29,702,036 | –8,848,910 | –15,386,876 | 32,865,549 | 11,039,199 | –2,945,661 | –1,118,837 | 9,987 | 472,074 | 13,177,336 | 12,540,560 | –132,442 | 317,352 | –1,089,949 | 6,785,169 | |||
| 49,364,063 | – | 39,685,487 | – | 13,510,736 | 7,818,872 | 3,684,670 | 36,417,154 | 61,431,432 | 13,147,035 | 8,160,186 | 1,506,833 | 31,269,108 | 54,083,162 | – | – | |||
| 12,391,899 | 7,828,859 | 4,156,744 | 230,427 | 24,607,929 | 13,014,593 | 8,477,538 | 416,884 | –1,631,210 | 20,277,805 | – | – | – | – | – | – | |||
| 100,831,298 | 30,337,678 | 10,340,868 | 17,532,357 | 159,042,201 | 14,548,113 | 18,944,105 | –31,413,205 | 18,981,424 | 21,060,437 | – | – | – | – | – | – | |||
| 16,147,704 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | |||
| 100,831,297 | 30,337,678 | –5,806,835 | 17,532,357 | 142,894,497 | 14,548,113 | 18,944,105 | –3,637,338 | 18,981,424 | 48,836,305 | – | – | – | – | – | – |
Acquisition and administrative costs including non-attributable items were 4% higher. The increase was recorded in the Life and Non-Life segments. The net investment result grew to EUR 49.0 million (2023: 22.2 million), driven by favourable trends in financial markets and gains on disposal of a participating interest in an associate. The investment result amounted to EUR 159.7 million (2023: EUR 83.8 million), whereas the financial result from insurance contracts was negative at EUR –118.5 million (2023: EUR –69.7 million). Gains on disposal of investments in associates amounted to EUR 6.9 million (index 310) and impairment losses on investments in associates and joint ventures amounted to EUR –66 thousand (2023: EUR –2.3 million). The change in provisions for not achieving the guaranteed yield of EUR 908 thousand had a positive impact on the result, but to a lesser extent than in the previous year (2023: EUR 8.1 million). The result from non-insurance operations before tax rose to EUR 12.5 million (2023: EUR 5.9 million). In this respect, earnings before tax of EUR 13.2 million (index 194) were recorded in the Asset Management segment (non-insurance operations), EUR 472 thousand in the Health segment, and EUR –1.1 million in the Non-Life segment. Income from asset management rose by 24%, operating expenses were 16% higher and net other income amounted to EUR 230 thousand (2023: EUR –1.6 million).
| Earnings before tax of the Triglav Group by segments (EUR million) | 2023 | 2024 |
|---|---|---|
| Insurance operating result | -7.1 | 14.5 |
| Net investment result | 22.2 | 18.9 |
| Result from non-insurance | 5.9 | 21.1 |
| Earnings before tax | 97.5 | 49.0 |
| Non-Life | 12.5 | 159.0 |
| Life | ||
| Health | ||
| Asset Management |
The Group's consolidated operating expenses, including other attributable insurance service expenses, grew by 5% to EUR 450.8 million. Operating expenses for continuing operations increased by 9%. Operating expenses were 7% higher year-on-year at EUR 463.9 million, while other attributable insurance service expenses were up 28% (EUR 30.5 million). The change in deferred acquisition costs reduced operating expenses by EUR 27.4 million (index 201), driven by an increase in written premium.
| Operating expenses of the Triglav Group by nature | 2024 | 2023 | Index | Share |
|---|---|---|---|---|
| Acquisition costs | 107,782,991 | 92,666,926 | 116 | 23.2% |
| Cost of goods sold | 52,458 | – | 0.0% | |
| Depreciation/amortisation costs | 27,327,519 | 26,291,666 | 104 | 5.9% |
| Depreciation/amortisation costs of leased assets | 6,054,268 | 6,699,012 | 90 | 1.3% |
| Depreciation/amortisation costs of other operating assets | 21,273,251 | 19,592,654 | 109 | 4.6% |
| Labour costs | 206,498,232 | 197,947,600 | 104 | 44.5% |
| Wages and salaries | 143,838,211 | 136,779,849 | 105 | 31.0% |
| Social and pension insurance costs | 31,205,439 | 29,779,769 | 105 | 6.7% |
| Other labour costs | 31,454,582 | 31,387,982 | 100 | 6.8% |
| Costs of services | 122,191,835 | 117,264,369 | 104 | 26.3% |
| Costs of advertising, representation and sponsorship | 25,736,029 | 23,610,478 | 109 | 5.5% |
| Maintenance costs | 16,873,880 | 16,722,521 | 101 | 3.6% |
| Costs of material and energy | 8,524,083 | 10,047,184 | 85 | 1.8% |
| Costs of payment transactions and banking services | 2,381,188 | 2,550,277 | 93 | 0.5% |
| Insurance premium costs | 2,073,784 | 2,113,737 | 98 | 0.4% |
| Costs of intellectual services | 9,466,647 | 9,403,593 | 101 | 2.0% |
| Training costs | 1,704,344 | 1,559,320 | 109 | 0.4% |
| Expenses for short-term leases, low-value leases and other leases | 9,396,303 | 8,276,770 | 114 | 2.0% |
| Costs of transport and communications services | 5,540,728 | 6,459,293 | 86 | 1.2% |
| Reimbursement of labour-related costs | 5,596,351 | 5,596,541 | 100 | 1.2% |
| Costs of services provided by natural persons other than sole proprietors | 2,186,331 | 2,070,808 | 106 | 0.5% |
| Other costs of services | 32,712,167 | 28,853,847 | 113 | 7.1% |
| Total operating expenses (1) | 463,853,035 | 434,105,275 | 107 | 100.0% |
| Other attributable insurance service expenses (2) | 30,452,813 | 23,795,694 | 128 | |
| Change in deferred acquisition costs (3) | – | – |
| 27,435,542 | –13,616,542 | 201 | Total (1+2+3) | 466,870,306 | 444,284,427 |
|---|---|---|---|---|---|
| 105 | Elimination of intercompany transactions | –16,023,214 | –15,269,700 | 105 | |
| Total consolidated (1+2+3+4) | 450,847,092 | 429,014,727 | 105 | ||
| Costs and other attributable insurance service expenses of discontinued operations (5) | –1,177,761 | –15,470,939 | 8 | ||
| Total costs and insurance service expenses of continuing operations (1 + 2 + 3 + 4 + 5) | 449,669,331 | 413,543,788 | 109 |
Acquisition costs of EUR 107.8 million were 16% higher. The significant increase in this segment of operating expenses was driven by the higher volume of transactions concluded under the principle of free movement of services (FOS) in the EU and via the Greece branch (under the FOE principle), as well as by the increased volume of written premium from insurance policies taken out via external sales channels. At 44.5%, labour costs accounted for the largest portion of total expenses. They amounted to EUR 206.5 million, up by 4% year-on-year. The increase in labour costs was driven by salary increases, a higher number of employees at some subsidiaries, and higher salary costs for agents due to premium growth at the parent company. Total growth in employees' salaries was 5%, while other labour costs remained roughly at the same level as the previous year (index 100).
The main contributing factor was lower employee benefits at the parent company. Costs of services amounting to EUR 122.2 million grew by 4%. Among them, the bulk was accounted for by other costs of services (EUR 32.7 million), costs of advertising, representation and sponsorships (EUR 25.7 million), and maintenance costs (EUR 16.9 million). The main contributors to the growth of this group of costs were:
A significant reduction in costs was achieved in costs of materials and energy (index 85), costs of transport and communications services (index 86), and costs of payment transactions and banking services (index 93). Non-consolidated operating expenses from insurance operations amounted to EUR 405.6 million, up by 6%, predominantly due to an increase in acquisition costs and labour costs. Attributable costs of EUR 349.5 million accounted for 86.2% of expenses from insurance operations, while non-attributable costs accounted for the remaining 13.8%. Non-consolidated expenses from non-insurance operations increased by 16% and totalled EUR 58.3 million, mainly as a result of higher labour costs (predominantly Triglav zdravje asistenca due to redeployment of some employees from Triglav, zdravstvena zavarovalnica) and higher other costs of services (mainly fees at Triglav Skladi due to an increase in net asset value of assets under management).
| Total | Total continuing operations | Total operations | ||||
|---|---|---|---|---|---|---|
| Operating expenses | Other attributable insurance service expenses | Changes in deferred acquisition costs | Elimination of intercompany transactions | Attributable costs | Non-attributable costs | |
| 2024 | 349,515,846 | 30,452,813 | –27,435,542 | –2,873,853 | 349,659,264 | 56,064,132 |
| 2023 | 348,718,362 | 328,462,819 | 23,592,298 | –13,616,542 | 335,846,256 | 45,363,354 |
| Attributable acquisition costs | 235,989,740 | 214,163 | –27,435,542 | –1,022,550 | 207,745,811 |
|---|---|---|---|---|---|
| Attributable claim handling expenses | 29,527,952 | 7,007,582 | 0 | 36,535,534 | 36,527,721 |
| Attributable administrative costs | 83,998,154 | 23,231,068 | 0 | –1,851,303 | 105,377,919 |
| Non-attributable costs | 56,064,132 | 0 | 0 | –10,700,778 | 45,363,354 |
| 405,579,978 | 30,452,813 | –27,435,542 | –13,574,631 | 395,022,618 |
|---|---|---|---|---|
| 58,273,056 | –2,448,583 | 55,824,474 | 55,824,473 |
|---|---|---|---|
| 463,853,034 | 30,452,813 | –27,435,542 | –16,023,214 | 450,847,091 |
|---|---|---|---|---|
| Attributable costs | 106 | 129 | 201 | 111 | 104 | 108 |
|---|---|---|---|---|---|---|
| Attributable acquisition costs | 110 | 100 | 201 | 95 | 104 | 104 |
| Attributable claim handling expenses | 98 | 182 | 0 | 0 | 108 | 108 |
| Attributable administrative costs | 100 | 119 | 0 | 122 | 103 | 117 |
| Non-attributable costs | 102 | 0 | 0 | 102 | 101 | 105 |
| Insurance operations (1) | 106 | 128 | 201 | 104 | 104 | 108 |
| Insurance operations (2) | 116 | 0 | 0 | 111 | 116 | 116 |
| Total (1 + 2) | 107 | 128 | 201 | 105 | 105 | 109 |
The Triglav Group manages its investment portfolio conservatively to ensure adequate investment yield, safety and liquidity, aiming to achieve a high credit rating for the total portfolio. In accordance with its sustainable development policy, environmental, social and governance (ESG) aspects are being enhanced in investment processes. Through active investing, the Group maintained an investment portfolio structure comparable to that at the end of 2023, with its value increasing to EUR 3,906.1 million (index 115). The bulk of the total investment portfolio, i.e. 53.6%, was accounted for by bonds invested in developed markets, most of which have a high credit rating. Their value, as well as the value of the equity portfolio, was mainly affected by the favourable situation on the financial markets. The structure of financial investments is discussed in greater detail in Section 3.4 of the Accounting Report.
| Investments | Index | Share | 31 Dec 2024 | 31 Dec 2023 | 2024/2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Investment property | 70,411,373 | 67,953,773 | 104 | 1.8% | 2.0% | |||
| Investments in associates and joint ventures | 55,621,373 | 37,708,062 | 148 | 1.4% | 1.1% | |||
| Shares and other variable-income securities | 200,682,891 | 168,680,198 | 119 | 5.1% | 5.0% | |||
| Debt and other fixed-income securities | 2,092,633,169 | 1,860,044,900 | 113 | 53.6% | 54.7% | |||
| Loans given | 6,622,689 | 6,557,903 | 101 | 0.2% | 0.2% | |||
| Bank deposits | 60,833,549 | 65,794,876 | 92 | 1.6% | 1.9% | |||
| Other financial instruments | 909,337 | 872,414 | 104 | 0.0% | 0.0% | |||
| Total (1) | 2,487,714,381 | 2,207,612,126 | 113 | 63.7% | 65.0% | |||
| Unit-linked life insurance assets (2) | 678,910,235 | 540,890,478 | 126 | 17.4% | 15.9% | |||
| Financial investments from financial contracts (3) | 739,510,939 | 650,042,171 | 114 | 18.9% | 19.1% | |||
| Total (1 + 2 + 3) | 3,906,135,555 | 3,398,544,775 | 115 | 100.0% | 100.0% |
amounted to EUR 739.5 million, up by 14% year-on-year. They include individual and group supplemental voluntary pension insurance contracts of the parent company and Triglav, pokojninska družba. Financial contract assets and the types of financial investments from financial contracts are discussed in greater detail in Section 3.5 of the Accounting Report. Sustainable fixed-income investments increased by 29% to EUR 339.4 million, raising their share of the total bond portfolio to 12.9% (31 December 2023: 11.1%). The table is included in Section 10.2.1.3 Services and products promoting social and environmental benefits. As at the reporting date, the Company's investments stood at EUR 2,842.6 million, 14% higher than the previous year.
| Investments | Index | Share | 31 Dec 2024 | 31 Dec 2023* |
|---|---|---|---|---|
| Investment property | 104 | 1.6% | 44,971,145 | 43,427,181 |
| Investments in subsidiaries | 101 | 6.9% | 196,624,457 | 195,624,458 |
| Investments in associates and joint ventures | 148 | 1.9% | 55,059,388 | 37,218,841 |
| Shares and other variable-income securities | 129 | 5.4% | 152,938,524 | 118,763,970 |
| Debt and other variable-income securities | 111 | 51.0% | 1,450,298,136 | 1,312,299,502 |
| Loans given | 117 | 0.2% | 5,306,572 | 4,547,639 |
| Bank deposits | 100 | 0.3% | 7,212,864 | 7,212,364 |
| Other financial instruments | 0 | 0.0% | 19,810 | 0 |
| Total (1) | 111 | 67.3% | 1,912,430,896 | 1,719,093,954 |
| Unit-linked life insurance contract investments (2) | 126 | 22.7% | 645,594,699 | 512,824,007 |
| Financial investments from financial contracts (3) | 111 | 10.0% | 284,582,910 | 255,841,272 |
| Total (1 + 2 + 3) | 114 | 100.0% | 2,842,608,505 | 2,487,759,233 |
The Group's financial investments was thus 100% higher at EUR 68.6 million.
| 2024 | 2023 | Index | 2024 | 2023 | Index | |
|---|---|---|---|---|---|---|
| Interest income calculated using the effective interest method | 47,286,696 | 35,098,297 | 135 | 47,286,696 | 35,098,297 | 135 |
| Dividend income | 2,599,868 | 2,705,064 | 96 | 2,599,868 | 2,705,064 | 96 |
| Net gains/losses on financial investments at fair value through profit or loss | 106,774,705 | 55,709,619 | 192 | 8,839,813 | 6,126,387 | 144 |
| Net gains/losses on financial investments at amortised cost | –335 | 464 | –335 | 464 | ||
| Net gains/losses on financial investments at fair value through other comprehensive income | –3,314,398 | –9,304,016 | 36 | –3,314,398 | –9,304,016 | 36 |
| Net impairment/reversal of impairment | 3,334,270 | 2,291,758 | 145 | 3,334,270 | 2,291,758 | 145 |
| Other investment income/expenses | 3,065,770 | –2,669,998 | 61 | 738,356 | –2,646,409 | |
| Total return on financial investments (1) | 159,746,576 | 83,831,188 | 191 | 6,878,092 | 34,271,545 | 180 |
| Gains/losses and impairments of investments in associates (2) | 6,878,092 | –38,776 | 68,616,448 | –38,776 | ||
| Total (1 + 2) | 166,624,668 | 83,792,412 | 199 | 61,738,356 | 34,232,769 | 200 |
Rate of return on investment 5.8% 3.2% 2.6 p.p. 3.0% 1.6% 1.4 p.p.
Net gains on financial investments at fair value through profit or loss recorded significant profits, driven by exceptionally high growth in equity investments. High growth was achieved in both the management of unit-linked life insurance assets (index 198) and in the management of own financial investments at fair value through profit or loss (index 144). Interest income rose by 35%, primarily due to higher interest rates. The net reversal of impairment of financial investments amounted to EUR 3.3 million, primarily due to the disposal of previously impaired debt investments. Dividend income amounted to EUR 2.6 million, down by 4%. The rate of return on investments of the Group (excluding unit-linked insurance assets) was 3.0%, up by 1.4 percentage points year-on-year. Excluding exchange rate differences, the rate of return at Group level was 3.0% (2023: 1.7%). The significant positive impact on returns was attributed to interest income, which amounted to EUR 47.3 million (2023: EUR 35.1 million) and the high growth of equity markets, contributing EUR 8.8 million euro (2023: EUR 6.1 million). In the return on investments, EUR –3.3 million relates to the loss on the sale of bonds and EUR 3.0 million to the reversal of a prior impairment for the same bonds. Therefore, the net result is not affected by the sale at a loss, as the bonds were previously impaired accordingly.
| 2024 | 2023* | Index | 2024 | 2023* | Index | |
|---|---|---|---|---|---|---|
| Interest income calculated using the effective interest method | 29,070,766 | 22,302,286 | 130 | 29,070,767 | 22,302,286 | 130 |
| Dividend income | 2,019,695 | 2,441,534 | 83 | 2,019,696 | 2,441,534 | 83 |
| Net gains/losses on financial investments at fair value through profit or loss | 101,301,907 | 49,870,224 | 203 | 6,125,799 | 3,645,078 | 168 |
| Net gains/losses on financial investments at fair value through other comprehensive income | –2,543,756 | –9,082,410 | 28 | –2,543,756 | –9,082,410 | 28 |
| Net impairment/reversal of impairment | 2,754,998 | 1,490,903 | 185 | 2,754,998 | 1,490,903 | 185 |
| Other investment income/expenses | 2,257,704 | 73,109 | 3,088 | 2,258,064 | 73,289 | |
| Total return on financial investments (1) | 134,861,316 | 67,095,646 | 201 | 39,685,568 | 20,870,680 | 190 |
| Gains/losses and impairments of investments in associates (2) | 9,032,880 | 16,304,050 | 55 | 9,032,880 | 16,304,050 | 55 |
| Total (1 + 2) | 143,894,196 | 83,399,696 | 173 | 48,718,448 | 37,174,730 | 131 |
Rate of return on investments 6.1% 3.8% 2.3 p.p. 2.8% 2.2% 0.6 p.p.
The Triglav Group's total equity as at 31 December 2024 amounted to EUR 989.0 million, up by 11% relative to 31 December 2023. The Group's total equity represented 21.8% of total balance sheet liabilities, an increase of 0.1 percentage points. The increase was driven by higher net earnings for the period in the amount of EUR 131.4 million and other comprehensive income in the amount of EUR 6.3 million, while dividend payments reduced it by EUR 39.7 million. The parent company's controlling interests increased by 11% to EUR 984.9 million and non-controlling interests (due to the positive net earnings attributable to non-controlling interests for the period) rose by 13% to EUR 4.2 million. The share capital of EUR 73.7 million remained unchanged and was divided into 22,735,148 ordinary shares. Zavarovalnica Triglav's total equity increased by 9% and amounted to EUR 741.6 million. Net earnings for the year disclosed in the Group's balance sheet amounted to EUR 75.0 million and, due to the allocation of part of net earnings to other reserves from profit, were EUR 55.8 million lower than net earnings disclosed in the statement of profit or loss. The Group's comprehensive income after tax amounted to EUR 137.7 million (2023: EUR 50.9 million) and the parent company's to EUR 98.9 million (2023: EUR 47.5 million).
The Non-Life segment delivered strong performance, with a favourable combined ratio of 94% in the insurance segment and an investment result that tripled compared to the previous year.
| 2024 | 2023 | Index | ||
|---|---|---|---|---|
| Total business volume | 1,304,374,331 | 1,177,658,738 | 111 | |
| Gross written insurance premium | 1,274,332,716 | 1,152,716,491 | 111 | |
| Other income | 30,041,614 | 24,942,247 | 120 | |
| Total revenue | 1,186,349,643 | 1,067,589,161 | 111 | |
| Insurance operating result | 69,084,585 | 3,641,356 | 1,897 | |
| Insurance revenue | 1,156,299,596 | 1,042,646,914 | 111 | |
| Claims incurred | 627,530,982 | 769,196,929 | 82 | |
| Acquisition and administrative costs including non-attributable costs | 304,338,440 | 290,661,755 | 105 | |
| Net reinsurance service result | –139,958,713 | 29,702,036 | ||
| Net other insurance revenue and expenses | –15,386,876 | –8,848,910 | 174 | |
| Net investment result | 32,865,549 | 11,039,199 | 298 | |
| Result from non-insurance operations | –1,118,837 | 132,442 | ||
| Earnings before tax | 100,831,298 | 14,548,113 | 693 | |
| Combined ratio | 94.0% | 99.7% | –5.6 p.p. | |
| CSM of new contracts/Total CSM | 53.3% | 38.0% | 15.4 p.p. | |
| Insurance service expenses to insurance revenue | 26.3% | 27.9% | –1.6 p.p. | |
| 31 Dec 2024 | 31 Dec 2023 | Index | ||
| Contractual service margin (CSM) | 14,441,155 | 16,697,354 | 86 | |
| Risk adjustment (RA) | 33,191,759 | 30,151,066 | 110 | |
| Net insurance contract liabilities | 1,035,308,308 | 975,608,503 | 106 | |
| Net reinsurance contract assets | 287,403,984 | 320,755,400 | 90 |
Scope of insurance coverage with existing policyholders. Premium growth was recorded in most non-life insurance groups, with the exception of other non-life insurance (a decrease in marine insurance premium due to a different accounting method at the parent company and the termination of cooperation with an agency in Croatia). The highest growth was seen in real property insurance (fire and natural disaster insurance and other damage to property insurance) and motor vehicle insurance. Total revenue of the Non-Life segment amounted to EUR 1,186.3 million, up by 11%. The increase was mostly influenced by the growth in insurance revenue due to higher insurance coverage, the impact of past premium rate rises on premium increases and the growth of insurance sales under the principle of free movement of services (FOS). In FOS transactions, the highest premium volume was recorded in motor vehicle insurance for individuals in Poland (EUR 56.3 million), reflecting a significant growth of 90%.
Non-Life insurance claims incurred, which comprise insurance service expenses for claims, the change in cash flows, the change in experience correction and the effects of allocation to onerous contracts, decreased by 18% to EUR 627.5 million at Group level and by 26% to EUR 396.4 million at the parent company. Insurance service expenses for claims, amounting to EUR 94,642.6 million, were 20% lower. The decrease in claims incurred was primarily driven by the very high CAT claims last year, alongside relatively favourable claims development.
The Group's Non-Life segment's insurance operating result amounted to EUR 69.1 million (2023: EUR 3.6 million). Influenced by an 11% increase in insurance revenue and a 28% decrease in claims incurred. Acquisition costs, administrative costs and non-attributable costs were 5% higher at EUR 304.3 million. The net reinsurance service result amounted to EUR –140.0 million (2023: EUR 29.7 million), predominantly resulting from lower reinsurance income (index 44) as a result of lower new claims ceded to reinsurance in 2024. Due to the increased business volume and slightly poorer reinsurance conditions, reinsurance expenses increased (index 107).
The net investment result grew to EUR 32.9 million (index 298), mainly due to an increase in investment result (index 212) and gains on disposal of a participating interest in an associate (EUR 4.7 million). The result from non-insurance operations was negative at EUR –1.1 million, primarily due to higher interest payments on bonds issued and the impairment of past-due receivables. Earnings before tax of the Non-Life segment reached EUR 100.8 million, compared to EUR 14.5 million in the previous year. The combined ratio for the Non-Life segment stood at a favourable 94.0%, down by 5.6 percentage points year-on-year. Its improvement was driven by higher insurance revenue and lower claims incurred. The claims ratio and the expense ratio improved by 4.6 percentage points and 1.1 percentage points respectively.
| 2024 | 2023 | Index | Total business volume |
|---|---|---|---|
| 880,069,706 | 784,928,919 | 112 | |
| Gross written insurance premium | 866,712,583 | 773,815,847 | 112 |
| Other income | 13,357,123 | 11,113,072 | 120 |
| Total revenue | 824,375,017 | 720,307,430 | 114 |
| Insurance operating result | 54,508,347 | 1,493,091 | 3,651 |
| Insurance revenue | 811,017,894 | 709,194,358 | 114 |
| Claims incurred | 396,432,489 | 537,393,087 | 74 |
| Acquisition and administrative costs including non-attributable costs | 215,478,525 | 203,541,839 | 106 |
| Net other insurance revenue and expenses | –14,551,924 | –6,213,987 |
|---|---|---|
| Net investment result | 24,947,939 | 19,420,462 |
| Result from non-insurance operations | –1,389,929 | 590,787 |
| Earnings before tax | 78,066,357 | 21,504,340 |
| Combined ratio | 93.3% | 99.8% |
| CSM of new contracts/Total CSM | 57.4% | 39.4% |
| Insurance service expenses to insurance revenue | 26.6% | 28.7% |
| Contractual service margin (CSM) | 13,420,019 | 15,732,207 |
|---|---|---|
| Risk adjustment (RA) | 15,135,083 | 11,724,267 |
| Net insurance contract liabilities | 688,541,300 | 687,817,381 |
| Net reinsurance contract assets | 249,027,855 | 305,976,870 |
The Life segment also delivered strong performance. Favourable trends were observed in the insurance segment and were particularly pronounced in the investment segment, which also benefited from favourable financial market conditions.
| 2024 | 2023 | Index | |||||
|---|---|---|---|---|---|---|---|
| Total business volume | 244,566,606 | 229,456,362 | 107 | ||||
| Gross written insurance premium | 242,588,054 | 228,358,676 | 106 | ||||
| Other income | 1,978,552 | 1,097,686 | 180 | ||||
| Total revenue | 100,265,726 | 86,226,995 | 116 | ||||
| Insurance operating result | 19,804,608 | 16,684,632 | 119 | ||||
| Insurance revenue | 98,399,942 | 85,367,869 | 115 | ||||
| Claims incurred | 27,161,982 | 25,603,176 | 106 | ||||
| Acquisition and administrative costs including non-attributable costs | 48,590,117 | 42,030,166 | 116 | ||||
| Net reinsurance service result | 272,006 | 1,619,193 | 17 | ||||
| Net other insurance revenue and expenses | –3,115,241 | –2,669,088 | 117 | ||||
| Net investment result | 10,523,083 | 1,942,121 | 542 | ||||
| Result from non-insurance operations | 9,987 | 317,352 | 3 | ||||
| Earnings before tax | 30,337,678 | 18,944,105 | 160 | ||||
| CSM of new contracts/Total CSM | 15.1% | 16.2% | |||||
| New business margin | 13.4% | 14.6% | |||||
| Contractual service margin sustainability | 1.1 | 1.2 | |||||
| Insurance service expenses to insurance revenue | 49.4% | 49.2% |
| Contractual service margin (CSM) | 272,164,764 | 221,656,867 |
|---|---|---|
| Risk adjustment (RA) | 32,489,424 | 33,264,554 |
| Net insurance contract liabilities | 1,404,899,162 | 1,305,706,187 |
| Net reinsurance contract assets | 346,996 | 384,510 |
Company and the North Macedonian life insurer. Total revenue rose by 16%, driven by a 15% rise in insurance revenue and strong growth in other income (index 217). The insurance operating result increased by 19% to EUR 19.8 million. It was mainly driven by higher insurance revenue due to the higher release of contractual service margin, risk premium and expected claims. Claims incurred, which in addition to insurance service expenses for claims comprise the change in cash flows, the change in experience correction, the effects of allocation to onerous contracts and other insurance expenses, increased by 6% at Group level and by 5% at the parent company; they amounted to EUR 27.2 million at Group level and EUR 17.6 million at the parent company. Their increase was mainly influenced by higher insurance service expenses for claims and the effects of the loss of onerous contracts. The investment result before tax of the Life segment increased to EUR 10.5 million (index 542). The investment result rose to EUR 121.1 million (index 182), mainly due to higher interest income and strong growth in equity investments, while the negative financial result from insurance contracts of EUR –110.6 million (index 171) was primarily driven by higher financial expenses due to an increase in unit-linked insurance liabilities. The result from non-insurance operations amounted to EUR 10 thousand (2023: EUR 317 thousand).
Earnings before tax of the Life segment at Group level amounted to EUR 30.3 million (index 160). Earnings before tax of the Company's Life segment rose to EUR 26.2 million (2023: EUR 19.3 million). The insurance operating result grew to EUR 18.4 million (index 124), primarily due to the higher release of both the contractual service margin and risk adjustment. The net investment result increased to EUR 7.6 million year-on-year (2023: EUR 4.1 million). The Group's CSM of new life insurance contracts amounted to EUR 41.1 million, of which 42% was accounted for by unit-linked life insurance contracts and the rest by other life insurance contracts. The CSM of new contracts in total contractual service margin was 15.1%, down by 1.1 percentage points year-on-year. This decline was driven by changes in expected cash flows affecting the total contractual service margin and the reinsurance calculation for life insurance at the parent company, in accordance with IFRS 17.
EUR 43.5 million due to the change in assumptions. The majority of the increase is attributable to the parent company (see note below).
| 31 Dec 2023 CSM of new contracts | Change in expected cash flows | Release of the CSM to profit or loss | Other | 31 Dec 2024 |
|---|---|---|---|---|
| 221.7 | 272.2 | 41.1 | 43.5 | -36.6 |
| 2024 | 2023 | Index | |||
|---|---|---|---|---|---|
| Total business volume | 195,443,569 | 192,632,794 | 101 | ||
| Gross written insurance premium | 194,421,298 | 186,343,262 | 104 | ||
| Other income | 1,022,271 | 6,289,532 | 16 | ||
| Total revenue | 77,469,581 | 67,026,807 | 116 | ||
| Insurance operating result | 18,431,324 | 14,833,611 | 124 | ||
| Insurance revenue | 76,553,208 | 66,444,361 | 115 | ||
| Claims incurred | 17,639,863 | 16,759,427 | 105 | ||
| Acquisition and administrative costs including non-attributable costs | 37,076,869 | 32,725,253 | 113 | ||
| Net reinsurance service result | -105,762 | 0 | |||
| Net other insurance revenue and expenses | -3,299,390 | -2,126,070 | 155 | ||
| Net investment result | 7,642,237 | 4,059,745 | 188 | ||
| Result from non-insurance operations | 172,324 | 384,007 | 45 | ||
| Earnings before tax | 26,245,885 | 19,277,364 | 136 | ||
| CSM of new contracts/Total CSM | 13.0% | 12.6% | 0.4 p.p. | ||
| New business margin | 14.6% | 13.9% | 0.7 p.p. | ||
| Contractual service margin sustainability | 1.0 | 1.0 | 101 | ||
| Insurance service expenses to insurance revenue | 48.4% | 49.3% | -0.8 p.p. |
| 31 Dec 2024 | 31 Dec 2023 | Index | |
|---|---|---|---|
| Contractual service margin (CSM) | 257,806,279 | 209,642,299 | 123 |
| Risk adjustment (RA) | 29,240,452 | 31,137,721 | 94 |
| Net insurance contract liabilities | 1,272,022,364 | 1,186,898,681 | 107 |
| Net reinsurance contract assets | -8,336 | 0 |
million. The Company's new business margin grew by 0.7 percentage points to 14.6%. This resulted from the higher profitability of new underwritten contracts, taking into account future increases in sums insured and written premium at the time of indexation. The Company's contractual service margin sustainability reached 1.0, the same as the previous year.
The strong performance of the Health segment in 2024 was influenced by one-off events. As part of the business model revision in Slovenia and efforts to drive premium growth, enhance claims management and optimise costs, Triglav, Zdravstvena zavarovalnica was merged into the parent company. The Group's key strategic guidelines and ambitions for this segment remain unchanged, as it continues to be a key development segment.
| 2024 | 2023 | Index | ||||||
|---|---|---|---|---|---|---|---|---|
| Total business volume | 56,223,031 | 223,036,915 | 25 | |||||
| Gross written insurance premium | 44,336,316 | 222,799,228 | 20 | |||||
| Other income | 11,886,715 | 237,687 | 5,001 | |||||
| Total revenue | 55,139,550 | 223,409,569 | 25 | |||||
| Insurance operating result | 8,620,876 | –27,377,596 | ||||||
| Insurance revenue | 43,252,835 | 223,171,882 | 19 | |||||
| State compensation pursuant to the Decree on supplemental health insurance premium | 10,996,355 | 0 | ||||||
| Claims incurred | 23,996,976 | 226,446,868 | 11 | |||||
| Acquisition and administrative costs including non-attributable costs | 18,007,025 | 25,319,883 | 71 | |||||
| Net reinsurance service result | –1,244,211 | 285,341 | ||||||
| Net other insurance revenue and expenses | –2,380,102 | 931,932 | ||||||
| Net investment result | 1,247,919 | –2,945,661 | ||||||
| Result from non-insurance operations | 472,074 | –1,089,949 | ||||||
| Earnings before tax | 10,340,868 | –31,413,206 | ||||||
| Combined ratio | 84.1% | 112.3% | –28.2 p.p. | |||||
| CSM of new contracts/Total CSM | 11.1% | 31.3% | –20.3 p.p. | |||||
| Insurance service expenses to insurance revenue | 41.6% | 11.3% | 30.3 p.p. | |||||
| 31 Dec 2024 | 31 Dec 2023 | Index | ||||||
| Contractual service margin (CSM) | 212,799 | 92,661 | 230 | |||||
| Risk adjustment (RA) | 533,650 | 5,593,595 | 10 | |||||
| Net insurance contract liabilities | 13,449,389 | 37,239,036 | 36 | |||||
| Net reinsurance contract assets | –295,163 | 132,645 | 209.6 |
The Health segment includes the health insurance products sold by the Group insurance companies and the non-insurance company complementing this business (Triglav zdravje asistenca). The segment presentation also includes the investment portion of the Health segment's own insurance portfolios. In 2023, supplemental health insurance, which was also provided by the Triglav Group, was terminated in Slovenia. In Slovenia and other markets in the Adria region, complementary health insurance is being maintained and strengthened.
The Group's non-consolidated complementary health insurance premium grew by 37% to EUR 43.1 million in 2024 (shown by insurance company in the table below).
| Market | 2024 | 2023 | Index |
|---|---|---|---|
| Slovenia | 22,642,006 | 16,899,914 | 134 |
| Serbia | 11,373,915 | 7,863,869 | 145 |
| North Macedonia | 3,587,856 | 2,546,503 | 141 |
| Croatia | 3,129,285 | 1,952,265 | 160 |
| Montenegro | 1,533,082 | 1,335,865 | 115 |
| Bosnia and Herzegovina | 839,534 | 890,171 | 94 |
| Total | 43,105,678 | 31,488,587 | 137 |
The total business volume of the Health segment decreased to EUR 56.2 million (2023: EUR 223.0 million) due to the termination of supplemental health insurance, as already mentioned. Gross written premium also recorded a sharp decline, with supplemental health insurance accounting for 85% of the health insurer's written premium. The increase in other income was impacted by state compensation pursuant to the Decree on setting the maximum price of the supplemental health insurance premium.
than the previous year due to the termination of supplemental health insurance. The net investment result improved compared to the previous year and amounted to EUR 1.2 million (2023: EUR –2.9 million), while the result from non-insurance operations reached EUR 472 thousand. As a result of these effects, the combined ratio for the Health segment declined by 28.2 percentage points to 84.1% year-on-year. Excluding the impact of discontinued operations, the combined ratio would be 117.8% in 2024 and 108.7% the year before. The combined ratio is expected to normalise in the future.
| 2024 | 2023 | Index | ||
|---|---|---|---|---|
| Total business volume | 34,490,283 | 209,131,710 | 16 | |
| Gross written insurance premium | 22,885,016 | 207,957,286 | 11 | |
| Other income | 11,605,267 | 1,174,424 | 988 | |
| Total revenue | 35,137,987 | 211,131,568 | 17 | |
| Insurance operating result | 11,434,413 | –26,902,903 | ||
| Insurance revenue | 23,532,720 | 209,957,144 | 11 | |
| State compensation pursuant to the Decree on supplemental health insurance premium | 10,996,355 | 0 | ||
| Claims incurred | 6,717,258 | 215,862,604 | 3 | |
| Acquisition and administrative costs including non-attributable costs | 13,492,574 | 21,070,944 | 64 | |
| Net reinsurance service result | –504,728 | 81,814 | ||
| Net other insurance revenue and expenses | –2,380,102 | –8,312 | ||
| Net investment result | 1,175,208 | –2,957,549 | ||
| Result from non-insurance operations | 533,887 | 282,151 | 189 | |
| Earnings before tax | 13,143,508 | –29,578,301 | ||
| Combined ratio | 66.9% | 112.8% | –45.9 p.p. | |
| CSM of new contracts/Total CSM | 11.1% | 31.3% | –20.3 p.p. | |
| Insurance service expenses to insurance revenue | 57.3% | 10.0% | 47.3 p.p. | |
| 31 Dec 2024 | 31 Dec 2023 | Index | ||
| Contractual service margin (CSM) | 212,799 | 92,661 | 230 | |
| Risk adjustment (RA) | 432,808 | 5,454,294 | 8 | |
| Net insurance contract liabilities | 7,617,888 | 34,274,848 | 22 | |
| Net reinsurance contract assets | 12,090 | 959,820 | 1 |
| Index | 31 Dec 2024 | 31 Dec 2023 | 2024/2023 |
|---|---|---|---|
| 1 | 2,487,714,381 | 2,207,612,126 | 113 |
| 2 | 678,910,235 | 540,890,478 | 126 |
| 3 | 739,510,939 | 650,042,171 | 114 |
| Total (1+2+3) | 3,906,135,555 | 3,398,544,775 | 115 |
| 4* | 1,628,351,605 | 1,194,176,397 | 136 |
| 5 | 208,952,512 | 143,067,579 | 146 |
| 6 | 9,801,044 | 6,073,641 | 161 |
| Total (4+5+6) | 1,847,105,161 | 1,343,317,617 | 138 |
| 7** | 117,412,162 | 91,237,169 | 129 |
| 8 | 23,129,461 | 18,297,531 | 126 |
| Total (7+8) | 140,541,623 | 109,534,700 | 128 |
| Total | 5,893,782,338 | 4,851,397,092 | 121 |
** Own funds are eliminated from Trigal's assets under management.
| 2024 | 2023 | Index | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Total business volume | 112,462,118 | 107,798,240 | 104 | ||||||
| Total revenue | 51,454,450 | 47,991,031 | 107 | ||||||
| Operating result | 13,177,336 | 6,785,169 | 194 | ||||||
| Income from asset management | 49,364,063 | 39,685,487 | 124 | ||||||
| Net other income and expenses | 230,427 | - | 1,631,210 | ||||||
| Operating expenses | 36,417,154 | 31,269,108 | 116 | ||||||
| Net investment result | 4,355,021 | 12,196,256 | 36 | ||||||
| Earnings before tax | 17,532,357 | 18,981,425 | 92 | ||||||
| Expenses to asset management income ratio | 73.8% | 78.8% | -5.0 pp |
shown below therefore refer to the Group's total assets under management. As the investment results of own insurance portfolios are taken into account in the insurance segments, the asset management segment includes clients' pension saving through the insurance services of the Group's insurance and pension companies, asset management and the management of clients' assets in mutual funds and discretionary mandate assets in the aforementioned companies. The Group's total business volume of the Asset Management segment grew by 4% to EUR 112.5 million. The supplemental pension insurance premium (EUR 61.0 million) increased by 2%, mainly due to a higher average monthly paid-in premium at the pension company. Income from asset management (EUR 49.4 million) rose by 24%, whereas other income (EUR 2.1 million) was lower due to the lower impact of the change in provisions for not achieving the guaranteed yield. Income from asset management comprises income from fees, which increased in all companies, with the highest relative growth recorded in the Macedonian company Triglav penzisko društvo (index 140) and Triglav Skladi (27%). The operating result amounted to EUR 13.2 million (index 194) due to higher income from asset management and higher net other income. The net investment result amounted to EUR 4.4 million, compared to EUR 12.2 million in the previous year. The positive impact of the change in provisions for not achieving the guaranteed yield was EUR 0.9 million in 2024, compared to EUR 8.1 million in the previous year. Earnings before tax of the Asset Management segment reached 2 SASB: FN-AC-000.A. 102 EUR 17.5 million, down by 8% year-on-year. Excluding the impact of the change in provisions for not achieving the guaranteed yield, earnings before tax growth would have exceeded 50%.
| 2024 | 2023 | Index | |
|---|---|---|---|
| Total business volume | 24,136,050 | 28,936,738 | 83 |
| Total revenue | 3,330,423 | 7,383,565 | 45 |
| Operating result | 128,709 | 223,720 | 58 |
| Income from asset management | 3,158,050 | 2,854,726 | 111 |
| Net other income and expenses | –147,417 | 194,800 | |
| Operating expenses | 2,881,923 | 2,825,806 | 102 |
| Net investment result | 0 | 4,334,041 | 0 |
| Earnings before tax | 128,710 | 4,557,761 | 3 |
| Expenses to asset management income ratio | 91.3% | 99.0% | –7.7 p.p. |
The Company's income from asset management relating to the management of supplemental pension insurance premium (financial contract assets and liabilities) increased by 11% to EUR 3.2 million, while the decrease in total revenue and total business volume was largely due to the change in provisions for not achieving the guaranteed yield, which amounted to EUR 4.3 million in 2023. This also led to lower earnings before tax of EUR 129 thousand in the Asset Management segment, compared to EUR 4.6 million the previous year.
asset value by EUR 68.0 million. Triglav Skladi also manages the unit-linked life insurance assets of the Triglav Group. Among them are the Financial Objectives investment strategy, which enables clients to actively adjust their portfolios according to the lifecycle principle, and Active Investment packages, tailored to different client segments adjusted to their risk profile. In addition, Triglav Skladi manages five portfolios of guarantee funds backing supplemental voluntary pension insurance: Triglav Drzni, Triglav Zmerni, Delniški Skupni pokojninski sklad, Mešani Skupni pokojninski sklad and Obvezniški Skupni pokojninski sklad. The integration of environmental, social and governance (ESG) aspects into asset management is reported in more detail in Section 10. Sustainability Report. Triglav Fondovi, Sarajevo manages two open-end investment funds (OIF Triglav Obveznički and OIF Triglav Globalni dionički). Both funds recorded net inflows of EUR 3.0 million in 2024.
| Net asset value of assets under management | Net inflow | Net market impact | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|
| Triglav Skladi | 2,260,084,264 | 1,699,308,044 | 560,776,220 | 197,915,973 |
| - mutual funds | 1,923,993,403 | 1,490,992,587 | 433,000,816 | |
| - discretionary mandate assets | 336,090,861 | 208,315,457 | 127,775,404 | |
| Triglav Fondovi, Sarajevo | 9,801,044 | 6,073,641 | 3,727,403 | 2,952,939 |
| Total | 2,269,885,308 | 1,705,381,685 | 564,503,623 | 200,868,912 |
An active ownership role in the investment process is essential for promoting improved business policies and practices among issuers of financial instruments, contributing to their long-term success. Triglav Skladi exercises this role in line with its Sustainable Investment Policy by engaging with issuers on business, financial, environmental, social and governance matters and exercising the rights associated with financial instruments. This includes active participation in issuers' meetings, voting and proposing agenda items to support responsible and sustainable investment management.
Optimisation project under the adopted 2021–2025 plan, the following objectives are pursued:
In the coming years, office space will be optimised for internal activities, while further digitalisation and automation of processes will enhance efficiency and improve the user experience in online underwriting and remote claims reporting. Alongside the planned optimisation of space usage in larger business units, the number of branch offices is being adjusted as physical points of contact for clients. The optimisation measures are expected to free up at least 3,000 m2 of space by the end of 2026, reducing operating expenses and maintenance costs, thus contributing significantly to reducing the Group's carbon footprint.3 SASB: FN-AC-410a.3.
A hybrid workspace pilot project was implemented to create a more modern and flexible workplace. By the end of 2024, around 300 employees of the parent company had participated, with the project set to continue in the coming years. Real property management software was upgraded with investment management and cost management functionalities, along with enhancements to energy accounting.
The Triglav Group performed well, maintaining good capital strength and liquidity, as confirmed by the reaffirmed "A" credit ratings. S&P Global upgraded its medium-term outlook from stable to positive.
The Triglav Group was well-capitalised in 2024. The increase in own funds to cover the solvency capital requirement was significantly influenced by the issuance of a new subordinated bond (see Section 6.7 Bonds for more information). The outlined dividend policy was followed, achieving a high capital adequacy ratio of 219% at the year-end, despite changes in the macroeconomic environment and financial markets.
The Group's adequate capital strength was reaffirmed by AM Best, which assigned a long-term credit rating of "A", and S&P Global, which assigned a financial strength rating of "A". The latter upgraded the Group's medium-term outlook on its "A" rating from stable to positive in December 2024. See Section 6.6 Credit rating of the Triglav Group and Zavarovalnica Triglav for more information.
where opportunities for improvement were identified or responses to external circumstances were required.
In capital management, upgrades were made through a bridging analysis, providing a comprehensive explanation of the differences between the valuation of insurance technical provisions for solvency and financial statement purposes.
In the context of market risks, several upgrades were made to measurement and monitoring methodologies.
Non-Life underwriting risk monitoring and analysis were upgraded, and additional monitoring of certain types of exposures at Group level was also implemented.
In the context of credit risk management, the approach to managing risks arising from inward and outward reinsurance contracts was upgraded. The process of obtaining reinsurance partner ratings was also upgraded, further improving the quality of the data.
With regard to liquidity risk, the existing methodology for calculating risk indicators was refined.
In operational risk management, methodologies and exposure assessments for key business processes were updated, particularly with respect to outsourcing and information security risks.
In non-financial risk management, the management of reputational risk was upgraded. Sustainability risk management was also revised, particularly with regard to transition risk due to climate change, with updates to measurement methods.
For the first time, an analysis was conducted on the exposure of the insurance and investment portfolios to biodiversity risks. For all remaining risks, efforts focused on maintaining established systems and processes.
The risk management system at Group level was systematically upgraded by consistently monitoring all material risks.
The risk management system is key to achieving the Group's strategic and business objectives. It is implemented at Group level as a set of harmonised rules, powers and responsibilities, clearly delineated by business function and organisational level. The system defines and integrates processes for the continuous identification, assessment, monitoring and management of assumed, potential and emerging risks. A clear, transparent and well-documented system enables the Company to take appropriate and timely action and to maintain the risk profile at the level defined in the main document – Group Risk Appetite Statement. The system is maintained up-to-date and comprehensive through continuous upgrades and updates. In subsidiaries, the system is aligned with the standards and rules of the parent company, taking into account the principle of proportionality.
| Supervisory Board and Risk committee | Management Board |
|---|---|
| 1. First line of defence | Risk underwriting |
| 2. Second line of defence | Risk management |
| 3. Third line of defence | Independent supervision |
Business functions at all levels Competent risk management committees, the risk management function, the actuarial function, the compliance function and other related areas Internal audit
The second and third lines of defence comprise the decision-making bodies and key functions of the governance system that are organised as independent organisational units. The second line of defence includes the relevant risk management committees and key functions: the risk management function, the non-life and life insurance actuarial functions, and the compliance function. The internal audit function, providing independent supervision of the system, is part of the third line of defence. All key functions cooperate with one another, with other areas within the Company and with Group companies. They are independent in their work.
The compliance function monitors the compliance of the Company's operations with the applicable regulations and commitments within the internal control system. It monitors and assesses the impacts of the changed legal environment and compliance risks. As part of its duties, it reviews and advises on the adequacy and effectiveness of procedures and measures to ensure compliance. It also co-creates the internal controls for ensuring compliance of a particular process, business line, or the Company as a whole by providing guidelines and making recommendations and proposals, on which it regularly reports to the Management Board and the Supervisory Board. In addition, the compliance function plays a major role in ensuring fair and transparent operations.
The actuarial function coordinates and implements the calculation of insurance technical provisions, applying appropriate methods, models and assumptions, while ensuring the use of comprehensive, high-quality data. It also calculates and coordinates capital requirements for underwriting risks. A key task of the function is to verify the adequacy of the overall underwriting and reinsurance policies and to provide an opinion on whether the amount of the premium of individual products is sufficient to cover all the liabilities arising from insurance contracts. The function also participates in the own risk and solvency assessment and reports its significant findings to the Management Board and the Supervisory Board. Within the Group, the actuarial function operates separately for non-life and life insurance.
companies. All key functions are in charge of not only transferring know-how and best practices to Group subsidiaries but also of ensuring their harmonised operation. The second line of defence of the risk management system includes committees that support the Management Board by monitoring risks on a regular basis, reporting to the Management Board on actions taken to address them, and informing the Management Board of their work.
| Risk Management Committee (RMC) | Responsible for: |
|---|---|
| ▪ non-financial risks that do not fall within the powers of other committees ▪ capital risks and ▪ overall all other types of risks, with an emphasis on the Group's most material risks. | |
| Approves: | ▪ methodologies and rules defining risk assessment methods ▪ limit systems regarding risk types ▪ maximum net retention tables ▪ recommendations to subsidiaries regarding the maximum permitted exposure to individual risks. |
| Assets and Liabilities Committee (ALCO) | Responsible for: |
|---|---|
| liquidity risk, market risks, life insurance underwriting and pension risks, credit risks investment portfolio |
| Non-life Underwriting Committee (UWC) | Responsible for: |
|---|---|
| non-life underwriting and credit risks |
| Operational Risk Committee (ORC) | Responsible for: |
|---|---|
| operational risks |
| Compliance and Sustainable Development Committee (CSDC) | Responsible for: |
|---|---|
| compliance risks, reputational risks and sustainability risks |
| Life Insurance Product Forum (LIPF) | Responsible for: |
|---|---|
| life underwriting risks |
| Non-life Insurance Product Forum (NIPF) | Responsible for: |
|---|---|
| non-life underwriting risks |
| Health Insurance Product Forum (HIPF) | Responsible for: |
|---|---|
| health underwriting risk |
| Project Steering Committee (PSC) | Responsible for: |
|---|---|
| project risks |
Risk management is initially carried out at the level of individual companies and then comprehensively at Group level. The management of individual Group members and the persons in charge of risk management are responsible for the establishment and operation of the risk management system. The operation of the risk management system is transferred from the parent company to the Group with minimum standards harmonised by the Triglav Group Subsidiary Management Division, in cooperation with the parent company's Risk Management Department, which is responsible for risk management minimum standards. Through the common standards, the Group ensures an effective and transparent risk management system at Group level, which is based on effective communication, quality exchange of data and information, time availability, methodological consistency, accounting verifiability and integrity.
The key building blocks of the comprehensive risk management process are the Group's strategy and the Company's business plan. These elements are used to define the Group-level risk appetite for all material categories of risk that the Group is willing to assume. Additionally, this document outlines the key indicators for measuring and monitoring these risks, including their target and maximum values. Zero tolerance is established for all risks the Group is unwilling to assume. One of the key indicators for measuring business performance and the achievement of strategic objectives is the capital adequacy ratio.
impact of the risk of own funds, the more material the risk. The overall risk assessment (the solvency capital requirement) takes into account the diversification specified in the standard formula as prescribed by law. The risk assessment is complemented with the Company's own assessment of the volatility of risk factors, generally taking into account the Value at Risk method, with the same confidence level of 99.5% over a one-year horizon. Risks are additionally assessed according to the methodology of S&P credit rating agency.
In the risk management process, the target values or limits for assumed and potential risks are defined and must be complied with when assuming these risks. The Company employs well-established multi-level risk monitoring systems to efficiently identify potential risk increases. These trends are identified through processes at the business line level and regularly communicated to the relevant persons by key functions. At Group level, exposure concentration and heightened volatility for risks associated with the Group's major vulnerabilities are closely monitored. Material detected or identified risks are treated also in the own risk and solvency assessment process.
The Risk Management Department regularly monitors the matching of the current risk profile and the defined risk appetite. The findings are reviewed by the Risk Management Committee, which approves appropriate measures to address any detected deviations. The Committee's findings and actions are regularly reported to the Management Board, the Supervisory Board and its Risk Committee. Risk management also encompasses the own risk and solvency assessment process, which includes assessing solvency requirements. The appropriateness of the regulatory method is also evaluated by incorporating findings from the internal risk assessment method.
Regular review of business decisions in terms of profitability and the risks assumed. Capital adequacy is also influenced by the dividend policy, which is defined in the Capital Management Policy of the Company and the Group and is subject to capital adequacy targets. In the context of the own risk and solvency assessment process, the sustainability of capital adequacy is evaluated using stress scenarios that account for existing, potential and emerging risks, with each type of risk being assessed individually. These scenarios enable the Company to take appropriate action, such as adjusting the guidelines for transaction acceptance, premium rates, the limit system, risk transfer and other activities. This approach strengthens the Group's resilience to identified risks and supports the improvement of internal control systems, while also updating an effective strategic decision-making process.
Internal risk monitoring is conducted in accordance with the standard formula prescribed by the Insurance Act (ZZavar-1). The methods used to manage each type of risk, along with the exposures and the assessment of these risks, are presented in Section 2.8 of the Accounting Report.
The most important types of risks assumed in the course of operations are as follows:
inadequate or failed internal processes, personnel or systems, or from external events and their impact. They also include information security risks with an emphasis on cyber risks and major business interruption events. Non-financial risks include material strategic risks, reputational risk, Group risk and sustainability risks. They predominantly originate from the external environment and are closely linked to other risks, especially operational risks. Generally, they include from several realised factors both inside and outside of the Group. Sustainability risks are also identified and assessed through the double materiality assessment (DMA) process, in accordance with ESRS standards. See Section 10.1.5 Double materiality assessment for more information. The Group is also exposed to potential or emerging risks. These are risks that may develop in the future or that already exist but are not yet considered material. They are difficult to assess but may have a significant impact on the business. They cannot be predicted based on past experience as there is often not enough data from which to predict either the frequency or the severity of the damage caused. Potential or emerging risks are therefore monitored closely and, in view of the findings, the risk management system is upgraded accordingly.
The International Financial Reporting Standards comprise underwriting, market, credit, liquidity and other risks. The Group's risk classification can be translated into the IFRS risk classification as follows:
Due to the differences in the IFRS and Solvency II valuation, the values of individual balance sheet items may differ noticeably, which is also reflected in differences in the identified exposure to individual risks. In addition, different valuation methods affect the sensitivity of the items and therefore the risk assessment. A more detailed presentation of the differences between the two valuations is included in the Solvency and Financial Condition Report, which is published on the website (www.triglav.eu). Risk exposures according to the classification used in the risk management system are presented further on in the text.
The ongoing capital management process ensures that capital is maintained at its optimum level and structure. Its use is optimised while also managing capital and other risks.
profile and business strategy. To achieve its strategic business development objectives and optimise its capital structure and return on equity, the Company also issued a new subordinated bond in July 2024. This issue was part of the Group's regular capital management and is considered in the calculation of capital adequacy. See Section 6.7 Bonds for more information. The purpose of capital management is to achieve safe and profitable operations, as well as a long-term and stable return on investment, by paying out dividends based on the criteria in the dividend policy. When entering into transactions, profitability is consistently assessed in relation to the risks assumed. This ensures the Group's target capital adequacy while providing an appropriate return to shareholders.
The Group's target capital adequacy is set within the range of 200–250%. This means that the Group has an adequate amount of capital to carry out its core business and cover potential losses. Capital surplus provides protection against losses due to unforeseen adverse events and volatile capital requirements. While maintaining regular capital adequacy, the existing level of capital and its future adequacy are planned and assessed. Capital adequacy also has a significant impact on the Group's credit rating. Therefore, when making business decisions, the criteria of the models of major credit rating agencies are taken into account. The Group's capital model is assessed by the credit rating agencies S&P Global and AM Best. See Section 6.6 Credit rating of the Triglav Group and Zavarovalnica Triglav for more information on the credit rating.
The definition of equity in the balance sheet for the preparation of financial statements differs from its definition for solvency purposes. Differences and important reasons for changes in items of both types of capital in 2024 are described in the Group's Solvency and Financial Condition Report for 2024, D and E sections, available at www.triglav.eu.
Capital adequacy is calculated according to the Solvency II standard formula as the ratio between eligible own funds and the solvency capital requirement. Adjustments and simplifications are not taken into account in the calculation. The Triglav Group was well-capitalised as at 31 December 2024. Its capital adequacy ratio stood at 219%, within the target range, aligning with the capital management strategic objectives and the dividend policy criteria presented in Section 9.2.1 Capital management.
The Group's adequate capital position and resilience to potential adverse business conditions were also confirmed by the results of the 2024 stress tests conducted for the insurance sector by the European Insurance and Occupational Pensions Authority (EIOPA), in which the Group participated.
| Entity | 31 Dec 2024 | 31 Dec 2023 | ||
|---|---|---|---|---|
| Triglav Group | Zavarovalnica Triglav | Triglav Group | Zavarovalnica Triglav | |
| Available own funds (EUR million) | 1,105.5 | 1,044.8 | 943.2 | 964.0 |
| SCR (EUR million) | 504.9 | 416.4 | 471.5 | 389.8 |
| Capital adequacy (%) | 219 | 271 | 200 | 247 |
33.4 million, primarily due to higher capital requirements for underwriting risks resulting from business volume growth.
| 989.0 | 1,047.3 | 1,105.5 | 105.6 | 38.0 | 484.5 | 134.7 | 0.9 | 63.7 | 151.2 | 53.4 | 24.0 | 559.7 | 132.1 | 80.7 | 12.4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Group's equity*
Intangible assets and deferred acquisition costs**
Net deferred taxes
Investments in subsidiaries and associates
Property
Financial investments
Net unit-linked insurance assets
Reinsurers' share of technical provisions
Technical provisions
Subordinated liabilities
Other assets and liabilities
Excess of assets and liabilities
Deductions for participants in other financial undertakings, and expected dividends ***
Deductibles for non-available own fund items
Subordinated liabilities
Group's available own funds
** The fair value of intangible assets is valued at 0.
*** In this item interests in companies with sectoral rules and foreseeable dividends are included.
At least once a year a sensitivity analysis of the Group's capital adequacy ratio is performed to test the effects of major changes in selected variables. Based on this analysis, the stability of the Group's capital position and its resilience to material risk factors is assessed. The analysis as at 31 December 2024 shows sensitivity to individual shocks on financial markets.
Among the risks included in the standard formula, the Group is most exposed to underwriting and market risks, followed by operational and credit risks. Within the Group, the parent company assumes the bulk of the risks. See Section 2.8 of the Accounting Report for more information about the types of risks assumed by the Group. The risk profile of the Company and the Group shows the types of risks to which they are most exposed.
| 219% | 222% | 216% | 221% | 217% | 212% | 226% | 228% | 210% | 222% | 216% | 150% | 175% | 200% | 225% | 250% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Capital adequacy ratio as at 31 Dec. 2024
| Equity investments +25% | Equity investments -25% | Interest rates +50 bp | Interest rates -50 bp | Credit spreads +50 bp | Credit spreads -50 bp | Property +25% | Property -25% | Exchange rates +20% | Exchange rates -20% |
|---|---|---|---|---|---|---|---|---|---|
| Risk | Risk assessment (current) | Risk trend (future) | Note |
|---|---|---|---|
| Capital adequacy and capital risk | ◼ The capital adequacy of the Company and the Group remains within the target range, as confirmed by the EIOPA stress test. The Group's adequate capital and financial strength were reaffirmed by S\&P Global and AM Best, which assigned a long-term credit rating of "A" and a financial strength rating of "A". S\&P Global also upgraded its medium-term outlook from stable to positive. | ||
| Underwriting risks | ◼ The assessment of underwriting risks had not changed significantly over the past year. The growth in insurance premium resulted in a slight increase in exposures to provision, premium and catastrophe risks, leading to a corresponding rise in capital requirements. | ||
| Market risks | ◼ The Group continues to maintain risks at defined levels. Particular attention is given to identifying optimal investment policies, with special focus on asset-liability matching. | ||
| Credit risks | ◼ Credit risks remain low due to regular, systematic and comprehensive exposure management. The suitability and quality of reinsurance partners are regularly reviewed to ensure they are well-diversified. Stress testing conducted as part of the ORSA process confirmed the effectiveness of these measures. | ||
| Liquidity risk | ◼ The Company's strong liquidity position and the adequate operational liquidity of the Group's subsidiaries are ensured through regular liquidity monitoring. Liquidity was verified as part of the ORSA process through internal stress tests as well as the stress test defined by EIOPA. It was confirmed by all of them that the parent company and its subsidiaries would have adequate liquidity even in the event of extreme events. | ||
| Operational risks | ◼ Operational risks are managed proactively. Priority is given to the regular maintenance and upgrading of outsourcing management and the information security management system, with a particular focus on cyber risks. Internal interprocess risks are also managed. Operational risks are primarily increased by large-scale regulatory changes and the general staffing. |
risk when recruiting workers in shortage occupations. An overall assessment of the main risk categories was made on the basis of quarterly risk reports. The risk trend shows a potential assessment of future risks relative to the latest projections.
The presentation of the Triglav Group's risk profile and assessments by individual risk category are based on market values for solvency purposes. The Company uses a regulatory method, which is assessed as appropriate for risk measurement in the context of the own risk and solvency assessment process.
The main risk in recent years has stemmed from inflationary trends and the resulting high interest rates. As inflationary pressures ease, central banks have begun to cut key interest rates, which is expected to stimulate economic growth in the future. However, the future trajectory of interest rates and economic activity remains uncertain. This also implies future risks, particularly the possibility of a continued period of high central bank interest rates and low economic growth.
Risks related to geopolitical uncertainty and its impact on the economic and political environment in which the Group operates remain a key concern. With regard to market risks, particularly an increase in spread risk could arise due to the aggravated economic situation or deteriorating credit ratings of issuers of securities. As economic activity deteriorates, negative developments in stock markets and a possible decline in the value of real property may also be expected. This could then manifest in a decrease in the value of investments.
The potential impact of interest rate risk associated with possible changes in risk-free interest rates is managed by actively matching assets and liabilities. A more severe recession could negatively affect demand for insurance and reduce the volume of premiums written, which would have a detrimental effect on the Group's operations. This would also affect liquidity risk, which could increase due to the potential reduction of inflows from the insurance business and a lower market liquidity of the investment portfolio.
assessing the credit ratings of major partners are being strengthened, along with close monitoring of their payment discipline. The adequacy of reinsurance protection is also carefully assessed and adjusted where necessary.
| Underwriting risks | Market risks | Operational risks | Credit risks | Risks of companies from other financial sectors | Risks of residual companies |
|---|---|---|---|---|---|
| 55% | 25% | 8% | 7% | 2% | 3% |
| 57% | 25% | 7% | 6% | 2% | 3% |
As part of testing the Group's sensitivity, the factors that could have a material impact on the Company's and the Group's operations in the coming years were examined.
| Total impact on equity | Triglav Group | Zavarovalnica Triglav |
|---|---|---|
| Spread risk (+50 bp) | –34,955,884 | –29,159,032 |
| Interest rate risk (+100 bp) | –23,732,656 | –18,898,646 |
| Equity risk (–10%) | –5,921,344 | –5,568,517 |
| Property risk (–5%) | –8,834,211 | –5,732,869 |
| Total | –73,444,095 | –59,359,064 |
The Sustainability Report is an integral part of the Annual Report. It is prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) and discloses the information required by the EU Taxonomy Regulation (Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852).
The consolidation level of sustainability disclosures
The financial reporting for the Group comprises all companies included in the consolidated financial statements (See Section 2.3 of the Accounting Report for more information). However, the consolidation level of data in the 2024 Sustainability Report differs for some disclosures from the scope of companies included in the consolidated financial statements. Companies with no more than one employee and no office space of their own are excluded in the carbon footprint calculation. These companies are Triglav INT d.o.o., Triglav Savetovanje d.o.o., Beograd, u likvidaciji, Triglav Savjetovanje d.o.o., Sarajevo, Triglav Savjetovanje d.o.o., Zagreb, u likvidaciji, Triglav upravljanje nekretninama d.o.o., Podgorica, in Triglav upravuvanje so nedvižen imot DOOEL, Skopje.
The Triglav Group currently includes only Zavarovalnica Triglav in reporting on financed emissions and has not yet extended the scope of consolidation to other Group companies. The process of including additional companies in the calculation of financed emissions is under evaluation, taking into account methodological requirements and the availability of relevant data.
Sustainability risks are managed across all (re)insurance and major financial companies within the Group. However, for other companies within the Group companies, these risks are rendered negligible due to their size and are therefore not actively managed. Disclosures related to marketing activities do not include the following companies: Zavarovalnica Triglav Re d.d., Triglav, pokojninska družba d.d., Triglav INT d.o.o., Avtoservis d.o.o., Triglav Svetovanje d.o.o., Upravljanje nepremičnin d.o.o., Triglav Savetovanje d.o.o., Beograd, u likvidaciji, Triglav Osiguranje a.d., Banja Luka, Triglav Fondovi d.o.o., Sarajevo, Triglav Savjetovanje d.o.o., Sarajevo, Autocentar BH d.o.o., Sarajevostan d.d., Triglav Savjetovanje d.o.o., Zagreb, u likvidaciji, Triglav upravljanje nekretninama d.o.o., Podgorica, Lovćen životna osiguranja a.d., Podgorica, Lovćen Auto d.o.o., Podgorica, Triglav Osiguravanje život a.d., Skopje, Triglav penzisko društvo, a.d., Skopje, in Triglav upravuvanje so nedvižen imot DOOEL, Skopje.
The information on supplier management applies to all subsidiaries in Slovenia, except Eskulap, družba za zdravstvene storitve d.o.o. 5 BP-1_01, BP-1_02, BP-1_03.
The compliance information does not include Triglav INT d.o.o.; Triglav zdravje asistenca d.o.o.; Eskulap d.o.o.; Triglav Avtoservis d.o.o.; Triglav INT d.o.o., Belgrade; Triglav Savetovanje d.o.o., Belgrade; Triglav Fondovi d.o.o., Sarajevo; Triglav Savetovanje d.o.o., Sarajevo; Triglav upravljanje nekretninama d.o.o., Sarajevo; Autocentar BH d.o.o.; Sarajevostan d.o.o.; Triglav Savjetovanje d.o.o., Zagreb; Triglav upravljanje nekretninama d.o.o., Zagreb; Triglav upravljanje nekretninama d.o.o., Podgorica; Lovćen Auto d.o.o.; Triglav upravuvanje so nedvižen imot DOOEL Skopje.
The disclosures required by the ESRS have been audited for 2024 but were not audited for 2023. The 2024 tables for Zavarovalnica Triglav, d.d. include data for Triglav, Zdravstvena zavarovalnica, which was merged into Zavarovalnica Triglav d.d. that year; however, the 2023 disclosures do not include these data for Zavarovalnica Triglav d.d.
The double materiality assessment process described in Section 10.1.5 encompasses impacts, risks and opportunities primarily stemming from the Group's insurance and asset management activities, as identified by stakeholders during the double materiality assessment process. The Sustainability Report predominantly provides information on policies, targets, risks and metrics related to the core elements of the value chain. Where upstream and downstream data are also considered, these are disclosed separately under the corresponding topics and/or data sections. See Section 10.1.6 Identified impacts, risks and opportunities for more information.
No information related to intellectual property, know-how or innovation outcomes has been omitted from the Sustainability Report. Furthermore, no foreseeable events or matters under ongoing negotiations have been excluded from disclosure.
involved stakeholder engagement. The Group has continuously enhanced its reporting by integrating new indicators and standards, such as SASB and SDGs, and by regularly updating key sustainability topics. For the 2024 reporting period, the Group's sustainability disclosures have been restructured to align with the CSRD and ESRS. These changes include:
Compared to previous annual reports, changes were made in the carbon footprint calculation. Due to methodological challenges in the calculation of operational Scope 3, only Scopes 1 and 2 are included. Minor changes, including the methodologies used for calculating individual indicators, are detailed within the text and footnotes.
The table of the Triglav Group's key sustainability topics by year illustrates major shifts in their identification since their initial identification in 2012:
| 2012 (GRI G3.1) | 2015 (GRI G4) | 2019 (GRI GS) | 2023 (GRI US) | 2024 (ESRS) |
|---|---|---|---|---|
| Governance of the organisation | Ensuring capital adequacy | Understanding client needs | Fair and transparent business | Services and products promoting social and environmental benefits |
| Fair business practices | Profitability | Engaged and highly skilled employees | Long-term stability and profitability of operations | Data privacy and security |
| Employment and labour practices | Personal data protection | A client-tailored insurance offering – throughout the entire life cycle | Business continuity and preparedness for extreme events | Climate change adaptation and mitigation |
| Human rights | Prompt claims payouts | Clear terms and conditions | Commitment to employee health and safety | Supplier relationship management |
| Relationship with clients and suppliers | Business strategy and plans | In-depth information on the Triglav Group's business performance and position | Comprehensive risk management | Accessibility of services and financial literacy |
| Integration into and development of the local environment and the wider community | The Triglav Group's clear strategy | Community engagement | Care for the natural environment | Transparent and easy-to-understand products |
| Business ethics | Employee care | Equal treatment and opportunities for all | Time horizons |
The Company deviates from the proposed time horizons defined in ESRS 1, section 6.4. Instead, it has adopted time horizons in its internal documents based on the business cycle, as recommended by EIOPA. The short-term is defined as 1 to 5 years, the medium-term as 6 to 10 years, and the long-term as more than 10 years.
Governance of Zavarovalnica Triglav. Zavarovalnica Triglav, as the parent company, has a two-tier governance system in place. Its governance bodies are as follows: General Meeting of Shareholders, Management Board and Supervisory Board.
In 2024, the Management Board had five members, including one Worker Director:
The Company's conduct of business is supervised by the Supervisory Board. As at 31 December 2024, it consisted of eight members, six shareholder representatives and two employee representatives:
In 2024, the Company had the following committees: the Audit Committee, the Appointment and Remuneration Committee, the Strategy Committee and the newly established Risk Committee, as well as the Nomination Committee as an ad-hoc committee.
In assessing its composition and performance in accordance with the ZZavar-1 and the ZGD-1, the Supervisory Board takes into account that all members possess the relevant knowledge relating to insurance and financial markets, the business strategy and business models, governance systems, financial and actuarial analyses, risk management, and the regulatory and legal environment in which the Company operates, as well as the skills and experience in these areas.
By signing the Statement of Independence and the Statement of Loyalty, the members of the Supervisory Board confirmed that they comply with the conflict of interest criteria. The proportion of independent Supervisory Board members is 100%.
The organisation and operation of the sustainable development system is regulated in a way that ensures the overall alignment of all important sustainable development activities with the Group's strategic ambitions and compliance with sustainability-related legislative requirements.
The Management Board is responsible for developing and implementing the Group's strategy, which includes its strategic ambitions in sustainable development, while the Supervisory Board approves the Group's strategy and takes note of its implementation. The sustainable development policy is adopted by the Management Board and approved by the Supervisory Board.
A Management Board member is responsible for the environmental, social and corporate sustainable development (ESG) activities.
All activities related to the Group's sustainable development are overseen by the Sustainable Development Department within the Management Board Office of the Group's parent company, of which the Management Board member responsible for the environmental, social and corporate sustainable development activities is directly in charge.
The Compliance and Sustainable Development Committee (hereinafter: CSDC) at the Company monitors the sustainable aspects of the Group's operations, and the Chairperson of the CSDC reports to the Management Board on the committee's work. The CSDC is composed of managers and other employees from various departments and divisions, following the principle of representing key departments and divisions. It ensures compliance, ethics and sustainability, with particular emphasis on the areas of focus for each meeting.
member of the Company's Management Board. Depending on the needs and nature of the work, the Sustainable Development Department provides technical support to business functions and the Management Board, while also coordinating the formation of working groups to effectively implement strategic ambitions and meet sustainability-related legislative requirements. Strategic impacts, risks and opportunities are addressed during each strategy update, starting from an analysis of key industry trends, stakeholder expectations, and identified social and environmental challenges (e.g. demographic change, climate change). The Group's strategic ambitions for 2025–2030 are shaped by the expectations of its owners for a profitable, safe and stable investment. These ambitions also reflect the evolving needs of its clients, with the Group aiming to continue delivering a safe and seamless user experience, while ensuring high employee satisfaction and engagement. This will be achieved through an agile and efficient organisational structure, with strengthened cooperation with partners. By pursuing the sustainability objectives outlined in its strategy, the Group seeks to maintain a long-term, sustainable foundation for profitable and safe operations, including supporting the transition to a sustainable society and mitigating its impact on climate change. Strategic risks are regularly monitored as part of the risk management process. Despite the long-term nature of the strategy period, the Group remains flexible and may adjust its strategy in response to significant changes in the business environment or the emergence of major strategic risks. The Group's ongoing product development and agile organisational culture enable it to swiftly adapt its product portfolio in response to market changes, even within a short timeframe. Additionally, by maintaining high liquidity within its investment portfolio, which constitutes the largest part of its assets, the Group can adjust its asset structure and facilitate reallocation as needed. Through an ongoing capital management process, the Group ensures an optimal volume and quality of its funding sources, along with the optimal cost of capital.
The Company's business functions report sustainability-related activities to the Management Board, while the Sustainable Development Department provides updates twice a month to the Management Board member responsible for ESG. The Audit Committee of the Supervisory Board and the Supervisory Board monitor these processes and oversee sustainability reporting, which they discuss and approve as part of the adoption of each Triglav Group's annual report.
In 2024, the Management Board members received an average of 18.6 teaching hours of training on sustainability-related topics. Additionally, an online training course on best sustainability practices in the insurance industry was organised for the Supervisory Board members in March 2024.
Management of sustainability aspects in the Triglav Group
| 16 | ESRS 2 SBM-2_07–12, SBM-3_10, E1.SBM-3_07. |
|---|---|
| 17 | ESRS 2 GOV-2_01. |
| 18 | ESRS 2 GOV-1_16. |
Management Board of Zavarovalnica Triglav
Management Board member responsible for ESG
Sustainable Development Department (Management Board Office)
Directing all activities related to sustainable development
Compliance and Sustainable Development Committee at the Company (managers and other employees from various departments and divisions as well as a Management Board member)
Monitoring and directing activities and discussing legislative requirements in the field of ESG
Adoption of internal acts related to the compliance risk management system and ESG
The basis for the remuneration of the Management Board is the Remuneration Policy of Zavarovalnica Triglav d.d. (hereinafter: the Remuneration Policy), which is based on Directive 2009/138/EC – Solvency II, as amended by Directive 2012/23/EU, Commission Delegated Regulation (EU) 2015/35 supplementing Directive 2009/138/EC, Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector and the ZGD-1.
The Remuneration Policy is one of the policies with which the Company implements a robust and reliable management system, ensures business integrity and transparency, and maintains the appropriate capital strength of the Company. Furthermore, it encourages reliable and effective risk management, and provides for the acquisition and retention of appropriately professionally qualified, competent, responsible and engaged employees.
The Policy is designed to take into account the Company's internal organisation and the nature, scope and complexity of risks by including sustainability risks. The variable remuneration of employees is determined by taking into account the implementation of strategic guidelines, which also include the commitments to sustainability, long-term interests and performance of the Company and the Triglav Group as a whole.
In 2024, the Remuneration Policy was amended in accordance with SDH's recommendations and current legislation. The Remuneration Policy was approved at the 49th General Meeting of Shareholders of Zavarovalnica Triglav d.d. on 4 June 2024.
Management Board shall not exceed EUR 22,000.00. Every two years, the ceiling shall be increased according to the increase in the average consumer price index for each of the last two years. The contract of employment and appointment to office concluded with the President and the members of the Management Board will set the basic salary within the limits defined in this Policy, i.e. the amount of the basic salary of the President of the Management Board shall be set at the ceiling and the amount of the basic salary of each Management Board member shall be up to a maximum of 95% of the President of the Management Board's salary, depending on the duties and responsibilities of the specific Management Board member (e.g. taking into account the sectoral division of their areas of responsibility, their individual qualities (knowledge, experience, references, skills) and the remuneration of members of the management bodies of comparable companies in the insurance sector in Slovenia and in the region).
Notwithstanding the above, during the period of validity of the ZPPOGD, the basic salary of the President of the Management Board is set at five times the average gross salary in the previous financial year, paid in the Triglav Group companies headquartered in the Republic of Slovenia and consolidated in the annual report in accordance with the Companies Act, while the basic salary of the Management Board members is set at 95% of the basic salary of the President of the Management Board. The performance-based variable remuneration may be set at a maximum of 60% of the basic salaries paid in the financial year.
If the Company meets at all of the following criteria: it is a public limited company, more than 50% of its net revenue is generated in foreign markets, it has more than 5,000 employees in the group and it has at least EUR 500 million of share capital, a performance-based variable remuneration may be set up to a maximum of 100% of the basic salaries paid in the financial year. Notwithstanding the above, during the period in which the ZPPOGD applies, the amount of the variable remuneration may be set at a maximum of 30% of the basic salaries paid in the financial year.
The variable remuneration includes part of the salary for performance, part of the salary for the overall performance based on the overall annual targets of the Management Board and part of the salary for individual performance based on personal annual targets. The Management Board's performance is determined by taking into account the Company's performance in the short and long term, including taking into account the current and future risks to which the Company is exposed.
The performance assessment takes into account:
of the sustainability objectives tied to the Management Board's remuneration. Data on the remuneration of the Management Board members are disclosed in Section 4.4 of the Accounting Report.
The due diligence system ensures compliance with legislation, external commitments and internal documents. Due diligence is conducted through targeted compliance reviews, internal audits, monitoring operational loss event reports, providing recommendations, tracking corrective actions and their effectiveness, regular risk assessments, evaluating the adequacy of internal controls. Regular compliance audits address sustainability areas such as scenario assessments for sustainability risks, non-compliance with human rights, ethical commitments, corruption and bribery prevention, management of conflicts of interest, internal fraud risks and violations related to labour and health and safety at work.
| Core elements of due diligence | Sections in the Sustainability Report | Disclosures relate to impacts on people and/or the environment |
|---|---|---|
| (a) Embedding due diligence in governance, strategy and business model | ▪ ESRS 2 GOV-2 – section 10.1.2 ▪ People and the environment ▪ ESRS 2 GOV-3 – section 10.1.2 ▪ People and the environment ▪ ESRS 2 SBM-3 – sections 10.1.3, 10.1.6 ▪ People and the environment | |
| (b) Engaging with affected stakeholders in all key steps of the due diligence | ▪ ESRS 2 SBM-2 – section 10.1.4 ▪ People and the environment ▪ S1 – section 10.3.1 ▪ People ▪ S3 – section 10.3.3 ▪ People ▪ S4 – section 10.3.2 ▪ People | |
| (c) Identifying and assessing adverse impacts | ▪ ESRS 2 IRO-1, section 10.1.5 ▪ People and the environment ▪ ESRS 2 SBM-3, section 10.1.6 ▪ People and the environment | |
| (d) Taking actions to address those adverse impacts | ▪ ESRS 2 MDR-A, section 10.1.2 ▪ People and the environment ▪ E1 – section 10.2.1 ▪ The environment ▪ S1 – section 10.3.1 ▪ People ▪ S3 – section 10.3.3 ▪ People and the environment ▪ S4 – section 10.3.2 ▪ People ▪ G1 – section 10.4.1 ▪ People | |
| (e) Tracking the effectiveness of these efforts and communicating | ▪ S1 – section 10.3.1.2, 10.3.1.3 ▪ People ▪ S3 – section 10.3.3 ▪ People ▪ S4 – section 10.3.2.1 ▪ People ▪ G1 – section 10.4.1 ▪ People |
Risk management, including sustainability risks, is outlined in Section 2.8 Risk management in the Accounting Report. Sustainability risk management systems and processes are embedded in this internal process and are continuously upgraded.
This approach is pursued across four key areas: insurance and asset management, own business processes, responsible stakeholder engagement and effective corporate governance. In 2023, the Group's strategic ambitions were further developed with the adoption of its Sustainable Development Policy. Serving as the overarching document for the Group's sustainability-related activities, it outlines the method of implementing the strategic ambitions, establishes the system for managing ESG aspects and risks, defines key corporate governance policies and provides guidelines for sensitive economic activities. The Group views sustainable development as an opportunity across its asset management, insurance product development, claims handling and energy efficiency segments. It is committed to increasing the proportion of investments with sustainability characteristics, such as green and social impact bonds. Triglav Skladi funds support environmental and social characteristics, in alignment with Article 8 of the SFDR. In the insurance sector, products such as solar power plant insurance, micromobility insurance, parametric insurance for climate risks and benefits for young farmers are being developed. Looking ahead, the focus will be on expanding insurance offerings for sustainable mobility and providing effective risk protection to companies using renewable energy sources. Its sustainable (ESG) ambitions for 2025 are divided into four key areas, which are presented below.
In both strategic activities, insurance and asset management, the Group's activities are focused on the transition to a climate-neutral and climate-resilient circular economy. In carrying out its insurance and investment activity, the Group promotes sustainable economic activity, energy efficiency and energy from renewable sources with an aim to reduce greenhouse gas emissions. The ESG aspects are integrated into the development of insurance and investment products and services. In asset management, the Group will not only double the share of its green and sustainable investments compared to the 2020 base year, but also reduce its exposure to issuers on the Coal Exit List (companies at which at least 20 per cent of electricity production or income stems from coal) to less than one per cent of total investment value by 2025. In its insurance activity, the Group will develop new and increase the presence of existing index-based insurance products for drought, flood and other climate risks. The Group promotes its range of insurance products related to sustainable mobility and provides effective risk protection for companies involved in the production of energy from renewable sources.
The Company has set up an assessment of suppliers by sustainability criteria and the Group's comprehensive carbon footprint measurement and management (Scope 1 and 2). Key quantitative performance indicators by 2025:
The Group acts with responsibility towards its employees, clients, partners and community at large. It aims to maintain high levels of client (NPS)24 and employee satisfaction. The concept of flexible working was implemented with the aim of improving employees' work-life balance, while expanding programmes promoting health and well-being. The focus will continue to be on multidimensional diversity, intergenerational cooperation, and employee development and training. The Group will continue to participate in corporate social responsibility projects and enter into partnerships and give donations. In parallel, the Group will promote environmental and social responsibility projects that contribute to the achievement of the United Nations Sustainable Development Goals (SDGs).
23 ESRS 2 SBM-1_21, SBM-1_23. 24 S4.MDR-T_01, 04.
The Group attains high standards of corporate governance and adheres to its code of ethics in the performance of its business operations. By incorporating environmental, social and governance factors, the Group plans to upgrade succession, diversity and remuneration policies for the members of the management and strive to improve the diversity of the Group's management and supervisory bodies in terms of gender, education and experience. The Group will increase the scope of public disclosures on its sustainable operations by 2025.
At the end of 2022, a Sustainable Development Action Plan was developed for individual areas, serving as the basis for implementing strategic actions and meeting legislative requirements.
Global alliances: a signatory to the United Nations Principles for Responsible Investing (PRI) and the United Nations Principles for Sustainable Insurance (PSI).
| Triglav Group Strategic indicator | Unit | 2019 achievement | 2020 achievement | 2021 achievement | 2022 achievement | 2023 achievement | 2024 achievement | 2025 strategic plan |
|---|---|---|---|---|---|---|---|---|
| Carbon footprint (Scope 1 and 2 – location-based) per employee | tCO2 eq/employee | 2.18 | 1.99 | 1.90 | 1.64 | 1.51 | 1.34 | 1.85 |
| Share of electricity consumption from renewable energy sources | % | 1% | 4% | 33% | 63% | 62% | 66% | 75% |
| Energy consumption per employee | TOE/employee | 0.47 | 0.41 | 0.30 | 0.31 | 0.29 | 0.27 | 0.40 |
| Average daily consumption of office paper per employee (A4) | A4 sheet | 53 | 45 | 20 | 19 | 17 | 17 | 27 |
| Amount of waste generated per employee | kg/employee | 109 | 125 | 124 | 116 | 117 | 129 | 93 |
| Share of electric and hybrid vehicles in the fleet | % | 4% | 4% | 4% | 8% | 11% | 17% | 30% |
| Share of investment exposure to issuers on the Coal Exit List | % | na | na | na | na | 0% | 0% | <1% |
| Share of ESG bonds | % | na | 4% | 8% | 10% | 11% | 13% | 8% |
| Share of in-house training via e-platforms | % | na | 81% | 91% | 67% | 52% | 55% | >30% |
| Share of women in the Group's management and supervisory boards | % | 20% | 13% | 18% | 24% | 27% | 26% | >20% |
| Average number of training hours per employee | Number | 5 | 24 | 31 | 33 | 32 | 31 | 28 |
| Digital training for employees | % | 21% | 37% | 81% | 62% | 52% | 50% | 0.35% |
| Employee satisfaction Index ORVI | 3.88 | 3.99 | 4.00 | 4.00 | 3.94 | 3.97 | 3.80 |
levels; guidelines on managing sensitive economic activities in terms of sustainability risks; key corporate governance policies; and other key aspects of sustainable development, such as responsibility to employees and corporate social responsibility projects. In November 2024, the Group enhanced its strategic ambitions in sustainable development with long-term goals extending to 2030. These goals focus on reducing the Group's carbon footprint, increasing environmentally sustainable investments and bonds with sustainable characteristics, and developing insurance products for renewable energy sources and sustainable mobility. At the same time, the Group is reinforcing corporate social responsibility, diversity and ethical business practices to ensure long-term resilience and sustainable growth.
25 ESRS 2 SBM-1_22, E1.MDR-T_01-08, S1.MDR-T_01–08. 26 ESRS 2 S1.MDR-P_01-04, 06, S3.MDR-P_01-04, 06, S4.MDR-P_01-04, 06, E1.MDR-P_01-04, 06, G1.MDR-P_01-04, 06.
The table below provides an overview of key policies related to the management of identified material impacts, risks and opportunities. Further details on these policies are provided in the sections.
| Policy | Key policy messages | Areas of application | Responsible body | Related standards/initiatives | Availability | ||||
|---|---|---|---|---|---|---|---|---|---|
| Development Policy | ▪ A framework for implementing the Group's sustainability strategy ▪ Commitment to long-term economic, social and environmental value creation ▪ The sustainable development management system at the Triglav Group ▪ Guidelines on sensitive economic activities ▪ Sustainability risk management ▪ Employee well-being, diversity and inclusion ▪ Sustainability reporting and stakeholder engagement | The Triglav Group (except for the clients' assets managed in mutual funds and discretionary mandate assets, which are managed by the Group's asset management companies) | Management Board of Zavarovalnica Triglav | United Nations Principles for Sustainable Insurance (UN PSI), Partnership for Carbon Accounting Financials (PCAF) | Corporate website | ||||
| Sustainable Investment Policy | The Triglav Group (except for the clients' assets managed in mutual funds and discretionary mandate assets, which are managed by the Group's asset management companies) | Management Board of Zavarovalnica Triglav | SFDR, United Nations Principles for Responsible Investment (UN PRI) | Corporate website | |||||
| Succession Policy for Management Members of Triglav Group Companies | ▪ Acquisition and retention of high-quality staff ▪ Succession planning ▪ Ensuring a positive working environment ▪ Commitment to employee engagement, satisfaction and health ▪ Promotion of knowledge transfer | Group level ▪ Creation of a uniform organisational culture | Triglav Group Business function | Internal – the internal documents module on the intranet | |||||
| Policy on the Management of Key High-Potential Employees | Triglav Group Business function | Internal – the internal documents module on the intranet | |||||||
| Employee Development and Care Policy | Zavarovalnica Triglav Business function | Internal – the internal documents module on the intranet | |||||||
| Rules on the Protection of Workers' Dignity | Zavarovalnica Triglav Business function | Internal – the internal documents module on the intranet | |||||||
| Rules on Specialised In-House Training in the Triglav Group | Triglav Group Business function | Internal – the internal documents module on the intranet | |||||||
| Triglav Group Code | ▪ The Triglav ethical principles guide actions to uphold its reputation, build trust in the brand, and ensure successful, profitable and sustainable operations in line with its objectives, mission, vision and strategy. ▪ Establish uniform corporate business and ethical standards, complementing the standards of conduct followed by all employees. ▪ Everyone acting on behalf and for the account of the Group companies is committed to adhering to these principles. They serve as a guide for addressing workplace challenges, making responsible decisions and navigating ethical dilemmas. ▪ They provide direction for drafting internal regulations within Group companies, ensuring compliance with the provisions of the Code. | Triglav Group Management Board of Zavarovalnica Triglav | UN Universal Declaration of Human Rights, ILO Declaration on Fundamental Principles and Rights at Work, Commitment to Respect Human Rights in Business, National Action Plan of the Republic of Slovenia on Business and Human Rights, Slovenian Corporate Governance Code, Slovenian Corporate Integrity Guidelines, Insurance Code | ||||||
| Rules on the Handling of Internal Fraud and Violations of the Triglav Group Code | Zavarovalnica Triglav Business function | Commitment to Respect Human Rights in Business, Directive (EU) 2019/1937 | Internal – the internal documents module on the intranet | ||||||
| Corruption Risk Management Policy | Triglav Management Board of Zavarovalnica Triglav | United Nations Global Compact Slovenia, Declaration on Fair Business, Slovenian Corporate Integrity Guidelines | Internal – the internal documents module on the intranet |
ZZavar-1, Commission Delegated Regulation (EU) 2015/35 supplementing Directive 2009/1 (Solvency II), EIOPA Guidelines on System of Governance
Triglav Group Management Board Internal – the internal documents module on the intranet
Triglav Group Business function Internal – the internal documents module on the intranet
Triglav Group Business function Internal – the internal documents module on the intranet Regulations on Sponsorship and Donor Partnerships
Triglav Group Business function Internal – the internal documents module on the intranet Rules on Sponsorship and Donor Partnerships
Triglav Group function Internal – the internal documents module on the intranet
EIOPA Guidelines, supervisory bodies' views and good business practices of Zavarovalnica d.d.
EIOPA, DORA, ISO 27001 Internal – the internal documents module on the intranet
Business function GDPR Corporate website
Business function GDPR Corporate website
Business function GDPR Internal – the internal documents module on the intranet
Remuneration policy for the members of the supervisory and management bodies of Group subsidiaries
Maintenance of the appropriate capital strength of the Company Zavarovalnica Triglav, Triglav Group subsidiaries
ZGD-1, Solvency II Directive
Supplementing Directive 2009/138/EC, EU Regulation 2019/2088 and local legislation
Internal – the internal documents module on the intranet
Business function Code, Outsourcing Policy, information security Corporate website
Business function Internal – the internal documents module on the intranet
Business function Internal – the internal documents module on the intranet
Sources of value creation Assets for the Group's operations stem from a solid capital base, written premiums and funds from shareholder investors. Employees, bringing together a diverse range of skills and talents, form the foundation for the Group's success and the implementation of its development strategy. In collaboration with suppliers, the Group ensures business continuity and the widespread availability of its products and services, while prevention projects are also carried out. Efforts are ongoing to improve the efficiency of natural resources. For more information, see sections 8. Operations of the Triglav Group and Zavarovalnica Triglav and 10.3.3. Community engagement.
Clients are provided with financial security, health and asset protection through insurance, claims payments, asset management, and additional assistance and prevention services. Through stable and development-oriented operations, the value of the Group's assets and its shareholders and investors is increased. Employees are provided with a safe, healthy and stimulating working environment. Locally-oriented responsible procurement is supported through investment, tax payments, accessible services and contributions to economic development, the social environment and green transition efforts. The Group is involved in the development of local communities and the insurance sector. The goal is to be a reliable partner that promotes proactive risk management, financial literacy in society and responsible conduct. For more information see sections 6. The share and shareholders of Zavarovalnica Triglav, 10.1.4 Key stakeholders, 10.2.1 Climate change mitigation, 10.3.1 Employee care, 10.3.2 Community engagement and 10.4.2 Supplier relationship management.
Optimisation of the value created
| Key upstream suppliers in the value chain | IT partners | Capital providers | Suppliers of energy and office supplies |
|---|---|---|---|
| Product development and management | Acquisition of new business | Risk management | Management of client assets |
| Claims management | Optimisation of asset value | Sales | Distribution, advice and client support |
Clients in the insurance business, Clients in the asset management business
For more information see sections 7. Macroeconomic environment and market trends and 9. Risk management.
Clients are provided a comprehensive range of products and services through various distribution channels. Access to these services is facilitated through the Group's extensive sales network and contractual sales partners in the Adria region and international markets, operating under the FOS and FOE principles. These include specialised partners, insurance brokerage companies and providers of non-insurance products such as roadworthiness test providers, equipment manufacturers and banks.
The review, assessment of the relevance and updating of the Group's key stakeholders were based on the AA1000 Stakeholder Engagement Standard, an analysis of sector practices (focusing on large insurance and financial groups in the region), and the Group's specific characteristics. The update was made based on the existing identification of stakeholders in Zavarovalnica Triglav's Governance System and Policy.
The Triglav Group stakeholders:
The Group's stakeholders are included in the Group's operations, thereby strengthening mutual trust and understanding. Their needs and interests, as well as the impacts of the Group's operations on them, are identified through mutual relationships at strategic and operational levels. In doing so, the Company measures reputation, satisfaction and Net Promoter Score (NPS), monitors regulatory changes and implements their requirements and recommendations, analyses complaints and compliments, maintains daily contact with investors and clients, regularly communicates with the media and so on. Employee satisfaction is measured by the ORVI index. Interests, opinions, and suggestions are regularly monitored by analysing the needs and interests of stakeholders. Based on this analysis, the scope of disclosures is outlined in the annual report.
Gained knowledge and guidelines are taken into account as much as possible in the Group's business and operations. The table below shows the key stakeholder interests identified, the forms of engagement with them and the key results of the engagement.
| Key Stakeholder Interests | ||
|---|---|---|
| Stakeholder | Forms of Engagement | Key Results |
| Clients | Surveys, feedback sessions | Improved service delivery |
| Employees | Employee satisfaction surveys | Increased morale and productivity |
| Shareholders and investors | Annual meetings, reports | Transparency in operations |
| State and supervisory authorities | Regular updates, compliance reports | Regulatory compliance |
| Partners and suppliers | Partnership reviews | Stronger collaboration |
| Local communities | Community engagement initiatives | Positive community relations |
| Media | Press releases, media briefings | Enhanced public image |
24 ESRS 2 SBM-2_01–04.
29 ESRS 2 SBM-2_05, SBM-2_06.
| Stakeholders | Key interests | Engagement method | Engagement results |
|---|---|---|---|
| Clients | * Insured | ||
| * Investors, savers in funds | |||
| * Users of assistance | |||
| * Users of other services | |||
| * Understanding client needs | |||
| * Rapid claim settlement | |||
| * Innovative financial and insurance products and services | |||
| * Clear terms and conditions | |||
| * Personal data privacy and security | - Personal contact with insurance experts, asset managers | ||
| - Recording complaints and compliments and responding thereto | |||
| - Telephone conversations | |||
| - Opinion polls and surveys | |||
| - Websites, blogs and e-newsletters | |||
| - Social networks | |||
| - Mobile apps | |||
| - Marketing communication | * 413,644 telephone conversations in Zavarovalnica Triglav's call centres | ||
| * 50,938 replied electronic messages in Zavarovalnica Triglav | |||
| * More than 24,000 subscribers to the newsletters Vozim se (I'm driving) and Vse bo v redu (Everything Will Be Alright) | |||
| * 274,369 users of the i.triglav digital office | |||
| * More than 47,000 regular users of the Vozim se and the Vse bo v redu portals | |||
| * NPS of the Group is 70 and 66 of Zavarovalnica Triglav | |||
| * 430,262 processed claim files at Zavarovalnica Triglav | |||
| * 3,784 complaints and 44 compliments in Zavarovalnica Triglav | |||
| Employees | - Internal culture of cooperation | ||
| - Rewarding of performance | |||
| - Personal and professional development | |||
| - Career advancement system | |||
| - Information about important milestones and changes in the Company | |||
| - Business strategy | |||
| - Work-life balance | |||
| - Equal treatment opportunities for all | |||
| - Participation in management | * Career development and training system | ||
| * Measurement of organisational vitality | |||
| * Opinion polls and surveys | |||
| * Triglav.smo programme | |||
| * In-house and online media | |||
| * In-house events, professional training, sports and recreational events | |||
| * Personal contact | |||
| - 3.97 – the ORVI index at a high level | |||
| - 1,420 of employees are members of the Triglav Group mountaineering and sports clubs | |||
| - Supplemental pension insurance for 59% employees of the Group and 97% of the Company | |||
| - The group insurance package Comprehensive Medical Care (zdravstvena oskrba – CZO), in which 70% of all employees of the Group and 84% of the parent company are included | |||
| - 31 training hours per employee at Group level | |||
| - A family-friendly enterprise | |||
| Shareholders and investors | * Shareholders and potential investors | ||
| * Financial analysts | |||
| * Brokerage firms | |||
| * Institutional investors | |||
| * Investment firms | |||
| * Business strategy and its implementation | |||
| * The Group's position and plans | |||
| * The implementation of the dividend policy and ZVTG share profitability | |||
| * Capital adequacy and risk management | |||
| * Implementation of growth and development activities | - General Meetings of Shareholders | ||
| - Sessions of the Supervisory Board and its committees | |||
| - Quality and up-to-date information on the SEOnet | |||
| - Presentation for Investors | |||
| - Active contact and relations with institutional investors (investor conferences, individual meetings, conference calls) | |||
| - Organised presentations for retail shareholders (individual investors) and provision of information | |||
| - Corporate website and LinkedIn | |||
| - Minority shareholders associations | * 77% of all voting rights at the annual General Meeting of Shareholders | ||
| * The Company provides organised collection of proxies to vote at the General Meeting of Shareholders | |||
| * 29 publications of controlled information (all in Slovenian and English) | |||
| * 9 events held for institutional investors | |||
| * 3 organised presentations for retail investors | |||
| * Cooperation with minority shareholders' association | |||
| * Available financial calendar of all key announcements | |||
| * An available calendar of events for investors | |||
| State and supervisory bodies | - Government | ||
| - Ministries and government agencies | |||
| - Securities Market Agency | |||
| - Insurance Supervision Agency | |||
| - Ensuring capital adequacy | |||
| - Safety of policyholders and/or users of insurance services | |||
| - Efficient risk management system | |||
| - Compliance of operations and financial services and products | |||
| - Complying with all obligations of a public company | |||
| - Responsible and sustainable operations | * Regulatory reporting (to the Insurance Supervision Agency, the Market Agency) | ||
| * Regular reviews by inspection and supervisory bodies | |||
| * Audits by certified auditors | - 70 complaints with respect to personal data protection at the Triglav Group, 43 of which were resolved | ||
| - 1,119 fraud cases confirmed out of 1,756 reported cases of suspected insurance fraud | |||
| --- | |||
| # 138 Stakeholders |
| Key interests | Engagement method | Engagement results |
|---|---|---|
| Partners and suppliers | * Insurance agents (external sales network) | |
| * Suppliers | ||
| * Ecosystem partners and assistance service providers | - Long-term cooperation | |
| - Reliable and timely payments | ||
| - Upgrading the existing cooperation | ||
| - Delivery times, prices of services and goods | ||
| - Delivery of environmentally friendly material | ||
| - Paperless operations | ||
| * Public tenders and competitions | ||
| * Working meetings | ||
| * Email and electronic operations | ||
| * Telephone conversations | - Assessment of suppliers according to ESG criteria | |
| - 1,047 assessments of suppliers according to regulatory and expanded sustainability criteria to check suppliers' compliance with employee rights, human rights and environmental legislation | ||
| Local communities, interest groups | * Local communities | |
| * Municipalities, local self-government | ||
| * Industry associations | ||
| * Expert community | ||
| * Interest associations | ||
| * Non-governmental organisations | ||
| * Other initiatives, societies and associations in which the Triglav Group participates | - Traffic and fire safety | |
| - Health protection and care | ||
| - Co-development of projects in the areas of culture, sport, prevention, health, art and charity | ||
| - Infrastructure investments | ||
| - Access to services for people with various disabilities | ||
| - Insurance and financial literacy | ||
| - Fair business practices | ||
| - Disaster relief | ||
| - Partnerships with non-profit organisations and educational institutions and execution of joint projects | ||
| - Joint projects with local communities, particularly in traffic safety | ||
| - Funds allocation system for sponsorships and donations | ||
| - Cooperation with decision-makers | ||
| * Telephone conversations | - The Insure Our Future communication platform brings together more than 200 partners to implement sustainability-related activities to achieve | |
| - Support for 155 young talents in twelve years of the Young Hopes project | ||
| - 2,200 motorcyclists attended safe driving workshops over ten years | ||
| - More than 130,000 road users refresh, renew and improve their knowledge of safe road behaviour on the Vozim se portal | ||
| - A total of 113 events to promote insurance literacy, risk awareness, presentation of products and services were held | ||
| - 24 sponsored events in Slovenia | ||
| - EUR 2.9 million for prevention activities, EUR 5.8 million for sponsorships and EUR 0.8 million for donations | ||
| Media | * Transparent information about the operations, events and changes in Triglav Group | |
| * Information about insurance and financial products and services | ||
| * Cooperation with local and broader communities | ||
| * Professional insurance and financial topics | ||
| * Press releases and meetings with media representatives | ||
| * Answers and explanations | ||
| * Telephone conversations | ||
| * Websites | - 63 press releases by Zavarovalnica Triglav | |
| - 255 answers to the questions of the public | ||
| - 8,357 publications related to key topics about the Triglav Group in the media | ||
| --- | ||
| # 10.1.5 Double materiality assessment |
In 2023, the Group initiated the double materiality assessment process in line with the CSRD and ESRS requirements. The process was led by the Company's Management Board member responsible for ESG and directly involved approximately 40 employees and representatives from key stakeholder groups. The Group carries out the double materiality assessment from the top down starting with the evaluation of impacts, risks and opportunities (IROs) and working closely with subsidiaries to gather all necessary information (in line with EFRAG's recommendations for parent companies (EFRAG, paragraph 191) and in line with ESRS 1, paragraph 103).
The double materiality assessment process involves the following participants:
The set of relevant sustainability topics and the IRO definition are based on:
The sustainability topics are assessed in relation to at least two to four dimensions (scale, scope, likelihood, irremediable character), depending on the type of impact (as provided for in paragraphs 45 and 46 of the ESRS). Impact dimensions are evaluated using a six-point threshold scale, with scores ranging from 0 to 5. The Triglav Group's impact materiality assessment was conducted in three steps. In the first step, internal experts assessed the sustainability topics. In the second step, their assessments were reviewed and supplemented by representatives of key stakeholder groups. The third and final step combined the assessments of both internal experts and stakeholder group representatives to complete the impact materiality assessment.
The methodology for calculating the financial materiality of sustainability topics aligns with the ESRS 1 guidelines and incorporates the Group's existing risk and opportunity assessment methodology, in accordance with the recommendations of the European Insurance and Occupational Pensions Authority (EIOPA). The thresholds for determining the materiality of sustainability topics and the scale on which the topics are assessed are set in cooperation with the Risk Management Department and approved by the Risk Management Committee (RMC). The topics and identified risks and opportunities are evaluated using a three-step scale that considers the likelihood of occurrence, the potential financial impact and the duration of the financial impact, in accordance with the Group's established risk assessment methodology. Because sustainability risks and opportunities are so diverse (and so are the associated options for quantifying financial impacts), financial impact thresholds can be defined quantitatively or qualitatively. Risks and opportunities are assessed separately.
As part of the double materiality assessment process, 10 material topics were identified, along with 25 sub-topics ESRS, for which disclosures are prepared in the 2024 annual report. The analysis included a review of GRI and SASB standards relevant to the Group's sectors, i.e., financial services and asset management, providing a sectoral perspective and enabling the inclusion of topics specific to the Triglav Group.
Of the 10 material sustainability topics presented in the matrix below, three are sector-specific and Triglav Group-specific: Services and products promoting social and environmental benefits, Accessibility of services and financial literacy, and Community engagement.
Legend: The materiality threshold for sustainability topics for the Triglav Group. The Group's most material sustainability topics, identified through both aspects of the double materiality assessment – impact on people and the environment, as well as financial impact – are depicted in the top right quadrant of the graphic.
Key areas with the highest materiality for the Group include:
Services and products promoting social and environmental benefits
Employee well-being
Equal treatment and opportunities for all
Community engagement
Transparent and easy-to-understand products
Data privacy and security
Accessibility of services and financial literacy
Business ethics
Supplier relationship management
Pollution
Water and marine resources
Biodiversity and ecosystems
Circular economy
Other work-related rights
Animal welfare
Financial impact on the Triglav Group's business operations
| IRO concentration in the value chain | Timeframe | Impact, risk or opportunity | Upstream | Own activity | Downstream |
|---|---|---|---|---|---|
| Climate change adaptation and mitigation | Short-term | The Group's insurance business is primarily exposed to the physical impacts of climate change, given the forecasted increase in extreme weather events and related major CAT events. | x | x | x |
| Medium-term | It is also exposed to the heightened risk of concentration of (primarily) non-life insurance products within a limited geographic area, technological risks arising from advancements in motor vehicle technology, and legal risks. | x | x | x | |
| Long-term | These factors may significantly impact the Group's financials, increased claims payments and higher reinsurance costs. | x | x | x | |
| The Group's asset management activity is exposed to both physical and transition risks (the risk associated with transitioning to a low-carbon economy). | |||||
| Climate change and adaptation measures may affect the underlying value of the businesses in which the Group invests or alter the value of assets under management. | |||||
| Additionally, the Group is planning to decarbonise its own operations by reducing Scope 1 and 2 emissions (through reduced consumption, increased use of green energy, and lowering emissions from company vehicles), focusing on reducing Scope 3 emissions (financed emissions or the carbon footprint of the investment portfolio). | |||||
| By offering insurance products and services that address climate-related risks, the Group ensures financial security and stability, effectively protecting clients' assets, lives and health. | x | x | x | ||
| The Group reduces its carbon footprint through energy renovation of its premises, careful energy management and solar power generation on its own facilities. | |||||
| Additionally, the Group increases the share of electricity supplied from renewable sources, supports digitalisation to paperless operations and enhances remote service availability (from home). | |||||
| Actual positive impact | x | x | x | ||
| Services and products promoting social and environmental benefits | The integration of environmental, social and governance (ESG) factors into insurance and financial products presents an opportunity for the Group to gain and maintain market share, driven by growing stakeholder interest in such products. | x | x | x | |
| By embedding sustainability factors into its services and products, the Group reduces sustainability risks. | |||||
| Through active ownership, it can influence change across businesses, industries, regions and asset classes. | |||||
| Additionally, the Group identifies opportunities in providing expert advisory services in risk management. | |||||
| Opportunity | x | x | x | ||
| Offering sustainable services also presents risks, including regulatory and legal risks, reputational risks related to potential greenwashing, and investment and insurance risks associated with sensitive economic activities such as fossil fuels, weapons, tobacco, and gambling. | |||||
| Risk | x | x | x | ||
| Through its insurance and financial services, the Group promotes the transition to a sustainable society and a climate-neutral economy. | |||||
| Sustainable (ESG) investments support socially beneficial and environmentally sound projects, products, technologies and processes. | |||||
| The investment policy reduces exposure to economic activities with harmful impacts on the | |||||
| Actual positive impact | x | x | x |
Insurance products are developed and updated to provide increased social and financial protection (e.g. sickness, disability, unemployment insurance), address increased sustainability risks (e.g. drought and flood insurance), and promote the transition to a low-carbon society (e.g. sustainable energy and solar power insurance, as well as insurance for zero-net technologies). The Group provides effective risk protection for companies involved in the production of energy from renewable sources (e.g. power plants, wind farms and others).
Sustainable client behaviour is also incentivised through the premium policy, such as rewarding safe and economical driving and offering a premium policy for agricultural insurance.
Ensuring quality working conditions contributes to high employee satisfaction and well-being, enhances the Group's competitive advantage, strengthens employer reputation, and ultimately drives higher productivity and increased revenue.
Inadequate provision of quality working conditions may result in higher employee dissatisfaction, turnover, reduced productivity, the loss of key staff, challenges in retaining new recruits and failure to achieve business objectives. Additionally, implementing measures to improve working conditions may lead to increased labour or labour-related costs.
Employees are provided with a safe, healthy, reliable and stimulating working environment. The Group fosters cooperation, trust, reliability, and professional competence among employees, ensuring decent salaries for all. Constructive engagement with employee representatives is pursued, exceeding legal requirements. A holistic and strategic approach to occupational safety and health is adopted, focusing on identifying, reducing and managing risks associated with duties and the work environment.
Initiatives aimed at enhancing employee satisfaction and well-being are implemented, including in-house psychosocial support to address mental health. Modern, hybrid work arrangements are introduced to help employees achieve a better work-life balance.
Equal treatment and opportunities for all. Diversity, inclusion, equal treatment and high employee competence contribute to greater satisfaction and productivity. A diverse workforce enables the exchange of skills, abilities, initiatives and ideas, fostering innovation, responsiveness and engagement. This leads to potential financial opportunities and enhances Triglav Group's reputation among investors, clients and society.
Discrimination, harassment and unequal treatment of employees pose risks to reputation, increase staff turnover and may result in financial consequences from legal actions.
An inclusive organisational culture fosters innovation and engagement, enabling the recruitment, development and retention of competent, satisfied employees. A culture of diversity, equality and inclusion is actively promoted. Employees with different types of disabilities are employed, and there is zero tolerance for discrimination, sexual and other harassment, or workplace mobbing.
Community engagement (a Triglav Group-specific topic). Prevention programmes, which are an important social aspect of the Group's sustainability impacts (and mandated by local legislation in the insurance industry), help reduce risks and the potential for claims and minimise the amount of claims. In doing so, they enhance the visibility, trust and reputation of the Group's brand(s).
Responsibility to the communities where the Group operates is exercised through prevention activities, as well as sponsorship and donor partnerships. Prevention projects mainly focus on enhancing road, fire and health safety, as well as protecting people, their property and the environment. Additionally, public infrastructure is being improved through collaborations with local communities, non-governmental organisations and partners.
Transparent and easy-to-understand pricing of insurance and financial products reduces policy/contract default and lapse risks. Unclear or ambiguous terms and conditions, along with potentially misleading marketing practices, can undermine the Group's brand reputation, lead to legal disputes and reduce the number of clients (market share). They can also result in direct financial losses due to regulatory fines.
By providing transparent and clear information about products and services, the aim is to help clients make informed choices that take into account their needs and capabilities. Actual positive impact.
Failure to adequately ensure the privacy of users and the security of their data can lead to a loss of client trust and harm the reputation of the Group, with an indirect financial impact. However, privacy breaches and data loss can also have a direct financial impact through fines from regulators and litigation. The digitalisation of business processes increases the direct vulnerability to disruptions and business failures caused by cyber-attacks, as well as its dependence on information and communication technology (ICT) service providers.
The Group develops and offers insurance products to mitigate the risk of cyber-attacks, creating business opportunities.
By raising awareness and providing cybersecurity advice, adverse effects are reduced, while insurance coverage and security for clients are increased. Actual positive impact.
Greater accessibility to insurance and financial services, along with enhanced financial literacy, fosters greater trust and strengthens the Group's reputation, thereby increasing opportunities for business expansion.
Access to services is ensured through a well-developed, diversified and accessible business network, serving less populated areas, economically less developed countries and vulnerable individuals (disabled, hard of hearing, visually impaired). The Group provides both traditional face-to-face (physical, analogue) sales methods and digital (remote) business options to simplify procedures.
Methods of sale in Slovenia are equipped to accommodate people with various disabilities, with aids for the visually impaired and hearing-impaired clients available across all six regions. Financial literacy workshops and training courses are conducted to help consumers identify financial risks and opportunities, empowering them to make informed decisions and safeguard their financial security and quality of life. Actual positive impact.
Potential legal proceedings and fines by regulators for breaches of rules in areas such as insider trading, tax evasion, conflicts of interest, restrictions on competition, SFDR disclosures, whistleblower protection, anti-money laundering and anti-corruption, as well as unjustified claims payments to policyholders due to insurance fraud, can result in losses and negatively impact the Group's reputation.
Insurance fraud and other unfair business practices may lead to higher premiums for policyholders and slower claims payouts. Potential negative impact.
Effective and responsible management of supplier relationships and partnerships (e.g. proactive and open communication, enforcement of common minimum standards, settlement of commitments within agreed deadlines) can impact the achievement of the Group's business objectives and reputation, as contractual partners are often the point of contact with clients. Through its behaviour and actions, the contractual network can also contribute to the Group's sustainability commitments (e.g. reducing the Scope 3 carbon footprint).
Based on a double materiality assessment process, material topics were grouped according to those IROs that scored above the threshold for impact materiality, financial materiality or both. Less material topics refer to those where no IROs were identified or where IRO scores were below the defined thresholds.
insurance and financial activities, nor does it generate substantial amounts of waste or contribute significantly to packaging waste related to its users. The indirect impacts of the insurance and investment portfolio could not be quantified at this stage. As the methodology develops over the years, such impacts will also be evaluated and considered when assessing the materiality of sustainability topics.
Other work-related rights (S1): Companies are expected to conduct appropriate due diligence to prevent child and forced labour within their own operations and through their relationships with others (e.g. suppliers, clients). The Group operates in the financial sector and in the Adria region, where the risk of child or forced labour is negligible.
Workers in the value chain (S2): The Group's employees in the value chain work in the insurance and finance sector in the Adria region, where working conditions are adequately guaranteed by law and the risk of child or forced labour by contractors is negligible. Potential risks relate to ensuring gender diversity and the rights of people with disabilities, as well as potential discrimination based on sexual orientation and religious or political affiliation. The Group's suppliers are primarily local, though there is a potential risk in sourcing products made outside Europe.
Animal welfare (G1): The Animal welfare sub-topic is not material for the Group, as its activities do not directly affect animals, nor is its core business dependent on animal.
10.2 Environmental aspects
In line with the Group's Sustainable Development Policy and its strategic ambitions, the Group promotes the transition to a sustainable society and reduces its impact on climate change. Environmental impacts in business processes are minimised by reducing the Scope 1 and 2 carbon footprint. Key quantitative performance indicators by 2025:
The Group has not yet defined a detailed methodology or scenario for the described objectives, nor has it assessed their alignment with national, international or EU policies. Furthermore, the environmental targets are not yet fully based on scientifically sound evidence, but efforts are underway to explore alignment with recognised methodologies in the future. Relevant stakeholders are involved in the target-setting process, as outlined in the double materiality assessment process and in the stakeholder engagement table.
The Group regularly monitors and reports on progress towards its climate change mitigation goals, maintaining a commitment to transparency and accountability in its sustainability efforts. In 2024, changes were made to the carbon footprint measurement methodology by including the "fugitive emissions" sub-category in Scope 1. For the remaining indicators, there were no changes to the targets or methodologies. In the coming reporting periods, the Group will focus on further improving transparency and gradually introducing methodological approaches to align with ESRS requirements.
increase the degree of alignment of environmentally sustainable activities, as defined in the EU taxonomy Regulation, within asset management and insurance activities. Reducing the carbon footprint is a strategic objective, supported by a plan for carbon footprint reduction by 2025, which is being implemented through the following activities:
35 E1-2_01, E1.MDR-A_01-04, E1-4_01, E1-4_18, E1-4_22, E1.MDR-M_01.36 E1.MDR-T_01–13, E1-4_17.37 E1-1_01–02, E1-1_15. 38 E1-1_03, E1-1_13–14, E1-3_01–02, E1-4_23.
In 2024, the implementation of Scope 1 and Scope 2 carbon footprint reduction plans resulted in a 12% reduction in the Group's carbon footprint according to the location-based method (by 10% according to the market-based method) and a 35% reduction according to the location-based method compared to the base year (by 45% according to the market-based method). The share of electricity consumption from renewable sources reached 66% in 2024. Solar power plants began to operate on the roofs of five of the Company's office buildings in 2023 and cover around 10% of its annual electricity consumption. The share of electric and hybrid vehicles in the fleet grew from 11% to 17%. 40 Scope 1 carbon footprint fell by 3% at Group level and by 8% compared to the base year. The most significant changes relate to the inclusion of fugitive emissions in the Scope 1 calculation and lower fuel consumption for company cars due to the higher share of electric and hybrid vehicles in the fleet. Scope 2 carbon footprint according to the location-based method at Group level was 16% lower (14% according to the market-based method), due to lower overall electricity consumption and an increase in the share of green electricity purchased by the Group (by 4 percentage points). The Company purchased almost all (99%) of the electricity used for its own premises from renewable energy providers.
| GHG emissions in tCO2e | Index | Quantity by activity | 2024 | 2023 | 2025 target | 2019 base year | 2024/2023 | 2024/2025 | 2024/2019 |
|---|---|---|---|---|---|---|---|---|---|
| Triglav Group Scope 1.1 – Consumption of energy products from own capacities | 760 | 688 | 688 | 810 | 110 | 110 | 94 | ||
| Scope 1.2 – Fuel consumption of company cars | 1,816 | 1,978 | 1,683 | 1,981 | 92 | 108 | 92 | ||
| Scope 1 – Direct GHG emissions | 2,576 | 2,667 | 2,372 | 2,790 | 97 | 109 | 92 | ||
| Scope 2 – Indirect GHG emissions (location-based) | 4,462 | 5,326 | 6,858 | 8,068 | 84 | 65 | 55 | ||
| Scope 2 – Indirect GHG emissions (market-based) | 2,988 | 3,494 | 6,243 | 7,345 | 86 | 48 | 41 | ||
| Total Scope 1–2 GHG emissions (location-based) | 7,038 | 7,992 | 9,230 | 10,859 | 88 | 76 | 65 | ||
| Total Scope 1–2 GHG emissions (market-based) | 5,564 | 6,160 | 8,615 | 10,135 | 90 | 65 | 55 |
| Location-based | 1.34 | 1.51 | 1.70 | 2.00 | 89 | 79 | 67 |
|---|---|---|---|---|---|---|---|
| Market-based | 1.06 | 1.16 | 9 | 10 | 0 |
| Location-based | 5.05 | 5.61 | 90 | 0 | 0 |
|---|---|---|---|---|---|
| Market-based | 3.99 | 4.32 | 92 | 0 | 0 |
| GHG Emissions in tCO2e | Index | Quantity by Activity | 2024 | 2023 | 2025 Target | 2019 Base Year | 2024/2023 | 2024/2025 | 2024/2019 |
|---|---|---|---|---|---|---|---|---|---|
| Scope 1.1 – Consumption of energy products from own capacities | 387 | 297 | 393 | 1300 | 99 | ||||
| Scope 1.2 – Fuel consumption of company cars | 444 | 457 | 546 | 97 | 0 | 81 | |||
| Scope 1 – Direct GHG emissions | 832 | 754 | 938 | 110 | 0 | 89 | |||
| Scope 2 – Indirect GHG emissions (location-based) | 2,013 | 2,762 | 3,719 | 73 | 0 | 54 | |||
| Scope 2 – Indirect GHG emissions (market-based) | 925 | 1,103 | 3,676 | 84 | 0 | 25 | |||
| Total Scope 1–2 GHG emissions (location-based) | 2,845 | 3,516 | 4,657 | 81 | 0 | 61 | |||
| Total Scope 1–2 GHG emissions (market-based) | 1,756 | 1,857 | 4,615 | 950 | 38 |
| Location-based | 1.25 | 1.47 | 1.95 | 860 | 64 |
|---|---|---|---|---|---|
| Market-based | 0.77 | 0.78 | 1000 | 0 |
| Location-based | 3.03 | 3.50 | 87 | 0 | 0 |
|---|---|---|---|---|---|
| Market-based | 1.87 | 1.85 | 101 | 0 | 0 |
greenhouse gas emissions (GHG)44. The carbon footprint calculation according to the location-based method includes all Group companies that are fully consolidated and have office space or more than one employee and therefore meet the materiality criterion. Emission factors are sourced from internationally recognised databases, with the UK government's website (Department for Energy Security and Net Zero) serving as a primary source. BEIS provides publicly accessible data for calculating the carbon footprint of UK and international businesses. This change in emission factors affects the calculation of Scope 2 GHG emissions, as the overall calculation for 2024 is based on updated data, ensuring greater consistency and alignment with the best available sources. In addition, the 2023 data were recalculated using the updated emission factors, resulting in minor adjustments to previously reported emissions. This update has improved reporting quality and ensured more accurate monitoring of the impact of electricity consumption on GHG emissions across different countries.42 E1-6_01, E1-6_02, E1-6_04, E1-6_07, E1-6_09, E1-6_10, E1-6_11, E1-6_12, E1-6_13, E1-6_30, E1-6_31.43 BP-2_03-06, E1.MDR-M_02, E1-6_18.44 E1-4_20.
The websites or databases used as sources for emission factors and calculation assumptions for each GHG category are detailed in the internal report and are subject to verification. The calculation of the Group's carbon footprint included the following scopes and categories of emissions.
Scope 2: Indirect emissions resulting from purchased district heating and electricity. For areas or premises for which consumption data are not available, estimates were made based on their share of the total size of the premises. Surcharges were applied to the quantity of energy products at Triglav, Upravljanje nepremičnin d.o.o., Zavarovalnica Triglav d.d. and subsidiaries renting office space from Triglav, Upravljanje nepremičnin d.o.o. These represent the proportion of properties used by the Company for which consumption data are unavailable. The applied surcharges by category are as follows:
Electricity consumption: 2% (rented properties without individual meters).
Triglav Osiguranje d.d., Zagreb does not have complete data on gas consumption, so an estimate based on received invoices is used. The carbon footprint data of Triglav, Zdravstvena zavarovalnica d.d. from 1 January to 1 October 2024 were included in the Company's data. The carbon footprint data of Triglav, Zdravstvena zavarovalnica d.d. from 1 January to 1 October 2024 were included in the Company's data.
Efforts are continually made to raise awareness among employees regarding the rational use of energy, as well as the importance of limiting the temperature in offices and sales areas and domestic hot water temperature. When renovating premises, priority is given to highly energy-efficient equipment. Additionally, for new forced-air ventilation installations, integrated heat recovery systems are used. All new premises and advertising signs are fitted with LED lighting. When replacing lighting in basements and garages, lighting sensors are installed in addition to LED lights (see Section 8.5 Investment in own-use real property and equipment for further information).
| Index | Quantity | 2024 | 2023 | 2019 base year | 2024/2023 | 2024/2019 |
|---|---|---|---|---|---|---|
| Triglav Group | Heating water | 3,988 | 4,347 | 4,714 | 92 | 85 |
| Fuel oil | 118 | 131 | 89 | 90 | 13 | |
| Gas | 2,756 | 2,971 | 2,581 | 93 | 107 | |
| Wood pellets | 182 | 185 | 124 | 98 | 147 | |
| Electricity | 9,420 | 10,342 | 11,270 | 91 | 84 | |
| Green electricity | 6,192 | 6,374 | 118 | 97 | 5,263 | |
| Share of green electricity (%) | 66% | 62% | 1% | 107 | ||
| Generated electricity | 16,464 | 17,976 | 19,587 | 92 | 84 | |
| Zavarovalnica Triglav | Heating water | 3,374 | 3,692 | 4,044 | 91 | 83 |
| Fuel oil | 26 | 100 | 234 | 26 | 11 | |
| Gas | 1,445 | 1,359 | 1,732 | 106 | 83 | |
| Wood pellets | 0 | 0 | 0 | 0 | 0 | |
| Electricity | 5,182 | 5,867 | 6,291 | 88 | 82 | |
| Green electricity | 5,113 | 5,806 | 118 | 88 | 4,346 | |
| Share of green electricity (%) | 99% | 99% | 2% | 100 | ||
| Generated electricity | 10,026 | 11,017 | 12,301 | 91 | 82 |
*The figures for 2023 are unaudited. The 2023 figure for Zavarovalnica Triglav does not include data for Triglav, Zdravstvena zavarovalnica, which was merged into Zavarovalnica Triglav in 2024.
| Total energy consumption in MWh | Index | 2024 | 2023* | 2024/2023 |
|---|---|---|---|---|
| Triglav Group | Total energy consumption from fossil sources | 10,441 | 11,820 | 88 |
| Total energy consumption from nuclear sources | 390 | |||
| Total energy consumption | 6,913 | 6,559 | 105 | |
| Fuel consumption for renewable sources including biomass, biofuels, biogas, hydrogen from renewable sources, etc. | 182 | 185 | 98 | |
| Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | 6,192 | 6,374 | 97 | |
| Consumption of self-generated non-fuel renewable energy | 53 | 90 | ||
| Total energy consumption | 17,394 | 18,379 | 95 | |
| Zavarovalnica Triglav | Total energy consumption from fossil sources | 4,991 | 5,259 | 95 |
| Total energy consumption from nuclear sources | 0 | 0 | 0 | |
| Total energy consumption from renewable sources | 5,573 | 5,806 | 96 | |
| Fuel consumption for renewable sources including biomass, biofuels, biogas, hydrogen from renewable sources, etc. | 0 | 0 | 0 | |
| Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | 5,113 | 5,806 | 88 |
Total energy consumption 10,564 11,065 95*
*The figures for 2023 are unaudited. The 2023 figure for Zavarovalnica Triglav does not include data for Triglav, Zdravstvena zavarovalnica, which was merged into Zavarovalnica Triglav in 2024.
45 E1-5_01–17. 46 E1-5_01–09.
In 2024, for the first time, the absolute financed greenhouse gas (GHG) emissions and carbon intensity (tCO₂ e/million EUR invested) of the Company's investment portfolio were calculated in line with the Partnership for Carbon Accounting Financials (PCAF) guidelines. While the aim is to cover as large a share of the portfolio as possible, limitations remain due to development and data availability. Despite these limitations, efforts continue to gradually expand portfolio coverage over time. Total financed GHG emissions amounted to 446,878 tCO₂ e in 2024 (431,357 tCO₂ e in 2023). The calculation of financed GHG emissions covered 73% of the carrying value of the investment portfolio, excluding investments covering insurance policies linked to benchmarks. Carbon intensity stood at 236.7 tCO₂ e/million EUR invested, down by 11% from the 2023 level (266.3 tCO₂ e/million EUR invested).
For the calculation of GHG emissions, reported by the companies were used whenever possible. In other cases, estimates from various providers were applied. The average rating of the data used is presented on a scale of 1 to 5, with 1 representing the highest quality.
| 2024 | Financed emissions (tCO₂ e): Scope 1 and 2 | Financed emissions (tCO₂ e): Scope 3 | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carrying amount (thousand) | Carbon intensity (tCO₂ e/million EUR invested) | PCAF data quality assessment | Financed emissions (tCO₂ e) | Financed emissions (tCO₂ e) | Carrying amount (EUR thousand) | Carbon intensity (tCO₂ e/million EUR invested) | PCAF data quality assessment | Financed emissions (tCO₂ e) | Financed emissions (tCO₂ e) | |||
| Financial investments | 1,603,237 | 222.2 | 1.9 | 212,258 | 143,999 | 356,256 | 1,363.8 | 254.9 | 1.9 | 170,721 | ||
| Government debt securities | 905 | 173.7 | 1.9 | 157,333 | 157,333 | 640,675 | 176.1 | 1.8 | 112,813 | - | ||
| Financial debt securities | 354,512 | 60.5 | 2.4 | 3,798 | 17,648 | 21,446 | 397,534 | 61.1 | 2.4 | 5,047 | ||
| Corporate debt securities | 1,884 | 92.3 | 2.3 | 43,170 | 123,905 | 167,076 | 205,852 | 975.7 | 2.1 | 45,553 | ||
| Compound debt securities | 1,048 | 0.2 | 1.0 | 0 | 0 | 0 | 1,035 | 0.2 | 1.0 | 0 | ||
| Collective investment undertakings | 145,318 | n/a | n/a | 111,328 | n/a | n/a | n/a | n/a | n/a | n/a | ||
| Shares | 7,621 | 1,364.9 | 3.5 | 7,957 | 2,445 | 10,402 | 7,436 | 1,297.3 | 3.5 | 7,307 | ||
| Financial contract assets | 284,583 | 318.4 | 1.9 | 37,351 | 53,271 | 90,622 | 255,841 | 327.5 | 1.9 | 49,934 | ||
| Government debt securities | 98,607 | 175.0 | 1.9 | 17,259 | - | 17,259 | 78,027 | 175.2 | 2.2 | 13,670 | ||
| Financial debt securities | 50,643 | 32.2 | 2.1 | 240 | 1,390 | 1,630 | 57,285 | 31.8 | 2.1 | 304 | ||
| Corporate debt securities | 50,835 | 1,003.0 | 2.1 | 17,733 | 33,254 | 50,987 | 47,084 | 1,138.7 | 2.1 | 17,941 | ||
| Shares | 70,532 | 294.1 | 2.0 | 2,120 | 18,627 | 20,746 | 47,200 | 310.8 | 2.0 | 1,928 | ||
| Collective investment undertakings | 13,965 | n/a | n/a | n/a | 26,245 | n/a | n/a | n/a | n/a | n/a | ||
| Total | 1,887,820 | 236.7 | 1.9 | 249,609 | 197,269 | 446,878 | 1,619,702 | 266.3 | 1.9 | 204,563 |
The methodology for calculating financed GHG emissions is based on PCAF guidelines. Two of the seven asset classes addressed by the current PCAF guidelines are included in the calculation. Financed GHG emissions are calculated using the following formula:
Financed GHG emissions = ∑ (Outstanding Amount × Enterprise Value Including Cash (EVIC) × Company GHG emissions)
Outstanding amount is the value of equity or debt stake in the recipient company. EVIC (Enterprise Value Including Cash) is the total value of the company, including equity, debt and cash. Company GHG emissions comprise its Scope 1 (direct emissions), Scope 2 (indirect emissions from energy) and Scope 3 (indirect emissions from the value chain) emissions.
For the Government debt securities asset class, the EVIC in the denominator is appropriately proxied by the country's gross domestic product (GDP) adjusted for purchasing power parity (PPP). Calculations are based on disclosed (i.e. reported) company and country data. When specific data are unavailable, modelled emissions from various providers are used.
Missing data are addressed using the adjusted shares technique, whereby the shares are adjusted to ensure that the total share of units in the portfolio with available specific data represents the whole.
The Company places particular emphasis on adequately addressing sustainability risks, with a specific focus on climate change risks that may impact its financial position.
An analysis of climate change risk exposure is conducted annually as part of the own risk and solvency assessment (ORSA) process. This analysis is based on climate scenario analyses for both the insurance and investment portfolios. The scenarios are selected using the EIOPA template; the calculations are tailored to the Company's risk profile.
Assumptions for climate scenarios and financial statements are aligned in the calculations. These analyses support the identification and assessment of physical risks in the short, medium, and long term and facilitate the adaptation of internal risk management processes.
The Company applies various risk analysis methods to assess and measure transition risks (CPRS sectors, PACTA tool, PCAF, and qualitative analysis of the impact on assets and liabilities) and physical risks (exposure to natural disasters, ND-GAIN Index, INFORM Risk Indicator, and qualitative analysis of the impact on assets and liabilities).
In the context of the CPRS methodology, transition risk has been identified across all six categories of climate policy relevant sectors in both the insurance and investment portfolios. As part of the ORSA process, physical risks are assessed in relation to exposure to flooding, sea-level rise, extreme weather events, forest fires, and drought.
Analyses indicate that the most significant damages in Slovenia (Central Europe) are likely to result from forest fires, flooding, and hail. Although the INFORM risk indicator rates Slovenia's.
47 E1.SBM-3_06, E1.IRO-1_01–16.
48 E1.SBM-3_02.
49 Consultation Paper on Application Guidance for Using Climate Change Scenarios in the ORSA, with Methods Aligned to NGFS Scenarios Based on the GHG Principle.
50 E1.SBM-3_03, 04.
51 E1.IRO-1_16.
52 E1.IRO-1_05, E1.SBM-3_05.
(CPRS) methodology divides sectors into nine categories, six of which are exposed to potential transition risks (fossil fuel, infrastructure, energy-intensive, buildings, transportation and agriculture). The remaining three categories (finance, development and progress, and other) are only indirectly related to transition risks or are of minor relevance. 54 The PACTA tool incorporates a comprehensive set of climate-related data to assess asset-related risks up to the level of the parent company. 55 The PCAF (Partnership for Carbon Accounting Financials) methodology estimates a company's Scope 3 carbon footprint based on the proportion of the Scope 1, 2 and 3 carbon footprints of the entity, whether natural or legal, to which the company has direct exposure. 56 Taking into account the findings from applying the CPRS method, the PCAF methodology and the PACTA tool, the materiality of transition risk is reviewed across different time horizons (short, medium and long term) from the perspective of the investment and insurance portfolios. 57 The Notre Dame Global Adaptation Initiative (ND-GAIN) Index measures a country's current vulnerability to climate change and evaluates its readiness to utilise private and public sector investments for implementing adaptation measures. 58 The European Commission's indicator evaluates countries based on the risks of humanitarian crises and disasters that may exceed their emergency response capacities. It comprises the following dimensions: risk and exposure, vulnerability, and lack of coping capacity.59 The materiality of physical risks is reviewed by time horizon (short, medium, long term) from the perspective of the investment and insurance portfolios, with a separate assessment of the exposure of insurance technical provisions and natural catastrophe events. 154 flood risk as medium, the country's high exposure to flooding makes its societal impact material. 60 There are no significant changes in the materiality assessment of individual climate change risks compared to the previous reporting period. 61 The primary short-term climate change risks (up to five years) are physical risks within the insurance portfolio, assessed as material, particularly for natural catastrophe events involving floods 62. These physical risks are expected to remain relevant in the medium and long term, with materiality recognised in specific insurance classes over an extended time horizon. Physical risks in the investment portfolio are considered immaterial; however, these risks are more challenging to assess due to potential indirect impacts. The direct impact on investments is anticipated to be primarily on real property, an area of limited exposure for the Company. For more information see Section 2.8.2.1 Non-life underwriting risks in the Accounting Report. 63 Transition risks in the investment portfolio are currently assessed as immaterial. 64 These risks are anticipated to become at most material in the medium term (5–10 years), with potential materiality to be more likely in the long term (beyond 10 years). 65 Insurance and asset management activities, which account for over 97% of the Group's total revenue, are not significantly exposed to transition risks. Additionally, the core activities do not generate sales income from sectors such as fossil fuels, the manufacture of chemicals, controversial weapons, or growing of tobacco or manufacture of tobacco products. 66
| Gross written premium of Zavarovalnica Triglav's non-life segment for the year 2024 based on the customer's activities related to coal, oil, and gas (in EUR) | |||||
|---|---|---|---|---|---|
| Oil-related activities | 2,042,334 | 0.24% | |||
| Gas-related activities | 98,672 | 0.01% | |||
| Coal-related activities | 14,302,224 | 1.65% | |||
| Total | 866,712,583 | 100.00% |
Presented below are the most important Group's services and activities that promote social and environmental benefits.
These insurance products include all the necessary covers for electric and hybrid vehicles.
Insurance for small electric means of transport, which is designed to promote the use of zero-emission means of transport.
Insurance for solar, wind, hydroelectric and biogas plants: This insurance provides adequate insurance cover to all owners and users of energy from renewable sources.
The focus is on insurance of small and medium-sized livestock farms, which are a significantly smaller burden on the environment than intensive animal farming. For Slovenia, two business decisions were made to limit the availability of crop insurance in the part related to intensive orchard insurance and prioritise participation in prevention programmes for sustainable food production in 2024. These programmes include initiatives such as irrigation systems to mitigate summer drought, sprinkler systems to guard against spring frost, anti-hail nets, greenhouses and tunnels.
The Triglav Okoljska perspektivafund focuses on investments in selected companies that develop, produce and offer products or services using environmentally less harmful technologies. As of 1 December 2024, all funds managed by TriglavSkladi have been restructured to promote environmental and social characteristics, aligning with Article 8 of the Regulation on sustainability-related disclosures (SFDR). In the area of discretionary mandates, the offering has been updated to include only products adhering to sustainability principles for new clients.
Includes insurance policies designed to enhance social and financial security, including sickness, disability and unemployment insurance. The Fleks unit-linked life insurance product, featuring mutual funds offered by Triglav Skladi, has been redesigned to align with social and environmental objectives. Unit-linked insurance products facilitating long-term savings, along with annuities providing stable income in old age, help older individuals achieve a better and more secure retirement while reducing the financial burden of long-term care or residing in a care home.
Insurance products primarily address health-related non-life risks, thus reducing the social risks for the population. Another key segment includes companies seeking increasingly integrated services in the area of employee healthcare (insurance, preventive check-ups, health promotion at the workplace and similar).
Since 2021, in asset management, the Group has been increasing the share of green bonds issued to fund environmental projects, bonds issued to fund projects with a social impact (social bonds) and sustainable bonds intended to fund either green or social goals of issuers. The Group's goal by 2025 is to double the share of the aforementioned three bond categories compared to the 2020 base year. In 2024, written premium from insurance products that promote social and environmental benefits decreased by 8%, while assets under management in funds and discretionary mandate assets that incorporate sustainability aspects increased by 74%. The value of these increased from EUR 1.14 billion in 2023 to EUR 1.98 billion. The share of bond investments with sustainable characteristics in debt securities rose to 12.9% (2023: 11.1%).
| Written premium and assets under management | Index | 2024 | 2023 | 2024/2023 |
|---|---|---|---|---|
| Crop insurance | 12,727,873 | 17,738,167 | 72 | |
| Electric vehicle insurance | 6,454,648 | 4,699,300 | 137 | |
| Micromobility insurance | 523,458 | 527,467 | 99 | |
| Solar power plant insurance | 2,997,657 | 1,816,700 | 165 | |
| Wind power plants insurance | 175,116 | 168,423 | 104 | |
| Total gross written premium | 22,878,752 | 24,950,057 | 92 | |
| Assets under management of funds that consider sustainability aspects | 1,977,254,895 | 1,139,026,941 | 174 |
| Sustainable debt securities | Index | Share in debt securities | 31 Dec 2024 | 31 Dec 2023 | 2024/2023 |
|---|---|---|---|---|---|
| Debt securities with social impact | 95,206,404 | 102 | 3.6% | 3.9% | |
| Debt securities green | 221,398,009 | 141 | 18.4% | 6.7% | |
| Debt securities sustainable | 22,821,428 | 181 | 10.9% | 0.5% | |
| Total | 339,425,841 | 129 | 12.9% | 11.1% |
** Green bonds are an instrument for funding environmental projects, the funds of which are intended for ecologically efficient products, technologies and processes, pollution prevention and control, sustainable management of natural resources, sustainable management of water resources, renewable energy use, energy efficiency and clean transport.
In 2020, the European Union (EU) adopted Regulation (EU) 2020/852, known as the EU Taxonomy, which established a fundamental regulatory framework to promote sustainable investments. The regulation is designed to improve the transparency of sustainability disclosures for financial market participants and other companies. The EU Taxonomy provides a standardised system for identifying environmentally sustainable activities. To this end, the EU has set six environmental objectives: (1) climate change mitigation, (2) climate change adaptation, (3) sustainable use and protection of water and marine resources, (4) transition to a circular economy, (5) pollution prevention and control, and (6) the protection and restoration of biodiversity and ecosystems.
The EU Taxonomy defines taxonomy-eligible and taxonomy-aligned economic activities. The technical assessment criteria first define taxonomy-eligible activities, i.e. the activities that can contribute positively to at least one EU environmental objective. If these activities are found, through further assessment based on specific technical criteria, to contribute significantly to at least one of these six objectives, while doing no significant harm to the remaining five objectives, and are carried out in compliance with minimum safeguards and meet the technical screening criteria, then such activities are considered to be taxonomy-aligned and thus environmentally sustainable activities.
The Group's investments have an impact on companies, economic activities and asset classes, with a particular focus on climate change. In response, it is adapting its business strategy and has set performance indicators as part of its strategic ambitions for 2030 to guide its investment strategy. These include progressively reallocating capital towards sustainable investments and supporting the transition to a low-carbon economy:
When offering insurance products with an investment component, the Group considers sustainability criteria that enable clients to select investment options with sustainable characteristics. The expansion of the range of funds under Articles of the SFDR provides clients with opportunities to invest in assets that promote environmental and/or social characteristics. Through its strategic ambitions for 2030, the Group reaffirms its commitment to sustainable development, responsible investment and product management, creating added value for both clients and society.
| Share Value in EUR | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|
| Turnover-based | Capital expenditures-based | Turnover-based | Capital expenditures-based | ||||
| Weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with taxonomy-aligned economic activities | 1.51% | 1.96% | 0.89% | ||||
| Value | 33,441,108.32 | 54,548,190.64 | 18,510,977.04 | 40,927,894.24 | |||
| The percentage of assets covered by the KPI relative to total investments of insurance or reinsurance undertakings (total AuM). Excluding investments in sovereign entities. | 57.00% | 60.80% | |||||
| The monetary value of assets covered by the KPI. Excluding investments in sovereign entities. | 2,209,254,391.90 | 2,090,509,481.76 | |||||
| The percentage of derivatives relative to total assets covered by the KPI. | 0.00% | ||||||
| The value in monetary amounts of derivatives. | 19,810.22 | ||||||
| The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: | For non-financial undertakings | 33.66% | 26.08% | ||||
| Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU: | For non-financial undertakings | 743,710,273.14 | 545,160,245.51 | ||||
| For financial undertakings | 23.87% | 22.06% | 527,371,418.70 | 461,264,601.68 | |||
| The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI: | For non-financial undertakings | 26.88% | 23.00% | ||||
| Value of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU: | For non-financial undertakings | 593,783,448.61 | 494,451,493.47 | ||||
| For financial undertakings | 12.22% | 14.92% | 269,905,273.76 | 311,929,756.54 |
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:
| Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU: | For non-financial undertakings | 12.39% | 19.02% | 273,657,827.09 | 397,650,294.32 |
|---|---|---|---|---|---|
| For financial undertakings | 15.47% | 32.84% | 341,839,027.02 | 686,434,340.25 |
The proportion of exposures to other counterparties over total assets covered by the KPI:
| 14.60% | 322,656,035.66 | 0 |
|---|---|---|
The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, taxonomy-aligned economic activities:
| 76.08% | 68.1% | 1,680,871,821.54 | 1,422,918,003.17 |
|---|---|---|---|
The value of all the investments that are funding economic activities that are not taxonomy-eligible relative to the value of total assets covered by the KPI:
| 91.02% | 95.68% | 2,010,831,452.85 | 2,000,098,817 |
|---|---|---|---|
The value of all the investments that are funding taxonomy-eligible economic activities, but not taxonomy-aligned relative to the value of total assets covered by the KPI:
| 7.47% | 2.37% | 164,981,830.73 | 49,482,770 |
|---|---|---|---|
Additional, complementary disclosures: breakdown of numerator of the KPI
The proportion of taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:
| Value of taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU: | For non-financial undertakings: | Turnover-based | 1.2% | 0.74% | 26,016,026.25 | 15,498,468.58 |
|---|---|---|---|---|---|---|
| Capital expenditures-based | 2.1% | 1.78% | 46,453,162.12 | 37,165,840.90 | ||
| For financial undertakings: | Turnover-based | 0.3% | 0.07% | 7,425,082.06 | 1,566,333.41 | |
| Capital expenditures-based | 0.4% | 0.10% | 8,095,028.52 | 2,054,249.61 |
The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, taxonomy-aligned economic activities:
| Turnover-based | 1.3% | 0.84% | 22,670,495.68 | 9,363,293.36 |
|---|---|---|---|---|
| Capital expenditures-based | 2.1% | 1.7% | 35,058,309.28 | 19,734,394.65 |
The proportion of taxonomy-aligned exposures to other counterparties in over total assets covered by the KPI:
| Value of taxonomy-aligned exposures to other counterparties over total assets covered by the KPI: | Turnover-based | 0.0% | 0.0% | 0.00 | 0.00 |
|---|---|---|---|---|---|
| Capital expenditures-based | 0.0% | 0.0% | 0.00 | 0.00 |
Taxonomy-aligned activities – provided 'do-not-significant-harm' (DNSH) and social safeguards positive assessment:
| Environmental Objective | Transitional activities: A % | Turnover | CapEx | Enabling activities: B % | Turnover | CapEx | |||
|---|---|---|---|---|---|---|---|---|---|
| Climate change mitigation | 0.14% | 3,054,664.53 | 0.18% | 0.57% | 12,674,536.38 | 21,061,440.88 | |||
| 1.91% | 17,481,017.24 | 39,994,633.71 | |||||||
| Climate change adaptation | 0.02% | 360,974.26 | 2,178,203.68 | ||||||
| 0.07% | 1,359,344.51 | 2,223,837.01 | |||||||
| The sustainable use and protection of water and marine resources | 0.00% | 6,498.61 | 0.00% | ||||||
| 20,978.06 | |||||||||
| The transition to a circular economy | 0.02% | 353,113.76 | 0.01% | ||||||
| 117,704.59 | |||||||||
| Pollution prevention and control | 0.00% | 0.00% | |||||||
| 9.80 | |||||||||
| The protection and restoration of biodiversity and ecosystems | 0.00% | 0 | 0.00% | ||||||
| 0 |
| Row | Nuclear energy related activities | 31 Dec 2024 |
|---|---|---|
| 1. | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | YES |
| 2. | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, and their safety upgrades, using best available technologies. | YES |
| 3. | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | YES |
| 4. | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | YES |
|---|---|---|
| 5. | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | YES |
| 6. | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES |
| Row | Economic activities | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4. Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 647,030.21 | 0.03 | 70,400.76 | 0.03 | 3,075.98 | 0.00 | 43,136.67 | 0.00 | ||||
| 2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 821,194.80 | 0.04 | 44,565.35 | 0.04 | 3,144,667.54 | 0.14 | 3,144,667.54 | 0.14 | ||||
| 3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 5,637,441.70 | 0.26 | 5,663,590.57 | 0.26 | 39.60 | 0.00 | 2,150,193.61 | 0.10 | 2,151,582.77 | 0.10 | ||
| 4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 110,724.93 | 0.01 | 110,824.51 | 0.01 | 326,495.37 | 0.01 | 326,495.37 | 0.01 | ||||
| 5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 5,227,540.02 | 0.24 | 5,158,724.25 | 0.23 | 6,677,298.36 | 0.30 | 6,672,570.00 | 0.30 | ||||
| 6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 106,241.11 | 0.00 | 106,241.11 | 0.00 | 1,205,295.69 | 0.05 | 1,205,295.69 | 0.05 | ||||
| 7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 51,924,212.18 | 2.35 | 51,895,236.21 | 2.35 | 17,090,633.46 | 0.77 | 61,498,358.79 | 2.78 | 61,449,746.45 | 2.78 | 17,104,749.19 | 0.77 |
| Total applicable KPI | 64,474,384.95 | 2.92 | 64,449,582.76 | 23,767,971.42 | 1.08 | 75,040,657.02 | 3.40 | 74,993,494.55 | 3.39 | 17,104,749.19 | 0.77 |
| Economic activities | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. Amount and proportion of taxonomy-aligned economic activity referred to in Sections I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI | 5,341.84 | 0.00 | 5,341.84 | 0.00 | - | - | 9,576.71 | 0.00 | 10,034.56 | 0.00 | |
| 2. Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI | 234,168.59 | 0.06 | 218,980.24 | 0.01 | - | - | 1,412,598.60 | 1,412,851.76 | 0.06 | - | |
| 3. Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI | 7,348,683.13 | 0.33 | 7,464,733.72 | 0.34 | - | - | 4,742,697.36 | 0.21 | 4,745,592.85 | 0.21 | |
| 4. Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI | 4,886.22 | 0.00 | 6,081.17 | 0.00 | - | - | 44,827.49 | 0.00 | 45,715.71 | 0.00 | |
| 5. Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI | 177,894.57 | 0.01 | 166,119.46 | 0.01 | 591,430.64 | 0.00 | 453,234.01 | 0.02 | 459,331.51 | 0.02 | |
| 6. Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI | 24,271.72 | 0.00 | 24,271.74 | 0.00 | - | - | 35,000.98 | 0.00 | 35,003.00 | 0.00 | |
| 7. Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 230,575,832.97 | 10.44 | 231,688,206.26 | 10.49 | 105,953,967.66 | 4.80 | 235,044,110.51 | 10.65 | 235,392,867.72 | 10.65 | |
| 8. Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 238,371,079.03 | 10.84 | 239,573,734.41 | 10.84 | 106,545,398.30 | 4.82 | 241,742,045.66 | 10.94 | 242,101,397 | 101,422,638.47 | 4.59 |
| Row | Economic activities | Amount | %Amount% | Amount | % | Amount | % | Amount | % |
|---|---|---|---|---|---|---|---|---|---|
| 1. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 340,542.22 | 0.02 | 49,890.43 | 0.02 | - | - | 97,488.56 | 0.00 |
| 2. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 342,415.54 | 0.02 | 51,763.70 | 0.02 | - | - | - | - |
| 3. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 689,539.55 | 0.03 | 699,803.47 | 0.03 | - | - | 133,977.87 | 0.01 |
| 4. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 4,175,951.19 | 0.19 | 4,275,000.00 | 0.19 | - | - | 2,852,961.48 | 0.13 |
| 5. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 13,410,286.91 | 0.61 | 13,408,003.02 | 0.61 | 6,677,298.36 | 0.30 | 12,081,600.89 | 0.55 |
| 6. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | - | - | 12,028.52 | 0.03 | - | - | 1,501,414.65 | 0.07 |
| 7. | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 in the denominator of the applicable KPI | 118,420,267.95 | 5.36 | 119,970,948.84 | 5.43 | 27,222,948.09 | 1.23 | 116,677,457.96 | 5.28 |
| 8. | Total amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activities in the denominator of the applicable KPI | 138,088,253.57 | 6.25 | 139,765,052.61 | 6.33 | 33,900,246.45 | 1.53 | 133,344,901.41 | 6.04 |
| Row | Economic activities | Amount | % | Amount | % |
|---|---|---|---|---|---|
| 1. | Amount and proportion of economic activity referred to in row 1 of Template 1 taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 80,323.53 | 0.00 | -- | |
| 2. | Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the KPI | 1,242,450.79 | 0.06 | 1,008,423.58 | 0.05 |
| 3. | Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 298,989.65 | 0.01 | 207,548.21 | 0.01 |
| 4. | Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 524,328.80 | 0.02 | 104,619.28 | 0.00 |
| 5. | Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 6,664,908.04 | 0.30 | 6,677,642.41 | 0.30 |
| 6. | Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy-non-eligible in accordance with Section 4 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 80,749.56 | 0.00 | 426.03 | 0.00 |
| 7. | Amount and proportion of other taxonomy-non-eligible economic activities referred to in rows 1 to 6 above in the denominator of the applicable KPI | 158,061,755.63 | 7.15 | 153,237,451.50 | 6.94 |
| 8. | Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI | 166,953,506.01 | 7.56 | 161,236,111.01 | 7.30 |
165 contribution to one or more environmental objectives without doing significant harm to any of the other objectives (the "do no significant harm" principle or DNSH), and in addition, the carried out in compliance with minimum safeguards and meet certain technical criteria.
For the investment portfolio segment that represents investments in companies subject to the to publish non-financial information (commitment to the requirements of Articles 19a and 29a of the Directive (2013/34/EU)), the proportion of taxonomy-aligned turnover and capital expended disclosed. The Group uses information obtained from an external data provider (MSCI) to assess the degree of alignment of investments with the taxonomy. Only reported data are used (i.e estimated data are used).
For investments in collective investment undertakings, a look-through approach is employed to calculate the taxonomy alignment with respect to the individual investments in those funds. The look-through approach is applied to the first level of investments in the fund. Collective investment undertakings where, despite sufficient efforts, a detailed analysis cannot be carried out are designated as "assets financing non-taxonomy-aligned economic activities". In 2024, the Group followed the guidelines for disclosures of KPIs for investment insurance undertakings detailed in Annex IX/X of Commission Delegated Regulation (EU) 2021/2178.
Restrictions on the calculation of indicators. The low percentage of alignment is due to the discrepancy between the investments captured in the numerator and denominator of the KPI. The numerator, unlike the denominator, does not include exposures to companies that are not subject to the requirements of Articles 19a and 29a of the Accounting Directive (2013/34/EU). The calculation is further constrained by the low data availability on the taxonomy alignment of companies in the investment portfolio. Data coverage is expected to improve as regulatory requirements are extended to more companies, increasing the relevance of the data on taxonomy alignment of investments.
Investments for which insufficient information is available for categorisation (e.g. collective investment undertakings where the look-through approach cannot be implemented) will be grouped into exposures to other counterparties for the purpose of disaggregating the KPI denominator. The Company has not yet conducted an analysis of the eligibility and alignment of investment property with the EU taxonomy. As a result, this asset class is considered fully ineligible and non-aligned and is classified in the KPI denominator as exposures to other counterparties.
The difference in the KPI compared to 2023 is due to the use of a different data source in compiling the data. The main methodological changes compared to last year include a more precise definition of the obligation to comply with Articles 19a and 29a of the Accounting Directive (2013/34/EU). This change accounts for a significant part of the changes in the breakdown of the KPI denominator.
166 catastrophes as defined in the EU taxonomy, allowing better coverage of climate change risks. The Group's objective is to progressively increase the share of taxonomy-aligned product categories included in the climate change adaptation framework. The Group is committed to promoting innovative approaches to climate change adaptation and raising awareness among its clients about the importance of adaptation and risk prevention. Through targeted communication initiatives, strategic partnerships and continuous dialogue with clients – both before and after extreme weather events – the Group aims to strengthen resilience and preparedness for climate risks. Increasing the proportion of damage repaired is also a priority, contributing to waste reduction and sustainable restoration of damaged buildings and assets. The Group actively promotes a wide range of insurance products for electric and hybrid vehicles and provides effective risk protection for companies engaged in renewable energy production, such as solar power plants, wind farms and other forms of sustainable energy production.
| Activities | Substantial contribution to climate change adaptation | Do no significant harm | Absolute premiums 2024 | Proportion of premiums 2024 | Proportion of premiums 2023* |
|---|---|---|---|---|---|
| Climate change mitigation | Water and marine resources | Circular economy | Pollution | Biodiversity and ecosystems | Minimum safeguards |
| A.1. Non-life insurance and reinsurance underwriting taxonomy-aligned activities (environmentally sustainable) | 67,600,000 | 5.13% | 4.27% | YES | YES |
| A.1.1 Of which reinsured | 10,600,000 | 0.80% | 0.68% | YES | YES |
| A.1.2 Of which stemming from reinsurance activity | 0 | 0.00% | 0.00% | YES | YES |
| A.1.2.1 Of which reinsured (retrocession) | 0 | 0.00% | 0.00% | YES | YES |
| A.2 Non-life insurance and reinsurance underwriting taxonomy-eligible activities that are not environmentally sustainable (taxonomy-non-aligned activities) | 26,600,000 | 2.02% | 1.92% | ||
| B. Non-life insurance and reinsurance underwriting taxonomy-non-eligible activities | 1,224,469,030 | 92.86% | 93.81% | ||
| Total (A.1 + A.2 + B) | 1,318,669,030 | 100.00% | 100.00% |
167 other environmental objectives. The assessment focused on the activities within the Company's business model that involve non-life insurance services associated with the insurance of related hazards, as outlined in Appendix A.
Following the European Commission guidelines, the Group has updated the methodology for calculating taxonomy-aligned premium in 2024. While previously all gross written premium from taxonomy-aligned products was fully taken into account, the new guidelines stipulate that only the part of the premium related to climate risks such as precipitation, storms, drought, floods and similar extreme weather events is included in the calculation. The premium distribution methods used comply with EU Taxonomy guidelines and are aligned with the Group's gross written premium to ensure data comparability.
The method for calculating the proportion of the premium covering climate-related events is based on a claims data analysis, enabling a more accurate assessment of climate risks' impact on business. The EU taxonomy identifies non-life insurance activities that could potentially contribute to climate change adaptation and therefore, are eligible under the Regulation if they meet specific conditions related to the underwriting of climate-related hazards.
Based on the assessment, the Company identified taxonomy-eligible insurance subclasses. In this process, the materiality criterion was considered, and only major insurance subclasses that would significantly contribute to alignment were included. When identifying subclasses, the gross written premium for each was considered, and only those with a portfolio size significant enough to impact climate change adaptation were assessed for taxonomy alignment.
The Company conducted an analysis of direct non-life insurance activities. Four taxonomy-eligible insurance activities were identified:
The taxonomy alignment calculation is based on assessing insurance premium against the technical screening for significant contribution to climate change adaptation. The assessment aims to identify activities that contribute significantly to climate change adaptation, without causing significant harm to the climate change mitigation objective, and that meet the minimum safeguards and 'do no significant harm' (DNSH) criteria.
The assessment of premium alignment with technical criteria considers the Company's total gross written premium, linked to specific perils. Additionally, the proportion of premium associated with particular peril classes is taken into account, determined based on years of claims experience. Claims with a specific cause or peril are considered.
The alignment assessment found that the complex technical criteria and established processes for modelling, product design and innovative solutions allow alignment only for the Company's gross written premium. Appropriate processes will be implemented in Group companies to enable potential alignment with technical criteria in the future.
Zavarovalnica Triglav incorporates climate change risks into its insurance business across several key areas. Historical weather events are used in underwriting, alongside climate change modelling to assess potential future risks. Tailored insurance products are developed to provide coverage for climate change impacts, such as fires, droughts and extreme weather events, with premiums adjusted based on climate risk exposure.
The Company promotes preventive measures, including raising client awareness of best practices to reduce risk exposure, and offers more favourable premiums for buildings designed to be more resilient to extreme weather events. Advanced technologies, including climate change modelling and analysis of extreme weather events, are used to assess these risks. Through these strategies, the Company ensures a comprehensive response to climate risks, enhancing the resilience of policyholders and businesses to climate change impacts.
The Company reviews historical claims experience, adjusting values to current levels. In addition to historical data, changes in the frequency and severity of natural catastrophes and projected future possibilities are assessed using models that simulate future events alongside internal assessments. Various scenarios for the total sum of natural catastrophe claims are applied.
The Company publicly discloses information on coverage provided to policyholders for protection against natural catastrophes, along with general terms and conditions and product information available on its website. This allows interested parties to easily access coverage details, compare them against their needs and requirements, and, in some cases, such as in insurance, check prices in advance.
In cases of premium increases due to natural disaster risks, transparency is ensured through distributors, who personally inform policyholders of the reasons for the increase when renewing policies. The Company is committed to encouraging measures that reduce climate change risks among its policyholders. To this end, climate risks are considered when setting premiums. Additionally, such risks may also be reflected in insurance terms and conditions, including deductibles or policy limits.
In this way, the Company not only manages risks effectively, but also promotes responsible behaviour by its clients in adapting to the effects of climate change. Recognising the value of preventive action by policyholders, the Company integrates detailed and sophisticated modelling with the development of new software tools.
For example, the Geographic Information System (GIS) defines areas with varying degrees of exposure to climate change-driven natural phenomena, adjusting premiums accordingly. To this end, preventive behaviour is encouraged through premium discounts, particularly in mass-market insurance, where specialised underwriters assess clients' climate change adaptability to negotiate more favourable insurance terms.
The Company encourages policyholders to implement preventive measures to mitigate risks associated with climate-related hazards. These measures include premium reductions or more favourable terms for policyholders who take protective actions, such as installing flood barriers, co-financing flood nets, enhancing flood protection, investing in fire protection systems and purchasing firefighting equipment.
The Company provides policyholders and the general public with guidance on preventive measures through its sales network, online resources and media. This includes the Everything Will Be Alright portal, which features in-depth stories and articles on severe weather events such as floods, landslides, storms, hail, earthquakes and fires, as well as podcasts on floods, earthquakes and fires. These topics are explained together with experts, covering both the occurrence of such events and the preventive measures to be taken.
The Triglav Vre delivers timely push notifications on severe weather events and offers hail risk trend displays, as well as real-time monitoring of water flow and levels. The Company informs its clients through its distribution network, advises and raises awareness among visitors to agricultural fairs and educates young people in agricultural schools.
Preventive financial incentives are offered to policyholders and organisations, such as companies and fire brigades, to mitigate various risks covered by their policies. These incentives include co-financing for anti-hail nets, flood protection measures, investment in fire-fighting systems, and the purchase of fire-fighting equipment to support intervention and prevention efforts of fire brigades. Additionally, resources are allocated to awareness-raising programmes that educate the general public on preventive measures, such as flood, hail, lightning, fire and storm protection, as well as guidance on health prevention, braking distances and road conditions.
Each year, the Company conducts a regular annual review of its insurance products, during which development departments assess the compatibility of products with the needs of the target market and the appropriateness of their design. They also evaluate potential negative impacts on clients, including emerging risks, and review the suitability of control of distribution strategies. If any deviations are identified, corrective measures are implemented.
Beyond the regular annual review, an extraordinary review may be conducted if circumstances arise that affect product suitability, such as significant changes in product content, shifts in the broader economic environment impacting sales viability or findings from supervisory inspections. This systematic approach enables proactive risk management, ensuring alignment with regulatory expectations and client needs.
At the i.triglav digital office, policyholders can check the risk exposure of their location, identifying the extent to which their property is at risk from natural hazards such as floods, earthquakes, and lightning. This serves as the basis for determining appropriate insurance cover. As part of its non-life insurance offerings, the Company provides business interruption insurance for weather risks, including windstorms, hail, floods, and earthquakes.
For individually owned solar power plants (solar power plant insurance), business interruption coverage is included under home insurance, protecting against destruction or damage caused by perils covered under the home insurance policy, such as storms, hail, floods, stormwater, landslides, and frost. This type of coverage is also available for owners of solar power plants operated for profit.
As part of its activities, in April 2023, Zavarovalnica Triglav launched an automated campaign encouraging home insurance clients without flood cover to add it during the policy renewal month. This initiative aims to enhance client protection against the effects of extreme weather events and promote prevention action.
Additionally, during the summer, the Company launched a campaign targeting clients who do not have home insurance with Zavarovalnica Triglav but hold other insurance policies. Through a series of emails, the campaign highlighted the risks of summer weather events such as storms, hail, and floods. Through such targeted campaigns, the Company raises awareness of the importance of adequate protection and encourages timely action to mitigate climate change risks.
The Company reports the number of natural catastrophe claims to the Slovenian Insurance Association annually and provides data to supervisory authorities upon request.
Clients can report claims through multiple channels, with digital reporting becoming the predominant method. The Company maintains an extensive network of insurance agents who assist policyholders in the claims process. By publishing the necessary claim reporting and information on the claims settlement process, it ensures that policyholders have access to all relevant information at all times.
Reporting on the 'do no significant harm' (DNSH) criterion within the EU taxonomy includes an assessment of whether insurance premium related to climate change coverage negatively impacts other environmental objectives, even when they contribute to one of them, such as climate change mitigation or adaptation. For an economic activity to be taxonomy-aligned, it must not harm the environmental objective of climate change mitigation. The Company verifies compliance with legal requirements using an internal classification of activities based on the statistical classification of economic activities in the European Community (the NACE classification). A thorough review of the portfolio is conducted, applying a conservative approach.
For retail clients (insurance for natural persons), DNSH compliance is not a key requirement, as personal use (e.g. home heating or personal vehicles) is not considered harmful. The criteria are presented in tables within the document, where they are indicated as "Y" (yes) or "N" (no) for various environmental objectives. The Company further verified alignment of premium to ensure compliance with the 'do no significant harm' (DNSH) and minimum safeguards requirements.
The assessments in this report are based on Delegated Regulation (EU) 2021/2139, which establishes DNSH criteria for non-life insurance activities related to the EU taxonomy for climate change mitigation. The Company verified that the taxonomy-aligned premium does not include insurance for the extraction, storage, transport or production of fossil fuels, and insurance of vehicles, property or other assets. The Company acknowledges that identifying whether a particular vehicle used to transport fossil fuels is currently challenging, and this is disclosed as a data constraint.
The importance of accuracy in reporting is recognised, and efforts are being made to improve the calculation methodology to enable better identification of vehicles used to transport fossil fuels in the coming year.
For final premium alignment, compliance with minimum safeguards is essential. These safeguards require that economic activities comply with the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. Compliance with minimum safeguards is ensured at various levels and across different areas through the implementation of guidelines and processes.
The Triglav Group disclosed the taxonomy-aligned premium only for Zavarovalnica Triglav, as the insurance and reinsurance activities of subsidiaries do not yet meet the technical screening criteria under the EU Taxonomy. Given the evolving regulatory environment, these limitations are recognised, and efforts are underway to enhance the compliance analysis for subsidiaries to ensure more accurate disclosures in future reports.
Currently, the link between individual insurance items and reinsurance premium is not fully established. A project aimed at improving data quality and gaining deeper insight into the relationship between direct and reinsurance business is in progress and expected to be completed in 2025. While this project is expected to enhance reporting accuracy, the current assessment model is deemed appropriate based on available data and industry practices.
For large policyholders, where premium was individually determined, uncertainty existed regarding full compliance with all technical criteria; the entire premium was classified as eligible but not aligned. The Triglav Group is an insurance and financial group engaged in insurance and asset management. Therefore, it also presents the average key performance indicators (KPIs) of both the investment and insurance segments, weighted by their respective revenue shares. The final overall key performance indicator consolidates both segments and is prepared in accordance with the requirements of Annex XI of the DDA.
| KPI per business segment | Revenue | Proportion of total group revenue (A) | KPI turnover based (B) | KPI CapEx based (C) | KPI turnover based weighted (A*C) |
|---|---|---|---|---|---|
| Asset management | 51,454,450 | 3.69% | 1.51% | 2.47% | 0.06% |
| Insurance undertakings | 1,341,754,919 | 96.31% | 5.13% | 5.13% | 4.94% |
| - non-life | 1,186,348 | 85.15% | 5.13% | 5.13% | |
| - health | 55,139,550 | 3.96% | 0.00% | ||
| - life | 100,265,726 | 7.20% | 0.00% | ||
| Total | 1,393,209,369 | 100.00% | |||
| Average KPI | 5.00% | 5.03% |
The Group focuses on ensuring the long-term well-being of its employees in the organisation. This includes considering employees' health and safety, improving the opportunities for their personal development and growth, while promoting a positive work environment. A care for health and well-being are identified as a key area, which is why it was included in the Company's strategic initiatives.
Policies are in place to address key employee-related issues, including health and safety at work, equality, inclusion, professional development and work-life balance. These policies are based on respect for human rights, employee dignity, and compliance with local and international legislation. They are designed to apply to all employees in the Group, with adaptations made for specific groups where necessary (e.g. part-time employees, temporary employees, employees in different regions).
permanent employees, as well as external contractors providing services under civil law contracts such as work and copyright work contracts.73
The Triglav Group strengthens direct engagement with employees and their representatives. Employees' views, gathered through various ways, are considered in decision-making and the management of employee-related impacts. Engagement occurs through regular surveys, feedback, internal communication channels and representatives.75
The Company has two representative trade unions and a Works Council, which play a key role in shaping work organisation and employees' rights and obligations by providing opinions on changes to work-related rights and duties. The employees exercise their management rights in line with the 72 S1.MDR-P_05, S1-1_01. 73 S1.SBM-3_01–02. 74 ESRS S1-2_01, S1-2_02, S1-4_10. 75 S1-1_05.
Triglav.smo serves as a key programme for managing risks, addressing impacts and enhancing employee satisfaction at Zavarovalnica Triglav. It provides employees with a broad array of events and activities, focusing on health, professional development and overall well-being. Certain activities are also implemented by other Group companies. The programme encompasses the following areas:
had 5,204 employees as at 31 December 2024, down by 114 over the preceding year. The number of employees decreased due to the departure of employees following the merger of Triglav, Zdravstvena zavarovalnica into Zavarovalnica Triglav and the liquidation of two companies: Triglav Savetovanje in Serbia and Triglav Savjetovanje in Croatia. The number of Triglav Group employees as at 31 December 2024.
| Country | Women | Share | Men | Share | Total | Share |
|---|---|---|---|---|---|---|
| Slovenia | 1,405 | 27.0% | 1,216 | 23.4% | 2,621 | 50.4% |
| Serbia | 526 | 10.1% | 292 | 5.6% | 818 | 15.7% |
| Bosnia and Herzegovina | 278 | 5.3% | 259 | 5.0% | 537 | 10.3% |
| Croatia | 331 | 6.4% | 236 | 4.5% | 567 | 10.9% |
| Montenegro | 191 | 3.7% | 187 | 3.6% | 378 | 7.3% |
| North Macedonia | 170 | 3.3% | 113 | 2.2% | 283 | 5.4% |
| Triglav Group | 2,901 | 55.7% | 2,303 | 44.3% | 5,204 | 100.0% |
| Activity | Number | Percentage |
|---|---|---|
| Insurance | 4,561 | (87.6%) |
| Asset management | 143 | (2.7%) |
| Other | 500 | (9.6%) |
The proportion of employees with at least level VI education according to the Bologna Process study programmes has been steadily increasing, up by 1.1 percentage points in 2024. Proportion of employees at the Triglav Group with at least level VI education according to the Bologna Process study programmes as at 31 December 2024.
| Year | Percentage |
|---|---|
| 2024 | 60.1% |
| 2023 | 59.0% |
| 2022 | 58.5% |
| Type of employment by working hours | Triglav Group | Zavarovalnica Triglav | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023* | 2024 | 2023* | Women | Men | Women | Men | ||
| Part-time | 466 | 305 | 491 | 305 | 50 | 20 | 50 | 23 | |
| Full-time | 2,435 | 1,998 | 2,435 | 2,087 | 1,114 | 1,039 | 1,102 | 1,068 | |
| Total | 2,901 | 2,303 | 2,926 | 2,392 | 1,164 | 1,059 | 1,152 | 1,091 |
| Type of employment agreement | Triglav Group | Zavarovalnica Triglav | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023* | 2024 | 2023* | Women | Men | Women | Men | ||
| Fixed-term | 389 | 234 | 328 | 249 | 17 | 15 | 9 | 8 | |
| Permanent | 2,512 | 2,069 | 2,598 | 2,143 | 1,147 | 1,044 | 1,143 | 1,083 | |
| Total | 2,901 | 2,303 | 2,926 | 2,392 | 1,164 | 1,059 | 1,152 | 1,091 |
at Group level rose to 16.5% (2023: 12.0%) and to 10.2% at Zavarovalnica Triglav (2022: 5.5%). A total of 749 new employees were hired in 2024; most new hires were aged between 26 and 35 years. A total of 863 employees left; most leavers were aged over 56 years (due to retirement) and 41–45 years. The most common reasons for leaving are retirement, failure to meet expectations in annual and quarterly interviews, and a desire to pursue career development in other work environments. However, turnover is largely driven by retirements due to an ageing workforce.
The Company does not employ any employees without a guaranteed minimum or fixed number of working hours.
In 2024, 322 individuals worked for the Group under other contracts (copyright work contracts, contract for services, post-retirement contracts, student work), of whom 101 worked for the Company, in accordance with the legislation.
Education and training are carefully planned and directed in consultation with leaders, who identify and address the needs of their colleagues. This area is governed by internal policies and programmes, including the Policy on the Management of Key High-Potential and Young High-Potential Employees, the Employee Development and Care Policy, and the Scholarship Policy.
In-house training is available to employees of all ages and target groups, with special attention paid to leaders, sales staff, high-potential employees, in-house coaches and mentors. Employees from all Group companies and employees at external points of sale are included in in-house training.
Access to skills development is promoted in several ways: each employee has an annual interview with their supervisor to set objectives, assess key competences and identify necessary training for the upcoming year. Additionally, employees are invited to various mandatory and/or recommended training courses, professional meetings and similar events throughout the year. They also attend external training courses within the limits of available funding. Throughout the year, they have access to the LMS eCampus and EDU720 platforms, providing a variety of educational materials.
The total number of functional training hours at the Company was slightly lower than in 2023 (index 91). Employees at Group level participated in an average of 31 hours (index 98), while Company employees participated in 46 hours on average. In terms of gender, men received slightly more training, with an average of 33 teaching hours in the Group and 47 hours in the Company.
| Average number of hours of functional training per employee in 2024 | Triglav Group | Zavarovalnica Triglav | ||
|---|---|---|---|---|
| Women | Men | Women | Men | |
| Total | 30 | 33 | 44 | 47 |
The Group training costs amounted to EUR 2.6 million, up by 4%. Employees are encouraged to continue their formal education. Work study was funded for 161 Group employees and scholarships were provided to 56 pupils and students. Obligatory work placement was provided to 80 pupils and students. A total of 9 young employees completed traineeship under the guidance of mentors.
During the four-day Great Challenge (Hud izziv), held in cooperation with the Career Centre of the Faculty of Economics, students utilised artificial intelligence tools to transform some of our typical insurance roles into jobs of the future. Training in insurance, sales, business communication, digitalisation and other relevant business topics was provided to employees. Zavarovalnica Triglav was awarded the TOP investor in education certificate for its systematic investment in employee education and training.
Some of the more extensive training programmes in 2024 include:
cooperation with IEDC Bled.
84 S1.MDR-A_01–05, S1-1_22, S1-13_01–02. 85 S1-13_03-04. 86 S1.MDR-A_06. 87 S1-4_11.
178
The management-by-objectives and competency development system is implemented by all Group insurance companies and some non-insurance. The share of employees included in this system at Group level in 2024 was 60.4% (2023: 63.2%), while all employees in the parent company are included. Employees set their objectives during an annual development interview with their superior, and companies monitor compliance with the minimum standards at least once a year. Due to the nature of their work, agents and heads of sales teams who are rewarded on the basis of sales targets are excluded from the management-by-objectives system.
88 The development part of the annual interview is based on a competency model to define individual competency profiles and development activities. All Group companies use the DNLA tool for selecting and developing new employees.
89 Occupational health and safety is managed through the Safety Statement and Risk Assessment. This document identifies all hazards and risks that employees may encounter in the course of their work and in the work environment. The statement includes measures to prevent and minimise these risks.
are defined in the collective agreement and the applicable legislation, while the subsidiaries adhere to the applicable local legislation. The Company ensures occupational health and safety through a comprehensive and strategic approach. To control and minimise risks, several activities are implemented, including strict compliance with sectoral legislation (identification and control of hazards and harmful substances), health promotion at workplaces (the Triglav.smo – Protecting Health (Zavarujmozdravje) programme), provision of personal protective equipment, appropriate working conditions, ergonomic design of workplaces, and awareness-raising and training for employees. Many of these activities are part of the Family-Friendly Enterprise certificate, further contributing to employee satisfaction and better health. 91 In addition, the goal is to identify, mitigate and manage risks arising from duties and the work environment. Employees can report any perceived deficiencies in the health and safety management system to the relevant departments for remediation. The occupational health and safety system involves all employees. The comprehensive approach from the parent company is being transferred to other Group companies by implementing 88 S1-13_02. 89 S1-4_20. 90 S1-1_09. 91 S1.MDR-A_01–04, S1-4_11.
The number of accidents in the Group remains low, decreasing even further in 2024. A total of 10 accidents were recorded in the Group, with one occurring in the parent company. The number of lost work days also fell significantly due to fewer accidents and reduced absenteeism. The Group companies have not yet reported on any work-related ill health, nor have any work days been lost as a result. 93
| Year | Triglav Group | Zavarovalnica Triglav |
|---|---|---|
| 2024 | At work 7 70.0% On business trips 3 30.0% Total 10 100.0% |
| At work | 0 | 0.0% |
|---|---|---|
| On business trips | 1 | 100.0% |
| Total | 1 | 100.0% |
2023*
| At work | 15 | 75.0% |
|---|---|---|
| On business trips | 5 | 25.0% |
| Total | 20 | 100.0% |
| At work | 2 | 33.3% |
|---|---|---|
| On business trips | 4 | 66.7% |
| Total | 6 | 100.0% |
2022
| At work | 14 | 70.0% |
|---|---|---|
| On business trips | 6 | 30.0% |
| Total | 20 | 100.0% |
| At work | 1 | 25.0% |
|---|---|---|
| On business trips | 3 | 75.0% |
| Total | 4 | 100.0% |
| Index | 2024 | 2023** | 2024/2023 | 2023/2022 | |
|---|---|---|---|---|---|
| Triglav Group | Lost work days due to work-related injuries | 289 | 69 | 33 | 68 |
| Lost time incident rate – LTIR* | 0.96 | 1.88 | 51 | 100 | |
| Zavarovalnica Triglav | Lost work days due to work-related injuries | 5 | 238 | 2 | 41 |
| Lost time incident rate – LTIR* | 0.22 | 1.32 | 16 | 149 |
Unfit for work for more than three working days, each dangerous occurrence and each established occupational disease must be reported to the Labour Inspectorate of the Republic of Slovenia. The Group's absenteeism rate was at the same level as the previous year at 4.38%. The share of absenteeism for which sickness benefits are borne by the employer increased by 0.08 percentage points (medical leave up to 30 days), while the share of lost work days for which benefits are borne by other organisations decreased by 0.09 percentage points (medical leave longer than 30 days, sick nursing, accompanying a sick person). The absenteeism rate at the Company was also lower and stood at 4.95% (compared to 5.02% the year before). As a result, the share of work days lost borne by the employer rose by 0.12 percentage points, whereas the share of work days lost borne by the Health Insurance Institute of Slovenia decreased by 0.18 percentage points.
Respect for workers' rights and human rights are fundamental ethical principles defined in the Triglav Group Code. The Group consistently respects and protects the internationally recognised human rights and fundamental freedoms, which comply with the UN's goals and principles and originate from the Universal Declaration of Human Rights, and the fundamental rights as defined in the International Labour Organization's Declaration on Fundamental Principles and Rights at Work.
The key policies that help manage equal opportunities include:
a dedicated app for reporting suspected violations of the Code: https://prevare.triglav.eu/whistleblower/#/zt. In these cases, reporting can be made anonymously. The whistleblower is protected from any retaliatory action and is given an opportunity to informally resolve the issue. At the Company, the Committee for the Determination of Unwanted Conduct identifies violations, and the procedure is managed by a panel appointed by the Committee. The results are reported to the Compliance Office and the Risk Management Department. The Compliance Office also serves as the central function for maintaining records of human rights violations at Group level. In 2024, 11 employee reports of inadmissible conduct were received at Group level, six of which in the Company.
The Diversity Policy considers diversity in experience, skills, gender and other factors that contribute to better performance and decision-making within the management and supervisory bodies. It is also being implemented in other areas to proactively promote gender equality. The proportion of women among all employees increased both at the Company and in the Group, where it reached 55.7%. The proportion of women on the Management Board of Zavarovalnica Triglav was 20.0%, on the Supervisory Board it was 37.5%, and in the management and supervisory bodies of all Group companies, it stood at 26.4%. The average age of employees in the Group remained stable at 45.1 years; at the parent company it was slightly lower at 46.6 years (2023: 46.9 years). The average age of Zavarovalnica Triglav's Management Board members was 48.8 years. In Slovenia, senior management is hired from the local community, as is the majority of senior management in markets outside Slovenia.
| Number | Index | Share (%) | Triglav Group | 2024 | 2023* | 2024/2023 | |
|---|---|---|---|---|---|---|---|
| Number and share of women among employees | 2,901 | 2,926 | 99 | 55.7 | 55.0 | ||
| Number and share of women at the 1st managerial level below the Management Board | 74 | 75 | 99 | 45.7 | 44.6 | ||
| Number and share of women in management and supervisory bodies in the Triglav Group | 34 | 40 | 85 | 26.4 | 26.7 | ||
| Zavarovalnica Triglav | Number and share of women among employees | 1,164 | 1,152 | 101 | 52.4 | 51.4 | |
| Number and share of women on the Management Board of Zavarovalnica Triglav | 1 | 1 | 100 | 20.0 | 20.0 | ||
| Number and share of women on the Supervisory Board of Zavarovalnica Triglav | 3 | 2 | 150 | 37.5 | 25.0 | ||
| Number and share of women at the 1st managerial level below the Management Board | 9 | 8 | 113 | 30.0 | 27.6 |
| ( %) | Number | Share ( %) | |
|---|---|---|---|
| Age groups | 18 - 30 | 485 | 9.3 |
| 31 - 50 | 2,938 | 56.5 | |
| 51 and over | 1,781 | 34.2 | |
| Total | 5,204 | 100.0 |
| Gender | Men | 2,901 | 55.7 |
|---|---|---|---|
| Women | 2,303 | 44.3 | |
| Total | 5,204 | 100.0 |
The proportion of employees with disabilities was 2.3% in the Company and 1.5% at Group level.
| Triglav Group | 2024 | 2023 |
|---|---|---|
| Number | 79 | 71 |
| Share | 1.5% | 1.3% |
| 2.3% | 2.7% |
| Gender | Number | Share (%) | Number | Share (%) |
|---|---|---|---|---|
| Men | 47 | 59.5 | 40 | 56.3 |
| Women | 32 | 40.5 | 31 | 43.7 |
| Total | 79 | 100.0 | 71 | 100.0 |
The 2024 organisational vitality survey (ORVI) showed high levels of employee satisfaction and engagement. The ORVI index improved for both the Group and the Company, reaching 3.97 and 3.96, respectively. A total of 85% of employees from 15 Group companies participated (compared to 89% the previous year).
Once again, employees rated their satisfaction highest in operational leadership, with the survey also indicating high engagement levels. They feel that supervisors are transparent, responsive to team needs and provide constructive feedback. Confidence in their objective assessments of colleagues' work has further increased. Most leaders willingly share knowledge and information, trust each other and prioritise collaboration over competition. They exchange even unconventional ideas with their teams and are not afraid to make mistakes. Employees are satisfied with job stability, working hours and training opportunities.
The challenge moving forward will be to maintain company loyalty and keep employees highly engaged. The Company will continue to implement programmes to strengthen these aspects and foster the desired organisational culture.
Term employees or part-time employees. All Triglav Group employees receive a fair salary, aligned with the applicable benchmarks in the countries where the Group operates. Salaries are ensured to comply with local legal requirements, collective agreements and relevant benchmarks for a decent standard of living.
The gender pay gap is defined as the ratio of average salaries between female and male employees, expressed as a percentage of the average salary of male employees. The calculation includes monthly salaries and other remuneration to employees, but excludes bonuses and reimbursements (such as meal allowances, commuting allowances and daily allowances). The difference between the average salary of male and female employees in 2024 was 27.7% at Group level and 26.0% at the Company. At the Company, this difference is strongly influenced by the variable remuneration structure in sales, where agent roles are predominantly held by men. In addition, a large number of the claims and underwriting staff come from technical backgrounds, and the digitalisation process also relies heavily on IT specialists. These roles, which are more frequently held by men, are also in short supply in the labour market. This results in a significant overall pay gap between male and female employees, while the gap for comparable jobs by job complexity is considerably smaller.
| Employee group by job | Gender pay gap |
|---|---|
| Senior management and employees in the most demanding jobs | 1.90% |
| Employees in jobs requiring second-cycle education or equivalent | 4.56% |
| Employees in jobs requiring first-cycle education or equivalent | 3.53% |
| Employees in jobs requiring secondary technical, vocational or general education | –3.62% |
| Insurance agents earning remuneration based on the premium they generate | 16.62% |
| All employees | 26.04% |
*The figures are unaudited. The Group has a gender-neutral remuneration policy and is committed to ensuring equal pay for equal work, recognising that gender pay inequality and achieving full pay equity is a broader societal challenge. Efforts are focused on improving data and analysis to better understand the pay gap and its underlying causes. Moving forward, efforts will continue to ensure that all employees – regardless of gender – have equal opportunities for career development and advancement and are placed in roles with appropriate remuneration.
insurance, supplemental pension insurance). Amounts in foreign currencies are converted into euros. 106 Additional benefits provided to employees include:
The Group companies operating outside Slovenia provide additional benefits to their employees such as supplemental voluntary pension insurance premium, discounts on medical examinations, the payment of accident insurance premium and discounts on other types of insurance. 106 S1-16_01–03.
Circumstance and work requirements permitting, working hours can be adapted to the needs and wishes of employees. At Zavarovalnica Triglav and some Group companies, employees whose nature of work allows it may work from home, with their proportion increasing. At the end of 2024, 36% of Group employees and 67% of Company employees had this option available to them.
All Group employees are entitled to family-related leave in accordance with applicable law, the relevant collective agreement and internal company regulations. Employees who are parents of first graders can take advantage of a day's paid leave on the first school day. Employees can take unpaid leave in certain cases and in agreement with their supervisors. 107
The Company aims to cultivate long-term relationships with its clients, built on principles of fairness, trust and ongoing follow-up of client needs, to which it responds quickly and with quality, simplicity and transparency. Suggestions and comments from clients are professionally and fairly addressed not only to enhance business models and processes but also to develop new products, services and ecosystems.
The client experience is improved through the development of digital solutions and modern communication channels. Client relationships are reinforced through direct contact with insurance agents and financial advisors, ensuring clients are informed about insurance and financial products and their personal data and rights are protected.
Products are developed in line with the procedures for their approval and testing before they are distributed. Each product must meet clients' needs and goals in its lifetime and correspond to their characteristics. The adequacy of distribution strategies is checked and tested on a regular basis, thereby maintaining client focus and product satisfaction. When any deviations are identified, the respective product and/or its distribution is appropriately adjusted.
Clients have easy access to all necessary information about the Company's products and services. Efforts are consistently made to ensure that insurance and other general terms and conditions are fair and transparent. Marketing strategies and campaigns are consistently implemented in compliance with statutory and other consumer protection regulations. The Policy on Insurance Product Governance, Oversight and Distribution at Zavarovalnica Triglav establishes the rules and practices for product development, distribution, oversight and lifecycle management. This policy is designed to safeguard consumers and to identify and track the needs of the target market. Clients' needs and requirements serve as the primary guiding principle throughout the product development, testing, distribution and monitoring phases. This ensures fairer insurance protection, supports proper conflict-of-interest management, and ensures that clients' objectives, interests and characteristics are appropriately considered. The Group does not provide services that violate human rights. Particular attention is given to the equal treatment of policyholders, and any exclusions of the insurer's obligations in the general terms and conditions are based on actuarial calculations. For its insurance companies operating outside the EU, the Group ensures that their rules comply with local legislation.
109 S4-1_02, S4-1_03, S4-1_04, GRI 417-1, SASB: FN-IN-270a.4, FN-AC-270a.3.
Clients have the right to express dissatisfaction with the Zavarovalnica Triglav conduct or decisions related to the insurance contract, personal data processing, the Company's approach or any other matter under the Rules on the Complaint Procedure at Zavarovalnica Triglav d.d., publicly available on the Company's website. Statistical processing and analysis of complaints are used to identify potential legal or operational risks of unfair business practices or other non-compliance, with appropriate remedial actions taken as necessary. Complaints may be submitted in writing or orally. Consumers also have the option to seek resolution through an out-of-court dispute mechanism, either by filing a complaint with the Mediation Centre of the Slovenian Insurance Association or by pursuing legal action. Additionally, clients may lodge complaints concerning compliance with the Insurance Code, good business practices or basic insurance profession standards with the Ombudsman of Good Business Practices in Insurance (Insurance Ombudsman) at the Slovenian Insurance Association.
Due to differences in legislation and regulatory requirements across various countries, internal acts governing complaints handling are tailored to the specific circumstances of each Group insurance company. At Triglav Group level, a common complaints handling framework, based on the Code, is in place. This framework ensures that complaints are addressed in a manner that respects the rights and obligations of the parties involved and safeguards the legitimate interests of the Group companies. When handling consumer complaints, we treat data confidentially and process it exclusively for the purposes of the complaint procedure, in accordance with the Rules and the Personal Data Protection Act. However, we do not process anonymous consumer complaints. Anonymous complaints are forwarded to the relevant professional department.
The Company adheres to the UN Guiding Principles on Business and Human Rights. A designated Human Rights Officer is responsible for integrating respect for human rights into the Company's principles, conducting due diligence to identify key risk factors for human rights violations, raising awareness of human rights among employees and other stakeholders, and establishing an internal complaints handling mechanism.113 In 2024, the Company received 3,784 complaints, down by 3% compared to the previous year. Most complaints were related to non-life insurance claims (88%). The majority (85%) were substantive complaints, where clients expressed dissatisfaction with the handling of their claims. Three-quarters were unfounded, one-tenth were founded and one-seventh were partially founded. Apart from that, 44 compliments were received. In the Group members outside Slovenia, complaints are handled in accordance with complaint committee's rules; records are kept in the prescribed form, mostly digital. No significant human rights violations were reported or identified in relation to consumers within the Company or the Group.114
Client feedback is gathered through various channels, including surveys following claims reporting, complaint handling processes, responses on social networks and own websites, as well as direct input from agents in the field. A book of complaints and compliments is available at points of sale and is monitored on an ongoing basis. Resolutions are tracked using an efficient application. A report on the handling of complaints and compliments is prepared annually and presented to the Company's management. This report includes suggestions for possible improvements to the complaints handling procedure and related processes. The Company ensures that clients receive clear and transparent information about the complaints procedure. This is achieved through appropriate explanations in insurance documentation and information on the Company's website, where clients can find all relevant details on the complaints handling process. Records of complaints are maintained in the required format, primarily in electronic form.115
Delivering an outstanding client experience remains a top priority. Client satisfaction is monitored using the Net Promoter Score (NPS) methodology, with an expanding number of companies conducting regular measurements. In 2024, a high level of client satisfaction was maintained despite challenges such as market changes and price adjustments. The Group's NPS score was 70, while the Company's score stood at 66, just three points lower than the previous year. Client satisfaction with healthcare service providers is measured at the Zdravstvena točka health information office, with scores consistently exceeding target values.
Total number increased by 6% in the Group and 6.3% in the Company. The rate of complaints in relation to the number of claims was 0.9% at the Company (2023: 1.1%) and 1.2% at Group level.117 Since 2011, Triglav's brand image has been measured among the general population to assess the strength, awareness and perception of the Triglav brand and compare it with key competitors in each regional market. This has a significant influence on consumer purchasing intentions. The BSI index, which combines spontaneous brand recall with both aided and unaided brand recall, serves as a periodic strategic indicator of brand performance. See Section Brand development in 4.4 Development activities for more information. Additionally, a client satisfaction report is prepared twice a year (for the January–June period and the January–December period). This report tracks policyholder complaints and compliments, and helps drive actions for improvement. The Group has not yet defined a detailed methodology, including a baseline value and a baseline year, for the described client-related objectives to measure progress and assess their alignment with national, international and EU policies. Relevant stakeholders, including clients and their representatives, are involved in the target-setting process, as outlined in the context of the 115 S4-4_01, S4-4_02, S4-4_04, S4-1_05.116 S4.MDR-T_01–04.117 FN-IN-270a.3.
A wide array of digital solutions and multiple sales channels is utilised to offer clients easily accessible services and streamline business transactions.118
Communication channels: The services of Zavarovalnica Triglav and Triglav Skladi are available via toll-free telephone numbers and email. Call centres also operate in Croatia, Serbia and North Macedonia. The TRIA virtual assistant was upgraded with artificial intelligence to offer clients a more natural, flexible and interactive communication experience.
Floods, fires, earthquakes and extreme weather events. The interactive interface provides recommendations for appropriate insurance solutions, encouraging preventive behaviour and fostering trust in the Company's services.
Safe driving simulator at Triglav Lab: Designed for young drivers and those returning to driving, the driving simulator allows users to experience unexpected road hazards in a safe and controlled environment.
At Zavarovalnica Triglav, services and premises are continuously adapted to the needs of people with disabilities, supporting their social inclusion:
The IT strategy outlines the strategic objectives and actions related to information security, focusing on ICT systems, services, people and processes. The aim is to establish a robust cyber resilience framework that ensures technological security, optimal performance and rapid recovery from breaches and incidents, while maintaining the highest level of information security (confidentiality, integrity, authenticity and availability) of data.
even oversees the review of personal data processing agreements among Group members. 120At the Company, the Privacy Policy and related internal acts are regularly reviewed, along with the list of categories of processors and controllers and cookie policies. Special attention is given to reviewing the personal data protection information for individuals engaging in business with the Company through foreign entities. Before entering into agreements, the adequacy of personal data protection for business partners involved in data processing is assessed. The Company prioritises a comprehensive and documented ICT risk management framework, which includes internal ICT protocols and tools to ensure the adequate protection of all IT and ICT assets, as well as relevant physical components and infrastructure. 121 The Company processes requests from individuals to exercise their personal data protection rights, maintains records of data breaches and monitors the implementation of compliance measures across both the Company and the Group. All Group companies have designated personal data protection officers or coordinators.122
Across the Group, 43 substantiated reports of privacy and data breaches, including personal data loss, were recorded. Of these, 41 were substantiated complaints at the Company, with 26 arising from the conduct of insurance business in the Polish market. 123 No material sanctions for non-compliance with personal data protection regulations were imposed on the Group. In response to identified breaches, the internal control system is being upgraded to prevent future incidents. Data privacy and security are regularly communicated to employees, with ongoing training that must be periodically renewed. On average, each Company employee received 0.8 teaching hour of training on personal data protection.
The Group's strong commitment to corporate social responsibility is reflected in its projects, partnerships and donations, which align with its strategic guidelines. In parallel, the Group will promote environmental and social responsibility projects that contribute to the achievement of the United Nations Sustainable Development Goals (SDGs). Engagement with local communities is guided by in-house policies and international best practices. The rules on the implementation of prevention activities and the allocation of funds for prevention define the general principles and guidelines for the development of prevention activities, sources of funding and implementing bodies, the purpose and conditions for the use of the funds allocated to prevention, and the process for carrying out these activities. The sponsorship and donor partnerships rules and the guidelines on sponsorship and donation management govern the terms, conditions, methods and processes of sponsorship and donor partnerships. Practices adopted in the parent company are transferred to the Group subsidiaries by implementing minimum standards.124
cultural, educational, road safety, property safety, environmental and health activities. The achievement of this main objective is measured through reputation surveys. For each medium- to large-scale project or programme, the Group monitors its reach and contribution, taking into account the use of resources. This includes measuring media coverage, impact on local communities' behaviour, drivers, risk reduction (e.g. road accidents, safe kilometres travelled, education). The Group has not yet defined the detailed methodology and data sources for the described community-related objectives, nor assessed their alignment with national, international or EU policies. Relevant stakeholders are involved in the target-setting process, as outlined in the context of the double materiality assessment process and in the stakeholder engagement table. Implementation is regularly monitored and reviewed (including the baseline value and baseline year for measuring progress), though details are not publicly disclosed due to business confidentiality. In the coming reporting periods, the focus will be on further improving transparency and gradually introducing methodological approaches to allow for greater alignment with ESRS requirements.
The volume of generated assets distributed among various stakeholders of the Group is shown by economic value distributed, which amounted to EUR 1.621,3 million in 2024.
| Economic value distributed of the Triglav Group | EUR million | 2024 | 2023 | 2024/2023 | ||
|---|---|---|---|---|---|---|
| Economic value generated | 1,712.9 | 1,642.4 | 104 | |||
| Economic value distributed | 1,621.3 | 1,682.9 | 96 | |||
| Gross written premium and net reinsurance result | 819.6 | 989.6 | 83 | |||
| Expenses from financial assets | 278.9 | 207.0 | 135 | |||
| Other expenses | 41.0 | 29.5 | 139 | |||
| Operating expenses (excluding employee payments, allowances and benefits and investments into the community) | 198.3 | 188.4 | 105 | |||
| Employee payments, allowances and benefits | 206.5 | 197.9 | 104 | |||
| Dividend payments | 39.7 | 56.8 | 70 | |||
| Tax expense | 27.6 | 4.8 | 576 | |||
| Investments into the community (prevention, donations, sponsorships) | 9.5 | 8.9 | 107 | |||
| Economic value retained | 91.7 | – | 40.5 |
The figures for 2023 are unaudited. The Group's responsibility to the community is fulfilled primarily through investments in prevention, sponsorships and donations, as well as investments in infrastructure at national and local levels. Their content is defined based on:
Sponsorships and donor partnerships and participation in investments in prevention;
In 2024, the Group allocated a total of EUR 9.5 million for investment in prevention, sponsorships and donations, with 30% designated for investment in prevention, 61% for sponsorships and 9% for donations.
Through prevention projects and activities, the Group works to prevent disasters, mitigate and manage the impact of damage across various areas. Efforts are focused on innovation, leveraging advanced technologies to enhance safety and risk awareness, and understanding generational needs and opportunities. Special emphasis is placed on mental health awareness through the #zVamiSmo initiative and on financial literacy through the Insure Our Future project.
| 2022 | 2023 | Zavarovalnica Triglav | Triglav Group |
|---|---|---|---|
| 2.0% | 1.3% | 7.9% | 0.1% |
| 32.5% | 4.4% | 51.8% | 1.6% |
| 1.4% | 6.3% | 3.2% | 28.8% |
| 7.9% | 50.9% |
Impact Assistance in the event of a sudden cardiac arrest:
Mental health:
Impact Long and safe mobility for drivers, partner: AMZS
Partner: Zavod Reševalni pas (Rescue Lane Institute)
Together for Road Safety project, partner: COPS system
Together for Road Safety project, partners Sipronika and Zavod Vozim (Vozim, Institute for Innovative Education)
andCulture, Butan plin, Slovenian Traffic Safety Agency, National Education Institute of Slovenia ▪ As part of the Use Your Head, Don't Lose It (Ne bluzi, z glavo kruzi) initiative, the Be bright, be safe (Dejmo se videt) project for safer urban mobility among young people was developed in collaboration with the Vozim Institute, the Faculty of Natural Sciences and Engineering at the University of Ljubljana and the Yootree agency. Fashion design students contributed to the creation of an innovative collection of reflective clothing and visible accessories.
In the context of the traditional New Year's prevention campaign For a Better Tomorrow (Za boljši jutri), 27 prevention projects were supported in local communities across Slovenia. Funds were allocated to firefighters, healthcare institutions, a care home, an education, rehabilitation and training centre, a cerebral palsy society and municipalities. Over the past ten years, more than 270 prevention projects have received our support.
Preventive equipment and training for technical centre staff in Montenegro Co-financing of protective equipment and staff training to reduce risks and enhance road safety.
Environmental drive marking the 20th anniversary of Slovenia's membership in the European Union (part of the Slovenia Green initiative, Association of Slovenian and Macedonian Entrepreneurs, North Macedonia) Cleaning up local landfills.
Protective and firefighting equipment, partners: various firefighting organisations and companies, Bosnia and Herzegovina Co-financing of fire protection and firefighting equipment.
A unified set of guidelines governs sponsorship and donor partnerships to ensure alignment with the Company's values, principles and brand identity. The focus was on expanding sponsorship partnerships, particularly in sports, supporting the development of young athletes and promoting the benefits of a healthy lifestyle. The Triglav Group is a renowned partner of national sports associations, international sports events and numerous sports clubs in its markets.
The figures for 2023 are unaudited. The 2023 figure for Zavarovalnica Triglav does not include data for Triglav, Zdravstvena zavarovalnica, which was merged into Zavarovalnica Triglav in 2024.
| Funds for sponsorships of the Triglav Group and Zavarovalnica Triglav in EUR million* | * The figures for 2023 are unaudited. The 2023 figure for Zavarovalnica Triglav does not include data for Triglav, Zdravstvena zavarovalnica, which was merged into Zavarovalnica Triglav in 2024. | |||||||
|---|---|---|---|---|---|---|---|---|
| 0.0% | 1.0% | 3.0% | 1.0% | 13.0% | 82.0% | |||
| 0.0% | 0.7% | 2.2% | 1.8% | 10.8% | 84.6% | |||
| Environment projects | Health | Sustainability projects | Education | Culture | Sports | |||
| Triglav Group | Zavarovalnica Triglav | 3.7 | 3.2 | 2.9 | 5.8 | |||
| 4.7 | 5.1 | 2024 | 2023 | 2022 | Zavarovalnica Triglav | |||
| Triglav Group |
In 2024, the Triglav Lab development and demonstration centre hosted 130 events and workshops for various educational, preventive, business, product, awareness and brand-building purposes. These included thematic events related to home, mobility, health, financial/digital/insurance literacy, such as:
A total of 20 press conferences were hosted: Ski Association of Slovenia, Slovenian Football Association, Onkoman, Firecrackers, No Thanks!
Triglav Lab further strengthened its role in development, testing and research through various activities, also aimed at obtaining user feedback and building contacts. Special emphasis was placed on young people, raising the profile of this target group and gaining their insights into the insurance industry. Nearly 1,000 young people participated in 40 events and workshops, including the Triglav Group's Top Experience, A Career after a Career and the Finance School for Young People in collaboration with Moje Finance magazine, DMS Student Section and others.
Awareness-raising efforts in the area of psycho-physical fitness were reinforced with events such as Care for the Brain, Let's Talk about Alcohol and Digital Addiction. Additionally, five episodes of the Triglav Lab podcast Open about the Hidden were recorded, addressing issues that concern young people.
Through research and mobile Triglav Lab activities, field activations on the Crossroads of Micromobility and quantitative and qualitative research on micromobility perceptions were conducted. With other simulators and the 3D avatar TRIO, the Company was present at 30 locations across Slovenia.
The Everything Will Be Alright Institute (Zavod Vse bo v redu) includes corporate social responsibility initiatives to support and assist disadvantaged members of society, as well as preventive activities. The main projects in 2024 were:
The Young Hopes (Mladi upi) corporate social responsibility project provides support to young, talented individuals who are just starting to break through in their fields but face challenges securing professional or sponsorship funding to develop their potential. Through this project, the Company and its Everything Will Be Alright Institute financially support dedicated young individuals, providing tangible assistance in the development of their skills, ambitions and talents.
The 12th Young Hopes open call was launched in 2024, receiving 57 applications from various fields: sport, para-sport, art and science. From the 57 applications, a panel of judges selected 12 outstanding young talents: five artists, six athletes and one scientist. The para-athlete was chosen through online public voting.
Following last year's extreme weather events, the Institute once again donated funds to support those affected by floods and storms through three organisations: Adra, Slovene Philanthropy and Slovenian Association of Friends of Youth. In solidarity with those affected by violence, accidents and diseases caused by alcohol, the Everything Will Be Alright Institute participated in the 40 Days Alcohol-Free campaign for the ninth consecutive year, under the slogan "A Source of Joy and Unity". The campaign promotes healthy and sober lifestyles through activities for the general public.
This year, the campaign brought visitors to the valley below the Ponce Mountains for the FIS Ski Jumping World Cup Finals, promoting responsible alcohol consumption through voluntary breathalyser tests.
As part of its humanitarian and preventive efforts to mitigate loss events and address their consequences in Slovenia, the Institute signed a commitment to long-term cooperation in the Green Heart of Karst project. The Group joined the Karst reforestation project, which, in collaboration with the Slovenian Forest Service and other stakeholders, aims to restore the green image and reforest the recently fire-ravaged Karst region.
On 22 November 2024, over 50 Group employees, along with other volunteers from Slovenia and abroad, planted around 20,000 seedlings of native deciduous trees at the site of the catastrophic fire in the Fajtji Hill area in the municipality of Renče. The Everything Will Be Alright Institute contributed EUR 16,000 in total in 2022–2024 for the restoration of both the Karst forest and the entire ecosystem of one of the most biodiverse areas in Europe. These funds were allocated to the Slovenian Forest Service.
Zavarovalnica Triglav d.d., Ljubljana Miklošičeva cesta 19, 1000 Ljubljana
Email: [email protected]
The Group is aware that by acting legally and ethically and by respecting the fundamental principles of corporate integrity it maintains its safe operations, reputation and credibility, ensures the efficient management of the Group and strengthens the mutual cooperation and trust of its shareholders, investors, clients, suppliers, partners and other stakeholders. Efforts are made to establish appropriate, transparent, clear and up-to-date rules of conduct and procedures, including mechanisms to ensure legality and compliance.
The Group has established policies and internal acts to manage material impacts, risks and opportunities related to business conduct and corporate culture, including the Triglav Group Code, the Corruption Risk Management Policy, the Rules on the Handling of Internal Fraud and Violations of the Triglav Group Code, the Rules on the Protection of Workers' Dignity, the Agreement Management Policy, the Rules on Sponsorship and Donor Partnerships, the Rules on Procurement at Zavarovalnica Triglav, and others.
Zavarovalnica Triglav complies with the United Nations Global Compact Slovenia Declaration on Fair Business and is a signatory to the Commitment for implementing the principles of fair and ethical conduct and ensuring integrity and transparent business, the Slovenian Corporate Integrity Guidelines, and the Commitment to Respect Human Rights in Business in line with the National Action Plan of the Slovenian Ministry of Foreign and European Affairs. The Group is also in the process of transposing the guidelines of Directive (EU) 2019/1937 on the protection of whistleblowers. All Group companies comply with the legislation of the countries in which they operate, with the parent company's practices integrated into their operations through the Zavarovalnica Triglav's minimum standards for its subsidiaries.
Corporate culture is defined by the Triglav Group Code (hereinafter: the Code), the Group's main ethical document and foundation. The Code establishes uniform business and ethical standards for companies, consolidating the standards of conduct used. It provides guidance for drafting other internal documents of Group companies, which must comply with its provisions. It applies to both governance bodies and all employees and is translated into all the languages in which the Group operates. The Code emphasises that engaged, highly professional and motivated employees are the foundation of sustainable development and accountability to all stakeholders.
The Compliance Office identifies, measures and assesses compliance and corporate culture risks by evaluating the risk of violations of the Code's core values and ethical principles. It also maintains a risk register and an internal control register. Compliance risk assessments are reported to the (operational) risk management body. In line with the Compliance Policy, all employees receive regular training on compliance risk assessment, regulatory requirements and other commitments. The Compliance and Sustainable Development Committee addresses complex issues related to legislation and its implementation, positions of supervisory or other government/EU bodies, and matters concerning transparent and ethical business conduct.
Compliance development and implementation across all Group companies are ensured through the preparation of minimum standards for Group subsidiaries, as well as through guidance, expert advice, internal documents, training materials, regular compliance monitoring in subsidiaries, risk assessments and targeted reviews. This approach standardises business processes, facilitates knowledge transfer, and promotes corporate culture exchange of know-how in good business practices across the Group's insurance and financial companies. An annual communication plan and training calendar are prepared for employee training.
The Corruption Risk Management Policy places special emphasis on managing risks in high-exposure areas. In 2024, a survey on indications of corruption within the Triglav Group was conducted among employees at the government level, the insurance sector level, the individual company level, as well as at the level of business processes and groups of individuals working at the Company. The survey also assessed the adequacy of rules and controls for preventing corruption, the level of zero tolerance towards corruption and the detection of bribery cases. Results indicated that public procurement, purchasing, claims processing and settlement, and insurance sales through contracted points of sale are slightly more exposed to corruption risk.
Procedures for identifying, managing and taking action in the event of unlawful conduct are regulated by the Rules on the Handling of Internal Fraud and Violations of the Triglav Group Code. At least one communication channel for reporting violations (an online form, a hotline for reporting fraud or the email address [email protected]) is established in all insurance and financial companies of the Group. In companies with 50 or more employees, a whistleblower may also report violations through a dedicated application, which is accessible at https://prevare.triglav.eu/whistleblower/#/zt. This platform ensures that the identity of the whistleblower is protected (including anonymous handling) and that high standards of security are applied.
Other identification mechanisms include the detection of key and control functions within audits, the exchange of information between them, the identification of non-compliant behaviour through audit findings, external bodies and the mandatory reporting of detected violations and operational loss events by organisational units to the Compliance Office and the Risk Management Department. The Compliance Office reports to relevant internal committees and departments, as well as the Management Board and the Supervisory Board, on a half-yearly basis about procedures for handling suspicions of corruption. In the event of a confirmed suspicion, it informs the Management Board and, where appropriate, the Supervisory Board.
assistance, support in informing law enforcement authorities, security measures, and other necessary actions and sanctions against perpetrators. Additional safeguards for employees ensure the unconditional recognition of the right to report alleged unwanted conduct, ensuring that reports are handled appropriately, with due consideration and confidentiality, and preventing disclosure to unauthorized persons. Reports are addressed promptly through a fair hearing and procedure, with appropriate action taken against perpetrators of unwanted conduct, while false allegations are sanctioned.137 In 2024, the Group dealt with 20 reports of alleged violations of the Code and 10 cases of reported suspected internal fraud, of which 13 Code violations and 9 instances of internal fraud were confirmed.
The insurance fraud management system is based on ethical conduct, rapid risk identification and fraud prevention. Advanced technological systems are used to detect suspected fraud, which are regularly updated to stay ahead of new forms of fraud. The effectiveness of internal control systems is also monitored and improved. Insurance fraud was confirmed in 1,119 cases out of 1,756 reported cases of suspected fraud in 2024. Employees are the first line of defence against fraud, which is why they undergo regular training on identifying suspected insurance fraud. In 2024, 42 hours of employee training on insurance fraud were conducted, along with participation in 14 hours of external events on the subject. Cooperation with relevant government bodies and other insurance companies in the fight against fraud is ensured as necessary.
The table below outlines the 2024 training sessions on corruption-related topics, including: risk, identification and reporting, underwriting, whistleblower protection, public procurement, receiving and giving gifts and hospitality, sponsorships, donations, respect for human rights and related topics. Training is typically conducted annually, with a mandatory knowledge assessment at least once every three years, covering the following areas: definition of corruption, corruption risk management policies, third-party contracting procedures, procedures for handling suspected or identified corrupt practices, employee obligations regarding corrupt practices, protection of whistleblower identity and safeguards against retaliation, public procurement procedures, gifts, sponsorship and donations, respect for human rights and related topics. Training courses are available via the Group's E-Campus and include a post-training knowledge assessment.
| Training Coverage | Employees in Key Functions of the Governance System | Leaders | Management Board and Supervisory Board | Other Employees |
|---|---|---|---|---|
| Total Required | 90 | 250 | 10 | 1,880 |
| Total Implemented | 111 | 481 | 12 | 4,879 |
| Training Method | In-person training | 24 | 40 | 24 |
| Computer-based training | 87 | 441 | 12 | |
| Frequency | How often training is required | twice yearly | annually | annually |
In 2024, no confirmed cases of corruption were recorded in the Triglav Group, nor were any convictions, fines or other measures imposed for violations of anti-corruption legislation.
The Group is committed to respecting consumer rights and good business practices in its operations, product development and marketing. When choosing suppliers, it aims for transparency and respects the protected interests of its competitors, while avoiding the risk of violating regulations and the principles of fair competition. In the markets where the Group holds a dominant position, consumers are advised to be cautious when taking out insurance and business partners when entering into business relationships. One proceeding for alleged non-compliance with competition protection rules has been initiated against a Group subsidiary company, and it is still pending.
The Company's procurement procedures follow a well-defined selection process with built-in internal controls. Procurement procedure management is supported by a standardised software solution, which increases the transparency and reduces the operational risks of non-compliance with good business practices. The adopted general terms and conditions for suppliers require a sustainability assessment for all suppliers and contractual partners before an agreement is concluded. At a minimum, compliance with all legal requirements is mandatory.146
Important criteria in assessing supplier suitability include risks of corrupt practices, conflicts of interest and political exposure. When assessing business sustainability, the Company evaluates respect for human rights, the provision of a safe and healthy work environment for employees and other workers, compliance with Slovenian legislation, international human rights documents and environmental legislation requirements. Since 2023, suppliers' ESG maturity has also been quantitatively assessed using a scoring system. New suppliers undergo assessment in the selection process, while existing suppliers are reviewed annually. The aforementioned ESG criteria were applied to evaluate 1,047 suppliers and potential suppliers participating in the selection process. Whenever possible, preference is given to local sourcing (minimising international transport) and sustainable sourcing (recycled materials, renewables, reuse, refurbishment). These priorities are applied on a level playing field.
Under the general terms and conditions, suppliers are required to report any changes that affect sustainability aspects or compliance with these terms.147 Insurance agents and sales staff also form a large part of the Group's sales network. In 2024, it included over 1,640 outsourcers. See Appendix 2. Business network of the Triglav Group for further information.
At the core of digital operational resilience is ensuring the confidentiality, integrity, authenticity and availability of the information and systems that support the implementation of the Group's strategy. These principles are upheld by all Group companies through adherence to minimum standards. To effectively manage information security risks, including those related to information and communication technology (ICT), the Group has established an information security management system (ISMS). These risks are managed as a key component of operational risk management within the comprehensive risk management system (see Section 9.1 Risk management system).
Information security objectives are aligned with strategic goals, with specific measures developed to achieve them. Information security risks are regularly assessed in accordance with ISO/IEC 27001 requirements and relevant legislation. This process involves identifying and analysing potential threats and vulnerabilities that could impact the security and continuity of business processes. Based on these assessments, guidelines and detailed measures are formulated to manage and mitigate risks effectively and enhance security practices. A proactive approach is considered essential to achieving information security objectives. Therefore, assessment results, identified risks and proposed measures are regularly discussed at internal committee meetings, such as the Operational Risk Committee, and at Management Board meetings.
Information security objectives are shaped by the needs and expectations of key stakeholders and aligned with strategic goals. The performance of control processes is regularly monitored through a set of indicators, which were upgraded and further refined in 2024. These indicators track five key objectives:
Information security and digital operational resilience. In 2024, the Company's incident management process was overhauled, leading to improved identification and a 40% increase in incident handling compared to the previous year, all of which were of low severity. Security monitoring systems detected 22% more security incidents related to ICT systems and services, all of which were effectively resolved – 40% through automated means based on predefined rules.
Information security risks associated with the Group's business, ICT assets for business processes and outsourcers (including subcontractors) in the ICT area are continuously identified and managed to maintain them at an acceptable level. The Company's effective and comprehensive ICT risk management framework was upgraded in line with the Digital Operational Resilience Act (DORA), with a stronger focus on ICT outsourcers and associated risks, with a more in-depth assessment of these risks. In 2024, 17% more risks were assessed compared to the previous year.
Staff training and employee awareness initiatives ensure a consistently appropriate level of knowledge regarding information security risks in the Group's operations, as well as technological solutions and other risk management methods. Roles and responsibilities are assigned to employees to ensure collective responsibility for information security, minimising the impact of security threats. All employees receive regular training on information security and social engineering techniques. Updates on current cybersecurity threats and guidance on maintaining high security levels of information and assets are provided via the internal portal and email. Employee awareness is continuously monitored through post-training tests and annual evaluations of social engineering recognition, with a focus on phishing. Staff also receive additional training on information security aspects through professional workshops, seminars and conferences.
In 2024, the scope of mandatory training was expanded and revised to address current cybersecurity risks. On average, employees completed at least one additional information security training compared to the previous year. Awareness levels are assessed through post-training tests and annual social engineering simulations, particularly targeting phishing. A positive trend in awareness improvement has been observed. Staff receive additional training on information security aspects through workshops, seminars and conferences.
business continuity. An annual self-assessment of the highest risk concentrations by process was conducted in 2024. Test scenarios are designed based on prevailing threats and trends in digital operational resilience, with a particular focus in 2024 on scenarios involving the recovery or re-establishment of critical ICT systems (see Section 2.8.2.6 in the Accounting Report for more details on business continuity system).
The performance of the Company's information security management system is continuously monitored and improved to ensure compliance with legislative requirements, European Supervisory Authority (EIOPA) guidelines and positions of the relevant supervisory authorities. In 2024, DORA requirements were intensively implemented to enhance digital operational resilience. Processes and procedures related to ICT assets and services were upgraded based on updated information security documents, incorporating recommendations from internal and external audits and additional requirements from the latest edition of the ISO/IEC 27001 standard.
The information security management system of the Company, as the parent company, and the Group, as its operator, is certified under ISO/IEC 27001, reinforcing a commitment to continuous improvement. In addition to regular activities such as risk management, verification of the effective functioning of implemented controls and reporting to top management on the active management of the system, a successful transition to the revised and upgraded requirements of the standard was completed in 2024. This was confirmed at the end of the year by an external independent audit and the renewal of the certificate.
The ICT risk management system was further upgraded by implementing DORA requirements. The Company's internal documents were also revised to align with the new ISO/IEC 27001 standard and the DORA.
ICT incidents can significantly impact the Group's operations and the achievement of strategic objectives. Regular planning and implementation of activities ensure the identification of current ICT risks, the establishment of measures to reduce them to an acceptable level, and the enhancement of response capabilities for identified ICT events and incidents. This approach limits and swiftly mitigates their impact while implementing measures to reduce the likelihood of, or prevent, new ICT incidents (see Section 4.1.3 Digital transformation and cyber security).
Security and monitoring tools are in place to continuously track the performance of ICT systems and services and detect events that could impact security. High-performance automation, leveraging artificial intelligence and machine learning capabilities, effectively addresses identified vulnerabilities, thereby strengthening the security of systems and services. The current approach is based on a zero-trust architecture. The Company's cyber security operations center focuses on prevention activities, early identification and real-time response to security incidents to prevent data loss and minimize the impact of incidents on the Group's operations.
Incorporated into internal processes and systems to strengthen information security and enhance the Group's digital operational resilience. In response to the rapidly growing cyber threat landscape, financial investments in advanced information security and digital operational resilience solutions are increasing annually at a rate of over 30%. One-third of the annual budget is allocated to cyber threat protection services and ICT system security, with the remaining two-thirds dedicated to cyber resilience software solutions.
In November 2023, the Company's Internal Audit Department prepared an annual work plan, which was adopted by the Management Board with the consent of the Supervisory Board. The plan is based on an audit risk assessment, strategic orientations and work guidelines. It identifies the need to increase the frequency of internal audits in areas with major risks identified, including ICT, which are regularly audited. As part of its mandate, the Internal Audit Department regularly monitors the implementation of issued recommendations and provides periodic reports to the Management Board, the Audit Committee and the Supervisory Board.
In the audits conducted in 2024 at the Company and selected Group companies, the focus was primarily on the management of ICT process areas. In this context, the audits also examined the management of cyber risks, including the implementation of recommendations related to cybersecurity, remote work security, and cloud services and data warehouse management.
The Management Board herewith confirms the financial statements Zavarovalnica Triglav, d.d. and Triglav Group for the year ended 31 December 2024, and the accompanying accounting policies and notes to the accounting policies.
The Management Board is responsible for preparing the Annual Report so that it is a true and fair presentation of the Company's and Group's assets and liabilities, financial position and profit for the year ended 31 December 2024 in accordance with International Financial Reporting Standards as adopted by the EU.
The Management Board additionally confirms that the appropriate accounting policies were consistently used and that the accounting estimates were prepared according to the principles of prudence and good management.
The Management Board furthermore confirms that the financial statements, together with the notes, are prepared on a going concern basis and that they comply with the applicable legislation and International Financial Reporting Standards as adopted by the EU.
The Management Board confirms that the Business Report includes a fair presentation of the development and financial position of the Company and the Group, including a description of the significant risks to which the Company and the Group are exposed.
The Management Board is also responsible for appropriate accounting practices, for the adoption of appropriate measures for the protection of assets, and for the prevention and identification of fraud and other irregularities or illegal acts.
The tax authorities may, at any time within the period of five years since the day the tax becomes chargeable, review the operations of the Company, which may result in additional tax liabilities, default interest and penalties related to corporate income tax and/or other taxes or levies.
The Management Board of the Company is unaware of any circumstances that could potentially result in any such significant liability.
Uroš Ivanc - Management Board Member
Tadej Čoroli - Management Board Member
Marica Makoter - Management Board Member
Blaž Jakič - Management Board Member
Ljubljana, 11 March 2025
| Notes | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 adjusted* | 1 Jan 2023 adjusted* |
|---|---|---|---|---|---|
| ASSETS | 4,538,330,535 | 4,099,028,699 | 3,273,829,367 | 2,998,918,684 | |
| Property, plant and equipment | 105,867,185 | 106,828,809 | 66,060,514 | 68,853,107 | 70,920,360 |
| Investment property | 70,411,373 | 67,953,773 | 44,971,145 | 43,427,181 | 43,377,173 |
| Right-of-use assets | 10,051,743 | 11,113,449 | 4,119,049 | 4,813,383 | 4,369,011 |
| Intangible assets and goodwill | 53,361,912 | 54,656,306 | 28,451,322 | 31,039,279 | 31,295,721 |
| Deferred tax assets | 14,239,505 | 21,967,548 | 12,796,824 | 19,166,719 | 13,035,369 |
| Investments in subsidiaries | 0 | ||||
| Investments in associates and jointly controlled companies accounted for using the equity method | 55,621,373 | 37,708,062 | 55,059,388 | 37,218,841 | 37,369,536 |
| Financial investments | 3,040,591,870 | 2,642,840,770 | 2,261,370,605 | 1,955,647,480 | 1,959,726,933 |
| – at fair value through other comprehensive income | 1,911,560,385 | 1,672,966,932 | 1,301,734,118 | 1,161,179,788 | 1,220,117,377 |
| – at amortised cost | 222,568,437 | 229,559,727 | 143,875,820 | 142,843,306 | 151,767,345 |
| – at fair value through profit or loss | 906,463,048 | 740,314,111 | 815,760,667 | 651,624,386 | 587,842,211 |
| Financial contract assets | 755,007,158 | 674,115,145 | 290,843,831 | 259,624,041 | 234,968,514 |
| – investments at amortised cost | 245,995,862 | 283,215,425 | 77,040,081 | 86,215,285 | 99,398,022 |
| – investments at fair value through profit or loss | 493,515,077 | 366,826,746 | 207,542,830 | 169,625,986 | 131,403,313 |
| – receivables from financial contracts | 405,599 | 123,066 | 314,486 | 83,130 | 398,787 |
| – cash from financial contracts | 15,090,620 | 23,949,908 | 5,946,434 | 3,699,640 | 3,768,392 |
| Insurance contract assets | 19,841,107 | 12,093,878 | 14,432,147 | 10,959,726 | 7,395,480 |
| Reinsurance contract assets | 289,610,255 | 327,733,155 | 249,461,236 | 306,936,690 | 168,510,270 |
| Non-current assets held for sale | 49,390 | 3,129,709 | 0 | 1,141,578 | 0 |
| Current corporate income tax assets | 260,573 | 8,491,524 | 0 | 9,302,529 | 1,503,957 |
| 3.7.7 | 44,538,200 | 37,644,003 | 27,753,903 | 20,448,498 | 35,359,592 |
|---|---|---|---|---|---|
| 3.7.8 | 68,951,079 | 84,420,667 | 18,165,321 | 31,906,343 | 21,111,319 |
|---|---|---|---|---|---|
| 3.7.9 | 9,927,812 | 8,331,901 | 3,719,625 | 2,808,831 | 2,791,015 |
|---|---|---|---|---|---|
| 4,538,330,535 | 4,099,028,699 | 3,273,829,367 | 2,998,918,684 | 2,813,366,207 |
|---|---|---|---|---|
| 3.7.10 | 989,042,206 | 891,099,983 | 741,642,739 | 682,526,257 | 691,858,436 |
|---|---|---|---|---|---|
| 984,886,661 | 887,415,730 | 741,642,739 | 682,526,257 | 691,858,436 |
|---|---|---|---|---|
| 73,701,392 | 73,701,392 | 73,701,392 | 73,701,392 | 73,701,392 |
|---|---|---|---|---|
| 50,322,579 | 50,322,579 | 53,412,884 | 53,412,884 | 53,412,884 |
|---|---|---|---|---|
| 364,680 | 364,680 | 0 | 0 | 0 |
|---|---|---|---|---|
| -364,680 | -364,680 | 0 | 0 | 0 |
|---|---|---|---|---|
| 560,947,903 | 505,102,982 | 534,616,604 | 485,616,604 | 466,616,604 |
|---|---|---|---|---|
| -31,253,300 | -37,415,983 | -29,518,795 | -30,153,273 | -51,793,307 |
|---|---|---|---|---|
| 259,193,767 | 306,091,948 | 60,198,757 | 104,730,894 | 203,780,821 |
|---|---|---|---|---|
| 75,049,032 | -7,192,538 | 49,231,897 | -4,782,244 | -53,859,958 |
|---|---|---|---|---|
| -3,074,712 | -3,194,650 | 0 | 0 | 0 |
|---|---|---|---|---|
| 4,155,545 | 3,684,253 | 0 | 0 | 0 |
|---|---|---|---|---|
| 3.7.11 | 152,130,399 | 49,994,402 | 152,130,399 | 49,994,402 | 49,941,796 |
|---|---|---|---|---|---|
| 3.7.5 | 2,212,405 | 1,865,810 | 0 | 0 | 0 |
|---|---|---|---|---|---|
| 3.5 | 755,007,158 | 674,115,145 | 290,843,831 | 259,624,041 | 234,968,514 |
|---|---|---|---|---|---|
| 3.1 | 2,473,497,966 | 2,330,647,605 | 1,982,613,699 | 1,919,950,640 | 1,732,053,911 |
|---|---|---|---|---|---|
| 3.2 | 2,154,438 | 6,460,600 | 429,625 | 0 | 4,052,657 |
|---|---|---|---|---|---|
| 3.7.12 | 25,996,131 | 30,347,485 | 14,878,394 | 16,023,250 | 18,117,857 |
|---|---|---|---|---|---|
| 3.7.3 | 10,656,690 | 11,665,333 | 4,302,797 | 5,033,767 | 4,491,124 |
|---|---|---|---|---|---|
| 317,516 | 663,442 | 69,430 | 22,768 | 22,640 |
|---|---|---|---|---|
| 3.7.16 | 5,633,245 | 571,555 | 2,360,480 | 0 | 9,697,471 |
|---|---|---|---|---|---|
| 3.7.13 | 121,682,381 | 101,597,339 | 84,557,973 | 65,743,559 | 68,161,801 |
|---|---|---|---|---|---|
*The figures for the comparative period are adjusted for the merger of the subsidiary Triglav, Zdravstvena zavarovalnica d.d., as described in Section 2.7.
The notes in Section 2, 3 and 4 are an integral part of the financial statements.
| Notes | 2024 | 2023 adjusted* | 2024 | 2023 adjusted* | |||
|---|---|---|---|---|---|---|---|
| Insurance service result | 159,668,243 | 82,217,202 | 129,154,926 | 59,321,919 | |||
| – insurance income | 3.1 | 1,297,899,920 | 1,157,910,703 | 911,051,366 | 792,319,901 | ||
| – insurance service expenses | 3.1 | -997,300,760 | -1,107,300,071 | -651,239,341 | -772,527,441 | ||
| – net reinsurance service result | 3.2 | -140,930,917 | 31,606,570 | -130,657,099 | 39,529,459 | ||
| Investment result | 3.4 | 159,746,576 | 86,556,798 | 134,861,313 | 69,821,254 | ||
| – interest income calculated using the effective interest method | 47,286,696 | 34,922,060 | 29,070,766 | 22,126,049 | |||
| – dividend income | 2,599,868 | 2,705,064 | 2,019,695 | 2,441,534 | |||
| – net gains and losses on financial investments | 103,459,972 | 49,437,626 | 98,758,150 | 43,819,372 | |||
| – net impairment and reversal of impairment of financial investments | 3,334,270 | 2,162,900 | 2,754,998 | 1,362,044 | |||
| – other effects of investing activities | 3,065,770 | -2,670,852 | 2,257,704 | 72,255 | |||
| Financial result from insurance contracts | -118,428,159 | -69,597,122 | -110,015,438 | -62,796,223 | |||
| – financial result from insurance contracts | 3.1 | -124,991,075 | -69,662,641 | -115,748,853 | -62,933,739 | ||
| – financial result from reinsurance contracts | 3.2 | 6,562,916 | 65,519 | 5,733,415 | 137,516 | ||
| Income from asset management | 3.7.14 | 49,364,063 | 39,685,486 | 3,158,050 | 2,854,726 | ||
| Non-attributable operating expenses | 3.6 | -100,950,971 | -91,124,574 | -43,730,392 | -39,651,436 | ||
| Net other operating income and expenses | 3.7.14 | -8,138,587 | 1,051,073 | -15,861,691 | -46,756 | ||
| Net other financial income and expenses | 3.7.15 | -7,300,418 | -3,680,153 | -7,006,800 | -2,799,969 | ||
| Net impairment and reversal of impairment of non-financial assets | 3.3 | -66,398 | -2,515,516 | -66,111 | -2,502,745 | ||
| Gains and losses on investments in associates | 3.7.16 | 6,944,203 | 2,242,935 | 9,098,991 | 18,585,761 | ||
| Net other income and expenses | 2,055,945 | 4,000,176 | 1,843,908 | 750,491 | |||
| EARNINGS BEFORE TAX FROM CONTINUING OPERATIONS | 142,894,497 | 48,836,305 | 101,436,756 | 43,537,022 | |||
| EARNINGS BEFORE TAX FROM DISCONTINUED OPERATIONS | 16,147,704 | -27,775,868 | 16,147,704 | -27,775,868 |
| Expense from continuing operations | -27,624,088 | -10,298,619 | -19,352,563 | -7,046,775 |
|---|---|---|---|---|
| Tax expense from discontinued operations | 0 | 5,503,377 | 0 | 5,503,377 |
| Net earnings for the period from continuing operations | 115,270,409 | 38,537,686 | 82,084,193 | 36,490,247 |
| Net earnings for the period from discontinued operations | 16,147,704 | -22,272,491 | 16,147,704 | -22,272,491 |
| Total net earnings for the period | 131,418,113 | 16,265,195 | 98,231,897 | 14,217,756 |
| Net earnings per share (basic and diluted) | 150 | 5.76 | 0.71 | |
| – controlling interests | 130,893,953 | 16,076,485 | ||
| – non-controlling interests | 524,160 | 188,710 |
The figures for the comparative period were adjusted to reflect the merger of the subsidiary Triglav, Zdravstvena zavarovalnica d.d. and the reclassification of income and expenses from discontinued operations into the separate item "net earnings for the period from discontinued operations". These two changes are further detailed in Sections 2.7 and 3.7.6.
Basic earnings per share are calculated by dividing the shareholders' net profit by the weighted average number of ordinary shares, excluding ordinary shares held by the Company or the Group. The Group and the Company do not have dilutive potential ordinary shares, thus the basic and diluted earnings per share are the same.
| Triglav Group | Zavarovalnica Triglav | 2024 | 2023 adjusted* | 2024 | 2023 adjusted* | |
|---|---|---|---|---|---|---|
| Total net earnings for the period | 131,418,113 | 16,265,195 | 98,231,897 | 14,217,756 | ||
| Other comprehensive income for the period after tax from continuing operations | 6,313,562 | 33,125,712 | 674,073 | 31,742,115 | ||
| Items that will not be reclassified to profit or loss in future periods | 230,350 | 2,819,594 | 256,381 | 2,581,505 | ||
| – effects of equity instruments | 346,321 | 4,411,447 | 258,519 | 4,332,776 | ||
| – actuarial gains and losses related to employee benefits | -144,838 | -1,522,053 | -31,908 | -1,575,443 | ||
| – other gains and losses that will not be reclassified to profit or loss | 0 | 127,558 | 0 | 0 | ||
| – tax on items that will not be reclassified to profit or loss | 28,867 | -197,358 | 29,770 | -175,828 | ||
| Items that may be reclassified to profit or loss in future periods | 5,964,171 | 30,352,118 | 417,692 | 29,160,610 | ||
| – effects of insurance contracts | -25,712,354 | -48,987,812 | -20,285,725 | -37,170,823 | ||
| – effects of reinsurance contracts | 1,955,207 | 3,647,394 | 1,427,411 | 4,091,190 | ||
| – effects of debt instruments | 30,857,492 | 80,059,376 | 19,280,482 | 66,691,229 | ||
| – other gains and losses that may be reclassified to profit or loss | 0 | 0 | 0 | 0 | ||
| – tax on items that may be reclassified to profit or loss | -1,136,174 | -4,366,840 | -4,476 | -4,450,986 | ||
| Translation differences | 119,041 | -46,000 | 0 | 0 | ||
| Other comprehensive income for the period after tax from discontinued operations | -2,979 | 1,545,820 | -2,979 | 1,545,820 | ||
| Total other comprehensive income for the period after tax | 6,310,583 | 34,671,532 | 671,094 | 33,287,935 | ||
| Total comprehensive income for the period after tax | 137,728,696 | 50,936,727 | 98,902,991 | 47,505,691 | ||
| Controlling interests | 137,213,190 | 50,822,202 | ||||
| Non-controlling interests | 515,506 | 114,525 |
of income and expenses from discontinued operations into the separate item "net earnings for the period from discontinued operations".
These two changes are further detailed in Sections 2.7 and 3.7.6.
| Reserves from profit | Triglav Group | Share capital | Share premium | Contingency reserves | Legal and statutory reserves | Treasury share reserves | Treasury shares | Other reserves from profit | Accumulated other comprehensive income | Retained earnings | Net profit or loss | Translation differences | Total equity attributable to controlling interests | Equity attributable to non-controlling interests | Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As at 1 January 2024 | 73,701,392 | 50,322,579 | 640,340 | 20,306,674 | 364,680 | -364,680 | 484,155,968 | -37,415,983 | 306,091,948 | -7,192,538 | -3,194,650 | 887,415,730 | 3,684,253 | 891,099,983 | |||||
| Comprehensive income for the period after tax | 0 | 0 | 0 | 0 | 0 | 0 | 6,162,683 | 36,616 | 130,893,953 | 119,938 | 137,213,190 | 515,506 | 137,728,696 | ||||||
| - net profit | 0 | 0 | 0 | 0 | 130,893,953 | 0 | 130,893,953 | 524,160 | 131,418,113 | ||||||||||
| - other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 6,162,683 | 36,616 | 0 | 119,938 | 6,319,237 | -8,654 | 6,310,583 | ||||||
| Dividend payment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -39,742,259 | 0 | 0 | -39,742,259 | -1,704 | -39,743,963 | ||||||
| Allocation of last year's net profit to retained earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7,192,538 | 7,192,538 | 0 | 0 | 0 | 0 | ||||||
| Allocation of net profit to reserves from profit | 0 | 1,448,232 | 0 | 0 | 54,396,689 | 0 | 0 | -55,844,921 | 0 | 0 | 0 | 0 | |||||||
| Change in Group | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42,510 | -42,510 | ||||||
| As at 31 December 2024 | 73,701,392 | 50,322,579 | 640,340 | 21,754,906 | 364,680 | - | 538,552,657 | -31,253,300 | 259,193,767 | 75,049,032 | -3,074,712 | 984,886,661 | 4,155,545 | 989,042,206 | |||||
| in EUR | Reserves from profit | Triglav Group | Share capital | Share premium | Contingency reserves | Legal and statutory reserves | Treasury share reserves | Treasury shares | Other reserves from profit | Accumulated other comprehensive income | Retained earnings | Net profit or loss | Translation differences | Total equity attributable to controlling interests | Equity attributable to non-controlling interests | Total | |||
| As at 1 January 2023 | 73,701,392 | 50,304,673 | 640,340 | 20,306,674 | 364,680 | - | 460,886,946 | -60,591,408 | 418,315,033 | -67,037,486 | -3,174,588 | 893,351,576 | 3,614,126 | 896,965,702 | |||||
| Comprehensive income for the period after tax | 0 | 0 | 0 | 0 | 0 | 0 | 23,175,425 | 11,590,354 | 16,0 | -20,062 | 50,822,202 | 114,525 | 50,936,727 | ||||||
| - net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16,076,485 | 0 | 16,076,485 | 188,710 | 16,265,195 | ||||||
| - other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 23,175,425 | 11,590,354 | 0 | -20 | 34,745,717 | -74,185 | 34,671,532 | ||||||
| Dividend payment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -56,775,954 | 0 | 0 | -56,775,954 | -1,135 | -56,777,089 | ||||||
| Allocation of last year's net profit to retained earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67,037,485 | 0 | 0 | 0 | 0 | |||||||
| Allocation of net profit to reserves from profit | 0 | 0 | 0 | 0 | 0 | 0 | 23,269,022 | 0 | 0 | -23,269,022 | 0 | 0 | 0 | ||||||
| Change in Group | 0 | 17,906 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17,906 | -43,263 | -25,357 | ||||||
| As at 31 December 2023 | 73,701,392 | 50,322,579 | 640,340 | 20,306,674 | 364,680 | -364,680 | 484,155,968 | -37,415,983 | 306,091,948 | -7,192,538 | -3,194,650 | 887,415,730 | 3,684,253 | 891,099,983 |
Notes to the changes in Company's equity are included in Section 3.7.10.
in EUR
| Reserves from profit | Zavarovalnica Triglav | Share capital | Share premium | Legal and statutory reserves | Other reserves from profit | Accumulated other comprehensive income | Retained earnings | Net profit or loss | Total | |
| As at 1 January 2024 | 73,701,392 | 53,412,884 | 6,516,604 | 479,100,000 | -30,153,273 | 104,730,894 | -4,782,244 | 682,526,257 | ||
| Comprehensive income for the period after tax | 0 | 0 | 0 | 0 | 634,478 | 36,616 | 98,231,897 | 98,902,991 | ||
| – net profit | 0 | 0 | 0 | 0 | 0 | 0 | 98,231,897 | 98,231,897 | ||
| – other comprehensive income | 0 | 0 | 0 | 0 | 634,478 | 36,616 | 0 | 671,094 | ||
| Dividend payment | 0 | 0 | 0 | 0 | 0 | -39,786,509 | 0 | -39,786,509 | ||
| Allocation of last year's net profit to retained earnings | 0 | 0 | 0 | 0 | 0 | -4,782,244 | 4,782,244 | 0 | ||
| Allocation of net profit to reserves from profit | 0 | 0 | 0 | 49,000,000 | 0 | 0 | -49,000,000 | 0 | ||
| As at 31 December 2024 | 73,701,392 | 53,412,884 | 6,516,604 | 528,100,000 | -29,518,795 | 60,198 | 49,231,897 | 741,642,739 |
in EUR
| Reserves from profit | Zavarovalnica Triglav | Share capital | Share premium | Legal and statutory reserves | Other reserves from profit | Accumulated other comprehensive income | Retained earnings | Net profit or loss | Total | ||
| As at 1 January 2023 before the merger | 73,701,392 | 53,412,884 | 4,662,643 | 460,100,000 | -46,309,356 | 164,656,172 | -51,274,590 | 658,949,145 | |||
| effect | 0 | 0 | 1,853,961 | 0 | -5,483,951 | 39,124,649 | -2,585,368 | 32,909,291 | |||
| As at 1 January 2023 after the merger | 73,701,392 | 53,412,884 | 6,516,604 | 460,100,000 | -51,793,307 | 203,780,821 | -53,859 | 691,858,436 | |||
| Comprehensive income for the period after tax | 0 | 0 | 0 | 0 | 21,640,034 | 11,647,901 | 14,217,756 | 47,505,691 | |||
| – net profit | 0 | 0 | 0 | 0 | 0 | 0 | 14,217,756 | 14,217,756 | |||
| – other comprehensive income | 0 | 21,640,034 | 11,647,901 | 0 | 33,287,935 | ||||||
| Dividend payment | 0 | 0 | 0 | 0 | 0 | -56,837,870 | 0 | -56,837,870 | |||
| Allocation of last year's net profit to retained earnings | 0 | 0 | 0 | 0 | 0 | -53,859,958 | 53,859,958 | 0 | |||
| All net profit to reserves from profit | 0 | 0 | 0 | 19,000,000 | 0 | 0 | -19,000,000 | 0 | |||
| As at 31 December 2023 | 73,701,392 | 53,412,884 | 6,516,604 | 479,100,000 | -30,153,273 | 104,730,894 | -4,782,244 | 682,526,2 |
| a. Net profit or loss | 115,270,409 | 38,537,686 | 82,084,193 | 36,490,247 |
|---|---|---|---|---|
| b. Adjustments: | ||||
| – depreciation | 27,360,504 | 25,346,177 | 18,671,937 | 18,297,002 |
| – financial income/expenses from financial investments | -164,444,166 | -89,227,649 | -134,831,160 | -85,933,665 |
| – income from investment property | -7,443,381 | -7,441,237 | -6,479,919 | -6,195,418 |
| – gains/losses on the sale of property, plant and equipment, intangible assets and investment property | -2,275,592 | -889,656 | -1,813,705 | -635,138 |
| – revaluation operating income/expenses | 191,248 | 583,375 | 85,727 | 2,474,988 |
| – other financial expenses | 6,378,126 | 3,220,158 | 5,698,838 | 2,591,352 |
| – change in other provisions | 18,568,459 | -8,075,224 | 16,812,440 | -3,616,615 |
| – corporate income tax excluding the change in deferred taxes | 20,693,684 | 14,792,092 | 13,043,180 | 10,092,384 |
| c. Net income before changes in net operating assets (a+b) | 14,299,291 | -23,154,278 | -6,728,469 | -26,434,863 |
| Net change in insurance and reinsurance contracts | 173,697,813 | 78,293,524 | 125,996,989 | 24,557,339 |
| Change in other receivables and assets | 17,156,300 | -5,446,617 | 15,283,584 | -3,608,301 |
| Change in other liabilities | -54,907,735 | -5,871,321 | -33,297,253 | 45,244,406 |
| Paid corporate income tax | -7,401,043 | -29,461,595 | -1,379,778 | -29,086,293 |
| d. Changes in net operating assets – operating items of the statement of financial position | 128,545,335 | 37,513,991 | 106,603,542 | 37,107,151 |
| e. Net cash flow from operating activities (c+d) | 142,844,626 | 14,359,713 | 99,875,073 | 10,672,288 |
| a. Cash inflows from investing activities | 1,173,051,450 | 725,388,382 | 793,215,448 | 483,845,564 |
|---|---|---|---|---|
| Cash inflows from interest from investing activities | 36,255,276 | 34,896,227 | 18,039,343 | 16,679,147 |
| Cash inflows from dividends and profit sharing | 2,597,424 | 2,767,739 | 4,241,671 | 18,895,609 |
| Cash inflows from investment property | 11,113,989 | 7,862,736 | 7,125,182 | 6,384,208 |
| Cash inflows from the disposal of property, plant and equipment | 483,575 | 2,610,538 | 724,902 | 1,018,709 |
| Cash inflows from the disposal of financial |
Zavarovalnica Triglav, d.d. (hereinafter: Zavarovalnica Triglav or the Company or the controlling company) is a public limited company, with its head office at Miklošičeva 19 in Ljubljana, Slovenia. The Company is entered in the Companies Register at the Ljubljana District Court. The Triglav Group is the leading insurance and financial group in Slovenia and the Adria region as well as one of the leading groups in South-East Europe. Its shares are listed on the Ljubljana Stock Exchange, under the ticker symbol ZVTG.
The Company’s largest shareholders are Zavod za pokojninsko in invalidsko zavarovanje Slovenije (Pension and Disability Insurance Institute of Slovenia) and Slovenski državni holding, d.d. (Slovenian Sovereign Holding), which on 31. December 2024 hold 34.45% and 28.09% of the share capital respectively.
Zavarovalnica Triglav is a composite insurance company that conducts life and non-life insurance business. In accordance with the Pension and Disability Insurance Act (ZPIZ-2), the Company also provides pension insurance and other ancillary services with regard to insurance products and pension funds in the framework of life insurance.
In the life insurance segment, the following funds, which are kept separately, operated in 2024:
5063345030); ▪ Triglav PDPZ – drzni guarantee fund (registered number 5063345031); ▪ PDPZ guarantee fund in the period of pension annuity payout – renta 1 (registered number 5063345028); ▪ PDPZ guarantee fund in the period of pension annuity payout – renta 2 (registered number 5063345033); ▪ Unit-linked fund where policyholders bear investment risk (registered number 5063345023). The Company manages the assets of Skupina kritnih skladov PDPZ separately from the assets of other guarantee funds and from the Company's other assets. These assets belong to the policyholders and can only be utilised by the Company to fulfill the contractual obligations related to supplemental voluntary pension insurance. The value of these assets and liabilities is presented in detail in Section 3.5.
The unit-linked assets of the guarantee fund are also managed separately from the Company's assets. The value of these assets and their returns are presented in detail in Section 3.4. The manager of the Triglav PDPZ – zmerni and Triglav PDPZ – drzni guarantee funds is Triglav Skladi d.o.o., while the rest of the aforementioned guarantee funds are managed by Zavarovalnica Triglav. Custodial services are provided by the custodial bank. The Company has a branch in Greece under the name Zavarovalnica Triglav, d.d. – Greek Branch.
The Company has a two-tier governance system, according to which it is managed by the Management Board whose work is monitored and supervised by the Supervisory Board. The Company’s management and supervisory bodies are the General Meeting of Shareholders, the Supervisory Board and the Management Board, and the following Supervisory Board committees: the Audit Committee, the Appointment and Remuneration Committee, the Strategy Committee and the Nomination Committee. In accordance with the Articles of Association, Zavarovalnica Triglav has a nine-member Supervisory Board, whose members in 2024 were:
The Management Board directs, represents and acts on behalf of Zavarovalnica Triglav, independently and on its own responsibility. In compliance with the Articles of Association, the Supervisory Board appoints three to six Management Board members. In 2024, the Management Board was composed of:
It is the responsibility of the Management Board to compile and approve the annual report. The audited annual report is approved by the Supervisory Board. In the event that the Supervisory Board fails to approve the annual report, the General Meeting of Shareholders decides on the adoption of the annual report. The Management Board approved the audited annual report for the financial year ended 31 December 2024 on 11 March 2025. The annual report is published on the Company’s website (www.triglav.eu).
| Education level | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|
| 2–5 Upper secondary or general education or below | 2,050 | 2,181 | 701 | 768 |
| 6/1 First-cycle education/professional higher education | 536 | 521 | 335 | 365 |
| 6/2 First-cycle education | 98 | 779 | 824 | 489 |
| 7 Second-cycle education | 1,603 | 1,552 | 598 | 601 |
| 8/1 Third-cycle education/master's degree in science | 215 | 218 | 92 | 103 |
| 8/2 Third-cycle education/doctoral degree in science | 21 | 228 | 9 | |
| TOTAL | 5,204 | 5,318 | 2,223 | 2,349 |
In 2024, the Group employed an average of 5,088 employees (2023: 5,190), of which 2,197 were employees of Zavarovalnica Triglav (2023: 2,315). As at 31 December 2024, the Group employed 5,204 employees (31 December 2023: 5,318), of which 2,223 were employees of Zavarovalnica Triglav (31 December 2023: 2,349). The number of employees within the Group and at Zavarovalnica Triglav based on their level of education is shown in the table above.
| 2024 | 2023 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Pozavarovalnica Triglav RE, d.d. | 100 | 100 | 100 | 100 | Miklošičeva cesta 19, Ljubljana, Slovenija | ||||
| Triglav Osiguranje, d.d., Zagreb | 100 | 100 | 100 | 100 | Antuna Heinza 4, Zagreb, Hrvaška | ||||
| Triglav Osiguranje, d.d., Sarajevo | 97.78 | 97.78 | 98.87 | 98.87 | Dolina 8, Sarajevo, Bosna in Hercegovina | ||||
| Lovćen Osiguranje, a.d., Podgorica | 99.07 | 99.07 | 99.07 | 99.07 | Ulica slobode 13a, Podgorica, Črna gora | ||||
| Lovćen životna osiguranja, a.d., Podgorica | 99.07 | 99.07 | 99.07 | 99.07 | Ulica Marka Miljanova 29/III, Podgorica, Črna gora | ||||
| Triglav Osiguranje, a.d.o., Beograd | 100 | 100 | 100 | 100 | Milutina Milankovića 7a, Beograd, Srbija | ||||
| Triglav Osiguranje, a.d., Banja Luka | 97.78 | 97.78 | 100 | 100 | Ulica Prvog krajiškog korpusa 29, Banja Luka, Bosna in Hercegovina | ||||
| Triglav Osiguruvanje, a.d., Skopje | 82.01 | 82.01 | 82.01 | 82.01 | Bulevar 8-mi Septemvri br. 16, Skopje, Severna Makedonija | ||||
| Triglav Osiguruvanje Život, a.d., Skopje | 97.43 | 97.43 | 97.43 | 97.43 | Bulevar 8-mi Septemvri br. 18, Skopje, Severna Makedonija | ||||
| Triglav penzisko društvo, a.d., Skopje | 100 | 100 | 100 | 100 | Bulevar 8-mi septemvri br. 18, Skopje, Severna Makedonija | ||||
| Triglav, pokojninska družba, d.d. | 100 | 100 | 100 | 100 | Dunajska cesta 22, Ljubljana, Slovenija | ||||
| Triglav INT, d.o.o. | 100 | 100 | 100 | 100 | Dunajska cesta 22, Ljubljana, Slovenija | ||||
| Triglav international, d.o.o., Beograd | 100 | - | 100 | - | Milutina Milankovića 7a, Beograd, Srbija | ||||
| Triglav Skladi, d.o.o. | 100 | 100 | 100 | 100 | Dunajska cesta 20, Ljubljana, Slovenija | ||||
| Triglav Avtoservis, d.o.o. | 100 | 100 | 100 | 100 | Verovškova 60b, Ljubljana, Slovenija | ||||
| Triglav Svetovanje, d.o.o. | 100 | 100 | 100 | 100 | Ljubljanska cesta 86, Domžale, Slovenija | ||||
| Triglav, Upravljanje nepremičnin, d.o.o. | 100 | 100 | 100 | 100 | Dunajska cesta 22, Ljubljana, Slovenija | ||||
| Triglav Savjetovanje, d.o.o., Sarajevo | 97.78 | 97.78 | 98.87 | 98.87 | Dolina 8, Sarajevo, Bosna in Hercegovina | ||||
| Triglav Savjetovanje, d.o.o., Zagreb, u likvidaciji | 100 | 100 | 100 | 100 | Sarajevska cesta 60, Zagreb, Hrvaška | ||||
| Triglav Savetovanje, d.o.o., Beograd, u likvidaciji | 100 | 100 | 100 | 100 | Zelengorska 1g, Beograd, Srbija | ||||
| Autocentar BH, d.o.o., Sarajevo | 97.78 | 97.78 | 98.87 | 98.87 | Džemala Bijedića 165b, Sarajevo, Bosna in Hercegovina | ||||
| Sarajevostan, d.o.o., Sarajevo | 90.95 | 90.95 | 91.97 | 91.97 | Bulevar Meše Selimovića 12, Sarajevo, Bosna in Hercegovina | ||||
| Lovćen auto, d.o.o., Podgorica | 99.07 | 99.07 | 99.07 | 99.07 | Novaka Miloševa 6/2, Podgorica, Črna gora | ||||
| Triglav upravljanje nekretninama, d.o.o., Zagreb | 100 | 100 | 100 | 100 | Ulica Josipa Marohnića 1/1, Zagreb, Hrvaška | ||||
| Triglav upravljanje nekretninama, d.o.o., Podgorica | 100 | 100 | 100 | 100 | Džordža Vašingtona 44, Podgorica, Črna gora | ||||
| Triglav upravljanje nekretninama, d.o.o., Sarajevo | 100 | 100 | 100 | 100 | Branilaca Sarajeva 45, Sarajevo, Bosna in Hercegovina | ||||
| Triglav upravuvanje so nedvižen imot DOOEL, Skopje | 100 | 100 | 100 | 100 | Dame Gruev br. 8, Skopje, Severna Makedonija | ||||
| Triglav Fondovi, d.o.o., Sarajevo | 63.58 | 62.54 | 63.20 | 62.54 | Ulica Mehmed-paše Sokolovića br. 15, Sarajevo, Bosna in Hercegovina | ||||
| Triglav zdravje asistenca, d.o.o., Ljubljana | 100 | 100 | 100 | 100 | Dunajska cesta 22, Ljubljana, Slovenija | ||||
| Eskulap, d.o.o., Ljubljana | 100 | - | 100 | - | Redelonghijeva ulica 12, 1000 Ljubljana | ||||
| Zavod Vse bo v redu, Ljubljana | 100 | 100 | 100 | 100 | Miklošičeva cesta 19, Ljubljana, Slovenija |
| COMPANY | ASSETS 2024 | ASSETS 2023 | LIABILITIES 2024 | LIABILITIES 2023 | EQUITY 2024 | EQUITY 2023 | TOTAL INCOME 2024 | TOTAL INCOME 2023 | NET PROFIT/LOSS 2024 | NET PROFIT/LOSS 2023 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pozavarovalnica Triglav Re, d.d., Ljubljana | 400,898,364 | 410,277,992 | 287,729,355 | 311,869,723 | 113,169,009 | 98,408,269 | 261,913,759 | 239,043,151 | 13,310,276 | 5,063,016 | ||||
| Triglav Osiguranje, d.d., Zagreb | 195,912,937 | 190,787,223 | 154,028,406 | 148,449,013 | 41,884,531 | 42,338,210 | 81,707,111 | 84,943,388 | -1,391,860 | -3,858,646 | ||||
| Triglav Osiguranje, d.d., Sarajevo | 93,309,597 | 83,912,383 | 66,302,049 | 57,836,201 | 27,007,548 | 26,076,182 | 31,496,604 | 27,895,911 | 1,924,368 | 1,118,581 | ||||
| Lovćen Osiguranje, a.d., Podgorica | 56,803,287 | 52,294,433 | 33,042,170 | 31,236,313 | 23,761,117 | 21,058,120 | 39,590,395 | 36,621,259 | 1,710,059 | 2,347,486 | ||||
| Lovćen životna osiguranja, a.d., Podgorica | 11,464,936 | 9,446,837 | 5,877,503 | 5,258,146 | 5,587,433 | 4,188,691 | 5,772,200 | 3,775,689 | 1,187,061 | -513,512 | ||||
| Triglav Osiguranje, a.d.o., Beograd | 111,008,081 | 88,533,209 | 76,726,294 | 58,802,788 | 34,281,787 | 29,730,421 | 100,474,435 | 87,703,848 | 3,364,382 | 1,799,380 | ||||
| Triglav Osiguranje, a.d., Banja Luka | 14,268,271 | 14,680,050 | 8,837,858 | 9,757,036 | 5,430,413 | 4,923,014 | 7,321,704 | 7,479,431 | 411,045 | 174,676 | ||||
| Triglav Osiguruvanje, a.d., Skopje | 44,619,019 | 42,735,186 | 28,380,763 | 28,093,194 | 16,238,256 | 14,641,992 | 25,100,486 | 24,282,618 | 1,595,677 | 884,217 | ||||
| Triglav Osiguruvanje Život, a.d., Skopje | 19,586,764 | 14,700,851 | 12,553,004 | 8,131,485 | 7,033,760 | 6,569,366 | 2,912,250 | 2,892,862 | 369,491 | 88,221 | ||||
| Triglav penzisko društvo, a.d., Skopje | 4,815,634 | 3,938,167 | 327,193 | 192,283 | 4,488,441 | 3,745,884 | 1,167,439 | 817,338 | -275,526 | -426,828 | ||||
| Triglav, pokojninska družba, d.d., Ljubljana | 535,422,717 | 482,831,854 | 467,329,985 | 419,510,811 | 68,092,732 | 63,321,043 | 6,823,237 | 8,185,363 | 3,803,677 | 4,599,439 | ||||
| Triglav INT, d.o.o., Ljubljana | 77,855,834 | 78,123,520 | 26,832 | 41,280 | 77,829,003 | 78,082,240 | 1,013 | 0 | -253,237 | -274,458 | ||||
| Triglav international, d.o.o., Beograd | 492,923 | - | 12,826 | - | 480,097 | - | 0 | - | -32,882 | - | ||||
| Triglav Skladi, d.o.o., Ljubljana | 72,589,314 | 61,691,354 | 8,299,299 | 8,213,384 | 64,290,016 | 53,477,970 | 40,927,471 | 32,001,410 | 10,793,372 | 8,538,042 | ||||
| Triglav Avtoservis, d.o.o., Ljubljana | 1,665,896 | 1,752,461 | 1,387,153 | 1,570,356 | 278,743 | 182,105 | 4,150,687 | 4,352,568 | 103,061 | 35,097 | ||||
| Triglav Svetovanje, d.o.o., Domžale | 2,245,456 | 2,303,025 | 1,650,017 | 1,743,216 | 595,439 | 559,809 | 6,724,721 | 6,598,254 | 46,836 | 133,639 | ||||
| Triglav, Upravljanje nepremičnin, d.o.o., Ljubljana | 28,753,471 | 29,406,172 | 2,920,908 | 2,585,146 | 25,832,563 | 26,821,026 | 4,327,784 | 4,718,872 | 229,021 | 1,214,903 | ||||
| Triglav Savjetovanje, d.o.o., Sarajevo | 212,519 | 259,436 | 180,623 | 239,082 | 31,896 | 20,354 | 698,266 | 659,638 | 11,542 | 10,445 | ||||
| Triglav Savjetovanje, d.o.o., Zagreb, u likvidaciji | 81,498 | 99,470 | 0 | 15,130 | 81,498 | 84,340 | 20,945 | 377,373 | -2,841 | -67,811 | ||||
| Triglav Savetovanje, d.o.o., Beograd, u likvidaciji | 112,863 | 85,345 | 5,666 | 56,631 | 107,197 | 28,714 | 546,252 | 656,700 | 78,332 | -4,296 | ||||
| Autocentar BH, d.o.o., Sarajevo | 2,862,831 | 2,833,784 | 752,296 | 769,430 | 2,110,535 | 2,064,354 | 1,800,280 | 1,758,383 | 97,310 | 71,795 | ||||
| Sarajevostan, d.o.o., Sarajevo | 1,965,628 | 1,891,436 | 665,924 | 634,805 | 1,299,704 | 1,256,631 | 2,016,618 | 2,006,984 | 78,285 | 75,198 | ||||
| Lovćen auto, d.o.o., Podgorica | 5,585,210 | 5,009,689 | 1,829,395 | 1,585,356 | 3,755,816 | 3,424,333 | 3,175,403 | 2,433,506 | 331,483 | 38,993 | ||||
| Triglav upravljanje nekretninama, d.o.o., Zagreb | 498,955 | 523,837 | 5,698 | 731 | 493,257 | 523,106 | 29,463 | 101,531 | -29,849 | 67,074 | ||||
| Triglav upravljanje nekretninama, d.o.o., Podgorica | 507,985 | 619,201 | 5,417 | 80,022 | 502,569 | 539,179 | 27,657 | 26,861 | -36,610 | -57,408 | ||||
| Triglav upravljanje nekretninama, d.o.o., Sarajevo | 1,219,024 | 1,255,589 | 49,241 | 300,675 | 1,169,783 | 954,914 | 335,820 | 77,346 | 214,869 | -30,270 | ||||
| TRIGLAV upravuvanje so nedvižen imot DOOEL, Skopje | 584,698 | 3,194 | 2,994 | 0 | 581,704 | 3,194 | 5,519 | 0 | -37,371 | -1,800 | ||||
| Triglav Fondovi, d.o.o., Sarajevo | 4,544,849 | 4,156,529 | 140,062 | 72,903 | 4,404,787 | 4,083,626 | 163,314 | 99,589 | 363,664 | -77,658 | ||||
| Triglav zdravje asistenca, d.o.o., Ljubljana | 4,130,901 | 3,714,997 | 1,584,448 | 1,169,220 | 2,546,453 | 2,545,777 | 3,685,663 | 1,069,491 | 676 | 47,777 | ||||
| Eskulap, d.o.o., Ljubljana | 853,731 | - | -533,493 | - | 320,238 | - | 58,533 | - | -129,415 | - | ||||
| Zavod Vse bo v redu | 157,016 | - | 240,727 | 14,191 | 10,593 | 142,825 | 230,135 | 113,712 | 182,256 | -87,310 | 131,020 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Current assets | 1,392,873 | 2,549,100 | 283,317 | 245,596 |
| Current liabilities | 1,907,469 | 2,018,497 | 140,062 | 72,823 |
| Net current assets/liabilities | -514,596 | 530,603 | 143,255 | 172,773 |
| Non-current assets | 4,261,532 | 3,910,933 | ||
| Non-current liabilities | 26,473,294 | 26,074,697 | 0 | 80 |
| Net non-current assets/liabilities | 16,752,852 | 14,111,389 | 4,261,532 | 3,910,853 |
| Net assets | 16,238,256 | 14,641,992 | 4,404,787 | 4,083,626 |
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Net profit or loss for the year | 1,595,677 | 884,217 | 363,664 | -77,658 |
| Other comprehensive income | 589 | -136,212 | 0 | 0 |
| Total comprehensive income | 1,596,266 | 748,005 | 363,664 | -77,658 |
| COMPANY | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|---|---|
| Triglav Osiguranje, d.d., Sarajevo | 2.22 | 2.22 | 1.13 | 1.13 | 42,721 | 26,536 |
| Triglav Osiguruvanje, a.d., Skopje | 17.99 | 17.99 | 17.99 | 17.99 | 287,062 | 159,072 |
| Lovćen Osiguranje, a.d., Podgorica | 0.93 | 0.93 | 0.93 | 0.93 | 15,904 | 21,832 |
| Lovćen životna osiguranja, a.d., Podgorica | 0.93 | 0.93 | 0.93 | 0.93 | 11,040 | -4,776 |
| Triglav Osiguranje, a.d., Banja Luka | 2.22 | 2.22 | 0.00 | 0.00 | 9,125 | 3,878 |
| Triglav Savjetovanje, d.o.o., Sarajevo | 2.22 | 2.22 | 1.13 | 1.13 | 256 | 232 |
| Autocentar BH, d.o.o., Sarajevo | 2.22 | 2.22 | 1.13 | 1.13 | 2,160 | 1,594 |
| Lovćen auto, d.o.o., Podgorica | 0.93 | 0.93 | 0.93 | 0.93 | 3,083 | 363 |
| Triglav Osiguruvanje Život, a.d., Skopje | 2.57 | 2.57 | 2.57 | 2.57 | 9,499 | 2,268 |
| Sarajevostan, d.o.o., Sarajevo | 9.05 | 9.05 | 8.03 | 8.03 | 7,081 | 6,801 |
| Triglav Fondovi, d.o.o., Sarajevo | 36.42 | 37.46 | 36.80 | 37.46 | 136,229 | -29,090 |
| 524,160 | 188,710 | 4,155,545 | 3,684,253 | |
|---|---|---|---|---|
| COMPANY | SHARE IN CAPITAL (in %) | VOTING RIGHTS (in %) | INVESTMENT VALUE (in EUR) | SHARE in CAPITAL (in %) | VOTING RIGHTS (in %) |
|---|---|---|---|---|---|
| Nama, d.d. | 0.00 | 39.15 | 4,648,981 | 0.00 | 39.07 |
| KATERA Beteiligungs-Verwaltungsgesellschaft P11 mbH | 24.90 | - | -20,394,242 | 24.90 | - |
| Triglavko, d.o.o. | 38.47 | 38.47 | 4,519 | 18,509 | 38.47 |
| TRIGAL, d.o.o. | 49.90 | 49.90 | 11,319,552 | 10,925,240 | 49.90 |
| Društvo za upravljanje EDPF, a.d. | 34.00 | - | 561,985 | 489,221 | - |
| Diagnostični center Bled, d.o.o. | 40.10 | 40.10 | 23,341,075 | 21,560,000 | 40.10 |
| Alifenet, d.o.o. | 23.58 | 23.58 | 0 | 66,111 | 23.58 |
| COMPANY | ASSETS | LIABILITIES | EQUITY | REVENUES | PROFIT/LOSS |
|---|---|---|---|---|---|
| Nama, d.d. | - | 13,526,992 | -1,904,376 | -11,622,617 | -11,850,849 |
| KATERA Beteiligungs-Verwaltungsgesellschaft P11 mbH | 24,763,485 | -45,321 | -24,718,164 | -346,648 | -182,352 |
| Triglavko, d.o.o. | 150,266 | 133,878 | 100,704 | 47,948 | 49,562 |
| TRIGAL, d.o.o. | 24,609,552 | 23,869,050 | 1,172,049 | 1,116,764 | 683,724 |
| Društvo za upravljanje EDPF, a.d. | 1,681,285 | 1,473,860 | - | - | - |
| Diagnostični center Bled, d.o.o. | 55,109,003 | 53,315,370 | 18,753,609 | 20,527,899 | 36,355,394 |
| Alifenet, d.o.o. | - | - | - | - | - |
| Current assets | Current liabilities | Net current assets/liabilities | Non-current assets | Non-current liabilities | Net non-current assets/liabilities | Net assets | |
|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 9,518,726 | 6,978,668 | 2,540,058 | 45,590,277 | 11,774,942 | 33,815,335 | 36,355,393 |
| 31 Dec 2023 | 7,704,159 | 7,764,634 | -60,475 | 45,611,212 | 12,763,266 | 32,847,946 | 32,787,471 |
| 31 Dec 2024 | 395,828 | 45,3210 | 350,507 | 24,367,656 | 0 | 24,367,656 | 24,718,163 |
| 31 Dec 2023 | 0 | 361,776344,565 | 0 | 0 | 810,274772,199 | 0 | 0 |
| 31 Dec 2024 | 4,613,908 | 0 | 4,252,133 | 19,995,644 | 0 | 19,185,370 | 23,437,503 |
| 31 Dec 2023 | 2,945,650 | 1,467,430 | 2,601,085 | 20,923,400 | 436,946 | 20,151,201 | 22,752,286 |
| 31 Dec 2024 | 0 | 0 | 6,263,778 | 5,826,832 | 11,622,616 |
| Net profit or loss for the year | Other comprehensive income | Total comprehensive income | Dividends from associates for the year | |
|---|---|---|---|---|
| 31 Dec 2024 | 3,562,149 | 0 | 3,562,149 | 0 |
| 31 Dec 2023 | 3,925,069 | 0 | 3,925,069 | 0 |
| 31 Dec 2024 | 182,352 | 0 | 182,352 | 0 |
| 31 Dec 2023 | 0 | 0 | 0 | 0 |
| 31 Dec 2024 | 683,724 | 0 | 683,724 | 0 |
| 31 Dec 2023 | 91,3410 | 0 | 91,3410 | 0 |
| 31 Dec 2024 | 475,421 | 0 | 475,421 | 0 |
| 31 Dec 2023 | 0 | 73,644 | 0 | 63,345 |
Sale of the participating interest in Nama d.d. Zavarovalnica Triglav d.d., sold its 39.07% participating interest in Nama d.d., generating gains on disposal of EUR 4,666,520 in the separate and consolidated financial statements.
Purchase of a participating interest in KATERA Beteiligungs-Verwaltungsgesellschaft P11 mbH Zavarovalnica Triglav d.d. acquired a 24.9% participating interest in KATERA Beteiligungs-Verwaltungsgesellschaft P11 mbH. The company is accounted for using the equity method in both the separate and consolidated financial statements.
Capital increase of Triglav, upravuvanje so nedvižen imot DOOEL Skopje Triglav, Upravljanje nepremičnin d.o.o., Ljubljana increased the capital of the subsidiary Triglav, upravuvanje so nedvižen imot DOOEL Skopje, in the amount of MKD 37,927,736 or EUR 616,000. The capital increase was raised through an in-cash contribution. Triglav, Upravljanje nepremičnin d.o.o. remained a 100% owner of said company. The capital increase had no impact on the Triglav Group's consolidated financial statements.
Purchase of a participating interest in Eskulap, družba za zdravstvene storitve d.o.o. Triglav zdravje asistenca d.o.o. acquired a 100% participating interest in Eskulap, družba za zdravstvene storitve d.o.o. In Q2 2024, the company was included for the first time in the Group's consolidated financial statements under the full consolidation method. The first consolidation had no significant impact on the Triglav Group's consolidated financial statements.
Capital increase of Triglav penzisko društvo a.d., Skopje Zavarovalnica Triglav d.d. increased the capital of Triglav penzisko društvo a.d., Skopje with an in-cash contribution of MKD 61,495,000 or EUR 1,000,000, thus remaining a 100% owner of said company. The capital increase had no impact on the Triglav Group's consolidated financial statements.
share of Triglav, Zdravstvena zavarovalnica d.d. in Triglav zdravje asistenca, družba za zdravstveno dejavnost d.o.o. was transferred to the parent company Zavarovalnica Triglav d.d. at the date of the merger. The effect of the merger and the change in ownership had no impact on the Triglav Group's consolidated financial statements. The effects of the merger on Zavarovalnica Triglav d.d.'s separate financial statements are presented in Section 2.7.
The Group’s consolidated financial statements and the Company’s separate financial statements for the financial year ended 31 December 2024 were prepared in accordance with International Financial Reporting Standards (hereinafter: IFRS) as adopted by the EU. The Group’s and the Company’s financial statements were also prepared in accordance with the requirements of the Companies Act (ZGD-1), the Insurance Act (ZZavar-1) and its implementing regulations.
The Group does not consolidate investments in investment funds at any time:
| in EUR | Carrying amount as at 31 Dec 2024 | Zavarovalnica Triglav, d.d. | Triglav Osiguranje, d.d., Zagreb | Triglav, pokojninska družba, d.d., Ljubljana | Triglav Group Net asset value (NAV) of the fund | Triglav Group's share of the fund's net asset value |
|---|---|---|---|---|---|---|
| Triglav Infrastructure Fund, Alternative Investment Fund | 2,401,440 | 0 | 0 | 2,401,440 | 2,401,500 | 100.0% |
| Trigal Alternative Investment Fund, SICAV–RAIFS.C.A. | 14,401,604 | 1,278,952 | 2,043,006 | 17,723,562 | 48,654,700 | 36.4% |
| Trigal RE Fund, Alternative Investment Fund | 3,823,875 | 0 | 3,823,763 | 7,647,638 | 15,295,000 | 50.0% |
| TOTAL | 20,626,919 | 1,278,952 | 5,866,769 | 27,772,640 |
| in EUR | Carrying amount as at 31 Dec 2023 | Zavarovalnica Triglav, d.d. | Triglav Osiguranje, d.d., Zagreb | Triglav, pokojninska družba, d.d., Ljubljana | Triglav Group Net asset value (NAV) of the fund | Triglav Group's share of the fund's net asset value |
|---|---|---|---|---|---|---|
| Triglav Group's share of the fund's net asset value | 12,819,187 | 1,138,423 | 1,820,863 | 15,778,474 | 47,139,300 | 33.5% |
| Trigal RE Fund, Alternative Investment Fund | 3,736,875 | 0 | 3,736,838 | 7,473,713 | 14,877,500 | 50.3% |
| TOTAL | 16,556,062 | 1,138,423 | 5,557,700 | 23,252,186 |
The financial statements were prepared under the going concern assumption and taking into account the requirements of adequacy, reliability, comprehensibility and comparability of financial information. Furthermore, they were compiled on the historical cost or amortised cost basis, except in the case of financial instruments recognised at fair value through profit or loss and financial instruments recognised at fair value through other comprehensive income, which are measured at fair value. The financial year is the same as the calendar year.
For the preparation of the statement of financial position, individual items are classified into groups of assets and liabilities depending on their nature, listed in the order of their liquidity and/or maturity. In additional disclosures current and non-current assets as well as current and non-current liabilities are disclosed as separate items, depending on whether they are expected to be paid or settled within 12 months of the balance sheet date (current) or after more than 12 months from the balance sheet date (non-current).
Financial assets and liabilities on the statement of financial position are offset only when there is a legal right and intent for net settlement, or when the assets are realised and the liabilities are settled simultaneously. Income and expenses on the income statement are not offset, except if so required by standards and notes or if this is specified in the Company’s accounting policies. The financial statements are presented in euros, which is the Group’s presentation currency. The amounts in the financial statements are rounded to one euro.
Due to the unstable general economic and geopolitical situation, an updated analysis of the Group's and the Company's ability to ensure business continuity in such circumstances was conducted during the preparation of the financial statements. Based on the analyses performed, it is confirmed that the Group remains financially stable, adequately liquid and well-capitalised, and is able to ensure business continuity in the current environment. Accordingly, the going concern assumption is deemed appropriate.
In addition to the separate financial statements, the Company compiles the consolidated financial statements of the Group. The Group's consolidated financial statements include all companies directly or indirectly controlled by the Company, with the exception of those that are not material for the Group's consolidated financial statements. Zavarovalnica Triglav controls a company if all the following three elements of control are met:
An assessment of the existence of control of an individual company is performed once a year or if the facts and circumstances show that one or more of the three elements of control have changed. Subsidiaries are included in the consolidated financial statements under the full consolidation method from the acquisition date. The assets and liabilities of a subsidiary are measured at fair value on initial consolidation. Any difference between the market value of the business combination and the acquirer’s share of the net fair value of the assets, liabilities and contingent liabilities acquired is accounted for as goodwill. The effects of any subsequent changes in the acquirer's interest in the subsidiary are recognised in share premium. If the Company disposes of a subsidiary or loses control over it, such a subsidiary is deconsolidated from the date on which control ceases. Related assets (including goodwill), liabilities, non-controlling interests and other components of equity are derecognised, with any effect of loss of control in the consolidated statement of profit or loss being recognised as gain or loss. Any remaining interests in this company that no longer represent a significant or dominant interest after the disposal are recognised at fair value.
Items included in the separate financial statements of each Group company are measured using the currency of the primary economic environment in which the respective company operates (functional currency). The financial statements are presented in euros, which is the Group’s presentation currency.
Transactions in foreign currency are translated into the functional currency as at the date of the transaction at the exchange rate quoted in the European Central Bank’s reference rate list published by the Bank of Slovenia. If the exchange rate for a certain currency is not published by the Bank of Slovenia, the exchange rate published by Bloomberg is used. Exchange rate differences arising from the settlement of these transactions or from the translation of monetary items are recognised in profit or loss. Exchange rate differences arising from changes in the amortised cost of monetary items denominated in foreign currency measured at fair value through other comprehensive income are recognised in profit or loss. Foreign rate differences from non-monetary items, such as equity instruments classified as financial assets measured at fair value through profit or loss, are recognised in profit or loss. Exchange rate differences from non-monetary items, such as equity instruments measured at fair value through other comprehensive income are recognised together with the effects of measurement at fair value in other comprehensive income and accumulated in equity.
The financial statements of Group companies that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
recognised in the statement of comprehensive income. When the Group loses control over a foreign subsidiary, previously recognised exchange rate differences arising from the translation into the presentation currency are reclassified from other comprehensive income into the profit or loss statement as part of gains or losses on sale.
There were no changes in accounting policies in 2024 that had a material impact on the Group's and the Company's financial statements.
(hereinafter: PAA) when the required conditions are met. The Group and the Company also enter into insurance contracts with their policyholders that are substantially investment-related under which the policyholders participate in the return on underlying items. In these cases, all contracts are treated as insurance contracts with direct participation features for which:
Insurance contracts with direct participation features are accounted for using the variable fee approach (hereinafter: VFA). The latter adapts the general model to reflect that the consideration received by the entity in respect of the contracts is a variable fee only.
All contracts that take the form of an insurance contract but do not meet the definition of an insurance contract under IFRS 17 are treated as financial contracts. Distinct investment components of pension insurance contracts that are separated from host contracts in accordance with IFRS 17.11 are also treated as financial contracts because these contracts do not bear insurance risk at the time of accumulation (saving). Inward reinsurance contracts are treated in the same way as insurance contracts.
The approaches used to value contracts with policyholders are set out in the table below.
| Method | Insurance class | Insurance group |
|---|---|---|
| general model | life insurance | long-term traditional life insurance (in the event of death, term insurance, credit insurance, etc.) |
| general model | life insurance | traditional insurance with profit participation (in the event of death, endowment, annuity, old pension products) |
| general model | life insurance | unit-linked insurance with a high share of the premium invested in a guarantee fund |
| general model | life insurance | pension products in the annuity payout phase |
(credit insurance, construction and erection insurance, etc.)
The Group and the Company may enter into two or more contracts simultaneously with the same or related parties in order to achieve a general commercial effect. The Group and the Company account for such a set of contracts as a single contract when this reflects the content of the contract. In doing so, the Group and the Company assess:
In addition to the provision of insurance coverage, a contract may contain one or more components that would fall within the scope of another standard if treated as separate contracts. These components are:
The investment component refers to the Group's and the Company's contractual obligation to pay a certain amount to the policyholder regardless of whether an insured event occurs. The Group and the Company separate the investment component from the host insurance contract, provided that this investment component is distinct from the insurance contract. The valuation of the separate investment component is carried out in accordance with IFRS 9, unless it is an investment contract with discretionary participation features, which falls within the scope of IFRS 17. The investment component is distinct if both the following conditions are met:
The Group and the Company take into account all information reasonably available in making this determination. The investment component and the insurance component are highly interrelated if:
The service component refers to the transfer of non-insurance goods or services. If the policyholder has the right to the service component regardless of whether an insured event occurs, the component is separated from the insurance component and accounted for in accordance with IFRS 15. When the transfer of goods or services is linked to the occurrence of a claim, it is accounted for together with insurance components using IFRS 17.
Insurance contracts subject to similar risks and managed together are aggregated into portfolios. Each portfolio is further divided into groups of contracts issued in the same calendar year (annual cohorts) and by profitability, as follows:
Contracts is recognised from the earliest of the following:
The Group and the Company recognise only insurance contracts issued within a period of one year that meet recognition criteria by the reporting date. Subject to this limitation, a group of insurance contracts may remain open even after the end of the current reporting period. New insurance contracts are included in the group when they meet recognition criteria in subsequent reporting periods, until all insurance contracts expected to be included in the group are recognised.
Cash flows comprise estimates of future cash flows, an adjustment to reflect the time value of money and the financial risks related to the future cash flows, and a risk adjustment for non-financial risk. Cash flows that relate directly to the fulfilment of the contract, including cash flows for which the Group and the Company have discretion over the amount or timing, are treated as cash flows within the boundary of the insurance contract. The assessment of the contract boundary that determines which future cash flows are included in the measurement of an insurance contract is made by considering the substantial rights and obligations of the insurance contract.
Cash flows related to a group of insurance contracts include premium payments, claims and benefit paid, insurance acquisition cash flows and other costs incurred in the fulfilment of insurance contracts. These include both direct costs and the allocation of fixed and variable overheads. Premium payments are considered to be premium payments and any cash flows arising from those premiums. Claims and benefit payments are payments made to the policyholder, including claims that have already been incurred but not yet paid, as well as payments arising from future claims for which the Group and the Company have obligations. With respect to claims, the Group and the Company also consider cash flows for potential subrogation cash flows and other recoveries arising from both incurred and future claims.
the policyholder and any other costs specifically chargeable to the policyholder under the terms of the contract. Cash flows of the Group and the Company also include transaction-based taxes and payments by the Group and the Company in a fiduciary capacity to meet tax obligations incurred by the policyholder, and levies that arise directly from insurance contracts. For non-life insurance, actual cash flows are estimated at the level of groups of contracts, with the exception of costs that are allocated based on keys (allocation keys). Future cash flows are estimated at the lowest level sufficient to permit the use of actuarial methods. For life insurance, actual and future cash flows are estimated at the level of individual insurance contracts, with the exception of actual expenses that are allocated to groups of contracts based on keys.
Additional benefits to the basic insurance policy are considered as part of a single insurance contract, and the expected cash flows arising from them are added to the expected cash flows of the basic insurance contract. All insurance acquisition cash flows incurred in the period are allocated to functional groups (acquisition costs, claim handling expenses, management costs and other administrative costs) and then, based on the keys, to groups of contracts. Advance payments to agencies for underwriting commission are identified as an insurance acquisition cash flow before the recognition of the related group of insurance contracts (i.e. advance payments of acquisition costs). Such payments are treated as other receivables.
A group of insurance contracts is measured on initial recognition as the total of the fulfilment cash flows and the contractual service margin. The fulfilment cash flows are estimates of future cash flows, appropriately discounted and adjusted for non-financial risk.
The measurement of a group of insurance contracts includes all future cash flows within the boundary of each insurance contract in the group. This ensures that estimates of future cash flows are complete, unbiased, current and explicit. A cash flow is within the boundary of an insurance contract if it arises from substantive rights and obligations that exist during the reporting period in which the Group and the Company can compel the policyholder to pay the premiums or in which the Group and the Company have a substantive obligation to provide the policyholder with insurance contract services. A substantive obligation to provide insurance contract services ends when the Group and the Company have the opportunity to reassess the policyholder's (or the portfolio's) risks and, as a result, to set a new price or level of benefits that reflects those risks. The reassessment of risks does not take into account lapse and expense risks.
cases, the Group and the Company assess its practical ability to reprice such insurance contracts in their entirety to determine if annuity-related cashflows are within or outside of the insurance contract boundary. The Group and the Company do not include expected cash flows of non-guaranteed annuity options in the value of an insurance policy. In the case of group term insurance contracts, the premium may change annually. Such insurance contracts are treated as annual, which means that they are derecognised and then re-recognised each year in accordance with the new terms. Insurance contracts with direct participation features are within contract boundaries when there is a substantive obligation to pay at a present or future date.
By using a discount rate, the estimates of future cash flows are adjusted to reflect the time value of money and the financial risks to the extent that the financial risks are not included in the estimates of future cash flows. The choice of the discount rate is a matter of subjective judgement and is geared towards the objective that the discount rate used reflects the characteristics of the cash flows arising from the insurance contracts and liquidity risk. The discount rate is determined as the risk-free interest rate plus the illiquidity premium applied to the risk-free interest rate as a parallel shift to the last liquidity point. Base risk-free interest rates for the euro are obtained from the EIOPA database according to the recognition date. These are based on data from interest rate swaps. In addition to these, the volatility adjustment curve, also published by EIOPA, is used. For non-EU countries, the volatility adjustment curve is based on the spread between local government bonds and euro interest rate swaps.
reporting period in which the new insurance contracts are added to the group. Risk adjustment for non-financial risk Risk adjustment for non-financial risk refers to the compensation set by the Group and the Company because it bears uncertainty about the amount and timing of the cash flows that arises from non-financial risk. It is calculated using separate methods for non-life and life insurance contracts, taking into account the Group's and the Company's risk appetite. Non-financial risks of life insurance are related to mortality, longevity, morbidity, lapse, expense, mortality catastrophe and other risks arising from health insurance. The metric used to calculate the risk adjustment for non-financial risk is the cost of capital to maturity of the existing portfolio method, which is partly based on the Solvency II methodology.
For the non-life insurance portfolios, the risk adjustment for non-financial risk for liabilities for incurred claims is calculated as the excess of the value at risk over the best estimate of future cash flows at a confidence level to be determined by the Group and the Company. The calculation is performed at the level of homogeneous groups, taking into account their diversification. The risk adjustment for the liability for remaining coverage of non-life insurance is derived from the basic capital requirement for the relevant risks under the Solvency II standard formula, reduced from 99.5% to a pre-specified confidence level which is the same as that used in the calculation of the risk adjustment for the liability for incurred claims. The calculation also takes into account portfolio diversification.
The contractual service margin is an integral part of the total carrying amount of liabilities for the group of insurance contracts and represents the unearned profit that the Group and the Company will recognise when they provide insurance contract services during the coverage period. The Group and the Company measure the contractual service margin on initial recognition at an amount that, unless the group of insurance contracts is onerous, results in no income in profit or loss arising from:
coverage units provided in the period. The Group and the Company allocate the acquired insurance contracts with claims in the settlement phase to annual groups based on the expected return on insurance contracts at the acquisition date. The Group and the Company use the consideration paid as a proxy for premiums to calculate the contractual service margin at initial recognition. If, at initial recognition, the insurance contracts acquired in a portfolio transfer are onerous, the excess of the fulfilment cash flows over the consideration received is recognised in profit or loss. For insurance contracts acquired in a business combination, the excess, representing the extent of the onerous insurance contract, is recognised as part of goodwill.
An insurance contract is classified as onerous at the date of initial recognition if all cash flows arising from the insurance contract in total are a net outflow. Such an insurance contract is classified in a group of (onerous) insurance contracts separately from those groups of contracts that are not onerous. The net outflow expected to arise from the group of onerous insurance contracts is recognised as a loss in profit or loss on initial recognition. After the loss is recognised, the carrying amount of the liability for the group of onerous insurance contracts is equal to the expected fulfilment cash flows and the contractual service margin is zero.
The carrying amount of a group of insurance contracts at the end of the reporting period is the sum of the liability for remaining coverage (LRC) and the liability for incurred claims (LIC), where the LRC is equal to the sum of the expected future fulfilment cash flows (that relate to the future service) and the contractual service margin for that group of insurance contracts, and the liability for incurred claims represents the cash flows that relate to the past service.
In the current period, the following is recognised in the statement of profit or loss or in the statement of other comprehensive income:
Effect of financial risk). Treatment of changes in expected cash flows Changes in expected cash flows that relate to current or past service are recognised in profit or loss. Those changes are:
Changes in expected cash flows that relate to future service are reflected in the change in the contractual service margin or in the loss component within the liability for remaining coverage. Those changes are:
Changes affecting the contractual service margin The contractual service margin at the end of the reporting period represents the profit in the group of insurance contracts that has not yet been recognised in profit or loss because it relates to the future service. The change in the contractual service margin in the period is due to:
The elimination of the contractual service margin into income depends on how the Group and the Company define the number of coverage units. This is the quantity of coverage provided by the contracts in the group of insurance contracts, which is determined by considering for each insurance contract the quantity of the benefits provided under an insurance contract and its expected coverage period. The bases for determining the quantity of benefits provided is shown in the table below.
| Insurance class | Insurance group | Basis |
|---|---|---|
| Whole Life Insurance | Sum Insured |
|---|---|
| Endowment Life Insurance | Sum Insured |
| Term Life Insurance | Sum Insured |
| Life Insurance with a Disability Rider | Sum Insured |
| Additional Riders to Life Insurance | Sum Insured |
| Annuity Insurance | Annual Annuity |
| Unit-Linked Life Insurance | An amount higher than the sum insured of the value of the fund |
| Insurance for Construction and Installation Projects, Project Liability, Construction Guarantees, Financial Guarantees and Credit Insurance | Sum Insured and the Passage of Time |
|---|---|
Interest on the contractual service margin is accounted for using (locked-in) discount rates determined on initial recognition of insurance contracts. For life insurance contracts, if contracts are subsequently added to the group, the discount rates used are updated by calculating a weighted average of the discount rates over the entire recognition period of the contracts. This is not the case for non-life insurance contracts.
For insurance contracts with direct participation features, the change in the contractual service margin in the period is also affected by the change in the share of the fair value of the underlying items. Treatment of onerous insurance contracts on subsequent measurement: The Group and the Company determine the appropriate level at which reasonable and supportable information is available to assess if insurance contracts are onerous at initial recognition and if the contracts that are not onerous at initial recognition have no significant possibility of becoming onerous subsequently. The Group and the Company use significant judgements in determining at what level of granularity they have sufficient information to conclude that all insurance contracts within a set will be in the same group. In the absence of such information, the Group and the Company assess each insurance contract separately.
In the event that a group of insurance contracts becomes onerous on subsequent measurement, the excess of expected cash outflows over the carrying amount of the contractual service margin is recognised as a loss in the statement of profit or loss and, on the other hand, a loss component of the liability for remaining coverage is established. The subsequent changes in fulfilment cash flows of the liability for remaining coverage may:
The premium allocation approach is used, the carrying amount of the liability for remaining coverage on initial recognition is the amount of premiums received on initial recognition minus any insurance acquisition cash flows and adjusted for any amount arising from the derecognition of assets for acquisition costs in advance. The carrying amount of a group of insurance contracts at the end of each reporting period is the sum of:
The liability for remaining coverage in the current period:
Insurance acquisition cash flows are accrued in proportion to premium. Liabilities for incurred claims are discounted. The Group and the Company apply the premium allocation approach to most non-life insurance products, with the exception of those with coverage of more than one year and those whose risks are spread over time in a non-linear fashion. Insurance contracts in the non-life insurance contract groups do not have significant financing components, therefore the carrying amount of the liability for remaining coverage is not adjusted for the time value of money and the effect of financial risk.
If, in subsequent measurement of a group of insurance contracts, it is determined that the expected fulfilment cash flows related to the liability for remaining coverage exceed the carrying amount of the liability for remaining coverage, a loss component is created among insurance service expenses as part of the liability for remaining coverage. The loss component is amortised (transferred to income) on a straight-line basis over the period of the insurance coverage or reversed if it is determined that the group of insurance contracts is no longer onerous.
An insurance contract is derecognised when it is extinguished (i.e. when the obligation specified in the insurance contract expires) or is discharged or cancelled, if it is transferred to a third party or if the terms of the insurance contract are substantially modified. A substantial modification of insurance contract terms is a modification based on which:
contracts;▪ the current approach to insurance contract measurement (BBA, PAA, VFA) is no longer appropriate. The derecognition of an insurance contract that is measured using the general model (BBA) results in:
If an insurance contract is derecognised because it was transferred to a third party, the contractual service margin is adjusted for the amount of the premium charged by the third party (unless the insurance contract is onerous).
253 If an insurance contract is derecognised due to a significant modification of its terms, the contractual service margin is adjusted for the amount of the premium that would have been charged had the Group and the Company entered into a contract with equivalent terms as the new contract at the date of the contract modification, less any insurance contract modification cost. The derecognition of an insurance contract that is measured using the premium allocation approach (PAA) is reflected in profit or loss as the difference between the derecognised portion of the liability for remaining coverage and any other cash flows at the time of derecognition. If an insurance contract is derecognised due to a significant modification of its terms, the difference between the derecognised portion of the liability for remaining coverage and the notional amount of the premium that would have been charged had the Group and the Company entered into a contract with equivalent terms as the new contract at the date of the insurance contract modification, less any contract modification cost, is disclosed in profit or loss.
The measurement of groups of received reinsurance contracts follows the same guidelines as the measurement of groups of underlying insurance contracts, taking into account the specificities of the reinsurance business, as set out below. The same segmentation rules apply to reinsurance contracts as to insurance contracts, except that a reinsurance contract cannot be loss-making (there is either a net gain or a net loss on initial recognition). Reinsurance contracts may contain components that fall within the scope of another standard. The separation of components is assessed using the criteria applicable to insurance contracts.
A group of received reinsurance contracts is recognised:
entered into a reinsurance contract from the group of reinsurance contracts. In the case of a group of reinsurance contracts, cash flows are within the contract boundary of the reinsurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group and the Company are required to pay amounts to, or have the substantive right to receive services from the reinsurer. The substantive right to receive services from the reinsurer ceases when the reinsurer is able to reassess the risks transferred to it and to set a price or level of benefit that fully reflects those reassessed risks, or when it has the right to cancel the reinsurance coverage. The contract boundary of a reinsurance contract is determined by the date of the option to terminate or renew the reinsurance contract, which is usually one year, or the date of the agreed extinguishment of the reinsurance contract, and the coverage period of the underlying insurance contracts is taken into account in determining the coverage period of each reinsurance contract. For a group of reinsurance contracts, the risk adjustment for non-financial risk represents the amount of risk being transferred by the Group and the Company as the holders of the group of reinsurance contracts.
254 The measurement of reinsurance contracts must also take into account the effect of the risk of non-performance by the reinsurer. In addition to cash flows from premiums, claims, subrogations and commissions, the measurement of a group of reinsurance contracts should include the cash flow representing the effect of the risk of non-performance by the reinsurer. When measuring reinsurance contracts, the contractual service margin is replaced by the net gain or loss on the purchase of reinsurance. On initial recognition, the Group and the Company measure the net gain/loss of reinsurance contracts at an amount equal to:
If the net cost of purchasing reinsurance coverage relates to events that occurred before the purchase of the group of reinsurance contracts, the Group and the Company recognise this cost immediately as an expense in profit or loss. The contractual service margin at the end of each reporting period for a group of reinsurance contracts is determined as the contractual service margin at the beginning of the reporting period, adjusted for:
approach to the group of underlying insurance contracts; ▪ the effect of exchange rate differences on the contractual service margin; ▪ the amount recognised in profit or loss because of services received in the period, determined by the allocation of the contractual service margin remaining at the end of the reporting period (before any allocation) over the current and remaining coverage period of the group of reinsurance contracts held. Changes in fulfilment cash flows resulting from changes in the risk of non-performance by the issuer of reinsurance contracts are not related to future service and do not adjust the contractual service margin.
The Group and the Company adjust the contractual service margin of a group of reinsurance contracts, and as a result recognise income when they recognise a loss on initial recognition of an onerous group of insurance contracts underlying the reinsurance contracts or on addition of onerous insurance contracts underlying the reinsurance contracts to the group (i.e. a loss-recovery component of the asset for remaining coverage for a group of reinsurance contracts). This adjustment is made only if the reinsurance contract has already been written at the time the loss component of the liability for remaining coverage on the onerous insurance contracts is recognised. The amount of this adjustment is equal to the product of the recognised loss on the underlying insurance contracts and the percentage of claims on the underlying insurance contracts expected to be recovered from the group of reinsurance contracts held.
The Group and the Company establish or adjust a loss-recovery component of the asset for remaining coverage for a group of reinsurance contracts depicting the recovery of losses recognised in accordance with the above paragraphs. The loss-recovery component determines the amounts that are recognised in profit or loss as reversals of recoveries of losses from reinsurance contracts and are consequently excluded from the premiums paid to the reinsurer. The loss-recovery component is adjusted to reflect changes in the loss component of an onerous group of underlying insurance contracts. The carrying amount of the loss-recovery component may not exceed the portion of the carrying amount of the loss component of the onerous group of underlying insurance contracts that the Group and the Company expect to recover from the group of reinsurance contracts.
reinsurance contract in the group of reinsurance contracts is oneyear or less. The criterion in the first indent above is not met if, at the inception of a group of reinsurance contracts, the Group and the Company expect significant variability in the fulfilment cash flows that would affect the measurement of the liability for remaining coverage during the period before a claim is incurred. If the PPA is used, the Group and the Company adjust the carrying amount of the asset for remaining coverage for the amount of the established loss-recovery component rather than adjusting the contractual service margin. On initial recognition, the assets for remaining coverage of a group of reinsurance contracts are equal to the amount of reinsurance premiums paid including fees and commissions. The assets for remaining coverage are increased in the current reporting period by the reinsurance premiums paid in the period and reduced by the transfer of reinsurance premiums to expenses for the services provided in the current period. At the end of the reporting period, the carrying amount of reinsurance contract assets is equal to:
In the period in which insurance services are provided, the liability for remaining coverage for the groups of insurance contracts is transferred to profit or loss. For the insurance contracts measured under the general model, insurance revenue is represented by:
For the insurance contracts measured using the premium allocation approach, income is recognised proportionately to the elapsed period of insurance coverage.
Insurance service expenses include:
report reinsurance income and reinsurance service expenses on anet basis, as net income or net expenses, comprising:
When using the premium allocation approach, part of reinsurance commissions are recognised in accordance with the passage of time within the period of insurance coverage, and part are allocated to other cash flows, such as bonuses and other forms of commissions. Reinsurance commissions reduce reinsurance premiums and are recognised as reinsurance service expenses.
Changes in the carrying amount of groups of insurance contracts arising from the effects of the time value of money and financial risk (discounting effects) are recognised as insurance finance income and expenses. For insurance contracts measured under the general model, the largest share of insurance finance income and expenses is composed of:
For insurance contracts measured under the variable fee approach (VFA), the largest share of insurance finance income and expenses is composed of:
For insurance contracts measured under the premium allocation approach (PAA), the largest share of insurance finance income and expenses is composed of:
Financial assets comprise financial investments, operating and other receivables, and cash and cash equivalents. The accounting policies for each of these assets are presented below.
At initial recognition, financial instruments are measured at fair value. The initially recognised value is increased by transaction costs (fees and severance payments to agents, advisers, stock brokers, stock exchange fees and other transfer-related taxes) that are directly attributable to the acquisition or issue of a financial instrument. This does not apply to financial instruments classified as instruments measured at fair value through profit or loss, because these costs are recognised in profit or loss directly at acquisition.
The trade date is used at the purchase or sale of a financial instrument, except for loans and deposits where the settlement date is used.
On initial recognition, a financial instrument is classified into one of the following measurement categories:
The classification of a financial investment into a particular category takes into account the Group's and the Company's business model for managing assets and the contractual cash flow characteristics of each financial investment.
A financial instrument may be measured at amortised cost if both of the following conditions are met:
After initial recognition, the instrument is measured at amortised cost using the effective interest method and is subject to impairment. Interest income, foreign exchange gains or losses and impairments are recognised in profit or loss. Gains and losses determined on derecognition are also recognised in profit or loss.
The category of financial instruments measured at fair value through other comprehensive income includes debt securities that meet the following conditions and are not classified in one of the other categories:
irrevocably as measured at fair value through other comprehensive income are also measured at fair value through other comprehensive income. These are primarily investments that are closely linked with the Group's and the Company's business activity in the long term or are participating interests in companies with a solid dividend yield and an expected long-term positive growth impact. The purpose of holding such financial instruments is to collect dividend cash flows. After initial recognition, a financial instrument is measured at fair value, without deducting transaction costs that may arise on sale or other disposal of the instrument. If a financial instrument is not listed on a stock exchange, the fair value is measured based on recent transaction prices if the market situation has not changed significantly since the last transaction, or using the discounted cash flow valuation model. Equity instruments not quoted in an active market and for which the fair value cannot be reliably measured are measured according to the valuation model. Interest income calculated using the effective interest rate, dividend income, foreign exchange gains and losses and expected credit losses are recognised in profit or loss. Other gains and losses are recognised in other comprehensive income until the financial instrument is derecognised. When these financial instruments are derecognised, the accumulated losses or gains previously recognised in other comprehensive income are transferred to profit or loss or, in the case of equity securities, to retained earnings.
Financial instruments measured at fair value through profit or loss If the financial instrument is not measured at amortised cost or at fair value through other comprehensive income, it is measured at fair value through profit or loss. This includes instruments that do not pass the cash flow adequacy test, equity securities that do not qualify for measurement at fair value through other comprehensive income and all financial instruments in other business models that are managed on a fair value basis or are held for trading. Interest, dividend income, valuation effects and effects on derecognition of a financial instrument are recognised in profit or loss in the current period.
Reclassification of financial instruments between levels Financial investments are not reclassified after initial recognition. An exception to this rule is permitted or required only when the Group and the Company change their business model according to which financial investments are managed. In rare cases, reclassification is applied prospectively from the reclassification date, with the reclassification date defined as the first day of the reporting period following the change in the business model.
The Group and the Company defined the purpose of the business model on the basis of:
The assessment of the business model is based on reasonably expected scenarios, excluding worst case and stress case scenarios.
The Group and the Company manage their financial investments within the following business models:
Financial instruments that are held within a business model whose objective is to hold instruments in order to collect contractual cash flows are managed to realise cash flows by collecting contractual payments over the life of the instrument. As a rule, financial instruments are held to maturity, but sales related to an increase in the issuer's credit risk or the concentration of this risk are also permitted in this business model. Sales close to the final maturity of a security or sales to meet liquidity needs in a stress case scenario are also permitted. Other sales are also consistent with this business model if they are insignificant in value (both individually and in aggregate) or if they are infrequent (even if significant in value).
According to this business model, the Group and the Company manage:
Only instruments whose contractual cash flows meet the SPPI test, i.e. they are solely payments of principal and interest on the principal amount outstanding (SPPI), may be classified as financial instruments measured at amortised cost (AC) or fair value through other comprehensive income (FVOCI). Principal is the fair value of the financial instrument at initial recognition less subsequent changes, e.g. due to repayment. Interest is defined as consideration for the time value of money, for the credit risk associated with the principal amount outstanding and for other basic lending risks and costs (liquidity risk, administrative costs) as well as a profit margin.
In assessing whether the contractual cash flows meet the SPPI criterion, the Group and the Company assess the contractual characteristics of a financial investment. This includes the assessment whether a financial instrument contains the contractual terms that may change the timing and amount of contractual cash flows in a way that this criterion would no longer be fulfilled. The following is taken into account:
The Group and the Company carry out the SPPI test as part of their regular investment procedure.
Receivables from insurance and reinsurance operations are taken into account in the calculation of insurance and reinsurance contract assets and liabilities in the form of cash flows and, as such, are not recognised directly in the statement of financial position of the Group and the Company. Other receivables relate to non-attributable receivables from insurance operations, overpayments and prepayments, other operating receivables and receivables from financing.
Cash includes balances with banks, cash in transit, cash on hand and cash equivalents such as call deposits.
In accordance with IFRS 9, the Group and the Company recognise credit losses that are expected to be incurred in the future. Expected credit losses are a probability-weighted estimate of credit losses (i.e. the present value of all cash shortfalls) over the 12-month period after the reporting date (Stage 1) or over the expected life of a financial instrument. A credit loss is the difference between discounted contractual cash flows and discounted expected cash flows using the effective interest rate as the discount factor. A loss allowance for expected credit losses is recognised for all debt financial assets not measured at fair value through profit or loss.
Credit losses are established. 12-month expected credit losses are the portion of lifetime expected credit losses that refer to possible default events in the next 12 months after the reporting date or in a shorter period if the remaining maturity of the financial asset is less than one year.
In Stage 1, interest income is recognised using the effective interest rate applied to the total gross value of the financial asset (without reduction for any loss allowance). On subsequent measurement, financial assets are included in Stage 2 if, after initial recognition, there has been a significant increase in credit risk but the assets do not yet show objective evidence of impairment.
Lifetime expected credit losses are established for Stage 2 financial assets. Lifetime expected credit losses are expected credit losses that result from all possible default events during the lifetime of the financial asset. Based on a qualitative analysis, i.e. a comparison of the credit rating as at the reporting date and the credit rating at initial recognition, the Group and the Company determine whether the risk of default has increased significantly since initial recognition and requests a move from initial Stage 1 to the lower Stage 2.
A downgrade to Stage 2 is required when the credit rating deteriorates by three notches with a simultaneous downgrade to sub-investment grade. For initial ratings (rating at the date of recognition) of Baa3 and below, a two-notch deterioration is sufficient to move to Stage 2, and for initial ratings of B2 and below, a one-notch downgrade is required to move to Stage 2.
In Stage 2, interest income is recognised using the effective interest rate applied to the total gross value of the financial asset (without reduction for any loss allowance).
Financial assets that are not purchased or originated credit-impaired financial assets and that show objective evidence of impairment at the reporting date are classified in Stage 3. Lifetime expected credit losses are established for these financial assets. Interest income of Stage 3 financial assets is recognised using the effective interest rate applied to the net value of the financial asset (taking into account any loss allowance).
cash flows when calculating the effective interest rate and therefore do not have an immediate impact on profit or loss. Interest income of these instruments is accrued on the net value of the instrument. Any subsequent changes in expected credit losses are recognised in profit or loss as impairment or reversal of impairment, respectively. The Group and the Company apply a single definition of a default. A financial asset is considered credit-impaired upon:
Income from financial investments comprises interest income, dividends, changes in fair value, gains on disposal and other financial income. Expenses from financial investments comprise expenses from impairment of investments, losses on disposal and other expenses from financial investments. Interest income is recognised in profit or loss using the effective interest method, except for financial assets classified at fair value through profit or loss. Income from dividends is recognised in profit or loss when it is authorised for payment. Income and expenses due to changes in fair value of financial assets relate to the results of subsequent measurement of the fair value of financial assets measured at fair value through profit or loss. Gains and losses on disposal of financial assets relate to the derecognition of financial assets other than financial assets measured at fair value through profit or loss. Gain is the difference between the carrying amount of a financial asset and its sales price. Income and expenses from financial investments include net unrealised gains and losses on unit–linked life insurance assets. These income and expenses represent changes in the fair value of unit-linked life insurance assets.
An investment in a subsidiary is considered to be an investment in a company that is directly or indirectly controlled by Zavarovalnica Triglav. Investments in subsidiaries are measured in the separate financial statements at cost less accumulated impairment losses. The initial recognition of the investment is made on the date on which the acquirer obtains the right to control the acquiree. Increases in the share capital of subsidiaries with in-kind contributions are measured at estimated fair value or carrying amount, where justified. Subsidiaries are included in the consolidated financial statements under the full consolidation method.
An investment in an associate is an investment in a company in which Zavarovalnica Triglav has a direct or indirect significant influence (directly or indirectly between 20% and 50% of voting rights), provided by the possibility of participating in the company’s financial and business policy decisions, but not by controlling these policies. Joint ventures are companies that are jointly controlled by the Group and the Company together with a contract partner based on a contractual agreement. Investments in equity instruments of associates and joint ventures are accounted for in the separate and consolidated financial statements under the equity method. An investment in an associate or joint venture is initially recognised at cost. The carrying amount of the investment is subsequently adjusted to change the Group's and the Company's share in the associate's or joint venture's net assets as of the acquisition date. Goodwill relating to an associate or joint venture is included in the carrying amount of the investment. Signs of impairment are tested at each reporting date. If the recoverable amount is lower than the carrying amount, impairment up to the level of the recoverable amount is carried out. The corresponding share of an associate's and joint venture's profit or loss is recognised in profit or loss. The corresponding effects included in other comprehensive income of an associate or joint venture are recognised in other comprehensive income. Upon loss of significant influence over an associate or loss of joint control of a joint venture, each retained investment is measured at its fair value. The difference between the carrying amount of the associate or joint venture and the fair value of the retained investment is recognised in profit or loss.
The provisions of IFRS 3 Business Combinations and IFRS 10 Consolidated Financial Statements apply, except in the case of business combinations involving entities under common control. In such cases, the carrying amount method, as permitted by IFRS 10 (paragraph B86), is applied.
The acquisition method is applied for business combinations not under common control. The acquisition date is the date on which the acquirer obtains the right to control the acquiree. The identifiable assets acquired and liabilities assumed are determined and measured at their acquisition-date fair values. In each business combination, the non-controlling interest is also measured at the current proportionate share of the equity interests in the acquiree's recognised net assets.
Goodwill arises on the acquisition of a subsidiary if the excess of the sum of the consideration given measured at fair value is greater than the net amount of the acquiree's assets acquired and liabilities assumed. If the difference is negative, the gain is recognised in full in profit or loss. Contingent consideration at fair value is also included in the consideration. After initial recognition, goodwill is measured at cost less accumulated impairment losses.
For business combinations not under common control, the prospective method is applied, with accounting recognised at the transaction date, and no effect on the financial statements of prior periods.
In business combinations involving entities under common control, the transaction is not treated as a business combination in accordance with IFRS 3, but is accounted for using the carrying amount method. Under this method, the assets and liabilities of the acquiree are transferred at their carrying amounts, goodwill is not recognised, and any differences arising on the elimination of intercompany transactions are recognised directly in equity.
In a business combination under common control, the retrospective method may be applied, whereby the acquirer's financial statements for prior periods are restated as if the business combination had occurred in the past.
Intangible assets include goodwill and other intangible assets. At initial recognition, other intangible assets are recognised at cost. At subsequent measurement, intangible assets are disclosed at cost less accumulated amortisation and accumulated impairment loss. The useful life of all other intangible assets of the Group and the Company is assessed as finite. Intangible assets with a finite useful life are amortised over their useful life.
period and the amortisation method of intangible assets with a finite useful life is assessed at least at the end of each reporting period. Changes in the expected useful life or expected pattern of consumption of future economic benefits embodied in the asset are treated as changes in the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. At least once a year, at the end of the reporting period, it is assessed whether there are any signs of impairment of intangible assets with a finite useful life. In the case of any signs of impairment, assets are impaired and losses recognised in profit or loss. An intangible asset is derecognised upon disposal (i.e. the date on which the recipient acquires control of the asset) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss.
Property, plant and equipment are accounted for using the cost model. At initial recognition, the cost includes the purchase price and all costs necessary to bring the asset to working condition for its intended use. After initial recognition, property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Property, plant and equipment are depreciated when they are available for use. Depreciation is calculated using the straight-line depreciation method. Residual value, useful life and depreciation methods of property, plant and equipment are checked at the end of each financial year and adjusted if necessary. Changes are treated as changes in estimates. Assets under construction or in production are not depreciated until they are available for use. Depreciation of a property, plant and equipment asset ceases when it is derecognised. A property, plant and equipment asset or any significant part that was initially recognised is derecognised upon disposal (i.e. the date on which the recipient acquires control of the asset) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of an asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss upon derecognition. Maintenance and repair costs are recognised in profit or loss in the period in which they are incurred. Further investments that increase future economic benefits increase the value of property, plant and equipment. Both the Group and the Company disclose the fair value of property, plant and equipment in the notes to the financial statements. The method of determining the fair value is described in more detail in Section 2.5.10.
All income from investment property relates exclusively to leases and is disclosed in profit or loss under other operating income. Expenses from investment property relate to depreciation and maintenance costs of investment property and are disclosed under other operating expenses in profit or loss. Both the Group and the Company disclose the fair value of investment property in the notes to the financial statements. The method of determining the fair value is described in more detail in Section 2.5.10.
Whether a contract contains a lease is assessed at the inception of the contract. A contract contains a lease if it conveys the right to control the use of the identified asset for a period of time in exchange for consideration.
The Group and the Company use a uniform approach to recognition and measurement for all leases, except for short-term leases (up to 12 months) and leases of low-value assets (up to EUR 4,300). An asset acquired under a lease is recognised as right-of-use assets and lease liabilities. Assets and liabilities are recognised in the amount of the present value of lease payments to be made in accordance with the concluded lease contract. Future lease payments are discounted at the interest rate implicit in the lease or at incremental borrowing rate if the interest rate implicit in the lease cannot be determined.
The calculation of right-of-use assets also takes into account any initial direct costs and an estimate of any removal and restoration costs. The incremental interest rate is determined based on the interest rate for risk-free government bonds at the level of the individual country where the Group operates and the credit spread. Right-of-use assets are measured using the cost model. The initial value of right-of-use assets is reduced over the life of the asset by depreciation and impairment losses and adjusted for remeasurement of the lease liability. After initial recognition, lease liabilities are increased by interest and decreased by lease payments. The right-of-use assets and lease liabilities are disclosed in the statement of financial position as separate items.
Modifications related to leases may be a result of:
Modifications of agreed lease terms and conditions relate to changes in the scope of lease, modifications of lease consideration or modifications of the lease term. In these cases, lease modification is calculated in two ways:
In contrast, if a modification is not a separate lease, the accounting reflects that there is a linkage between the original lease and the modified lease. The existing lease liability is remeasured as follows:
On the other hand, based on the difference between the newly measured liability and the balance of liabilities before the modification, an appropriate adjustment is made to right-of-use assets, resulting in a change in the amount of depreciation.
In the event of a change in the accounting estimate in respect of leases, the lease liability is remeasured to take into account the new discount rate effective at the time of the modification. The amount from the remeasurement of the lease liability is recognised as an adjustment to the value of the right-of-use asset. If the carrying amount of a right-of-use asset is zero and the lease liability is further reduced, the remaining amount of remeasurement is recognised in profit or loss. In the case of leases with an indefinite term, the term of the lease is assumed in accordance with the strategy period. The assessment of the contract term is reviewed every three years.
Non-current assets held for sale are those non-financial assets whose value will be recovered through sale instead of through continuing use. The condition for the classification into the category of non-current assets held for sale is met when sale is highly probable and the asset is available for immediate sale in its present condition. The management is committed to a plan to sell the asset, which must be carried out within one year of the asset being classified into this category. At recognition, non-current assets held for sale are measured at the lower of carrying amount before classification and fair value less costs to sell. Costs to sell are expenses that are directly attributable to the disposal of an asset (disposal group), excluding financial expenses and tax expenses. The same applies to the subsequent measurement of these assets. An impairment loss from the initial or subsequent write-off of an asset to fair value less costs to sell or gains on subsequent increases in fair value less costs to sell which may not exceed any accumulated impairment loss. When property, plant and equipment or intangible assets are classified as held for sale, they are no longer amortised. They are presented separately in the statement of financial position as non-current items.
disclosed at the lower of cost less direct costs of procurement or net realisable value. Short-term deferred costs or expenses are amounts that will impact profit or loss in the following accounting periods. They are accrued in order to ensure an even impact on profit or loss, or are deferred because they have already been paid but have not yet been incurred. Other assets also include accrued income for goods and services supplied to clients whose performance obligations have already been met.
For all non-financial assets, except goodwill, the Group and the Company assess at each reporting date whether there are any signs of impairment. If there are signs of impairment, an impairment test is performed. An impairment test for goodwill is performed at the reporting date.
Signs of impairment of investments in subsidiaries are assessed on a yearly basis. The assessment takes into account signs from external sources of information (significant changes in the environment with a negative impact on the company, changes in market interest rates and returns on assets that affect the recoverable amount of assets, unexpected falls in market values of assets, etc.) and from internal sources of information (statutory changes, changes in management, change in the volume of business, the company’s deteriorated economic performance).
Signs of impairment of land and buildings (classified as property, plant and equipment, investment property or right-of-use assets) are assessed on a yearly basis. The assessment takes into account signs from external sources (changes in the real property market) and internal sources (depletion, obsolescence, inability to lease or generate positive cash flows from operations). If there are signs of impairment, an impairment test is performed, and the Group and the Company estimate the asset’s recoverable amount. If the asset’s carrying amount exceeds its recoverable amount, the asset is impaired.
The basis for performing an impairment test is IAS 36, which defines the recoverable amount of an asset or cash-generating unit as the higher of two items:
Impairment tests of investments in subsidiaries are performed by external chartered and internal business valuator using valuation models, taking into account International Valuation Standards. The valuation procedure includes at least:
of appropriate methodology and valuation methods according to the standards, purpose (for accounting purposes) and subject of valuation (business activity); ▪ making and estimating assumptions consistent with the analysis; ▪ estimating the cost of capital based on market parameters; ▪ valuation; ▪ a sensitivity analysis of assumptions to valuation and estimated range.
The key bases and sources for valuation are: ▪ environmental data obtained from local regulatory institutions and statistical offices, the European Central Bank and the International Monetary Fund; ▪ an assessment of profit or loss and the statement of financial position for the year in question, the business plan of each company approved by the supervisory body of each company for the year in question and the strategic plan of each company for the coming strategic period; ▪ documentation and information obtained from the management and other key persons of the company being valued; ▪ expert assessments of the relevant internal departments of Zavarovalnica Triglav and its subsidiaries or Group companies.
An impairment loss is measured as the difference between the asset’s carrying amount and its recoverable amount and is recognised in profit or loss. Impairment of non-financial assets is recognised in profit or loss.
In the case of individually material assets, an impairment test is performed individually. The impairment test of the remaining assets is carried out at the level of cash-generating units. In determining fair value less costs to sell, International Valuation Standards (IAS), Slovenian Accounting Standard 2 – Valuation of Real Property Rights and Slovenian Accounting Standard 8 – Valuation for Financial Reporting are taken into account.
Market valuation methods are used in the valuation, such as the market approach, the income approach and the subdivision development method. The valuation is performed by an independent certified real estate valuer.
The market approach is used as the primary method of valuation, as the valuation by this method is also the best indicator of the value of real property rights, but only in cases where there are sufficient transactions with comparable real property available. In the cases where the market analysis is not a sufficiently credible indicator to prepare a valuation, the valuation is made based on other valuation methods.
Where an income approach is used, potential market rent and stabilised income are assessed. These data are obtained by analysing current rents and actual collected rent for similar real property in the vicinity and based on the comparable real property available in the vicinity of the real property under valuation. The capitalisation rate is determined by the market analysis method based on the calculated ratio of stable profit and the sales price of real property. Transaction data are obtained through market analysis and monitoring and the real estate valuer’s own database.
land, where a detailed design is defined and where there is no similar land on the market, the assessment is also made using the subdivision development approach. The basis for using this method is the assumption that a rational investor will not sell the land at a lower price than the potential return generated through land development.
For non-financial assets, an assessment is made at each reporting date to determine whether there is any indication that impairment losses previously recognised no longer exist or have decreased. If any such indication exists, the recoverable amount of the asset is estimated. A previously recognised impairment loss is reversed only if the assumptions used to determine the asset’s recoverable amount have changed since the last impairment loss was recognised. A reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor does it exceed the carrying amount that would have been determined without depreciation, if no impairment loss had been recognised for the asset in previous years. Such reversal is recognised in profit or loss.
Due to the need for impairment, goodwill is tested for impairment annually at the reporting date. In accordance with IAS 36, it is assessed whether there are any signs of impairment of the cash-generating unit to which goodwill was allocated. The impairment testing and the assessment of required impairment is performed by assessing the recoverable amount of this cash-generating unit using the discounted cash flow method. If the recoverable amount exceeds the carrying value, goodwill is not impaired. The key assumptions included in the calculation of the recoverable amount are the cash flows realised and comparison with planned, expected cash flows based on available management plans and the discount rate calculated as the required rate of return using the CAPM model. Goodwill impairment is recognised in profit or loss.
Share capital equals the nominal value of paid-up ordinary shares denominated in euros. If the Company or a subsidiary acquires treasury shares, i.e. Zavarovalnica Triglav’s shares, their value is disclosed as a deductible item of the Group's equity. In accordance with the requirements of the Companies Act (ZGD-1), treasury share reserves are created in the same amount.
Subordinated liabilities include subordinated debt instruments for which it was agreed in the underlying agreements to be paid last in the event of the bankruptcy or liquidation of the company that issued these securities. Subordinated liabilities are measured at amortised cost in the financial statements.
Employee benefits comprise provisions for jubilee and retirement benefits and unused leave. Provisions for jubilee and retirement benefits are calculated using the actuarial valuation method, i.e. the projected unit credit method or the accrued benefits based on service method. In line with IAS 19, the calculation is based on the following actuarial assumptions:
Provisions for unused leave are calculated as the value of gross wage plus taxes for the period of unused leave. Provisions are undiscounted. Changes in provisions for employee benefits due to payments and new provisions made are recognised in profit or loss under operating expenses (labour costs). Revaluation of provisions from an increase or decrease in the present value of liabilities due to changes in actuarial items and experience adjustments is recognised as actuarial gains or losses as follows: for provisions for retirement benefits in other comprehensive income and for provisions for jubilee benefits in profit or loss.
Funds received directly or indirectly by the Group and the Company from the state, government agency or similar bodies at local, national or international levels are considered government grants or assistance. The received government grants are not the result of the performance of ordinary commercial transactions which a company receives in exchange for the provided service or supply of goods. A government grant means the transfer of funds to the Group and the Company in exchange for taking into account specific circumstances in the past or future.
When accounting for a government grant, it is assessed whether it is conditional or unconditional. If the government grant is conditional, provisions are recognised for its possible future recovery. The calculation of a government grant is made using the income approach, which provides for the recognition of a government grant in profit or loss. A government grant is recognised in profit or loss as income over the period necessary to match them with the related costs, for which they are intended to compensate. The grants received for costs already incurred are recognised immediately. Government grants related to assets which are conditional on the purchase, construction or otherwise acquired asset are recognised as deferred income, which the Group and the Company recognise in profit or loss on a straight-line basis over the useful life of the asset. Grants related to income, i.e. grants not related to assets, are recognised as a deduction of related expenses.
Gross operating expenses are recognised on an accrual basis as historical costs by nature. They are subsequently segregated during the accounting process into costs attributable to insurance contracts and costs not attributable to insurance contracts. Under the IFRS 17 functional groups, attributable costs are divided into acquisition costs, claim handling costs, management costs and other administrative costs and, as such, are attributed to the individual groups of insurance contracts.
liabilities for tax purposes and their carrying amount. Deferred tax assets are recognised for all deductible temporary differences, transfer of unused tax credits and any unused tax losses. Deferred tax assets are recognised if it is probable that taxable profit against which deductible temporary differences can be utilised and the transfer of unused tax credits and losses will be available, except:
The carrying amounts of deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available against which deferred tax assets will be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it becomes probable that future taxable profits will be available against which the deferred tax assets can be utilised. In assessing the collectability of deferred tax assets, the Group and the Company rely on the same assumptions that they use in other parts of the financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The measurement of the fair value of assets or liabilities takes into account their characteristics and assumes that the asset or liability is exchanged in an orderly transaction under current market conditions in the principal market or in the most advantageous market for those assets or liabilities.
SASB: FN-IN-550a.2
Financial assets classified as financial assets at fair value through profit or loss and those at fair value through other comprehensive income are measured at fair value. However, for financial assets measured at amortised cost, their fair value is disclosed. The fair value of financial instruments traded on regulated financial markets is determined based on quoted prices at the reporting date. If there is no active market for a financial instrument, its fair value is measured by various valuation techniques. An active market is a market in which transactions between market participants take place frequently enough and to a sufficient extent to provide price information on a regular basis.
Market activity, i.e. whether the market is active or not, is determined for each financial instrument according to the available information and circumstances. Factors that are important in assessing market activity include: the low number of transactions in a given time period, high volatility of quoted prices in a given time period or between different market makers, high price difference between supply and demand, the low number of market participants (fewer than 4). An important criterion, which includes all the above factors, for the activity of securities is the Bloomberg Valuation Service (BVAL) Score. Low scores of the indicator (below 3) indicate that the market is not active.
and similar). In addition, when calculating the range of estimated value of an individual investment, a sensitivity analysis is performed for key value drivers such as: net sales income, the EBITDA margin, the financial intermediation margin, the rate of return on financial investment portfolio, operating expenses to total assets, cash flow growth and the discount rate. The discounted cash flow method uses estimated future cash flows and discount rates that reflect interest rates for comparable instruments. For the purpose of disclosing fair value, the fair value of non-financial assets is also assessed, taking into account the market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
In assessing the fair value of own-use land and buildings and investment property, the income capitalisation approach, the market approach and the analysis of the most economical use for development land are used. The most important parameters included in the calculation are market prices of comparable real property and the capitalisation rate. Fair value is estimated by internal and external chartered business valuators, taking into account International Valuation Standards.
When estimating the fair value of a subordinated bond issued, the price according to the model (the discounted cash flow method) is taken into account, as the management assessed that the market was not active. The fair value hierarchy is used to disclose the method of determining the fair value of assets and liabilities. This is determined by the inputs to the valuation technique used to measure fair value.
| Value assessment method | Material parameters | Parameter weight applied | Fair value hierarchy | EXTERNAL APPRAISERS (market operator) |
|---|---|---|---|---|
| Debt securities – compound | Stochastic model, HW1f and HW2f network models | EUR SWAP interest rate curve, issuer credit spreads, comparable issuer credit spreads, interest rate volatility, correlation matrix, volatility index | Level 2 | |
| Debt securities – compound with exposure to stock markets | Stochastic model | EUR SWAP interest rate curve, issuer credit spreads, comparable issuer credit spreads, volatility index | Level 2 | |
| Derivatives | Black-Scholes model | Volatility indices | Level 2 | BLOOMBERG BVAL |
| Debt securities – companies, financial institutions and government | Cash flow discounting according to the amortisation schedule | EUR SWAP interest rate curve, issuer credit spreads, comparable issuer credit spreads, indicative listing | Level 2 | INTERNAL APPRAISERS |
| Government debt securities | Cash flow discounting according to the amortisation schedule | Republic of Slovenia interest rate yield curve | The yield curve of issuers from the Republic of Slovenia, Bosnia and Herzegovina, Serbia, Montenegro and North Macedonia | Level 2 |
| Debt securities – companies and financial institutions | Cash flow discounting according to the amortisation schedule | Republic of Slovenia interest rate yield curve, issuer credit spreads | Yield curve of the corresponding sovereign issuer, credit spreads between 1.0% and 4.3% | Level 2 |
| Equity securities | Cash flow discounting (growth rate during the constant growth period) | 2–2.1 % | Level 3 | |
| Discount rate | 5.4–12.9 % | Lack of control discount | 10–21% | Lack of marketability discount |
| Net asset value method | Change in real property prices | Market approach MVIC/EBITDA, P/B | Equity investments in associates | Equity method |
| Accumulated gains and losses | Level 3 | Real property for own use | Income approach, market approach, land residual method (analysis of the most economical use of development land) | Capitalisation rates, market prices of comparable real property 7.5–15%, depending on risk/location |
| Market values based on information available | Level 3 | Investment property | The fair value of assets and liabilities is shown in section 4.1. |
The preparation of the financial statements in line with IFRS requires the use of judgments, estimates and assumptions that affect the value of assets and liabilities at the reporting date and the amount of income and expenses in the reporting period. Although the estimates used are based on the best knowledge of current events and activities, they may differ from the actual results. Estimates and assumptions are reviewed regularly and their adjustments are recognised in the period of the change. The following is a summary of the accounting judgments, estimates and assumptions used in the preparation of the financial statements of the Group and the Company. Accounting policies for items subject to judgments and estimates are described in Section 2.5. The estimates used in the preparation of the financial statements for the financial year ended 31 December 2024 are presented in the disclosures of the items to which they relate.
| Item in the financial statements/content | Accounting judgement/estimate | Assumptions and sources of uncertainty |
|---|---|---|
| Going concern | The judgement of the Group and the Company as a going concern is prepared based on an assessment of the risks and uncertainties to which the Group and the Company are exposed. | Assumptions about future risk exposure and uncertainty in the business environment. A sensitivity analysis of the Group's and the Company's profitability, financial position and liquidity to risks and uncertainties. |
are classified as insurance or financial contracts according to their characteristics. The estimate of whether a contract issued is an insurance or financial contract and the estimate of whether or not the contracts issued meet the criteria for contracts with direct participation features have a significant effect on the further measurement and disclosure of related items in the financial statements.
For the subsequent valuation of insurance contracts, the judgement on whether a simplified premium allocation approach can be applied to the valuation of the contracts issued is relevant. Also important is the judgement on whether the individual components of contracts should be separated (and valued separately), and the judgement about the appropriate level of aggregation of contracts into portfolios. The judgements needed to identify onerous contracts are also important.
Estimates of expected future cash flows and the discount rates and illiquidity premiums used significantly impact the calculation of assets and liabilities.
Assumptions about the expected claims development and claims ratios of non-life insurance contracts. Assumptions about the expected mortality, policyholders' future behaviour and claims ratios of additional life insurance riders. Assumptions about expected movements in interest rates and costs and about expected inflation and economic growth.
The judgement or selection of the most appropriate techniques for estimating the risk adjustment for non-financial risk and the estimation of the adjustment are important.
Assumptions about the required risk adjustment for non-financial risk in non-life insurance contracts.
The assessment of the appropriateness of the business model has a significant impact on the subsequent valuation of financial assets. Assumptions about the policy and objectives related to financial assets portfolios. Assumptions on how the performance of each business model will be monitored. Assumptions about the risks affecting the performance of each business model. Assumptions about the expected frequency, volume and timing of sales of financial assets of each business model.
The valuation of financial assets is also significantly affected by the assessment whether the contractual cash flows of a financial instrument are solely repayments of principal and interest on the outstanding principal amount (the SPPI test). An important judgement is the assessment of impairment of financial assets, which involves the selection of criteria for assessing whether credit risk of an investment has changed significantly between the time of its recognition and the time of valuation, and the selection of the model used to measure expected credit losses (ECL) impairment. The significant accounting estimate relates to the calculation of the required impairment at the balance sheet date.
Financial assets are measured at fair value in the financial statements or their fair value is disclosed. The fair value of financial assets is a significant accounting estimate when the fair values of assets are not quoted on the active market (stock market).
Investments in subsidiaries are investments in companies that are directly or indirectly controlled by Zavarovalnica Triglav. The judgement whether the conditions of control in an individual company are met is relevant. Investments in subsidiaries are measured at cost in the Company's separate financial statements, while investments in associates and joint ventures are measured using the equity method. A significant judgement is the judgement of whether there are any signs of impairment of these investments. If any sign of impairment exists, the significant accounting estimate relates to the calculation of the required impairment at the balance sheet date.
Assumptions about the wider and immediate environment of the company and the company's position in the market, assumptions about the adequacy of the business model, predictions about the company’s future operations and its ability to implement plans, assumptions about the cost of capital and the long-term growth rate.
At initial recognition, goodwill is measured at cost and subsequently assessed for impairment annually. The amount of the required impairment is a significant estimate in the Group's financial statements.
Intangible assets, property, plant and equipment and investment property are measured in the financial statements using the cost model. A significant estimate that affects the amount of amortisation expense is the estimated useful life of assets.
Property, plant and equipment and investment property are measured in the financial statements using the cost model. The fair value of these assets, which is determined for disclosure purposes, is a significant estimate. When compiling the financial statements, it is assessed whether there are any signs of impairment of these assets. If any sign of impairment exists, an estimate of the necessary impairment is a significant accounting estimate.
The amount of leased assets and related financial liabilities is measured upon recognition at the present value of future lease payments. A significant estimate in determining the amount of assets and liabilities is the assumed discount rate, and in the case of assets leased for an indefinite term also the estimate of lease term.
Deferred tax assets are recognised in the financial statements if it is probable that taxable profit against which deductible temporary differences can be utilised or carry out the transfer of unused tax credits and losses. The judgement of the justification of created deferred tax assets is a significant accounting judgement.
The calculation of provisions for termination and jubilee benefits is based on an actuarial valuation method and therefore is a significant estimate in the financial statements. Demographic assumptions (mortality, early termination of employment) and financial assumptions (discount rate, wage growth, inflation).
| 31 December 2023 after the merger | elimination of intercompany transactions | Zavarovalnica Triglav d.d. | Zdravstvena zavarovalnica d.d. | 1 January 2023 after the merger | elimination of intercompany transactions | Zavarovalnica Triglav d.d. | ||
|---|---|---|---|---|---|---|---|---|
| ASSETS | 2,998,918,684 | -26,235,909 | 2,945,426,055 | 79,728,538 | 2,813,366,207 | -3,735,886 | 2,730,774,810 | 86,327 |
| Property, plant and equipment | 68,853,107 | 0 | 68,609,478 | 243,629 | 70,920,360 | 0 | 69,115,897 | 1,804 |
| Investment property | 43,427,181 | 0 | 43,427,181 | 0 | 43,377,173 | 0 | 43,377,173 | 0 |
| Right-of-use assets | 4,813,383 | 0 | 4,356,487 | 456,897 | 4,369,011 | 0 | 3,940,725 | 428 |
| Intangible assets and goodwill | 31,039,279 | 0 | 30,879,149 | 160,131 | 31,295,721 | 0 | 30,917,910 | 377 |
| Deferred tax assets | 19,166,719 | 0 | 12,798,238 | 6,368,481 | 13,035,369 | 0 | 10,921,528 | 2,113 |
| Investments in subsidiaries | 195,624,458 | -26,235,909 | 219,360,367 | 2,500,000 | 181,631,957 | -3,735,886 | 185,360,343 | 7,5 |
| Investments in associates and joint ventures | 37,218,841 | 0 | 37,218,841 | 0 | 37,369,536 | 0 | 37,369,536 | 0 |
| Financial investments | 1,955,647,480 | 0 | 1,888,444,496 | 67,202,985 | 1,959,726,933 | 0 | 1,882,599,813 | 77,127 |
| Financial investments at FVOCI | 1,161,179,788 | 0 | 1,094,172,694 | 67,007,095 | 1,220,117,377 | 0 | 1,143,332,952 | 76,784 |
| Financial investments at AC | 142,843,306 | 0 | 142,843,306 | 0 | 151,767,345 | 0 | 151,767,345 | 0 |
| Financial investments at FVTPL | 651,624,386 | 0 | 651,428,496 | 195,890 | 587,842,211 | 0 | 587,499,515 | 342 |
| Financial contract assets | 259,624,041 | 0 | 259,624,041 | 0 | 234,968,514 | 0 | 234,968,514 | 0 |
| Financial contract assets at AC | 86,215,285 | 0 | 86,215,285 | 0 | 99,398,021 | 0 | 99,398,021 | 0 |
| Financial contract assets at FVTPL | 169,625,986 | 0 | 169,625,986 | 0 | 131,403,313 | 0 | 131,403,313 | 0 |
| Receivables from financial contracts | 83,130 | 0 | 83,130 | 0 | 398,787 | 0 | 398,787 | 0 |
|---|---|---|---|---|---|---|---|---|
| Cash from financial contracts | 3,699,640 | 0 | 3,699,640 | 0 | 3,768,392 | 0 | 3,768,392 | 0 |
| Insurance contract assets | 10,959,726 | 0 | 10,958,826 | 900 | 7,395,480 | 0 | 7,395,480 | 0 |
| Reinsurance contract assets | 306,936,690 | 0 | 305,976,870 | 959,820 | 168,510,270 | 0 | 167,888,159 | 622 |
| Non-current assets held for sale | 1,141,578 | 0 | 0 | 1,141,578 | 0 | 0 | 0 | 0 |
| Current corporate income tax assets | 9,302,529 | 0 | 9,302,529 | 0 | 1,503,957 | 0 | 0 | 1,503 |
| Other receivables | 20,448,498 | 0 | 20,047,025 | 401,473 | 35,359,592 | 0 | 35,155,610 | 203 |
| Cash and cash equivalents | 31,906,343 | 0 | 31,679,444 | 226,899 | 21,111,319 | 0 | 19,296,850 | 1,814 |
| Other assets | 2,808,831 | 0 | 2,743,084 | 65,747 | 2,791,015 | 0 | 2,467,271 | 323 |
| EQUITY AND LIABILITIES | 2,998,918,684 | -26,235,909 | 2,945,426,055 | 79,728,538 | 2,813,366,207 | -3,735,886 | 2,730,774,810 | 86,327 |
|---|---|---|---|---|---|---|---|---|
| Equity | 682,526,257 | -26,235,909 | 669,221,118 | 39,541,048 | 691,858,436 | -3,735,886 | 658,949,145 | 36,645 |
| Share capital | 73,701,392 | -48,322,167 | 73,701,392 | 48,322,167 | 73,701,391 | -25,822,144 | 73,701,392 | 25,822 |
| Share premium | 53,412,884 | 0 | 53,412,884 | 0 | 53,412,884 | 0 | 53,412,884 | 0 |
| Reserves from profit | 485,616,604 | 0 | 483,762,643 | 1,853,961 | 466,616,604 | 0 | 464,762,643 | 1,853 |
| Accumulated other comprehensive income | -30,153,273 | 0 | -29,509,840 | -643,433 | -51,793,307 | 0 | -46,309,356 | -5,483 |
| Retained profit/loss from previous years | 104,730,894 | 22,086,258 | 68,191,612 | 14,453,024 | 203,780,821 | 22,086,258 | 164,656,172 | 17,038 |
| Total net earnings for the period | -4,782,244 | 0 | 19,662,426 | -24,444,671 | -53,859,958 | 0 | -51,274,590 | -2,585 |
| Subordinated liabilities | 49,994,402 | 0 | 49,994,402 | 0 | 49,941,796 | 0 | 49,941,796 | 0 |
| Financial contract liabilities | 259,624,041 | 0 | 259,624,041 | 0 | 234,968,514 | 0 | 234,968,514 | 0 |
| Insurance contract liabilities | 1,919,950,640 | 0 | 1,885,673,792 | 34,276,847 | 1,732,053,911 | 0 | 1,688,411,267 | 43,642 |
| Reinsurance contract liabilities | 0 | 0 | 0 | 0 | 4,052,657 | 0 | 4,052,384 | 27 |
| Provisions | 16,023,250 | 0 | 14,323,506 | 1,699,744 | 18,117,857 | 0 | 17,035,092 | 1,082 |
| Lease liabilities | 5,033,767 | 0 | 4,573,011 | 460,757 | 4,491,124 | 0 | 4,054,668 | 436,4 |
| Other financial liabilities | 22,768 | 0 | 22,768 | 0 | 22,640 | 0 | 22,640 | 0 |
| Current corporate income tax liabilities | 0 | 0 | 0 | 0 | 9,697,471 | 0 | 9,697,471 | 0 |
| 2024 after the merger | 2023 after the merger | 2023 T | ||||||
|---|---|---|---|---|---|---|---|---|
| and elimination of | 2024 discontinued operations | 2023 discontinued operations | ||||||
| (1=3-2) | (2) | (3) | (4=6-5) | (5) | (6=7+8) | (7) | (8) | |
| Insurance service result | 129,154,926 | 5,539,543 | 134,694,470 | 59,321,919 | -22,680,223 | 36,641,696 | 61,094,042 | -24,45 |
| Insurance income | 911,051,366 | 52,453 | 911,103,819 | 792,319,901 | 193,275,962 | 985,595,863 | 775,637,370 | 209,95 |
| Insurance service expenses | -651,239,341 | 5,487,091 | -645,752,251 | -772,527,441 | -215,956,185 | -988,483,626 | -753,990,974 | -234,49 |
| Net reinsurance service result | -130,657,099 | 0 | -130,657,099 | 39,529,459 | 0 | 39,529,459 | 39,447,646 | 81,8 |
| Reinsurance income | 93,070,175 | 0 | 93,070,175 | 227,396,192 | 0 | 227,396,192 | 226,043,570 | 1,352 |
| Reinsurance expenses | -223,727,274 | 0 | -223,727,274 | -187,866,733 | 0 | -187,866,733 | -186,595,924 | -1,270 |
| Investment result | 134,861,313 | 0 | 134,861,313 | 69,821,254 | -2,725,610 | 67,095,644 | 70,134,725 | -3,039 |
| Interest income calculated using the effective interest method | 29,070,766 | 0 | 29,070,766 | 22,126,049 | 176,237 | 22,302,286 | 21,611,210 | 691 |
| Dividend income | 2,019,695 | 0 | 2,019,695 | 2,441,534 | 0 | 2,441,534 | 2,441,534 | 0 |
| Net gains and losses on financial investments | 98,758,150 | 0 | 98,758,150 | 43,819,372 | -3,031,559 | 40,787,813 | 44,714,780 | -3,926 |
| Net gains / losses from FVTPL financial instruments | 101,301,906 | 0 | 101,301,906 | 49,864,264 | 5,960 | 49,870,224 | 49,860,374 | 9,8 |
| Net gains / losses from FVOCI financial instruments | -2,543,756 | 0 | -2,543,756 | -6,044,892 | -3,037,519 | -9,082,410 | -5,145,594 | -3,936 |
| Net impairment and reversal of | 2,754,998 | 0 | 2,754,998 | 1,362,044 | 128,858 | 1,490,902 | 1,295,450 | 195,4 |
| Other effects of investing activities | 2,257,704 | 0 | 2,257,704 | 72,255 | 853 | 73,108 | 71,751 | 1,3 |
|---|---|---|---|---|---|---|---|---|
| Financial result from insurance contracts | -110,015,438 | -113,374 | -110,128,812 | -62,796,223 | -80,813 | -62,877,036 | -62,784,098 | -92,9 |
| Income from asset management | 3,158,050 | 0 | 3,158,050 | 2,854,726 | 0 | 2,854,726 | 2,854,726 | 0 |
| Non-attributable operating expenses | -43,730,392 | -236,860 | -43,967,252 | -39,651,436 | -2,043,895 | -41,695,332 | -39,248,760 | -2,446 |
| Net other operating income and expenses | -15,861,691 | -59,651 | -15,921,342 | -46,756 | 449,475 | 402,719 | -495,030 | 897 |
| Net other financial income and expenses | -7,006,800 | -4,030 | -7,010,829 | -2,799,969 | -11,357 | -2,811,326 | -2,818,078 | 6,7 |
| Net impairment and reversal of impairment of non-financial assets | -66,111 | 0 | -66,111 | -2,502,745 | 0 | -2,502,745 | -2,502,745 | 0 |
| Gains and losses on investments in associates | 9,098,991 | 0 | 9,098,991 | 18,585,761 | 0 | 18,585,761 | 18,585,761 | 0 |
| Net other income and expenses | 1,843,909 | 11,022,074 | 12,865,983 | 750,492 | -683,446 | 67,046 | 740,963 | -673 |
| Earnings before tax from continuing operations | 101,436,756 | 16,147,704 | 117,584,460 | 43,537,022 | -27,775,868 | 15,761,154 | 45,561,505 | -29,80 |
| Tax expense from continuing operations | -19,352,563 | 0 | -19,352,563 | -7,046,775 | 5,503,377 | -1,543,398 | -6,899,078 | 5,355 |
| Income tax | -16,595,675 | 3,552,495 | -13,043,180 | -10,092,384 | 0 | -10,092,384 | -10,092,384 | 0 |
| Income/expense from deferred tax | -2,756,889 | -3,552,495 | -6,309,384 | 3,045,609 | 5,503,377 | 8,548,986 | 3,193,306 | 5,355 |
| Net earnings from continuing operations | 82,084,193 | 16,147,704 | 98,231,897 | 36,490,247 | -22,272,491 | 14,217,756 | 38,662,426 | -24,44 |
| Net earnings from discontinued operations | 16,147,704 | -22,272,491 | ||||||
| Total net earnings | 98,231,897 | 14,217,756 |
| Other comprehensive income after tax from continuing operations | 674,073 | -2,979 | 671,094 | 31,742,116 | 1,545,820 | 33,287,936 | 28,447,417 | 4,840 |
|---|---|---|---|---|---|---|---|---|
| Items which will not be transferred into income statement in the following periods | 256,381 | 0 | 256,381 | 2,581,505 | 0 | 2,581,505 | 2,562,939 | 18,5 |
| Actuarial gains/losses | -31,908 | 0 | -31,908 | -1,575,443 | 0 | -1,575,443 | -1,594,009 | 18,5 |
| Effect of capital instruments FVOCI | 258,519 | 0 | 258,519 | 4,332,776 | 0 | 4,332,776 | 4,332,776 | 0 |
| Tax effect from OCI which will not be reclassified into income statement | 29,770 | 0 | 29,770 | -175,828 | 0 | -175,828 | -175,828 | 0 |
| Items which could be transferred into income statement in the following periods | 417,692 | -2,979 | 414,713 | 29,160,611 | 1,545,820 | 30,706,431 | 25,884,478 | 4,821 |
| Accumulated financial income/expenses from insurance contracts | -20,285,725 | -3,819 | -20,289,544 | -37,170,823 | -160,804 | -37,331,627 | -37,049,204 | -282 |
| Accumulated financial income/expenses from reinsurance contracts | 1,427,411 | 0 | 1,427,411 | 4,091,190 | 0 | 4,091,190 | 4,090,372 | 81 |
| Effect of debt | 19,280,482 | 0 | 19,280,482 | 66,691,229 | 1,704,633 | 68,395,862 | 62,191,263 | 6,204 | |
|---|---|---|---|---|---|---|---|---|---|
| instruments FVOCI | Tax effect from OCI which could be | -4,476 | 840 | -3,636 | -4,450,985 | 1,991 | -4,448,994 | -3,347,953 | -1,101 |
| reclassified into | income statement | Other comprehensive | income after tax from | discontinued | operations | -2,979 | 1,545,820 | ||
| Total other | comprehensive | income | 671,094 | 33,287,936 | |||||
| Total comprehensive | income | 98,902,991 | 47,505,691 |
The Group's risk management system is defined by internal rules and a clear separation of the powers and responsibilities of the business functions, the Management Board, the Supervisory Board, and the key functions and other related areas that exercise supervision. It consists of effective processes used to constantly identify, assess and control assumed and potential or emerging risks. This allows the Group to take appropriate and timely action and keep their internally set risk profile at the level defined in the risk appetite. The system is clear, transparent and well-documented. More information on the Group's risk management system and processes is presented in Section 9 of the Business Report.
Risk assessments by individual risk segment are based on market values for Solvency II purposes. The Group uses a regulatory method, which is assessed as appropriate for risk measurement in the context of the own risk and solvency assessment process. The Group and the Company also underwrite unit-linked insurance contracts. In such cases, the Group and the Company are not exposed to investment risk. Certain tables below therefore show the value of these insurance contracts separately or are excluded from the presentation of exposure and risk assessment of the Group and the Company. The same applies to financial contract assets and liabilities. Risk exposures are monitored in the same way at Group and Company levels. The risk exposures for both the Group and the Company are presented below, while the notes on risk management are described at Group level.
health status of the person insured and non-life insurance liabilities that do not depend on biometric factors. Non-life insurance liabilities include all non-life insurance claims, including health insurance and inward reinsurance claims, with the exception of non-life insurance claims paid out as an annuity. The latter are non-life insurance claims that depend on biometric factors of the injured party and are therefore classified as life insurance liabilities. Non-life insurance liabilities also include accident insurance claims stemming from life insurance policies, but which do not depend on the biometric factors of the injured parties. Life insurance liabilities arise from insurance policies for traditional, unit-linked and pension annuity insurance. Life insurance liabilities include non-life insurance claims, which are paid out as annuities and which to the greatest extent stem from motor vehicle liability insurance.
286 The basic principle of the insurance business is adequate risk equalisation. The Group and the Company achieve this through sufficiently large homogeneous risk groups, which constitute the entire portfolio of the presented underwriting risks. The key prerequisite for adequate risk equalisation is efficient and correct classification of risks. A specific risk is assessed and classified into an appropriate group at the time of underwriting. Also considered are own findings, know-how and procedures, complemented by the expertise of reinsurers that assume a portion of the Group's underwriting risks. The Group manages all identified risks in the context of the actuarial control cycle by regularly checking the deviations of the actual effects of risks from those anticipated. In the event of identified deviations, appropriate action is taken – each time by adjusting the design or criteria of an insurance product or the criteria for calculating insurance contract liabilities.
Underwriting risks are directly related to underwriting insurance policies, the amount of premiums and insurance contract liabilities. They are negatively affected by losses or adverse changes in the value of insurance liabilities due to inadequate pricing and assumptions taken into account in the calculation of insurance contract liabilities. Underwriting risks are presented separately for non-life and life insurance.
154 The standard Solvency II formula is used for non-life underwriting risk assessment. The treatment under this formula differs from the IFRS treatment in terms of defining attributable and non-attributable costs and of calculating the premium provision. Non-life insurance underwriting at Group level creates risks for an undercharged premium in relation to assumed risks, higher claims than liabilities for underwritten policies, higher deviations in the underwritten policies than expected and numerous or major catastrophic events. The described risks depend on their volatility and respective exposure.
Annual volatility of claims ratios, which are determined for each insurance segment using the standard formula. Their adequacy for the insurance portfolio is assessed annually in the context of own risk and solvency assessment; on average, it shows lower risks than predicted by the standard formula. Premium risk also depends on the diversification of their exposure by various insurance segments in the portfolio. Thus, the Group aims to ensure that the portfolio is appropriately diversified. Premium risk is managed through efficient monitoring of claims experience and a timely adjustment of pricing policy.
▪ Risk of liabilities for incurred claims arises when the actual realised claims deviate from the expected claims. Liabilities for incurred claims are formed based on the estimate of expected claims paid from valid non-life insurance contracts. With respect to the latter, a scenario is taken into consideration which, in an annual period, (statistically) occurs once in 200 years and which, in accordance with the standard formula used to measure the amount of the Company's and the Group's required capital for each insurance segment, depends on the best estimate of net claims provision and its annual volatility. The risk of liabilities for incurred claims is also influenced by the maturity of liabilities – the average duration of claim settlements – for which liabilities were made. This risk is higher in liabilities with long maturities than in liabilities with short maturities. With respect to liability insurance, more than half of foreseen claims are settled after one year, while in other insurance segments they are paid within one year. Liabilities with long maturities also include claims paid as annuities and therefore include the payment revision risk and other biometric risks, which are otherwise characteristic of life insurance products. The risk of liabilities for incurred claims is monitored by regularly checking the past amount of formed liabilities in relation to realised claims and, based on the findings, by adapting the processes of creating liabilities.
▪ Lapse risk is realised when the lapse rates of underwritten non-life insurance contracts are higher than the expected lapse rates. At Group level, this risk is managed by regularly analysing lapse and adjusting products if necessary.
Potential of catastrophe events and then used to determine the reinsurance coverage. The reinsurance programme includes various types of reinsurance protection, which is used to manage underwriting risks.
| 2024 | 2023 | 2024 | 2023 | Adjusted | ||||
|---|---|---|---|---|---|---|---|---|
| Health insurance | 39,505,039 | 221,773,969 | 18,675,678 | 208,065,739 | ||||
| Income protection insurance | 80,358,498 | |||||||
| Motor vehicle liability insurance | 222,481,125 | 181,146,680 | 126,039,776 | 100,595,568 | ||||
| Other motor vehicle insurance | 204,263,442 | 171,824,106 | 156,675,571 | 137,279,638 | ||||
| Marine, aircraft and transport insurance | 23,820,695 | 36,478,796 | 8,729,741 | 17,318,228 | ||||
| Fire and other damage to property insurance | 246,016,363 | 233,539,195 | 114,714,082 | 109,099,495 | ||||
| General liability insurance | 39,603,898 | 36,714,756 | 32,349,217 | 31,015,799 | ||||
| Credit and suretyship insurance | 25,043,335 | 28,323,615 | 19,034,242 | 21,434,610 | ||||
| Legal expenses insurance | 504,372 | 503,488 | 442,471 | 449,208 | ||||
| Assistance insurance | 34,486,043 | 29,692,788 | 27,553,200 | 23,516,521 | ||||
| Financial loss insurance | 4,023,104 | 3,812,697 | 2,733,814 | 2,391,247 | ||||
| Non-proportional health reinsurance | 163,226 | 160,112 | 0 | 0 | ||||
| Non-proportional liability reinsurance | 2,961,026 | 3,496,061 | -160,634 | -43,392 | ||||
| Non-proportional marine, aircraft and transport reinsurance | 2,312,759 | 1,953,430 | 187,291 | 240,704 | ||||
| Non-proportional non-life reinsurance | 32,674,043 | 22,605,748 | 4,671,239 | 2,182,752 | ||||
| TOTAL | 958,216,969 | 1,049,762,730 | 571,821,411 | 711,825,237 |
The adequacy of written premium in relation to actual claims and costs arising from underwritten insurance contracts is also measured with claims and combined ratios, the movement and sensitivity of which are shown in the tables below.
| 2024 | 2023 | 2024 | 2023 | Adjusted | |||
|---|---|---|---|---|---|---|---|
| Claims ratio | 65.5% | 76.3% | 63.1% | 77.7% | |||
| Expense ratio | 28.1% | 25.3% | 29.1% | 25.1% | |||
| Impact of 5% higher expense ratio on profit or loss | -6,419,827 | -4,401,017 | -1,508,406 | -2,804,668 | |||
| Impact of 5% lower expense ratio on profit or loss | 3,845,214 | 1,410,584 | 1,244,191 | 792,841 |
Exposure of non-life insurance contracts to the risk of liabilities for incurred claims.
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | Adjusted | |
|---|---|---|---|---|---|
| Health insurance | 6,792,834 | 19,328,518 | 3,965,594 | 17,621,030 | |
| Income protection insurance | 32,451,162 | 33,558,484 | 26,910,011 | 27,946,633 | |
| Motor vehicle liability insurance | 144,215,421 | 135,709,857 | 85,875,710 | 83,587,087 | |
| Other motor vehicle insurance | 47,861,958 | 35,045,795 | 35,909,377 | 27,410,442 | |
| Marine, aircraft and transport insurance | 37,108,105 | 35,846,486 | 17,144,118 | 19,635,840 | |
| Fire and other damage to property insurance | 135,636,829 | 119,065,370 | 59,107,548 | 54,901,325 | |
| General liability insurance | 54,329,700 | 54,290,226 | 46,033,077 | 47,717,372 | |
| Credit and suretyship insurance | 3,481,348 | 2,605,282 | 2,072,799 | 1,188,365 | |
| Legal expenses insurance | 225,913 | 106,747 | 224,406 | 105,476 | |
| Assistance insurance | 5,667,718 | 4,555,262 | 4,322,461 | 3,242,310 | |
| Financial loss insurance | 4,894,854 | 4,016,021 | 1,444,785 | 1,183,498 |
| Type of Reinsurance | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Proportional health reinsurance | 116,935 | 134,892 | 0 | 0 |
| Non-proportional liability reinsurance | 979,929 | 1,472,733 | 50,105 | 25,051 |
| Non-proportional marine, aircraft and transport reinsurance | 2,105,017 | 1,983,027 | 0 | 0 |
| Non-proportional non-life reinsurance | 44,137,349 | 30,162,288 | 6,033,437 | 6,040,207 |
| TOTAL | 520,005,074 | 477,880,988 | 289,093,427 | 290,604,636 |
| Country | Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | Adjusted | ||
|---|---|---|---|---|---|---|---|
| Slovenia | 853,676,497 | 989,115,289 | 699,396,116 | 849,648,285 | |||
| Serbia | 137,879,107 | 115,929,526 | 16,787,000 | ||||
| Croatia | 107,807,267 | 106,062,592 | 7,397,536 | 7,288,979 | |||
| Montenegro | 49,688,303 | 45,285,103 | 4,562,086 | 3,961,948 | |||
| Bosnia and Herzegovina | 40,401,789 | 43,689,980 | 3,188,821 | ||||
| Germany | 32,065,466 | 31,372,947 | 20,756,193 | 21,834,448 | |||
| Poland | 58,104,568 | 30,795,406 | 56,330,330 | 29,608,634 | |||
| North Macedonia | 33,301,018 | 30,146,357 | 3,352,475 | 2,877,798 | |||
| Greece | 28,178,706 | 29,925,349 | 26,126,116 | 28,256,416 | |||
| Other | 225,236,175 | 183,480,949 | 90,102,268 | 54,529,728 | |||
| TOTAL | 1,566,338,895 | 1,605,803,498 | 927,998,941 | 1,017,365,921 |
| Type of Insurance | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Health insurance | 48,525,422 | 225,426,715 | 22,878,266 | 207,942,121 |
| Income protection insurance | 90,480,160 | 86,734,853 | 65,025,353 | 62,857,350 |
| Motor vehicle liability insurance | 314,480,196 | 275,324,337 | ||
| Other motor vehicle insurance | 240,783,071 | 222,616,881 | 177,679,444 | 168,312,309 |
| Marine, aircraft and transport insurance | 78,331,559 | 88,244,978 | 55,668,960 | |
| Fire and other damage to property insurance | 477,874,295 | 454,265,931 | 242,290,043 | 226,434,466 |
| General liability insurance | 76,361,783 | 70,403,385 | 52,000,400 | 50,508,080 |
| Credit and suretyship insurance | 49,827,700 | 47,931,095 | 29,455,937 | 28,484,795 |
| Legal expenses insurance | 859,977 | 758,810 | 795,601 | 654,715 |
| Assistance insurance | 42,369,696 | 38,618,946 | 32,999,038 | 30,364,587 |
| Financial loss insurance | 13,444,145 | 11,035,960 | 3,852,603 | 4,356,555 |
| Non-proportional health reinsurance | 288,603 | 263,190 | 0 | 0 |
| Non-proportional liability reinsurance | 7,432,559 | 7,084,828 | 6,523 | 35,255 |
| Non-proportional marine, aircraft and transport reinsurance | 3,329,753 | 3,301,497 | 144,704 | 140,908 |
| Non-proportional non-life reinsurance | 121,949,978 | 73,792,094 |
In 2024, three events were recorded and classified as catastrophe events. All events were hailstorms. The table presents the gross and net financial effects of these events for the Company. They are shown separately according to modelled and non-modelled perils, as the Company regularly models the perils that pose the greatest exposure or high risk. These perils are flood, hail, storm and earthquake. In both 2024 and 2023, the Company did not record any events from non-modelled perils.
| Modelled perils | Non-modelled perils | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|---|
| Adjusted Gross financial impact (EUR million) | 28.8 | 162.6 | 0.0 | 0.0 | |
| Net financial impact (EUR million) | 23.2 | 56.4 | 0.0 | 0.0 |
Realised financial effect of catastrophe events at Zavarovalnica Triglav
For Slovenia, the Company has several models at its disposal, on the basis of which the distribution of claims according to return periods for hail, storm and flood is determined. The table below shows probable maximum loss (PML) for a 200-year return period over a one-year period by peril. The table below presents data as at 31 December 2024, as this are the most recent modelled data.
| Probable maximum loss (PML) for a 200-year return period by peril* | Modelled peril (EUR million) | 31 Dec 2023 |
|---|---|---|
| Hail | 98.2 | |
| Storm | 47.1 | |
| Flood | 96.3 |
role as it mainly assumes underwriting risks based on reinsurance agreements with individual Group companies. Triglav Re enters into outward reinsurance (retrocession) agreements for a portion of the risks it reinsures to effectively manage its exposures and own assets, as well as, indirectly, the Group's own assets. The Group's largest retention amounts to EUR 12.4 million per peril, except for the nuclear peril. For the latter, the Group's largest exposure amounts to EUR 15.5 million, which the Group assumes from the Slovenian and the Croatian nuclear pool. Nuclear perils are characterised by an extremely low frequency, as no such claim has been reported in 30 years, and by a low or null correlation with other contingent liabilities.
| Assumed capacity in EUR | 2024 | 2023 | |
|---|---|---|---|
| Zavarovalnica Triglav, d.d. | 10,000,000 | 10,000,000 | |
| Pozavarovalnica Triglav Re, d.d. | 4,500,000 | 4,500,000 | |
| Triglav Osiguranje, d.d., Zagreb | 1,000,000 | 1,000,000 | |
| Total after the event | 15,500,000 | 15,500,000 |
As part of the own risk and solvency assessment process, a quantitative stress test was carried out in 2024 to assess the impact of climate change risk. For this purpose, the Company conducted a stress scenario test focusing only on risks deemed material in the short term. For the stress scenario test of the Company, the RCP 4.5 and RCP 8.5 scenarios were used, with the RCP 4.5 scenario representing a moderate emissions reduction policy and the RCP 8.5 scenario reflecting a high emissions maintenance scenario. The stress scenario test involved increasing the 200-year flood event loss for Slovenia by these factors, in line with the definition of the 200-year loss calculation according to the standard formula. The results of the stress scenario revealed a significant impact on the gross risk assessment, with a considerably lower impact on the net risk assessment. This indicates that the Group's risks are effectively managed through adequate reinsurance protection. Therefore, it will be crucial for the Company and the Group in the coming years to evaluate the cost of maintaining similar reinsurance protection as currently in place. Reinsurance protection for 2025 is already in place at the time of drafting this report.
The standard Solvency II formula is used for life underwriting risk assessment. The significant differences between the valuation of life insurance liabilities for financial and solvency reporting purposes are:
Life underwriting risks also include pension annuity insurance. The bulk originates from direct insurance business. Life insurance liabilities largely arise from the life insurance portfolio. It comprises traditional insurance, mainly insurance with profit participation, and unit-linked insurance. Traditional insurance covers, which also include a savings component, are to the greatest extent linked to the life and health of the persons insured; they also include pure term insurance with mortality risk and several types of annuity insurance with longevity risk. Furthermore, longevity risk occurs in pension annuity insurance, particularly in supplemental voluntary insurance.
The vast majority of insurance covers include statutory or contractual rights of policyholders to modify the insurance or reinsurance cover, i.e. to either early terminate or increase it in whole or in part, making them subject to lapse risk. Life underwriting risks, which also stem from pension annuity insurance, include biometric and business risks. Biometric risks arise from the uncertainty of biometric assumptions in the calculation of the insurance liabilities, namely from mortality, longevity, health, morbidity and disability. Business risks stem from the uncertainty of assumptions regarding the amount of costs and the unfavourable realisation of policyholders' contractual options, the most important of which is early termination. If the assumptions in the insurance liabilities calculation change unfavourably, the premium and/or insurance contract liabilities may become too low and the insurance policy less profitable than expected at the time of its conclusion.
Life insurance riders (additional coverage) are less dependent on biometric factors, as a result their risks are similar to the risks of non-life insurance. For example, accident insurance is less dependent on biometric data, therefore their risks are similar to the risks of non-life insurance.
Life underwriting risks include:
face the risk of uncertainty due to longevity (guaranteed annuity rate risk) in some older pension insurance policies already during the accumulation period. The policyholder will be entitled to guaranteed payouts at the end of the accumulation period and the transition to the annuity period (payout period), i.e. when they will begin to receive life annuity, which will then be calculated based on the saved assets and by applying the aforementioned fixed factors. Longevity risk is not transferred to reinsurers, instead additional dedicated provisions are formed if necessary.
▪ Disability and morbidity risk is associated with the products, which are underwritten by the Group's insurance companies and cover critical and serious illnesses and disability.
▪ Lapse risk refers to products where the contractual provisions allow the policyholder to modify the policy. It includes the option of partial or full surrender, capitalisation, the decision to pay a lump sum instead of an annuity and similar. Whether this risk materialised depends on the policyholders' actions, and therefore it is more difficult to manage. This risk is reduced by designing the products that meet the clients' needs and by carefully managing the existing portfolio.
▪ Expense risk is assumed by the Group and the Company in all life insurance products and non-life annuities. The expenses included in the policy are determined at the time of conclusion, either as a fixed amount or share. However, as insurance or annuity payments lasts many years, the increase in actual expenses may exceed the expenses attributed to the policy and thus have a negative impact on the profitability of the Group’s insurance portfolio. This risk may be a consequence of miscalculations, the inadequacy of the cost model or incorrectly estimated future volume, trend or volatility of expenses.
▪ Revision risk may affect non-life insurance claims paid out as annuity. Periodic annuity payments may be increased mainly due to the deterioration of the beneficiary's health or a change in legal practice, consequently increasing the nominal value of the Group's liabilities.
| 31 Dec 2024 | 31 Dec 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| Amount | Share of risk in total assessment | Amount | Share of risk in total assessment | |||||
| Mortality risk | 11,385,063 | 16% | 12,058,728 | 17% | ||||
| Longevity risk | 9,497,442 | 13% | 10,399,792 | 14% | ||||
| Disability and morbidity risk | 263,955 | 0% | 351,233 | 0% | ||||
| Lapse risk | 35,100,250 | 48% | 35,825,410 | 49% | ||||
| Expense risk | 19,416,939 | 27% | 18,422,470 | 25% | ||||
| Audit risk | 1,407,394 | 2% | 1,193,587 | 2% | ||||
| Life insurance catastrophe risk | 7,531,674 | 10% | 7,143,657 | 10% | ||||
| Diversification | -11,338,549 | -15% | -12,520,918 | -17% | ||||
| Total (regulatory assessment of life underwriting risks) | 73,264,168 | 100% | 72,873,959 | 100% |
| 31 Dec 2024 | 31 Dec 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Adjusted Amount | Share of risk in total assessment | Amount | Share of risk in total assessment | ||||
| Mortality risk | 7,430,980 | 12% | 8,744,157 | 14% | |||
| Longevity risk | 9,399,119 | 15% | 10,316,914 | 16% | |||
| Disability and morbidity risk | 124,714 | 0% | 187,489 | 0% | |||
| Lapse risk | 27,498,228 | 44% | 29,470,421 | 46% | |||
| Expense risk | 16,680,122 | 27% | 16,352,885 | 26% | |||
| Audit risk | 1,332,052 | 2% | 1,148,870 | 2% | |||
| Life insurance catastrophe risk | 5,206,799 | 8% | 5,163,581 | 8% | |||
| Diversification | -5,297,065 | -8% | -7,473,438 | -12% | |||
| Total (regulatory assessment of life underwriting risks) | 62,374,950 | 100% | 63,910,878 | 100% |
embedded in a number of policies, with related risks assessed as part of the regular portfolio valuation. Among them is guaranteed interest rate risk, which arises in products with a savings component, such as traditional life insurance and annuity insurance. The guaranteed interest rate is set at the time of concluding an insurance policy and remains valid for the entire policy term. The risk arises when the actual rates of return on investment, which cover the benefits under the policies, are lower than the guaranteed interest rate. This risk is reduced by maximising the matching of assets and liabilities from these policies and by creating additional provisions, especially in the part of the portfolio of liabilities with higher guarantees. Similar risks due to a special guarantee for the return arise from the supplemental voluntary pension insurance policies during the saving period.
| Present value of future cash flows | Contractual service margin as at | Impact on the present value of future cash flows | Impact on the contractual service margin | Impact on insurance contract assets and liabilities | Remainder of the contractual service margin | Impact on earnings before tax | Impact on other comprehensive income |
|---|---|---|---|---|---|---|---|
| Traditional life insurance | 510,361,252 | 162,930,885 | Lapse rate +50% | 15,633,026 | -10,763,950 | 4,869,076 | 152,166,936 |
| Costs +10% | 9,718,242 | -7,195,552 | 2,522,690 | 155,735,334 | |||
| Unit-linked insurance | -67,488,052 | 109,235,427 | Lapse rate +50% | 28,430,607 | -26,554,573 | 1,876,035 | 82,680,855 |
| Costs +10% | 9,166,950 | -7,255,007 | 1,911,943 | 101,980,420 |
| Present value of future cash flows | Contractual service margin as at | Impact on the present value of future cash flows | Impact on the contractual service margin | Impact on insurance contract assets and liabilities | Remainder of the contractual service margin | Impact on earnings before tax | Impact on other comprehensive income |
|---|---|---|---|---|---|---|---|
| Traditional life insurance | 583,217,877 | 119,014,267 | Lapse rate +50% | 15,902,643 | -13,002,380 | 2,900,263 | 106,011,887 |
| Costs +10% | 9,506,879 | -7,145,218 | 2,361,661 | 111,869,048 | |||
| Unit-linked insurance | -66,957,688 | 102,584,175 | Lapse rate +50% | 23,781,715 | -22,391,143 | 1,390,572 | 80,193,032 |
| Costs +10% | 8,596,779 | -7,076,350 | 1,520,429 | 95,507,825 |
| Present value of future cash flows | Contractual service margin as at | Impact on the present value of future cash flows | Impact on the contractual service margin | Impact on insurance contract assets and liabilities | Remainder of the contractual service margin | Impact on earnings before tax | Impact on other comprehensive income |
|---|---|---|---|---|---|---|---|
| Traditional life insurance | 420,659,888 | 149,568,770 | Lapse rate +50% | 12,810,718 | -9,026,813 | 3,783,905 | 140,541,957 |
| Costs +10% | 7,941,498 | -6,337,207 | 1,604,290 | 143,231,563 | |||
| Unit-linked insurance | -92,697,047 | 108,237,510 | Lapse rate +50% | 27,890,994 | -26,256,720 | 1,634,273 | 81,980,789 |
| Costs +10% | 8,326,458 | -6,953,667 | 1,372,791 | 101,283,843 |
| in EUR | Adjusted Present value of future cash flows | Contractual service margin as at | Impact on the present value of future cash flows | Impact on the contractual service margin | Impact on insurance contract assets and liabilities | Remainder of the contractual service margin | Impact on earnings before tax | Impact on other comprehensive income |
|---|---|---|---|---|---|---|---|---|
| Traditional life insurance | 500,638,518 | 108,226,635 | Lapse rate +50% | 13,265,851 | -12,017,879 | 1,247,973 | 96,208,757 | 1,352,770 |
| Costs +10% | 8,014,595 | -6,696,861 | 1,317,734 | 101,529,774 | -2,309,570 | |||
| Unit-linked insurance | -88,441,456 | 101,415,664 | Lapse rate +50% | 23,100,184 | -21,887,660 | 1,212,524 | 79,528,004 | -1,212,524 |
| Costs +10% | 8,017,179 | -6,703,865 | 1,313,314 | 94,711,799 | -1,313,314 |
Traditional life and pension insurance policies which include saving at a guaranteed interest rate cause potential asset-liability mismatch risk. The guarantee fund backing life insurance includes the majority of the Company's liabilities with a guaranteed fixed interest rate. Liabilities under these policies are calculated using a risk-free interest rate curve, taking into account illiquidity premium. Similar risks due to the special return guarantee also arise from voluntary supplementary pension insurance during the period of saving. These risks arise largely from market risks.
The concentration of life underwriting risks is assessed as low. The life insurance portfolio is well dispersed by all criteria, including geographically, due to dispersed retail sale of policies. Any major concentration risk in the portfolio is reduced by transferring a portion of the risks to reinsurers based on the reinsurance programme. The Group is therefore not exposed to the risk of a large number of claims arising from a single event, with the exception of a catastrophic event that could affect a larger area and result in a higher number of fatalities. An example of such an event would be a widespread pandemic, which could lead to increased mortality among the insured population.
The Group invests written premium (in the framework of the insurance business) and its own funds. The value of investment portfolios depends to a large extent on the situation and trends in financial markets. Financial investments are the largest financial asset group and therefore an important part of the Group's operations. In this way, insurance and other obligations and capital requirements are covered while ensuring an appropriate return.
The investment process is conducted in line with the prudent person principle and the principles of asset-liability management (ALM), considering both returns and investment risk. In investing, the Company is exposed to market risks due to changes in the prices of equity securities and real property, changes in interest rates (risk-free interest rates and credit spreads) and changes in exchange rates. An important part of these risks are also risks arising from the excessive concentration of assets from direct investment in financial instruments or indirect through investments in collective investment undertakings.
The primary method of measuring and monitoring these risks at Group level is based on the Solvency II standard formula, complemented by internal measures primarily using the value-at-risk (VaR) method.
Market risks are managed according to the established methods and processes with clearly defined powers and responsibilities. The market risk management system enables quality analyses and reporting on market risks, as well as developing and implementing measures aimed at preventing the reduction of available own assets due to changes in financial markets.
risk and the target investment portfolio structure. In addition to financial instruments, the Company includes real property for own use and investment property in its market risk monitoring. The following risks are considered in the context of market risks:
Interest rate risk is highly dependent on the time matching of cash flows of assets and liabilities. At the Group level, it is managed within the framework of the asset and liability management (ALM) process and is limited by the maximum permissible deviation in the gap of the duration of assets and liabilities. The Group is exposed to interest rate risk on the liabilities side, mostly through insurance contract liabilities for life insurance, and to a lesser extent, in insurance contract liabilities for non-life insurance, especially those created for the payment of annuity claims for motor vehicle and accident insurance.
Equity risk is mainly related to changes in exposure and equity prices and volatile movements in share prices. Assets and liabilities sensitive to changes in the level or stock market volatility are exposed to this risk. Assets (investments) mainly include shares and collective investment undertakings focused on equity instruments. Liabilities sensitive to this risk arise primarily from unit-linked life insurance and supplemental voluntary pension insurance, where such risks are primarily assumed by the policyholders. In this segment, the focus is therefore on achieving the greatest possible matching of assets and liabilities. The purpose of equity investments is to achieve high long-term returns and ensure adequate diversification of the investment portfolio. The Group manages equity risk in its portfolio by setting exposure limits as well as through geographical and sectoral diversification of equity investments. In addition, due to different levels of development of capital markets and local statutory limitations, the investment policy is adapted to individual markets.
Property risk arises primarily from changes in the value of investment property, own-use real property, other tangible fixed assets and right of use buildings. Collective investment undertakings focused on the real property market are also exposed to property risk.
Spread risk stems from the sensitivity of the values of assets, liabilities and financial instruments to changes in the level or volatility of credit spreads over the risk-free interest rate term structure. The Group is exposed to spread risk primarily in debt securities, including those that are part of the investment portfolios of collective investment undertakings. The increase in credit spreads is associated with the fall in the price of debt securities and vice versa. Insurance liabilities are practically not sensitive to changes in the level or volatility of credit spreads, which means that this risk cannot be eliminated by asset-liability matching. Spread risk is actively managed through investment policies that aim to invest in high-quality securities and are subject to the limit as defined in the Risk Appetite Statement.
Currency risk is the risk of a decrease in the value of assets denominated in foreign currencies or an increase in the value of liabilities denominated in foreign currencies due to changes in exchange rates. Therefore, currency risk results from the mismatched currency position of assets and liabilities. It is managed by matching assets and liabilities and, to a lesser extent, by using derivatives.
dependence or unfavourable correlations between the movement of the values of individual exposures or their groups. Factors or types of concentration are different. They include, for example, the risk of asset concentration (in case of excessive exposure to one investment or one issuer) and the risk of sector or geographical concentration (with excessive exposure to one concentrated geographical area and/or sector/industry, where the risk arises from geopolitical, macroeconomic, social, weather or other disturbances).
| Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | Index | 31 Dec 2024 | 31 Dec 2023 | Zavarovalnica Triglav | 31 Dec 2023 | Triglav, Zdravstvena zavarovalnica | Index |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest rate risk | 11,293,523 | 5,418,512 | 208 | 0 | 5,928,971 | 618,808 | 0 | |||
| Equity risk | 43,833,549 | 33,663,939 | 130 | 161,463,378 | 144,576,665 | 0 | 112 | |||
| Property risk | 54,156,886 | 52,535,620 | 103 | 35,673,464 | 35,579,269 | 60,718 | 100 | |||
| Spread risk | 61,650,100 | 59,393,574 | 104 | 35,390,015 | 36,332,136 | 593,743 | 96 | |||
| Currency risk | 30,881,947 | 33,437,667 | 92 | 11,309,379 | 10,318,760 | 0 | 110 | |||
| Market concentration risk | 46,271,902 | 37,153,148 | 125 | 63,876,636 | 55,988,732 | 48,032 | 114 | |||
| Diversification | -70,957,930 | -56,260,907 | 126 | -60,846,049 | -54,471,070 | -439,542 | 111 | |||
| Total market risks* | 177,129,977 | 165,341,553 | 107 | 246,866,822 | 234,253,462 | 888,759 | 105 |
The market risks in the table are measured based on the Solvency II standard formula methodology. The risk is measured as the decrease in the value of assets and liabilities sensitive to changes in the value of market factors (share prices, credit spreads, interest rates, etc.) in a regulatory stress scenario. The stress scenario is based on value-at-risk with a 99.5% confidence interval and a holding period of one year. The level of risk depends essentially on the amount of the exposure and a calibrated weight that illustrates the market sensitivity of the relevant asset or liability.
The Company's interest rate risk assessment as at 31 December 2024 is zero, due to the application of relevant legal provisions governing the consideration of scenarios when assessing the absorption capacity of insurance technical provisions in relation to interest rate risk. Had the absorption capacity of insurance technical provisions not been considered, the estimated interest rate risk would have amounted to EUR 8.1 million, compared to EUR 5.9 million in the previous year. The Group's market risk as at 31 December 2024 increased by 7% year-on-year, while that of the Company rose by 5%. The changes are explained in greater detail in the sections below.
investment portfolios backing shorter maturities and excess, i.e. own funds, shortened. This allowed the Group to take advantage of the relatively higher interest rates at the short end of the curve and, by investing at the longer end of the curve, to further close the interest rate gap with liabilities that it had experienced in the previous year. The volume of interest-sensitive assets grew significantly more than liabilities compared to the previous year. This is the main reason why interest rate risk, as measured by the Solvency II capital requirement, increased compared to the previous year but remains very low.
299 The sensitivity analysis of the Group's investment portfolio related to (unit-linked assets are excluded) change in interest rate and its impact on comprehensive income or profit or loss showed that a sudden parallel rise in interest rates of 100 basis points would have a negative impact in the amount of EUR 69.2 million, which would be reflected in other comprehensive income, and an additional EUR 0.9 million in profit or loss. A parallel fall in interest rates of 100 basis points would have a positive impact of EUR 79.1 million in comprehensive income and EUR 1 million in profit or loss. The impact of interest rate movements is adjusted for the specificities of the treatment of financial assets for financial reporting purposes. Interest rate movements also have an impact on the Group's and the Company's financial statements on the liability side, which significantly reduces the abovementioned potential impacts.
stands at –1.3 years (31 December 2023: –1.5 years). The most important impact originates from the Company, where the duration gap of assets and liabilities was –1.7 years (31 December 2023: –2.2 years). Interest rate risk is actively managed by adjusting the portfolio at all times.
Equity risk arises from exposure to equity investments and undertakings for collective investment in shares. Compared to the end of the previous year, this risk increased by 30% at Group level. In parallel with the introduction of IFRS 9, the Group disposed of a significant part of its listed equity investments, which were geographically concentrated in the domestic market, and is gradually replacing this exposure with investments in alternative investment funds. The main drivers of the increase in equity risk compared to the previous year are additional inflows and the revaluation of equity-focused alternative investment funds. Equity risk is also increased by the exchange of the participating interest in Nama with the participating interest in Katera. Sectoral diversification of equity investments is shown in the table.
| in EUR | Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|---|---|
| adjusted Equity investments | 11,313,938 | 9,854,613 | 7,620,768 | 7,436,024 | ||
| Communications | 300 | |||||
| Cyclical sectors | 2,225,652 | 2,207,134 | 2,104,236 | 2,080,901 | ||
| Non-cyclical sectors | 1,441,950 | 961,770 | 610,305 | 610,305 | ||
| Finance | 3,301,753 | 2,839,773 | 1,279,358 | 1,041,532 | ||
| Industry | 732,994 | 1,016,750 | 675,000 | 1,010,000 | ||
| Technology | 393,991 | 93,250 | 0 | 0 | ||
| Public goods | 2,899,910 | 2,641,391 | 2,899,910 | 2,641,391 | ||
| Other | 61,246 | 61,181 | 51,959 | 51,895 | ||
| Public collective investment undertakings | 42,540,730 | 46,177,391 | 0 | 0 | ||
| Equity funds | 4,213,574 | 3,767,867 | 0 | 0 | ||
| Bond funds | 32,963,420 | 39,142,674 | 0 | 0 | ||
| Money market funds | 5,023,018 | 3,150,687 | 0 | 0 | ||
| Asset allocation funds | 340,718 | 116,162 | 0 | 0 | ||
| Private collective investment undertakings | 146,828,222 | 112,648,193 | 145,317,756 | 111,327,945 | ||
| Equity funds | 27,425,049 | 24,595,393 | 27,329,735 | 24,534,960 | ||
| Bond funds | 55,062,048 | 28,830,644 | 55,062,048 | 28,830,644 | ||
| Infrastructure funds | 38,044,275 | 34,878,186 | 38,044,275 | 34,878,186 | ||
| Real estate funds | 18,736,756 | 17,641,074 | 17,321,604 | 16,381,259 | ||
| Other | 7,560,093 | 6,702,896 | 7,560,093 | 6,702,896 | ||
| Total assets exposed to equity risk | 200,682,890 | 168,680,196 | 152,938,524 | 118,763,969 |
The sensitivity analysis of the change in prices of equity investments, whose risks are borne by the Group, and an analysis of this impact on the Group's profit or loss showed that a 10% increase in market prices of equities in the portfolio would increase the portfolio's value by EUR 5.1 million. An equal fall in the market prices of shares would result in a decrease in profit or loss of the same amount.
Exposure to investment property and real property for own use did not change significantly in the reporting period. Also, the exposure to collective investment undertakings focused on the real property market did not change significantly. The level of risk, therefore, remained almost unchanged. The Group's and the Company's land, buildings and investment property are presented in the financial statements under the cost model, and therefore movements in real property prices do not directly affect the amount of profit or loss and other comprehensive income. In the event of significant declines in real property prices, the need to impair these assets is assessed.
investment policies. Exposure to debt securities increased by EUR 230 million in 2024. Exposure to debt securities from non-sovereign issuers, which are the primary contributors to spread risk, decreased significantly at Group level over the reporting period but remained similar in absolute terms to the previous year. The duration of the credit-sensitive investment portfolio remained virtually unchanged compared to the previous year, while the credit quality of this portfolio slightly declined. Together, these changes resulted in a slight increase in the Group's spread risk, rising by 3.8% during the reporting period.
| Triglav Group | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | ||
|---|---|---|---|---|---|---|
| Government debt securities | 1,444,489,932 | 1,199,254,862 | 993,395,097 | 789,730,938 | ||
| AAA | 561,792,935 | 406,759,440 | 439,502,130 | 283,633,558 | ||
| AA | 265,479,668 | 237,082,341 | 214,479,568 | 196,065,664 | ||
| A | 365,531,031 | 216,807,741 | 248,741,490 | 185,963,018 | ||
| BBB | 101,880,339 | 201,076,501 | 84,846,071 | 114,052,004 | ||
| Below BBB | 149,638,064 | 133,216,091 | 5,825,839 | 7,136,483 | ||
| Not rated | 167,896 | 4,312,748 | 0 | 2,880,211 | ||
| Corporate debt securities | 648,143,237 | 660,790,040 | ||||
| 456,903,038 | 522,568,564 | |||||
| AAA | 10,493,938 | 11,430,045 | 10,493,938 | 10,327,440 | ||
| AA | 58,320,606 | 70,457,675 | 46,585,765 | 59,620,761 | ||
| A | 244,349,874 | 269,934,941 | 160,520,352 | 208,589,566 | ||
| BBB | 299,459,451 | 265,202,398 | 211,684,150 | 209,956,553 | ||
| Below BBB | 14,868,055 | 18,922,792 | 12,659,136 | 17,198,480 | ||
| Not rated | 20,651,313 | 24,842,189 | 14,959,698 | 16,875,764 | ||
| Total debt securities and other fixed-income securities | 2,092,633,169 | 1,860,044,901 | 1,450,298,136 | 1,312,299,502 |
| 31 Dec 2024 | EUR | USD | BAM | RSD | MKD | Other | TOTAL | elimination of intercompany transactions within the Group | Carrying amount | |
|---|---|---|---|---|---|---|---|---|---|---|
| Financial investments | 2,825,501,724 | 16,394,750 | 57,825,771 | 60,021,600 | 36,735,653 | 46,036,097 | 3,042,515,595 | 1,923,725 | 3,040,591,870 | |
| Insurance contract assets | 14,723,422 | 67,220 | 0 | 1,697 | 0 | 24,689 | 14,817,028 | -5,024,079 | 19,841,107 |
| contract | 370,910,485 | 25,270,997 | 7,941,533 | 18,906,774 | 0 | 3,647,519 | 426,677,308 | 137,067,053 | 289,610,255 | |
|---|---|---|---|---|---|---|---|---|---|---|
| assets | Other | 43,388,734 | 43,848 | 566,091 | 1,048,344 | 1,301,486 | 4,698 | 46,353,201 | 1,815,001 | 44,538,200 |
| receivables | Cash and cash | 47,143,967 | 1,860,109 | 10,060,009 | 7,755,072 | 1,187,062 | 944,860 | 68,951,079 | 0 | 68,951,079 |
| equivalents | Total assets | 3,301,668,332 | 43,636,924 | 76,393,404 | 87,733,487 | 39,224,201 | 50,657,863 | 3,599,314,211 | 135,781,700 | 3,463,532,511 |
| Subordinated | 152,130,399 | 0 | 0 | 0 | 0 | 0 | 152,130,399 | 0 | 152,130,399 | |
| liabilities | Insurance | 2,391,561,592 | 42,830,320 | 11,906,540 | 60,699,042 | 21,494,888 | 75,314,117 | 2,603,806,499 | 130,308,533 | 2,473,497,966 |
| contract | 2,274,859 | 148,348 | 460,625 | 790,294 | 189,526 | 25,227 | 3,888,879 | 1,734,441 | 2,154,438 | |
| liabilities | Lease | 12,783,553 | 0 | 1,239,058 | 0 | 427,367 | 0 | 14,449,978 | 3,793,288 | 10,656,690 |
| liabilities | Other financial | 976,001 | 0 | 152,367 | 201,801 | 9,403 | 0 | 1,339,572 | 1,022,056 | 317,516 |
| Total | 2,559,726,404 | 42,978,668 | 13,758,590 | 61,691,137 | 22,121,184 | 75,339,344 | 2,775,615,327 | 136,858,318 | 2,638,757,009 | |
| Net currency | 741,941,928 | 658,256 | 62,634,814 | 26,042,350 | 17,103,017 | -24,681,481 | 823,698,884 | -1,076,618 | 822,622,266 |
The table shows financial assets and liabilities and insurance and reinsurance contract assets and liabilities. ** Financial contract assets and liabilities are excluded. *** Unit-linked insurance assets are also presented under financial investments. **** Negative amounts of assets represent liabilities and negative amounts of liabilities represent receivables. They are presented in a way that provides a comparison with the financial statements. The Group's parent company also manages its currency risk through the use of currency derivatives, with a notional amount of EUR 13 million as at 31 December 2024 (none as at 31 December 2023). These instruments were used to reduce exposure to the US dollar and the British pound, taking into account the look-through approach, which is not reflected in the table above.
| 31 Dec 2023 EUR | USD | BAM | RSD | MKD | Other | TOTAL | elimination | of | intercompany | transactions | within the | Group |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial | 2,436,641,042 | 18,861,282 | 61,611,076 | 51,675,806 | 30,007,480 | 45,513,864 | 2,644,310,550 | 1,469,780 | 2,642,840,770 |
| contract | 12,736,081 | 0 | 9,559 | 0 | 78,709 | 0 | 12,824,349 | 730,471 | 12,093,878 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance | contract | 493,515,491 | 8,377,534 | 8,152,322 | 12,232,984 | -14,461 | 2,078,713 | 524,342,583 | 196,609,428 | 327,733,155 | |
| Other | 33,982,583 | 1,539 | 595,378 | 2,045,181 | 1,640,089 | 63,632 | 38,328,402 | 684,399 | 37,644,003 | ||
| receivables | Cash and | cash | 64,634,828 | 3,580,013 | 8,976,924 | 4,618,303 | 1,641,005 | 969,590 | 84,420,663 | 0 | 84,420,667 |
| Total assets | 3,041,510,025 | 30,820,368 | 79,345,259 | 70,572,274 | 33,352,822 | 48,625,799 | 3,304,226,547 | 199,494,074 | 3,104,732,473 | ||
| Subordinated | 49,994,402 | 0 | 0 | 0 | 0 | 0 | 49,994,402 | 0 | 49,994,402 | ||
| liabilities | Insurance | contract | 2,372,321,566 | 8,453,492 | 15,500,405 | 49,143,146 | 21,190,148 | 59,881,610 | 2,526,490,367 | 195,842,762 | 2,330,647,605 |
| Reinsurance | contract | 3,194,200 | 0 | 2,821,870 | 1,790,628 | 440,923 | 0 | 8,247,621 | 1,787,021 | 6,460,600 | |
| Lease | 14,385,944 | 0 | 1,359,068 | 0 | 643,676 | 0 | 16,388,688 | 4,723,355 | 11,665,333 | ||
| Other | financial | 1,401,466 | 0 | 269,318 | 553,670 | 8,742 | 0 | 2,233,196 | 1,569,754 | 663,442 | |
| Total | 2,441,297,578 | 8,453,492 | 19,950,661 | 51,487,444 | 22,283,489 | 59,881,610 | 2,603,354,274 | 203,922,892 | 2,399,431,382 | ||
| Net currency | 600,212,447 | 22,366,876 | 59,394,598 | 19,084,830 | 11,069,333 | -11,255,811 | 700,872,273 | -4,428,818 | 705,301,091 |
| 31 Dec 2024 | EUR | USD | BAM | RSD | MKD | Other | Total |
|---|---|---|---|---|---|---|---|
| Financial | 2,244,426,466 | 3,337,005 | 0 | 214 | 0 | 13,606,921 | 2,261,370,605 |
| Insurance | 14,432,147 | 0 | 0 | 0 | 0 | 0 | 14,432,147 |
| Reinsurance | 249,461,236 | 0 | 0 | 0 | 0 | 0 | 249,461,236 |
| Other | 27,753,903 | 0 | 0 | 0 | 0 | 0 | 27,753,903 |
| Cash and cash | 18,072,124 | 45,198 | 0 | 22,748 | 2,976 | 22,274 | 18,165,321 |
| Total assets | 2,554,145,876 | 3,382,203 | 0 | 22,962 | 2,976 | 13,629,195 | 2,571,183,212 |
| Subordinated liabilities | 152,130,399 | 0 | 0 | 0 | 0 | 0 | 152,130,399 |
|---|---|---|---|---|---|---|---|
| Insurance contract liabilities | 1,982,613,699 | 0 | 0 | 0 | 0 | 0 | 1,982,613,699 |
| Reinsurance contract liabilities | 429,625 | 0 | 0 | 0 | 0 | 0 | 429,625 |
| Lease liabilities | 4,302,797 | 0 | 0 | 0 | 0 | 0 | 4,302,797 |
| Other financial liabilities | 69,430 | 0 | 0 | 0 | 0 | 0 | 69,430 |
| Total liabilities | 2,139,545,950 | 0 | 0 | 0 | 0 | 0 | 2,139,545,950 |
| Net currency exposure | 414,599,926 | 3,382,203 | 0 | 22,962 | 2,976 | 13,629,195 | 431,637,262 |
| 31 Dec 2023 | EUR | USD | BAM | RSD | MKD | Other | Total adjusted |
|---|---|---|---|---|---|---|---|
| Financial investments | 1,955,647,331 | 0 | 0 | 149 | 0 | 0 | 1,955,647,480 |
| Insurance contract assets | 10,959,726 | 0 | 0 | 0 | 0 | 0 | 10,959,726 |
| Reinsurance contract assets | 306,936,690 | 0 | 0 | 0 | 0 | 0 | 306,936,690 |
| Other receivables | 20,448,498 | 0 | 0 | 0 | 0 | 0 | 20,448,498 |
| Cash and cash equivalents | 30,849,158 | 1,022,842 | 0 | 23,799 | 2,961 | 7,583 | 31,906,343 |
| Total assets | 2,324,841,403 | 1,022,842 | 0 | 23,948 | 2,961 | 7,583 | 2,325,898,737 |
| Subordinated liabilities | 49,994,402 | 0 | 0 | 0 | 0 | 0 | 49,994,402 |
|---|---|---|---|---|---|---|---|
| Insurance contract liabilities | 1,919,950,640 | 0 | 0 | 0 | 0 | 0 | 1,919,950,640 |
| Reinsurance contract liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lease liabilities | 5,033,767 | 0 | 0 | 0 | 0 | 0 | 5,033,767 |
| Other financial liabilities | 22,768 | 0 | 0 | 0 | 0 | 0 | 22,768 |
| Total liabilities | 1,975,001,577 | 0 | 0 | 0 | 0 | 0 | 1,975,001,577 |
| Net currency exposure | 349,839,826 | 1,022,842 | 0 | 23,948 | 2,961 | 7,583 | 350,897,160 |
Market concentration risk arises from overexposure of financial investments to a single issuer, sector or country. The Group continuously monitors concentration of exposure to issuers and groups of related issuers as well as geographical and sector concentration. The sector structure of equity securities is presented in the section on equity risk and that of debt securities in the section on spread risk. Below, the geographical structure of sovereign debt securities is added. The Group's largest aggregate exposure to a single issuer as at 31 December 2024 was to Germany amounting to EUR 254.1 million (31 December 2023: EUR 134.4 million in exposure to the same issuer), while the Company's largest aggregate exposure to a single issuer as at 31 December 2024 was EUR 199.9 million also to Germany (31 December 2023: EUR 73.8 million also to the Republic of Germany).
| in EUR | Triglav Group | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|
| Germany | 330,322,346 | 252,626,510 | |
| Transnational organisations | 215,853,676 | 139,831,347 | |
| Slovenia | 109,246,554 | 104,591,751 | |
| Croatia | 90,093,396 | 88,586,259 | |
| France | 94,444,040 | 61,132,747 | |
| Other countries | 604,529,924 | 552,486,248 | |
| TOTAL | 1,444,489,936 | 1,199,254,862 |
| in EUR | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | ||
|---|---|---|---|---|---|
| Germany | 257,977,758 | 159,149,707 | |||
| Transnational organisations | 176,522,901 | 113,216,351 | |||
| Slovenia | 84,900,976 | 81,093,326 | |||
| France | 73,439,732 | 55,029,604 | |||
| Spain | 69,604,798 | 58,687,104 | |||
| Other countries | 330,948,932 | 322,554,847 | |||
| TOTAL | 993,395,097 | 789,730,938 |
Despite major changes in the financial markets, the Group always kept market risks at predetermined levels, which required active management of these risks. The scope of market risks decreased overall and across all market risk subtypes as a result of active risk management and redirecting investments to safer asset classes. The structure of market risks did not change significantly compared to the previous year.
The Group is exposed to credit risks in their operations. These risks measure the potential loss of assets due to the inability of the counterparty to meet its contractual obligations. They arise from fluctuations in the credit position of individual counterparties and the concentration of risks of these parties. Within credit risk, the Group monitors the following risks by type of business partner (counterparty):
| Assets exposed to risks from expected payments under insurance contracts | 31 Dec 2024 | 31 Dec 2023 | ||||||
|---|---|---|---|---|---|---|---|---|
| Group | Company | Group | Company | |||||
| Assets exposed to risks from expected payments under reinsurance contracts | 318,459,843 | 240,531,160 | 365,577,477 | 328,219,374 | ||||
| Assets exposed to risks from cooperation with banks | 84,041,699 | 24,111,756 | 108,370,575 | 35,591,346 | ||||
| Total assets exposed to credit risk | 677,063,388 | 380,584,925 | 770,071,598 | 529,292,431 |
Risks from cooperation with banks: Credit risks arising from investments in deposits, cash and cash equivalents are managed by performing an expert analysis of the bank's credit quality and through a sufficient degree of portfolio diversification. This is achieved through a resilient and comprehensive limit system, which limits the exposures of individual companies to banks and the Group to banking groups. Exposure to credit risk by source of origin occurs upon overexposure to an individual counterparty, group of related parties or parties connected by common risk factors such as credit ratings. The concentration risk of individual counterparties is managed with a single database of reinsurers, banks and bank groups.
Exposure of the Group and the Company to credit risk from expected payments under insurance contracts. The Group is exposed to credit risk through the expected payments of premium and subrogations, which affect the amount of the calculated insurance contract assets and liabilities. The policyholders' payment discipline is closely monitored through a number of indicators. The movements of written premium and payments are monitored by maturity, in different time periods and by insurance class. With regard to expected payments of subrogations, recovery performance and the proportion of subrogations paid in relation to claims settled are also monitored.
| Exposures of the Group and the Company to credit risk from expected payments under insurance contracts | 31 Dec 2024 | 31 Dec 2023 | |||||
|---|---|---|---|---|---|---|---|
| Group | Company | Group | Company | ||||
| Expected premium payments | 220,898,839 | 115,942,009 | 241,074,293 | 110,898,544 | |||
| Expected subrogation payments | 53,663,007 | 52,462,931 | 55,049,253 | 54,583,167 | |||
| TOTAL | 274,561,846 | 168,404,940 | 296,123,546 | 165,481,711 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Not due | 171,256,967 | 190,188,030 | 91,471,665 | 84,916,042 |
| Overdue up to 30 days | 11,861,067 | 11,175,004 | 5,439,164 | 6,543,127 |
| Overdue from 31 to 60 days | 7,667,704 | 7,456,574 | 2,440,337 | 2,758,583 |
| Overdue from 61 to 90 days | 5,960,010 | 5,971,365 | 1,354,278 | 1,592,584 |
| Overdue over 90 days | 24,153,091 | 26,283,320 | 15,236,565 | 15,088,208 |
| TOTAL EXPECTED PAYMENTS | 220,898,839 | 241,074,293 | 115,942,009 | 110,898,544 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Not due | 912,195 | 199,246 | 236,054 | 193,883 |
| Overdue up to 30 days | 746,783 | 365,952 | 724,260 | 365,324 |
| Overdue from 31 to 60 days | 1,017,516 | 698,555 | 991,173 | 685,616 |
| Overdue from 61 to 90 days | 1,172,239 | 1,151,802 | 1,154,820 | 1,151,134 |
| Overdue over 90 days | 49,814,274 | 52,633,698 | 49,356,624 | 52,187,210 |
| TOTAL EXPECTED PAYMENTS | 53,663,007 | 55,049,253 | 52,462,931 | 54,583,167 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| AAA | 0.0 % | 0.0 % | 0.0 % | 0.0 % |
| AA to BBB | 85.7 % | 85.0 % | 87.0 % | 87.0 % |
| Below BBB | 5.6 % | 3.5 % | 4.1 % | 4.5 % |
| Not rated | 8.7 % | 11.6 % | 8.1 % | 8.5 % |
| Average credit rating | ABBB | ABBB |
The Group is most exposed to reinsurers with an "A" credit rating. The proportion of partners with an "AA" credit rating is also high. The proportion of non-rated reinsurance partners at Group level is 8.7%. The bulk stems from insurance claims of insurance companies in strategic markets, which are covered by local non-rated reinsurers. The proportion of non-rated reinsurers in the Company is slightly lower, i.e. 8.1%. The improvement in the exposure distribution leads to an increase in the average rating of the Group's and the Company's reinsurance portfolio, rising from "BBB" to "A". The geographical concentration of reinsurers at Group level is the highest in Luxembourg. It changed slightly compared to 2023, though the top five exposures by country remained unchanged. Due to its exposure to the subsidiary Pozavarovalnica Triglav Re, Zavarovalnica Triglav is geographically most exposed in Slovenia.
| Luxembourg | 14.0 % | Germany | 14.4% |
|---|---|---|---|
| Germany | 13.2 % | Luxembourg | 11.0% |
| United Kingdom | 9.1 % | United Kingdom | 9.5% |
| Kazahstan | 8.7 % | Switzerland | 7.0% |
| Switzerland | 5.7 % | Kazahstan | 6.9% |
| 31 Dec 2024 | 31 Dec 2023 adjusted | ||
|---|---|---|---|
| Slovenia | 51.8 % | Slovenia | 62.9 % |
| Kazahstan | 9.7 % | Kazahstan | 9.5 % |
| United Kingdom | 7.8 % | United Kingdom | 6.8 % |
| Cyprus | 4.1 % | Cyprus | 3.8 % |
| Russia | 3.8 % | Russia | 3.6 % |
With regard to deposits, cash and cash equivalents, the Company is most exposed to Slovenian banks, which mainly have an "A" and "BBB" credit ratings or are without a credit rating. In addition, the Group is exposed to banks in the countries where its subsidiaries operate, which are usually without a credit rating. In 2024, the rating of the Slovenian OTP Bank was changed from "BBB" to "A", which slightly altered the rating structure of the Company's and the Group's exposures.
The Group actively managed these risks by regularly monitoring all credit risk exposures. The largest in 2024 was the decrease in exposures to reinsurers due to the activation of reinsurance protection following unfavourable claims development in 2023. The exposures to all counterparties in 2024 were in line with expectations. At Group level, the credit quality of counterparties is systematically and comprehensively monitored on a regular basis.
Liquidity risk is the risk of loss when the company is unable to meet its obligations arising from the timing mismatch of inflows and outflows, or when it is able to meet them only at higher costs. The risk of settling matured and contingent liabilities and market liquidity risk are monitored in the context of the liquidity risk.
Expected cash flows, i.e. inflows and outflows, are kept and managed proactively. Most cash flows of liabilities arise from insurance operations. The assets intended to cover these liabilities are adjusted by covering them in accordance with the investment policy in normal circumstances (the ALM process), while aiming to generate surplus assets to ensure the repayment of liabilities even when liquidity needs are higher. Thus, when necessary, the Group adjusts the liquidity of its portfolio in order to meet all expected and unexpected cash outflows and overdue liabilities at any given moment.
To manage liquidity risk, a process was set up based on the liquidity coverage ratio (LCR), which is used to provide for adequate liquidity reserves on an ongoing basis. The LCR is determined for both expected and predetermined liquidity stress scenarios. These are determined based on various stress scenarios adjusted to the Company's liquidity risk, which includes adverse insurance and financial events. Furthermore, the sources of liquidity are regularly adjusted, as the available funds must always exceed the needs.
When measuring liquidity, liquidity sources include primarily insurance premium and cash flows of investments intended to cover liabilities. The most important liquidity needs include the payment of claims, expenses and the payout of planned dividends. In the event of an emergency, an action plan is in place, including the sale of liquid excess assets over liabilities and additional security mechanisms such as credit and repo lines. The Group does not carry out securities lending techniques. Stress scenarios and measures are reviewed annually and adjusted to exposures and the market situation.
With the described system, liquidity risk is effectively managed, while optimising excess liquidity by investing in alternative sources with higher returns on the market. Liquidity at Group level is assessed based on the liquidity of the Company and the subsidiaries. The liquidity of the Group companies is planned on an annual basis by estimating the volume and scope of business in the coming year. In the framework of own risk and solvency assessment, it is planned for at least three years; the planning includes future potential liquidity needs and effectively provides for available liquidity sources.
| in EUR | 31 Dec 2024 | Not defined | < 1 year | 1 – 5 years | 5 – 10 years | > 10 years | Total | The elimination of intercompany | Carrying amount |
|---|---|---|---|---|---|---|---|---|---|
| Financial | Insurance contract assets | Reinsurance contract assets | Other receivables | Cash and cash equivalents | Total assets | Subordinated liabilities | |
|---|---|---|---|---|---|---|---|
| 31 Dec 2023 | 873,275,990 | 0 | 3,018,824 | 2,186,230 | 68,951,079 | 947,432,123 | 0 |
| 787,659,230 | -1,442,717 | 271,342,619 | 43,661,228 | 0 | 1,101,220,360 | 0 | |
| 829,946,785 | 15,731,766 | 128,518,984 | 449,905 | 0 | 974,647,440 | 0 | |
| 262,814,308 | 2,653,593 | 16,566,294 | 55,837 | 0 | 282,090,032 | 152,130,399 | |
| 288,819,280 | -2,125,614 | 7,230,591 | 0 | 0 | 293,924,257 | 0 | |
| 3,042,515,593 | 14,817,028 | 426,677,312 | 46,353,200 | 68,951,079 | 3,599,314,212 | 0 | |
| 1,923,723 | -5,024,079 | 137,067,057 | 1,815,000 | 0 | 135,781,701 | 0 | |
| 3,040,591,870 | 19,841,107 | 289,610,255 | 44,538,200 | 68,951,079 | 3,463,532,511 | 0 |
| Subordinated liabilities | Insurance contract liabilities | Reinsurance contract liabilities | Lease liabilities | Other financial liabilities | Total liabilities | |
|---|---|---|---|---|---|---|
| 31 Dec 2023 | 0 | 726,733,768 | 0 | 1,918,777 | 944,823 | 729,597,368 |
| 0 | 775,210,163 | 2,710,794 | 4,671,399 | 394,749 | 782,987,105 | |
| 0 | 622,073,424 | 226,222 | 7,057,832 | 0 | 629,357,478 | |
| 0 | 198,794,347 | 876,625 | 696,341 | 0 | 200,367,313 | |
| 152,130,399 | 280,994,797 | 75,237 | 105,628 | 0 | 433,306,061 | |
| 0 | 2,603,806,499 | 3,888,878 | 14,449,977 | 1,339,572 | 2,775,615,325 | |
| 0 | 130,308,533 | 1,734,440 | 3,793,287 | 1,022,056 | 136,858,316 | |
| 0 | 2,473,497,966 | 2,154,438 | 10,656,690 | 317,516 | 2,638,757,009 |
| Other | 1,014,334 | 35,570,530 | 1,742,665 | 874 | 0 | 38,328,403 | 684,400 | 37,644,003 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | 45,354,022 | 39,066,642 | 0 | 0 | 0 | 84,420,664 | 0 | 84,420,667 | |
| Total assets | 754,014,772 | 895,257,821 | 1,156,007,572 | 235,481,754 | 263,464,629 | 3,304,226,548 | 199,494,075 | 3,104,732,473 | |
| Subordinated liabilities | 0 | 0 | 0 | 0 | 49,994,402 | 49,994,402 | 0 | 49,994,402 | |
| Insurance contract liabilities | 591,491,919 | 811,998,011 | 640,444,697 | 180,534,084 | 302,021,655 | 2,526,490,366 | 195,842,761 | 2,330,647,605 | |
| Reinsurance contract liabilities | 0 | 8,287,425 | -34,711 | -4,319 | -773 | 8,247,622 | 1,787,022 | 6,460,600 | |
| Lease liabilities | 1,087,204 | 5,023,302 | 9,638,996 | 639,189 | 0 | 16,388,691 | 4,723,358 | 11,665,333 | |
| Other financial liabilities | 469,459 | 821,902 | 941,835 | 0 | 0 | 2,233,196 | 1,569,754 | 663,442 | |
| Total liabilities | 593,048,582 | 826,130,640 | 650,990,817 | 181,168,954 | 352,015,284 | 2,603,354,277 | 203,922,895 | 2,399,431,382 |
| Not defined | < 1 year | 1 – 5 years | 5 – 10 years | > 10 years | Total | |
|---|---|---|---|---|---|---|
| Financial investments | 798,533,222 | 498,104,672 | 526,956,027 | 169,516,385 | 268,260,299 | 2,261,370,605 |
| Insurance contract assets | 0 | -1,732,079 | 15,642,067 | 2,647,852 | -2,125,693 | 14,432,147 |
| Reinsurance contract assets | 0 | 148,813,526 | 83,043,057 | 10,620,247 | 6,984,405 | 249,461,236 |
| Other receivables | 0 | 27,415,351 | 338,552 | 0 | 0 | 27,753,903 |
| Cash and cash equivalents | 18,165,321 | 0 | 0 | 0 | 0 | 18,165,321 |
| Total assets | 816,698,543 | 672,601,470 | 625,979,703 | 182,784,483 | 273,119,011 | 2,571,183,212 |
| Subordinated liabilities | 0 | 0 | 0 | 0 | 152,130,399 | 152,130,399 |
| Insurance contract liabilities | 686,253,259 | 504,772,395 | 393,522,318 | 137,542,537 | 260,523,190 | 1,982,613,699 |
| Reinsurance contract liabilities | 0 | 272,654 | 16,735 | 65,804 | 74,432 | 429,625 |
| Lease liabilities | 0 | 1,354,335 | 2,478,514 | 469,948 | 0 | 4,302,797 |
| Other financial liabilities | 0 | 69,430 | 0 | 0 | 0 | 69,430 |
| Total liabilities | 686,253,259 | 506,468,814 | 396,017,567 | 138,078,289 | 412,728,021 | 2,139,545,950 |
| Not defined | < 1 year | 1 – 5 years | 5 – 10 years | > 10 years | Total | |
|---|---|---|---|---|---|---|
| Financial investments | 631,587,976 | 258,849,064 | 675,340,388 | 168,693,312 | 221,176,739 | 1,955,647,480 |
| Insurance contract assets | 0 | -2,026,512 | 8,481,341 | 3,708,863 | 796,034 | 10,959,726 |
| Reinsurance contract assets | 0 | 180,561,924 | 118,503,433 | 5,621,324 | 2,250,009 | 306,936,690 |
| Other receivables | 0 | 20,125,130 | 323,368 | 0 | 0 | 20,448,498 |
| Cash and cash equivalents | 0 | 31,906,343 | 0 | 0 | 0 | 31,906,343 |
| Total assets | 631,587,976 | 489,415,949 | 802,648,531 | 178,023,500 | 224,222,782 | 2,325,898,737 |
| 0 | 0 | 0 | 0 | 49,994,402 | 49,994,402 |
|---|---|---|---|---|---|
| 565,058,237 | 520,779,727 | 425,969,934 | 130,380,717 | 277,762,025 | 1,919,950,640 |
|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|
| 0 | 1,743,026 | 2,801,656 | 489,085 | 0 | 5,033,767 |
|---|---|---|---|---|---|
| 0 | 22,768 | 0 | 0 | 0 | 22,768 |
|---|---|---|---|---|---|
| 565,058,237 | 522,545,521 | 428,771,590 | 130,869,802 | 327,756,427 | 1,975,001,577 |
|---|---|---|---|---|---|
In the reporting year, the Company regularly monitored and managed liquidity risk to maintain an optimal liquidity level, taking into account the assessed liquidity level. This approach ensured that liquidity risk remained low at all times. In fact, investment policies aim to ensure a high volume of liquid securities. In 2024, liquidity risk was also carefully assessed when placing funds in alternative investments. The volume of such investments is subordinated to achieving adequate portfolio liquidity even in the event of a deteriorating situation in the financial markets.
Operational risks are the risks of loss arising from inadequate or failed internal processes, personnel or systems, or from external events and their impact. As part of the risk appetite, which is the main guideline for operational risk management, high standards for ensuring compliance with the law and zero tolerance for internal criminal acts and fraud, including corruption, were set. The Group and the Company aim to ensure an appropriate level of information security (confidentiality, integrity and availability) for any information that is their business asset, and in doing so follow good practices in information security, taking into account the levels of information security risks defined as acceptable for each type of information.
The Group's operational risks are ever-present, therefore it is of key importance to identify and manage the most material in a timely manner, limiting them cost-effectively according to the defined tolerance. The aim of operational risk management is to prevent damage, quickly and effectively address the consequences of realised operational loss events, as well as mitigate and prevent operational losses in a professional, diligent and ethical manner. Here, the greatest emphasis is placed on key business processes and the groups of operational risks. Recently, cyber, regulatory and human resource risks have come to the fore.
Operational risks are assessed based on all available information, such as estimates of potential risks by business process group, realised operational loss events, key indicators of these risks and other relevant information from employees and key functions. The GRC/IRM software (Governance, Risk, Compliance/Integrated Risk Management) is used to collect and manage data as well as report on operational risks more comprehensively. This tool also supports compliance and internal audit processes for an even more coordinated operation of key functions in risk management processes and a more responsive overview.
The Operational Risk Committee plays a key role in monitoring operational risks. It addresses any identified material risks, whether potential or realised, and takes additional action as needed. When assessing exposure and managing operational risks, internal controls for their management are inventoried by each business process. The priorities of the internal control system are as follows:
In accordance with the principles of proportionality and materiality, the Company transfers the operational risk management system to subsidiaries, all of which regularly report on realised operational loss events and other material operational risks.
As part of operational risk management, the business continuity management system was set up to ensure continuity of key business processes. It comprises all key components relevant to business continuity, particularly securing key staff, work locations and resources, which include the operation of information and communication technology with key applications. Business continuity plans for critical business processes and IT disaster recovery plans are regularly revised, upgraded and checked. Among others, the business continuity management system also defines measures to be taken in the case of extraordinary events that cause or could cause interruptions or disruptions in business processes.
The Company has set up:
disruption to ICT services; recovery teams for the Company's head office and regional units, which are activated in the event the accessibility or operation in an individual commercial building or regional unit is interrupted. As part of operational risks, events related to business interruptions and disruptions are also monitored.
Non-financial risks to the Triglav Group's operations include material strategic risks, reputational risk, Group risk and sustainability risks. Non-financial risks usually originate from the external environment and are very closely linked to other risks, especially operational. Usually they occur due to several realised factors both inside and outside of the Group.
members. The risk profile is also affected by the review and treatment of large transactions between related companies and the complexity of concentration risk management. All these risks can materialise in the form of major or minor deviations from the business and financial plans due to losses incurred or lost business opportunities.
▪ Sustainability risks (including ESG risks) are a set of risks of the Group arising from environmental, social and governance factors, and may have a negative impact on the financial position or solvency of the Group. Environmental risks are divided into physical risks and transition risks. Physical risks are the risks of a financial loss due to extreme weather events or other environmental impacts related to climate change. Transition risk is associated with risks arising from changes in business or the environment, due to measures to promote the transition to a low-carbon economy in order to reduce the human impact on climate change. Social risks mainly include risks arising from the way the Company and the Group companies operate in relation to the requirements of the wider social environment, in particular ensuring diversity and equal opportunities for various stakeholders, safety, health and satisfaction of employees, and good relations with clients, suppliers and outsourcers. Governance risks are associated with an inappropriately or inadequately established governance system, especially in the field of environmental and social aspects. They include the legality of business operations, corporate governance standards, including the risk management system and internal control system, remuneration of the company's management, used business practices and the investor relations policy.
315 Non-financial risks are risks that, due to their nature, cannot be reduced, addressed or mitigated with dedicated capital. They are also not included in the regulatory risk assessment.
In the reporting year, the Group's sustainability risk management system continued to be upgraded, mainly by improving data quality and defining methodologies, indicators and reporting on environmental risks. It is assessed that environmental risks, including climate change risks, continue to be the most material among sustainability risks for the Group. They were particularly carefully examined in the framework of own risk and solvency assessment. In order to assess climate risks, including both transition and physical risks, a qualitative and quantitative assessment of the effects of climate change on the business operations of the Company and the Group was performed. The climate risk assessment was further enhanced with an assessment of nature-related risks, specifically biodiversity risks.
Zavarovalnica Triglav's management monitors the Group's and the Company's operations by business segment. Business segments in the context of the Group's and the Company's operations differ from one another by nature of transaction, type of service and business risks.
In 2024, following the merger of the subsidiary Triglav, Zdravstvena zavarovalnica d.d., there was a change in the business segments for which the Company's management separately monitors business results and makes decisions on the allocation of resources. In 2024, these business segments were non-life insurance, life insurance, health insurance and asset management. All components of the Group's and the Company's operations are included in one of the business segments.
The results of a specific business segment are assessed based on the profit or loss achieved by that segment; in addition, the management monitors the amount of assets and liabilities of specific segments. All income and expenses items are included in the determination of profit or loss, and all assets and liabilities items of the Group and the Company are included in the monitoring of the amount of assets and liabilities of specific segments.
Income and expenses are allocated directly to each segment, but if this is not possible, allocation keys are adopted for this purpose. Income and expenses from insurance operations are recorded in the accounting records by specific insurance class, which are then aggregated into insurance groups. Other income and expenses and costs are recorded in the accounting records by specific insurance group. They are classified in specific insurance groups partly directly and partly through defined allocation keys.
| NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL (before eliminations between segments) |
|---|---|---|---|---|
| 2,085,654,371 | 1,610,216,865 | 36,701,781 | 906,913,832 | 4,639,486,849 |
| Item | NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL |
|---|---|---|---|---|---|
| Property, plant and equipment | 93,893,269 | 10,079,509 | 659,534 | 1,234,873 | 105,867,185 |
| Investment property | 69,219,906 | 1,191,467 | 0 | 0 | 70,411,373 |
| Right-of-use assets | 9,431,262 | 228,834 | 250,552 | 141,095 | 10,051,743 |
| Intangible assets and goodwill | 25,000,036 | 6,588,301 | 69,430 | 21,704,145 | 53,361,912 |
| Deferred tax assets | 8,973,220 | 5,215,407 | 0 | 50,878 | 14,239,505 |
| Investments in subsidiaries | 55,059,388 | 0 | 0 | 561,985 | 55,621,373 |
| Investments in associates and joint ventures | 1,362,496,683 | 1,547,810,030 | 20,862,673 | 109,422,484 | 3,040,591,870 |
| Financial investments | 1,218,575,713 | 622,696,930 | 20,862,673 | 49,425,069 | 1,911,560,385 |
| – at fair value through other comprehensive income | 30,339,550 | 175,099,131 | 0 | 17,129,756 | 222,568,437 |
| – at amortised cost | 113,581,420 | 750,013,969 | 0 | 42,867,659 | 906,463,048 |
| – at fair value through profit or loss | 0 | 0 | 0 | 755,007,158 | 755,007,158 |
| Financial contract assets | 0 | 0 | 0 | 245,995,862 | 245,995,862 |
| – investments at amortised cost | 0 | 0 | 0 | 493,515,077 | 493,515,077 |
| – investments at fair value through profit or loss | 0 | 0 | 0 | 405,599 | 405,599 |
| – receivables from financial contracts | 0 | 0 | 0 | 15,090,620 | 15,090,620 |
| – cash from financial contracts | 5,608,761 | 13,951,277 | 281,069 | 0 | 19,841,107 |
| Insurance contract assets | 289,242,833 | 355,332 | 12,090 | 0 | 289,610,255 |
| Reinsurance contract assets | 49,390 | 0 | 0 | 0 | 49,390 |
| Non-current assets held for sale | 260,573 | 0 | 0 | 0 | 260,573 |
| Current corporate income tax assets | 126,838,501 | 2,087,390 | 11,407,414 | 5,361,209 | 145,694,514 |
| Other receivables | 30,872,473 | 22,012,722 | 3,023,185 | 13,042,699 | 68,951,079 |
| Cash and cash equivalents | 8,708,076 | 696,596 | 135,834 | 387,306 | 9,927,812 |
| Item | NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL |
|---|---|---|---|---|---|
| Equity | 748,274,867 | 157,809,495 | 9,761,544 | 73,196,300 | 989,042,206 |
| Controlling interests | 745,193,786 | 158,358,484 | 9,761,544 | 71,572,847 | 984,886,661 |
| – share capital | 51,340,540 | 22,360,852 | 0 | 0 | 73,701,392 |
| – share premium | 36,405,639 | 13,635,792 | 15,192 | 265,956 | 50,322,579 |
| – reserves from profit | 364,680 | 0 | 0 | 0 | 364,680 |
| – treasury share reserves | -364,680 | 0 | 0 | 0 | -364,680 |
| – treasury shares | 503,304,466 | 46,529,492 | 34 | 11,113,911 | 560,947,903 |
| – accumulated other comprehensive income | -16,719,874 | -15,343,937 | -18,185 | 828,696 | -31,253,300 |
| – retained earnings from previous years | 140,175,350 | 67,822,943 | -465,692 | 51,661,166 | 259,193,767 |
| – net profit or loss for the year | 32,648,925 | 24,334,943 | 10,230,195 | 7,834,969 | 75,049,032 |
| – translation differences | -1,961,260 | -981,601 | 0 | -131,851 | -3,074,712 |
| Non-controlling interests | 3,081,081 | -548,989 | 0 | 1,623,453 | 4,155,545 |
| Subordinated liabilities | 152,130,399 | 0 | 0 | 0 | 152,130,399 |
| Deferred tax liabilities | 692,384 | 1,242,512 | 1,835 | 275,674 | 2,212,405 |
| Financial contract liabilities | 0 | 0 | 0 | 755,007,158 | 755,007,158 |
| ASSETS | NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL (before eliminations between segments) | |||
|---|---|---|---|---|---|---|---|---|
| 1,836,512,187 | 318 | 1,492,386,826 | 78,664,647 | 815,061,910 | 4,222,625,570 | |||
| Property, plant and equipment | 95,171,886 | 9,708,710 | 533,945 | 1,414,268 | 106,828,809 | |||
| Investment property | 66,639,912 | 1,313,861 | 0 | 0 | 67,953,773 | |||
| Right-of-use assets | 10,496,063 | 177,355 | 299,599 | 140,432 | 11,113,449 | |||
| Intangible assets and goodwill | 27,956,815 | 6,507,973 | 163,028 | 20,028,490 | 54,656,306 | |||
| Deferred tax assets | 12,859,999 | 2,823,227 | 6,278,596 | 5,726 | 21,967,548 | |||
| Investments in subsidiaries | 37,218,841 | 0 | 0 | 489,221 | 37,708,062 | |||
| Investments in associates and joint ventures | 1,046,023,574 | 1,428,125,972 | 65,546,191 | 103,145,033 | 2,642,840,770 | |||
| Financial investments | 920,752,335 | 651,116,719 | 65,546,191 | 35,551,687 | 1,672,966,932 | |||
| – at fair value through other comprehensive income | 33,075,932 | 175,921,558 | 0 | 20,562,237 | 229,559,727 | |||
| – at amortised cost | 92,195,307 | 601,087,695 | 0 | 47,031,109 | 740,314,111 | |||
| – at fair value through profit or loss | 0 | 0 | 0 | 674,115,145 | 674,115,145 | |||
| Financial contract assets | 0 | 0 | 0 | 283,215,425 | 283,215,425 | |||
| – investments at amortised cost | 0 | 0 | 0 | 366,826,746 | 366,826,746 | |||
| – investments at fair value through profit or loss | 0 | 0 | 0 | 123,066 | 123,066 | |||
| – receivables from financial contracts | 0 | 0 | 0 | 23,949,908 | 23,949,908 | |||
| – cash from financial contracts | 1,858,700 | 10,234,160 | 1,018 | 0 | 12,093,878 | |||
| Insurance contract assets | 327,123,674 | 387,756 | 221,725 | 0 | 327,733,155 | |||
| Reinsurance contract assets | 432,748 | 0 | 1,141,578 | 1,555,383 | 3,129,709 | |||
| Non-current assets held for sale | 8,491,524 | 0 | 0 | 0 | 8,491,524 | |||
| Current corporate income tax assets | 148,600,030 | 2,551,228 | 2,179,210 | 7,910,406 | 161,240,874 | |||
| Other receivables | 46,349,730 | 29,822,552 | 2,231,347 | 6,017,038 | 84,420,667 | |||
| Cash and cash equivalents | 7,288,691 | 734,032 | 68,410 | 240,768 | 8,331,901 |
| Insurance contract liabilities | 755,007,158 | 1,040,917,066 | 1,418,850,442 | 13,730,458 | 0 | 2,473,497,966 |
|---|---|---|---|---|---|---|
| Reinsurance contract liabilities | 1,838,849 | 8,336 | 307,2530 | 2,154,438 | ||
| Provisions | 19,722,249 | 2,710,816 | 35,1513,527,915 | 25,996,131 | ||
| Lease liabilities | 10,038,318 | 228,027 | 254,822 | 135,523 | 10,656,690 | |
| Other financial liabilities | 297,020 | 20,379 | 0 | 117 | 317,516 | |
| Current corporate income tax liabilities | 4,512,730 | 205,029 | 86,045 | 829,441 | 5,633,245 | |
| Other liabilities | 107,230,489 | 29,141,829 | 12,524,673 | 73,941,704 | 222,838,695 |
| Accumulated other comprehensive income | -28,346,492 | -8,420,843 | -472,831 | -175,817 | -37,415,983 |
|---|---|---|---|---|---|
| Retained earnings from previous years | 178,775,250 | 47,179,410 | 21,878,523 | 58,258,765 | 306,091,948 |
| Net profit or loss for the year | -8,409,299 | 14,357,563 | -26,104,946 | 12,964,144 | -7,192,538 |
| Translation differences | -2,056,117 | -1,006,849 | 336 | -132,020 | -3,194,650 |
| Non-controlling interests | 2,709,645 | -555,119 | 0 | 1,529,727 | 3,684,253 |
| Subordinated liabilities | 49,994,402 | 0 | 0 | 0 | 49,994,402 |
| Deferred tax liabilities | 1,061,324 | 428,118 | 0 | 376,368 | 1,865,810 |
| Financial contract liabilities | 0 | 0 | 0 | 674,115,145 | 674,115,145 |
| Insurance contract liabilities | 977,467,204 | 1,315,940,347 | 37,240,054 | 0 | 2,330,647,605 |
| Reinsurance contract liabilities | 6,368,274 | 3,246 | 89,080 | 0 | 6,460,600 |
| Provisions | 20,955,698 | 2,525,981 | 1,699,744 | 5,166,062 | 30,347,485 |
| Lease liabilities | 11,053,625 | 169,451 | 301,180 | 141,077 | 11,665,333 |
| Other financial liabilities | 640,258 | 22,283 | 0 | 901 | 663,442 |
| Current corporate income tax liabilities | 0 | 113,793 | 9,319 | 448,443 | 571,555 |
| Other liabilities | 86,086,539 | 39,103,309 | 42,170,227 | 57,834,135 | 225,194,210 |
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Balance sheet total before intersegment elimination | 4,639,486,849 | 4,222,625,570 |
| Intersegment receivables and liabilities | -101,156,314 | -123,596,871 |
| Offset balance | 4,538,330,535 | 4,099,028,699 |
| NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL | DISCONTINUED OPERATIONS | TOTAL | ||
|---|---|---|---|---|---|---|---|---|
| Continuing operations | Insurance service result | 130,821,464 | 32,447,583 | 1,938,740 | 0 | 165,207,787 | 5,539,544 | 159,668,243 |
| Insurance income | 1,156,299,596 | 98,399,942 | 43,252,835 | 0 | 1,297,952,373 | 52,453 | 1,297,899,920 | |
| Insurance service expenses | -885,519,420 | -66,224,365 | -40,069,884 | 0 | -991,813,669 | 5,487,091 | -997,300,760 | |
| Net reinsurance service result | -139,958,712 | 272,006 | -1,244,211 | 0 | -140,930,917 | 0 | -140,930,917 | |
| Investment result | 33,807,735 | 121,112,814 | 1,452,206 | 3,373,821 | 159,746,576 | 0 | 159,746,576 |
| in EUR | NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL | DISCONTINUED OPERATIONS | TOTAL |
|---|---|---|---|---|---|---|---|
| interest method | 25,666,852 | 18,997,723 | 1,215,235 | 1,406,886 | 47,286,696 | 0 | 47,286,696 |
| – dividend income | 2,244,992 | 275,497 | 1,311 | 78,068 | 2,599,868 | 0 | 2,599,868 |
| – net gains and losses on financial investments | 2,342,643 | 99,542,504 | -300,753 | 1,875,578 | 103,459,972 | 0 | 103,459,972 |
| – net impairment and reversal of impairment of financial investments | 1,808,219 | 1,057,740 | 477,849 | -9,538 | 3,334,270 | 0 | 3,334,270 |
| – other effects of investing activities | 1,745,029 | 1,239,350 | 58,564 | 22,827 | 3,065,770 | 0 | 3,065,770 |
| Financial result from insurance contracts | -7,747,515 | -110,589,731 | -204,287 | 0 | -118,541,533 | -113,374 | -118,428,159 |
| – financial result from insurance contracts | -14,283,689 | -110,595,193 | -225,567 | 0 | -125,104,449 | -113,374 | -124,991,075 |
| – financial result from reinsurance contracts | 6,536,174 | 5,462 | 21,280 | 0 | 6,562,916 | 0 | 6,562,916 |
| Income from asset management | 0 | 0 | 0 | 49,364,063 | 49,364,063 | 0 | 49,364,063 |
| Non-attributable operating expenses | -54,380,124 | -9,189,821 | -2,157,319 | -35,460,567 | -101,187,831 | -236,860 | -100,950,971 |
| Net other operating income and expenses | -2,377,445 | -3,494,757 | -1,950,182 | -375,854 | -8,198,238 | -59,651 | -8,138,587 |
| Net other financial income and expenses | -7,155,755 | -64,324 | -74,373 | -9,996 | -7,304,448 | -4,030 | -7,300,418 |
| Net impairment and reversal of impairment of non-financial assets | -66,398 | 0 | 0 | 0 | -66,398 | 0 | -66,398 |
| Gains and losses on investments in associates | 6,871,440 | 0 | 0 | 72,763 | 6,944,203 | 0 | 6,944,203 |
| Net other income and expenses | 1,057,896 | 115,914 | 11,336,083 | 568,127 | 13,078,020 | 11,022,075 | 2,055,945 |
| Earnings before tax | 100,831,298 | 30,337,678 | 10,340,868 | 17,532,357 | 159,042,201 | 16,147,704 | 142,894,497 |
| Tax expense | -18,818,174 | -5,979,003 | -110,640 | -2,716,271 | -27,624,088 | 0 | -27,624,088 |
| TOTAL NET EARNINGS FOR THE PERIOD | 82,013,124 | 24,358,675 | 10,230,228 | 14,816,086 | 131,418,113 | 16,147,704 | 115,270,409 |
| OTHER COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX | 11,764,257 | -7,090,990 | 632,528 | 1,004,788 | 6,310,583 | -2,979 | 6,313,562 |
| NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL (before eliminations between segments) |
|---|---|---|---|---|
| 1,540,466,794 | 1,430,159,485 | 23,873,487 | 290,972,541 | 3,285,472,306 |
| Item | Value |
|---|---|
| Property, plant and equipment | 58,487,630 |
| Investment property | 44,791,506 |
| Right-of-use assets | 4,106,670 |
| Intangible assets and goodwill | 21,852,624 |
| Deferred tax assets | 8,302,797 |
| Investments in subsidiaries | 178,854,111 |
| Investments in associates and joint ventures | 55,059,388 |
| Financial investments | 880,763,577 |
| – at fair value through other comprehensive income | 773,542,961 |
| – at amortised cost | 5,255,656 |
| – at fair value through profit or loss | 101,964,961 |
| Financial contract assets | 0 |
| Item | Value |
|---|---|
| Net impairment and reversal of impairment of financial investments | -3,031,559 |
| Financial result from insurance contracts | -69,597,122 |
| Income from asset management | 39,685,486 |
| Non-attributable operating expenses | -91,124,574 |
| Net other operating income and expenses | 1,500,547 |
| Net other financial income and expenses | -3,680,153 |
| Net impairment and reversal of impairment of non-financial assets | -2,515,516 |
| Gains and losses on investments in associates | 2,242,935 |
| Net other income and expenses | 4,000,176 |
| Earnings before tax | 48,836,305 |
| Tax expense | -10,298,619 |
| TOTAL NET EARNINGS FOR THE PERIOD | 38,537,686 |
| OTHER COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX | 33,125,712 |
| NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL (before eliminations between segments) | |
|---|---|---|---|---|---|
| ASSETS | 1,403,338,566 | 322 | 1,331,082,262 | 76,410,969 | 3,075,013,598 |
| Property, plant and equipment | 60,764,600 | 7,844,878 | 243,629 | 0 | 68,853,107 |
| Investment property | 43,152,887 | 274,294 | 0 | 0 | 43,427,181 |
| Right-of-use assets | 4,356,487 | 0 | 456,896 | 0 | 4,813,383 |
| Intangible assets and goodwill | 24,441,317 | 6,437,832 | 160,130 | 0 | 31,039,279 |
| Deferred tax assets | 10,071,867 | 2,816,255 | 6,278,596 | 0 | 19,166,719 |
| Investments in subsidiaries | 175,354,112 | 17,770,346 | 2,500,000 | 0 | 195,624,458 |
| Investments in associates and joint ventures | 37,218,841 | 0 | 0 | 0 | 37,218,841 |
| Financial investments | 628,013,042 | 1,265,041,138 | 62,593,300 | 0 | 1,955,647,481 |
| - at fair value through other comprehensive income | 541,324,405 | 557,262,083 | 62,593,300 | 0 | 1,161,179,788 |
| - at amortised cost | 4,673,512 | 138,169,794 | 0 | 0 | 142,843,306 |
| - at fair value through profit or loss | 82,015,125 | 569,609,261 | 0 | 0 | 651,624,386 |
| Financial contract assets | 0 | 0 | 0 | 259,624,041 | 259,624,041 |
| - investments at amortised cost | 0 | 0 | 0 | 86,215,285 | 86,215,285 |
| - investments at fair value through profit or loss | 0 | 0 | 0 | 169,625,986 | 169,625,986 |
| - receivables from financial contracts | 0 | 0 | 0 | 83,130 | 83,130 |
| - cash |
| 1,540,466,793 | 1,430,159,485 | 23,873,487 | 290,972,541 | 3,285,472,306 | |
|---|---|---|---|---|---|
| Equity | 602,733,082 | 125,698,285 | 13,082,662 | 128,710 | 741,642,738 |
| Controlling interests | 51,340,540 | 22,360,852 | 0 | 0 | 73,701,392 |
| - share capital | 40,344,977 | 13,067,907 | 0 | 0 | 53,412,884 |
| - share premium | 489,102,713 | 45,513,891 | 0 | 0 | 534,616,604 |
| - reserves from profit | -12,677,163 | -16,780,786 | -60,846 | 0 | -29,518,795 |
| - treasury share reserves | 19,261,769 | 40,936,987 | 0 | 0 | 60,198,756 |
| - treasury shares | 15,360,245 | 20,599,434 | 13,143,508 | 128,710 | 49,231,897 |
| Non-controlling interests | 152,130,399 | 0 | 0 | 0 | 152,130,399 |
| Subordinated liabilities | 0 | 0 | 0 | 290,843,831 | 290,843,831 |
| Deferred tax liabilities | 688,991,220 | 1,285,942,391 | 7,680,088 | 0 | 1,982,613,699 |
| Financial contract liabilities | 421,289 | 8,336 | 0 | 0 | 429,625 |
| Insurance contract liabilities | 12,413,767 | 2,464,627 | 0 | 0 | 14,878,394 |
| Reinsurance contract liabilities | 4,289,298 | 0 | 13,499 | 0 | 4,302,797 |
| Provisions | 69,430 | 0 | 0 | 0 | 69,430 |
| Lease liabilities | 2,360,480 | 0 | 0 | 0 | 2,360,480 |
| Other financial liabilities | 77,057,829 | 16,045,846 | 3,097,238 | 0 | 96,200,913 |
| Insurance contract assets | 763,841 | 10,194,985 | 900 | 0 | 10,959,726 |
|---|---|---|---|---|---|
| Reinsurance contract assets | 305,976,870 | 0 | 959,820 | 0 | 306,936,690 |
| Non-current assets held for sale | 0 | 0 | 1,141,578 | 0 | 1,141,578 |
| Current corporate income tax assets | 9,302,529 | 0 | 0 | 0 | 9,302,529 |
| Other receivables | 88,711,311 | 1,488,778 | 1,785,563 | 4,557,760 | 96,543,412 |
| Denar in denarni ustrezniki | 12,536,521 | 19,145,012 | 224,810 | 0 | 31,906,343 |
| Druga sredstva | 2,674,341 | 68,743 | 65,747 | 0 | 2,808,831 |
| Total | 1,403,338,566 | 1,331,082,262 | 76,410,970 | 264,181,801 | 3,075,013,598 |
|---|---|---|---|---|---|
| Equity | 591,214,222 | 111,490,183 | -24,735,908 | 4,557,760 | 682,526,257 |
| Controlling interests | 51,340,540 | 22,360,852 | 0 | 0 | 73,701,392 |
| – share capital | 40,344,977 | 13,067,907 | 0 | 0 | 53,412,884 |
| – share premium | 440,102,713 | 45,513,891 | 0 | 0 | 485,616,604 |
| – reserves from profit | -19,849,347 | -9,828,743 | -475,183 | 0 | -30,153,273 |
| – treasury share reserves | 79,128,333 | 25,602,561 | 0 | 0 | 104,730,894 |
| – treasury shares | 147,006 | 14,773,715 | -24,260,726 | 4,557,760 | -4,782,244 |
| Non-controlling interests | 49,994,402 | 0 | 0 | 0 | 49,994,402 |
| Subordinated liabilities | 0 | 0 | 0 | 259,624,041 | 259,624,041 |
| Deferred tax liabilities | 688,581,224 | 1,197,093,666 | 34,275,749 | 0 | 1,919,950,640 |
| Financial contract liabilities | 11,993,826 | 2,329,680 | 1,699,744 | 0 | 16,023,250 |
| Insurance contract liabilities | 4,573,011 | 0 | 460,757 | 0 | 5,033,767 |
| Reinsurance contract liabilities | 22,763 | 0 | 0 | 0 | 22,768 |
| Provisions | 56,959,118 | 20,168,727 | 64,710,629 | 0 | 141,838,474 |
All items disclosed in the statement of financial position by business segment are not offset. The amount of the balance sheet total after offsetting is shown below.
| v EUR | 31 Dec 2024 | 31 Dec 2023 adjusted | |
|---|---|---|---|
| Balance sheet total before intersegment elimination | 3,285,472,306 | 3,075,013,598 | |
| Intersegment receivables and liabilities | -11,642,939 | -76,094,914 | |
| Offset balance | 3,273,829,367 | 2,998,918,684 |
| NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL | DISCONTINUED OPERATIONS | TOTAL continuing operations | |
|---|---|---|---|---|---|---|---|
| Insurance service result | 100,146,976 | 29,795,216 | 4,752,277 | 0 | 134,694,469 | 5,539,543 | 129,154,926 |
| – insurance income | 811,017,891 | 76,553,208 | 23,532,720 | 0 | 911,103,819 | 52,453 | 911,051,366 |
| – insurance service expenses | -580,824,306 | -46,652,230 | -18,275,715 | 0 | -645,752,251 | 5,487,091 | -651,239,341 |
| – net reinsurance service result | -130,046,609 | -105,762 | -504,728 | 0 | -130,657,099 | 0 | -130,657,099 |
| Investment result | 19,014,220 | 114,508,388 | 1,338,705 | 0 | 134,861,313 | 0 | 134,861,313 |
| – interest income calculated using the effective interest method | 12,882,506 | 15,099,991 | 1,088,269 | 0 | 29,070,766 | 0 | 29,070,766 |
| – dividend income | 1,745,076 | 274,619 | 0 | 0 | 2,019,695 | 0 | 2,019,695 |
| – net gains and losses on financial investments | 2,447,986 | 96,592,920 | -282,756 | 0 | 98,758,150 | 0 | 98,758,150 |
| – net impairment and reversal of impairment of financial investments | 920,622 | 1,358,747 | 475,629 | 0 | 2,754,998 | 0 | 2,754,998 |
| – other effects of investing activities | 1,018,030 | 1,182,111 | 57,563 | 0 | 2,257,704 | 0 | 2,257,704 |
| Financial result from insurance contracts | -3,099,164 | -106,866,151 | -163,497 | 0 | -110,128,812 | -113,374 | -110,015,438 |
| – financial result from insurance contracts | -8,812,263 | -106,867,372 | -182,592 | 0 | -115,862,227 | -113,374 | -115,748,853 |
| – financial result from reinsurance contracts | 5,713,099 | 1,221 | 19,095 | 0 | 5,733,415 | 0 | 5,733,415 |
| Income from asset management | 0 | 0 | 0 | 3,158,050 | 3,158,050 | 0 | 3,158,050 |
| Non-attributable operating expenses | -31,086,710 | -8,064,502 | -1,934,117 | -2,881,923 | -43,967,252 | -236,860 | -43,730,392 |
| Net other operating income and expenses | -10,431,995 | -3,113,303 | -2,228,627 | -147,417 | -15,921,342 | -59,651 | -15,861,691 |
| Net other financial income and expenses | -6,769,795 | -172,584 | -68,450 | 0 | -7,010,829 | -4,030 | -7,006,800 |
| Net impairment and reversal of impairment of non-financial assets | -66,111 | 0 | 0 | 0 | -66,111 | 0 | -66,111 |
| Gains and losses on investments in associates | 9,098,991 | 0 | 0 | 0 | 9,098,991 | 0 | 9,098,991 |
| Net other income and expenses | 1,259,945 | 158,821 | 11,447,217 | 0 | 12,865,983 | 11,022,074 | 1,843,909 |
| Earnings before tax | 78,066,357 | 26,245,885 | 13,143,508 | 128,710 | 117,584,460 | 16,147,704 | 101,436,756 |
| Tax expense | -13,706,112 | -5,646,451 | 0 | 0 | -19,352,563 | 0 | -19,352,563 |
| TOTAL NET EARNINGS FOR THE PERIOD | 64,360,245 | 20,599,434 | 13,143,508 | 128,710 | 98,231,897 | 16,147,704 | 82,084,193 |
| OTHER COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX | 7,166,094 | -7,127,528 | 632,528 | 0 | 671,094 | -2,979 | 674,073 |
| NON-LIFE | LIFE | HEALTH | ASSET MANAGEMENT | TOTAL | DISCONTINUED OPERATIONS | TOTAL continuing operations | |
|---|---|---|---|---|---|---|---|
| Insurance service result | 37,125,734 | 23,968,846 | -24,452,883 | 0 | 36,641,696 | -22,680,223 | 59,321,919 |
| – insurance income | 709,194,358 | 66,444,361 | 209,957,144 | 0 | 985,595,863 | 193,275,962 | 792,319,901 |
| – insurance service expenses | -711,516,270 | -42,475,515 | -234,491,840 | 0 | -988,483,626 | -215,956,185 | -772,527,441 |
| – net reinsurance service result | 39,447,646 | 0 | 81,814 | 0 | 39,529,460 | 0 | 39,529,459 |
| Investment result | 9,428,053 | 60,532,202 | -2,864,611 | 0 | 67,095,644 | -2,725,610 | 69,821,254 |
| – interest income calculated using the effective interest method | 7,747,149 | 13,870,609 | 684,528 | 0 | 22,302,286 | 176,237 | 22,126,049 |
| – dividend income | 1,851,785 | 589,749 | 0 | 0 | 2,441,534 | 0 | 2,441,534 |
| – net gains and losses on financial investments | -723,333 | 45,255,324 | -3,744,177 | 0 | 40,787,813 | -3,031,559 | 43,819,372 |
| – net impairment and reversal of impairment of financial investments | 689,654 | 607,543 | 193,705 | 0 | 1,490,902 | 128,858 | 1,362,044 |
| – other effects of investing activities | -137,202 | 208,977 | 1,333 | 0 | 73,108 | 853 | 72,255 |
| Financial result from insurance contracts | -2,905,419 | -59,878,679 | -92,938 | 0 | -62,877,036 | -80,813 | -62,796,223 |
| – financial result from insurance contracts | -3,015,273 | -59,878,679 | -120,600 | 0 | -63,014,552 | -80,813 | -62,933,739 |
| – financial result from reinsurance contracts | 109,854 | 0 | 27,662 | 0 | 137,516 | 0 | 137,516 |
| Income from asset management | 0 | 0 | 0 | 2,854,726 | 2,854,726 | 0 | 2,854,726 |
| Non-attributable operating expenses | -29,418,653 | -7,009,164 | -2,441,708 | -2,825,806 | -41,695,332 | -2,043,895 | -39,651,436 |
| Net other operating income and expenses | -3,156,262 | -1,910,835 | 940,977 | 4,528,839 | 402,719 | 449,475 | -46,756 |
| Net other financial income and expenses | -2,706,646 | -111,456 | 6,776 | 0 | -2,811,326 | -11,357 | -2,799,969 |
| Net impairment and reversal of impairment of non-financial assets | -2,496,338 | -6,407 | 0 | 0 | -2,502,745 | 0 | -2,502,745 |
| Gains and losses on investments in associates | 15,179,539 | 3,406,222 | 0 | 0 | 18,585,761 | 0 | 18,585,761 |
| Net other income and expenses | 454,326 | 286,635 | -673,917 | 2 | 67,046 | -683,446 | 750,492 |
| Earnings before tax | 21,504,333 | 19,277,364 | -29,578,304 | 4,557,761 | 15,761,154 | -27,775,868 | 43,537,022 |
| Tax expense | -2,357,329 | -4,503,647 | 5,317,578 | 0 | -1,543,398 | 5,503,377 | -7,046,775 |
| TOTAL NET EARNINGS FOR THE PERIOD | 19,147,003 | 14,773,717 | -24,260,726 | 4,557,761 | 14,217,756 | -22,272,491 | 36,490,247 |
| OTHER COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX | 17,040,524 | 11,745,037 | 4,502,375 | 0 | 33,287,936 | 1,545,820 | 31,742,116 |
The changed macroeconomic conditions, geopolitical risks and the effects of climate change were the main factors that had a significant impact on the Group's and the Company's operations in 2024, although to a significantly lesser extent than in the previous year. Macroeconomic conditions and geopolitical tensions had a major impact on the Group's and the Company's operations in 2024, primarily through their effects on global financial markets.
In 2024, macroeconomic developments were mainly driven by declining inflation, which in the euro area approached the target level, followed by interest rate cuts. Due to past restrictive monetary policies, low economic growth rates were recorded in most developed economies. Financial market trends were predominantly influenced by interest rate reductions, which in turn influenced the required yields on debt financial instruments and the market values of these investments. The effects of these changes mostly affected the Group's and the Company's market risks.
Further details on these risk impacts described above are provided in Section 2.8, while the management of these risks is discussed in greater detail in the Business Report.
The Group recognises climate change and other environmental risks as both a strategic challenge and an opportunity.
The Triglav Group regularly reviews and carefully implements processes for identifying, assessing, monitoring and managing tax risks, and if necessary, engages external tax consultants. In the process of tax liability management, the Group’s strategy is pursued, with the main emphasis being on safety and reliability. In cooperating with tax authorities, the Group is committed to transparency and responsiveness and to an open and early dialogue. It responds to all inquiries, information or requests in a timely manner. The Group’s key tax policies are:
At Zavarovalnica Triglav, its Accounting Division is responsible for taxation. Individual Group members are responsible for ensuring compliance with local tax laws, regularly reporting on all tax matters to Zavarovalnica Triglav’s Accounting Division. Tax rates by different countries where the Group members operate are presented in Section 2.1.4.
| in EUR | Triglav Group | Zavarovalnica Triglav | 2024 | 2023 |
|---|---|---|---|---|
| Insurance premium tax | 74,275,176 | 67,322,022 | 61,303,390 | 56,310,724 |
| Fees from income of natural persons (employer's contributions and taxes) | 29,778,827 | 26,816,689 | 18,517,726 | 18,159,825 |
| Corporate income tax | 22,731,918 | 23,713,935 | 15,865,004 | 19,388,729 |
| Minimum tax | 427,032 | 0 | 427,032 | 0 |
| Fire fee | 10,106,694 | 8,430,325 | 9,551,459 | 7,867,386 |
| Value added tax | 6,360,858 | 5,195,391 | 2,021,551 | 2,089,425 |
| Fee for the use of building land | 1,010,802 | 972,013 | 844,090 | 799,922 |
| Financial services tax | 641,745 | 647,883 | 90,817 | 103,385 |
| Other fees | 849,338 | 704,090 | 0 | 0 |
| Total fees charged in the year | 146,182,390 | 133,802,348 | 108,621,069 | 104,719,396 |
On 1 January 2024, the Minimum Tax Act (hereinafter: ZMD) entered into force in Slovenia, which was adopted based on the EU Directive on global minimum taxation, which is part of the global agreement under the auspices of the Organisation for Economic Co-operation and Development (OECD). The purpose of the minimum (top-up) tax is to ensure a global minimum taxation of the profits of multinational enterprises (MNEs) and domestic groups with a 15% minimum tax rate.
from a leaseback in a way that it does not recognise any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-lessee from recognising in profit or loss any gain or loss relating to the partial or full termination of a lease.
The new and amended IFRS accounting standards did not have a material impact on the consolidated or separate financial statements of Zavarovalnica Triglav.
At the date of authorisation of these financial statements, the Group and the Company have not applied the following amended IFRS accounting standards issued by the IASB and adopted by the EU but not yet effective.
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued by the IASB on 15 August 2023, effective from 1 January 2025). The amendments provide guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. The impact of new and amended IFRS accounting standards adopted by the EU but not yet effective on the Group's and the Company's financial statements It is estimated that the adopted amendments to IFRS 21 will not significantly impact the consolidated and separate financial statements of Zavarovalnica Triglav.
At present, IFRS as adopted by the EU do not significantly differ from regulations adopted by the IASB, except for the following new standards and amendments to existing standards not endorsed by the EU on 11 March 2025.
(issued by the IASB on 18 December 2024)
The amendments to IFRS 9 expand the own-use requirements an entity is required to consider when applying IFRS 9:2.4 to contracts to buy and take delivery of renewable electricity for which the source of production of the electricity is nature-dependent. The hedge accounting requirements in IFRS 9 are amended to permit an entity using a contract for nature-dependent renewable electricity with specified characteristics as a hedging instrument to designate a variable volume of forecast electricity transactions as the hedged item if specified criteria are met, and to measure the hedged item using the same volume assumptions as those used for the hedging instrument. Amendments to IFRS 7 and IFRS 19 introduce disclosure requirements about contracts for nature-dependent electricity with specified characteristics.
(issued by the IASB on 18 July 2024)
They include clarifications, simplifications, corrections and changes in the following areas:
(issued by the IASB on 9 April 2024)
The standard introduces three sets of new requirements to improve companies' reporting of financial performance and give investors a better basis for analysing and comparing companies. The main changes in the new standard compared with IAS 1 are:
(issued by the IASB on 9 May 2024)
The standard reduces disclosure requirements for subsidiaries when applying IFRS accounting standards in their financial statements. IFRS 19 is voluntary for subsidiaries that meet the eligibility criteria and sets out disclosure requirements for subsidiaries that elect to apply it.
(issued by IASB on 30 January 2014)
The objective of the standard is to enable an entity that is a first-time adopter of IFRS to continue to account for regulatory deferral account balances in accordance with its previous GAAP when it adopts IFRS.
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture issued by IASB on 11 September 2014. The amendments address a conflict between the requirements of IAS 28 and IFRS 10 and clarify that in a transaction involving an associate or joint venture the extent of gain or loss recognition depends on whether the assets sold or contributed constitute a business.
The impact of new and amended IFRS issued but not yet adopted by the EU on the Group's and the Company's financial statements. The management anticipates that the adoption of new and amended standards will have no material impact on the Group's and the Company's consolidated and separate financial statements in the period of initial application.
| 31 Dec 2024 | 1 year | 5 years | 10 years | 20 years | 30 years |
|---|---|---|---|---|---|
| Risk free yield | 2.24% | 2.14% | 2.27% | 2.26% | 2.39% |
| Life Illiquidity Premium | 0.04% | - 0.23% | 0.05% - 0.23% | 0.05% - 0.23% | 0.05% - 0.23% |
| 31 Dec 2023 | 1 year | 5 years | 10 years | 20 years | 30 years |
|---|---|---|---|---|---|
| Risk free yield | 3.36% | 2.32% | 2.39% | 2.41% | 2.53% |
| Life Illiquidity Premium | 0.08% - 0.33% | 0.08% - 0.33% | 0.08% - 0.33% | 0.09% - 0.35% | 0.08% - 0.30% |
| Risk free yield | 3.36% | 2.32% | 2.39% | 2.41% | 2.53% |
| Non-Life Illiquidity Premium | 0.20% | 0.20% | 0.20% | 0.20% | 0.17% |
According to the IFRS 17, which defines the preparation of discount curves that reflect market conditions as much as possible and the use of market data, discount curves are prepared based on the conditions that also apply in regulation Solvency II. Similarly, regulation Solvency II adopts these criteria for curve preparation. EIOPA is responsible for ensuring the methodology for discount curve development of Solvency II regulation is transparent, adhering to IFRS 17's emphasis on market data alignment.
329 liabilities, contains all relevant cash flows that are required to settle liabilities to policyholders and other beneficiaries from insurance and reinsurance contracts. Cash flows are projected for each insurance contract separately in life business. Cash flows in non-life business are projected on portfolio and cohort level. Cash flows that make up life and non-life insurance assets and liabilities include cash inflows, which include future payments of insurance and reinsurance premiums, and other income excluding income from investments, and cash outflows, which include future pay-outs of benefits to policyholders and beneficiaries, payments of expenses and other payments related to insurance obligations.
For Life insurance and reinsurance contracts, uncertainty in the estimation of future claims and benefit payments and premium receipts arises primarily from the unpredictability of long-term changes in the mortality rates, the variability in the policyholder behaviour and uncertainties regarding future inflation rates and expenses growth. For non-life insurance and reinsurance contracts, uncertainty in the estimation of future claims and benefit payments and premium receipts arises primarily from large and catastrophic claims, inflation and changes in claim payment patterns. It is assumed the past observations and knowledge of future trends in portfolio composition are representative for projection of cash flows for majority of non-life portfolio. Actuarial judgement must be used though in cases when this assumption is not appropriate.
The assumptions used to prepare estimates of future cash flows are reassessed at least annually and adjusted as necessary. Significant methods and assumptions used are discussed below.
data and population data, considering both the number of deaths and central exposure to the risk of death. For age groups with limited internal data, greater weighting is given to population data, whereas for groups with sufficient portfolio data, only internal data are used. For upper age limits where neither internal nor population data are available, extrapolation is performed using a predefined formula. The primary risk factors for grouping are age and sex, as previous analyses indicate these parameters have the most significant impact on observed mortality.
| Group | % of national mortality tables |
|---|---|
| Endowment, annuity (premium payment phase) and term insurances | 50 % - 130 % |
| Whole life insurances | 60 % - 100 % |
| Unit linked insurances | 40 % - 50 % |
Each of the three groups provide a sufficient amount of data. This could not be achieved with a more detailed grouping. Methods used to derive mortality assumptions have not changed in the last year.
Estimation of lapse rates is based on the experience analysis of the company’s lapses during the previous years. Lapses in analysis are defined as termination of payment of premium, which includes the following cases:
The first two cases are treated together as surrender, so separate rates have been derived for surrender and capitalisation. The basic risk factor used for grouping is policy year. The lapse analysis was performed for different groups of insurance products. The actual lapse rates from previous years were compared for different groups of insurance products to determine which groups have experienced similar lapse rates in the past, so that similar lapse rates can be expected also in the future. Groups were chosen in such a way to provide enough data for each group and that all insurance products included in certain group have similar lapse rates experience. Methods used to derive surrender and paid-up assumptions have not changed in the last year.
was projected using current expense assumptions adjusted for inflation. Expense assumptions were set based on the company's accounting expenses from the past years, estimated accounting expenses from current business plan and portfolio statistics. Expenses comprise expenses directly attributable to the groups of contracts and were analysed and modelled separately for traditional and unit-linked business. The expense inflation assumption was set based on published inflation forecast data from the International Monetary Fund and other publicly available data, adjusted to the entity's own experience. The expense inflation assumption was determined as a vector (varying rates of expense growth over the years) based on published International Monetary Fund inflation forecasts and other publicly available data, adjusted for the insurer's own experience. The methodology for deriving expense assumptions remained unchanged from the previous year.
Estimates of future expenses relating to fulfilment of contracts in scope of IFRS 17 in non-life business are projected on portfolio level using current expense assumptions and adjusted for inflation where appropriate. Future inflation is also derived from inflation forecast data from the International Monetary Fund but amended with projections of local statistical institutes and other reputable sources using actuarial judgement where relevant. Expenses comprise company’s accounting expenses from past years that are directly attributable to the groups of contracts.
Bootstrapping techniques on claim triangles of homogeneous groups that correspond to the calculation of provision of incurred but not reported claims. We assume that diversification from Solvency II directive is appropriate for non-life business and use it to allocate the risk adjustment to portfolios. Value at risk is taken as an appropriate risk measure. Risk adjustment for liability for remaining coverage is based on Solvency II capital requirement of insurance sub-modules for non-life risks: premium, lapse and catastrophic risks. It is assumed that the standard formula adequately captures the risks and diversification between lines of business so its parameters, along with scaling to appropriate confidence interval, is used to allocate the risk adjustment to portfolios. Provisions calculated as annuities of Triglav Insurance Company’s non-life liabilities for incurred claims are considered significant enough to evaluate its risk adjustment separately from other types of cash flows. It is calculated for both liabilities: for reported and unreported but incurred annuities. The calculation of liability for reported annuities is also based on Solvency II’s capital requirement and its parameters along with assumption that the risks considered in the calculation follow normal distribution. For the second type it is assumed the frequency severity in EUR NON-LIFE and HEALTH LIFE General model (BBA) Premium allocation approach (PAA) Total General model (BBA) Variable fee approach (VFA) Total TOTAL Insurance contract.
| Method | Assets | Liabilities |
|---|---|---|
| Assets for remaining coverage | 59,746 | 5,889,830 |
| Assets for incurred | 13,951,277 | 0 |
| Total | 13,951,277 | 19,841,107 |
Assets for remaining coverage 107,0227,407,429 7,514,451 22,153,047 0 22,153,047 29,667,498 Assets for incurred chosen confidence interval. Risk adjustments of reinsurance held treaties are derived using their underlying direct business and active claims -47,276 -1,577,345 -1,624,621 -8,201,770 0 -8,201,770 -9,826,391 Insurance contract liabilities 48,552,544 1,006,094,979 1,054,647,523 734,214,449 684,635,994 1,418,850,443 reinsurance contracts, considering the specifics of the risks ceded to reinsurers and the format of reinsurance held treaties.
Insurance contract assets and liabilities of the Triglav Group 31 Dec 2024
| Assets | Liabilities | |
|---|---|---|
| Total net insurance contract liabilities | 48,492,798 | 1,000,264,895 |
| Net liabilities for remaining coverage | 47,278,807 | 177,299,030 |
| Net liabilities for incurred claims | 1,213,991 | 822,965,865 |
| Assets | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| General model (BBA) | Premium allocation approach (PAA) | Variable fee approach (VFA) | Total | ||||||
| Insurance contract | 59,746 | 5,830,084 | 5,889,830 | 13,951,275 | 0 | 13,951,275 | 19,841,105 | ||
| Estimates of the present value of the future cash flows | 114,826 | 5,847,732 | 5,962,558 | 115,287,435 | 0 | 115,287,435 | |||
| Risk adjustment for non-financial risk | -4,628 | -17,648 | -22,276 | -13,003,909 | 0 | -13,003,909 | |||
| Contractual service margin | -50,452 | 0 | -50,452 | -88,332,251 | 0 | -88,332,251 | |||
| Insurance contract liabilities | 48,552,543 | 1,006,094,979 | 1,054,647,522 | 734,214,449 | 684,635,994 | 1,418,850,443 | 2,473,497,965 | ||
| Estimates of the present value of the future cash flows | 29,804,409 | 959,822,165 | 989,626,574 | 648,459,248 | 566,185,454 | 1,214,644,702 | 2,204,271,276 | ||
| Risk adjustment for non-financial risk | 4,144,633 | 46,272,814 | 50,417,447 | 8,851,549 | 11,521,677 | 20,373,226 | 70,790,673 | ||
| Contractual service margin | 14,603,501 | 0 | 14,603,501 | 76,903,652 | 106,928,863 | 183,832,515 | 198,436,016 | ||
| Total net insurance contract liabilities | 48,492,797 | 1,000,264,895 | 1,048,757,692 | 720,263,174 | 684,635,994 | 1,404,899,168 | 2,453,656,860 | ||
| Net liabilities from expected future cash flows | 29,689,583 | 953,974,433 | 983,664,016 | 533,171,813 | 566,185,454 | 1,099,357,267 | 2,083,021,283 | ||
| Net liabilities from risk adjustment for non-financial risk | 4,149,261 | 46,290,462 | 50,439,723 | 21,855,458 | 11,521,677 | 33,377,135 | 83,816,858 | ||
| Net liabilities from contractual service margin | 14,653,953 | 0 | 14,653,953 | 165,235,903 | 106,928,863 | 272,164,766 | 286,818,719 | ||
| 31 Dec 2023 in EUR | NON-LIFE and HEALTH LIFE General model (BBA) | ||||||||
| Insurance contract assets | 0 | 1,859,718 | 1,859,718 | 10,234,160 | 0 | 10,234,160 | 12,093,878 | ||
| Estimates of the present value of the future cash flows | 0 | 1,939,532 | 1,939,532 | 91,500,121 | 0 | 91,500,121 | 93,439,653 | ||
| Risk adjustment for non-financial risk | 0 | -79,814 | -79,814 | -10,966,798 | 0 | -10,966,798 | -11,046,612 | ||
| Contractual service margin | 0 | 0 | 0 | -70,299,163 | 0 | -70,299,163 | -70,299,163 | ||
| Insurance contract liabilities | 53,163,299 | 961,543,958 | 1,014,707,257 | 759,808,515 | 556,131,832 | 1,315,940,347 | 2,330,647,604 | ||
| Estimates of the present value of the future cash flows | 31,633,557 | 910,286,517 | 941,920,074 | 698,961,998 | 443,299,649 | 1,142,261,647 | 2,084,181,721 | ||
| Risk adjustment for non-financial risk | 4,739,729 | 51,257,441 | 55,997,170 | 9,405,727 | 12,915,268 | 22,320,995 | 78,318,165 | ||
| Contractual service margin | 16,790,016 | 0 | 16,790,016 | 51,440,791 | 99,916,915 | 151,357,706 | 168,147,722 | ||
| Total net insurance contract liabilities | 53,163,299 | 959,684,240 | 1,012,847,539 | 749,574,355 | 556,131,832 | 1,305,706,187 | 2,318,553,726 | ||
| Net liabilities from expected future cash flows | 31,633,557 | 908,346,985 | 939,980,542 | 607,461,877 | 443,299,649 | 1,050,761,526 | 1,990,742,068 |
| NON-LIFE and HEALTH | LIFE | General model (BBA) | Premium allocation approach (PAA) | Total | General model (BBA) | Variable fee approach (VFA) | Total | TOTAL | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Insurance contract assets | 59,746 | 452,373 | 51,212 | 13,920,027 | 0 | 13,920,027 | 14,432,147 | |||
| Assets for remaining coverage | 107,023 | 640,213 | 747,236 | 22,103,114 | 0 | 22,103,114 | 22,850,349 | |||
| Assets for incurred claims | -47,276 | -187,839 | -235,116 | -8,183,087 | 0 | -8,183,087 | -8,418,202 | |||
| Insurance contract liabilities | 46,372,766 | 650,298,542 | 696,671,307 | 631,146,007 | 654,796,385 | 1,285,942,391 | 1,982,613,699 | |||
| Liabilities for remaining coverage | 45,265,910 | 150,519,191 | 195,785,101 | 616,957,735 | 644,531,975 | 1,261,489,710 | 1,457,274,811 | |||
| Liabilities for incurred claims | 1,106,856 | 499,779,351 | 500,886,207 | 14,188,272 | 10,264,410 | 24,452,681 | 525,338,888 | |||
| Total net insurance contract liabilities | 46,313,019 | 649,846,168 | 696,159,188 | 617,225,979 | 654,796,385 | 1,272,022,364 | 1,968,181,552 | |||
| Net liabilities for remaining coverage | 45,158,887 | 149,878,978 | 195,037,865 | 594,854,621 | 644,531,975 | 1,239,386,596 | 1,434,424,461 | |||
| Net liabilities for incurred claims | 1,154,133 | 499,967,190 | 501,121,322 | 22,371,358 | 10,264,410 | 32,635,768 | 533,757,091 |
| NON-LIFE and HEALTH | LIFE | General model (BBA) | Premium allocation approach (PAA) | Total | General model (BBA) | Variable fee approach (VFA) | Total | TOTAL | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Insurance contract assets | 0 | 764,741 | 764,741 | 10,194,985 | 0 | 10,194,985 | 10,959,726 | |||
| Assets for remaining coverage | 0 | 1,648,095 | 1,648,095 | 17,409,858 | 0 | 17,409,858 | 19,057,953 | |||
| Assets for incurred claims | 0 | -883,354 | -883,354 | -7,214,873 | 0 | -7,214,873 | -8,098,227 | |||
| Insurance contract liabilities | 50,331,656 | 672,525,316 | 722,856,972 | 665,248,233 | 531,845,434 | 1,197,093,667 | 1,919,950,640 | |||
| Liabilities for remaining coverage | 49,812,636 | 124,231,663 | 174,044,299 | 651,206,772 | 521,653,352 | 1,172,860,125 | 1,346,904,424 | |||
| Liabilities for incurred claims | 519,020 | 548,293,653 | 548,812,673 | 14,041,461 | 10,192,082 | 24,233,543 | 573,046,216 | |||
| Total net insurance contract liabilities | 50,331,656 | 671,760,575 | 722,092,231 | 655,053,248 | 531,845,434 | 1,186,898,683 | 1,908,990,914 | |||
| Net liabilities for remaining coverage | 49,812,636 | 122,583,568 | 172,396,204 | 633,796,914 | 521,653,352 | 1,155,450,267 | 1,327,846,471 | |||
| Net liabilities for incurred claims | 519,020 | 549,177,007 | 549,696,027 | 21,256,334 | 10,192,082 | 31,448,416 | 581,144,443 |
| (BBA) Variable fee approach (VFA) | Total | |||||||
|---|---|---|---|---|---|---|---|---|
| Insurance contract assets | 59,746 | 452,373 | 512,120 | 13,920,027 | 0 | 13,920,027 | 14,432,147 | |
| Estimates of the present value of the future cash flows | 114,826 | 464,634 | 579,460 | 115,086,654 | 0 | 115,086,654 | 115,666,114 | |
| Risk adjustment for non-financial risk | -4,628 | -12,261 | -16,889 | -12,985,053 | 0 | -12,985,053 | -13,001,942 | |
| Contractual service margin | -50,452 | 0 | -50,452 | -88,181,573 | 0 | -88,181,573 | -88,232,025 | |
| Insurance contract liabilities | 46,372,766 | 650,298,542 | 696,671,307 | 631,146,007 | 654,796,385 | 1,285,942,391 | 1,982,613,699 | |
| Estimates of the present value of the future cash flows | 28,680,847 | 625,761,932 | 654,442,780 | 561,337,683 | 537,883,993 | 1,099,221,676 | 1,753,664,456 | |
| Risk adjustment for non-financial risk | 4,109,553 | 24,536,609 | 28,646,162 | 6,114,996 | 10,981,013 | 17,096,009 | 45,742,171 | |
| Contractual service margin | 13,582,366 | 0 | 13,582,366 | 63,693,328 | 105,931,378 | 169,624,706 | 183,207,072 | |
| Total net insurance contract liabilities | 46,313,019 | 649,846,168 | 696,159,188 | 617,225,979 | 654,796,385 | 1,272,022,364 | 1,968,181,552 | |
| Net liabilities from expected future cash flows | 28,566,021 | 625,297,298 | 653,863,319 | 446,251,029 | 537,883,993 | 984,135,022 | 1,637,998,341 | |
| Net liabilities from risk adjustment for non-financial risk | 4,114,181 | 24,548,870 | 28,663,051 | 19,100,049 | 10,981,013 | 30,081,062 | 58,744,113 | |
| Net liabilities from contractual service margin | 13,632,817 | 0 | 13,632,817 | 151,874,902 | 105,931,378 | 257,806,280 | 271,439,097 |
| Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Insurance contract assets | 0 | 764,741 | 764,741 | 10,194,985 | 0 | 10,194,985 | 10,959,726 | ||
| Estimates of the present value of the future cash flows | 0 | 777,064 | 777,064 | 91,393,420 | 0 | 91,393,420 | 92,170,484 | ||
| Risk adjustment for non-financial risk | 0 | -12,323 | -12,323 | -10,955,818 | 0 | -10,955,818 | -10,968,141 | ||
| Contractual service margin | 0 | 0 | 0 | -70,242,617 | 0 | -70,242,617 | -70,242,617 | ||
| Insurance contract liabilities | 50,331,656 | 672,525,316 | 722,856,972 | 665,248,233 | 531,845,434 | 1,197,093,667 | 1,919,950,640 | ||
| Estimates of the present value of the future cash flows | 29,878,552 | 641,865,036 | 671,743,588 | 616,773,779 | 420,738,303 | 1,037,512,082 | 1,709,255,670 | ||
| Risk adjustment for non-financial risk | 4,628,235 | 30,660,280 | 35,288,516 | 7,823,404 | 12,358,498 | 20,181,902 | 55,470,418 | ||
| Contractual service margin | 15,824,868 | 0 | 15,824,868 | 40,651,050 | 98,748,633 | 139,399,683 | 155,224,552 | ||
| Total net insurance contract liabilities | 50,331,656 | 671,760,575 | 722,092,231 | 655,053,248 | 531,845,434 | 1,186,898,683 | 1,908,990,914 | ||
| Net liabilities from expected future cash flows | 29,878,552 | 641,087,972 | 670,966,524 | 525,380,360 | 420,738,303 | 946,118,662 | 1,617,085,186 |
| liabilities from risk adjustment for non-financial risk | 4,628,235 | 30,672,603 | 35,300,839 | 18,779,222 | 12,358,498 | 31,137,721 | 66,438,559 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Net liabilities from contractual service margin | 15,824,868 | 0 | 15,824,868 | 110,893,667 | 98,748,633 | 209,642,300 | 225,467,168 | |||
| in EUR | NON-LIFE and HEALTH | |||||||||
| LIFE | General model (BBA) | Premium allocation approach (PAA) | Total | General model (BBA) | Variable fee approach (VFA) | Total | ||||
| TOTAL Insurance revenue | 336 | 40,232,060 | 1,159,320,371 | 1,199,552,431 | 65,501,981 | 32,897,961 | 98,399,942 | |||
| Amounts relating to changes in liabilities for the remaining coverage | 33,040,156 | 0 | 33,040,156 | 50,896,373 | 22,062,469 | 72,958,842 | 105,998,998 | |||
| Expected cash flows from claims and other insurance services | 19,618,487 | 0 | 19,618,487 | 27,164,680 | 8,004,704 | 35,169,384 | 54,787,871 | |||
| Contractual service margin recognised in profit or loss to reflect the transfer of services | 11,016,969 | 0 | 11,016,969 | 24,066,424 | 12,568,038 | 36,634,462 | 47,651,431 | |||
| Release of the risk adjustment for non-financial risk for the risk expired | 2,404,700 | 0 | 2,404,700 | 2,550,252 | 1,882,344 | 4,432,596 | 6,837,296 | |||
| Other | 0 | 0 | 0 | -2,884,983 | -392,617 | -3,277,600 | -3,277,600 | |||
| Premium income relating to the recovery of insurance acquisition cash flows | 7,191,904 | 0 | 7,191,904 | 14,604,670 | 10,835,492 | 25,440,162 | 32,632,066 | |||
| Income recognised under the PAA approach | 0 | 1,159,320,371 | 1,159,320,371 | 938 | 0 | 938 | 1,159,321,309 | |||
| Insurance service expenses recognised in profit and loss | -18,948,019 | -906,641,284 | -925,589,303 | -45,218,158 | -21,006,205 | -66,224,363 | -991,813,666 | |||
| Incurred claims and other insurance service expenses | -10,581,643 | -637,876,297 | -648,457,940 | -23,609,184 | -4,996,808 | -28,605,992 | -677,063,932 | |||
| Insurance service operating expenses | -8,366,376 | -268,764,987 | -277,131,363 | -21,608,974 | -16,009,397 | -37,618,371 | -314,749,734 | |||
| Acquisition costs | -7,191,904 | -175,113,624 | -182,305,528 | -14,604,790 | -10,835,492 | -25,440,282 | -207,745,810 | |||
| Losses/reversal of losses on onerous contracts | 2,409,794 | -5,479,811 | -3,070,017 | 1,413,039 | 30,975 | 1,444,014 | -1,626,003 | |||
| Administration costs | -3,584,266 | -88,171,552 | -91,755,818 | -8,417,223 | -5,204,880 | -13,622,103 | -105,377,921 | |||
| Net insurance revenue recognised in profit or loss | 21,284,041 | 252,679,087 | 273,963,128 | 20,283,823 | 11,891,756 | 32,175,579 | 306,138,707 | |||
| Insurance finance income/expenses | -1,272,857 | -22,581,787 | -23,854,644 | -29,095,888 | -97,870,092 | -126,965,980 | -150,820,624 | |||
| Effect of changes in interest rates and other financial assumptions | -513,993 | -8,831,393 | -9,345,386 | -7,211,121 | 0 | -7,211,121 | -16,556,507 | |||
| Interest accreted using current financial assumptions | 0 | 0 | 0 | -1,500,693 | -156,147 | -1,656,840 | -1,656,840 |
| accreted at the locked-in interest rate | -758,864 | -13,750,394 | -14,509,258 | -20,384,0740 | -20,384,074 | -34,893,332 | |
|---|---|---|---|---|---|---|---|
| Changes in the fair value of the portfolio of insurance contracts with direct participation features | 0 | 0 | 0 | 0 | -97,713,945 | -97,713,945 | |
| Total | 20,011,184 | 230,097,300 | 250,108,484 | -8,812,065 | -85,978,336 | -94,790,401 | 155,318,083 |
| in EUR | NON-LIFE and HEALTH | LIFE | General model (BBA) | Premium allocation approach (PAA) | Total | General model (BBA) | Variable fee approach (VFA) | Total | TOTAL | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| recognised in profit or loss | 36,758,283 | 1,229,060,514 | 1,265,818,797 | 56,203,763 | 29,164,106 | 85,367,869 | 1,351,186,666 | ||||
| Amounts relating to changes in liabilities for the remaining coverage | 29,827,221 | 0 | 29,827,221 | 42,647,161 | 19,715,979 | 62,363,140 | 92,190,361 | ||||
| Expected cash flows from claims and other insurance services | 16,250,738 | 0 | 16,250,738 | 21,837,544 | 7,076,811 | 28,914,355 | 45,165,093 | ||||
| Contractual service margin recognised in profit or loss to reflect the transfer of services | 10,364,467 | 0 | 10,364,467 | 18,676,371 | 10,753,517 | 29,429,888 | 39,794,355 | ||||
| Release of the risk adjustment for non-financial risk for the risk expired | 3,212,016 | 0 | 3,212,016 | 2,075,356 | 1,328,144 | 3,403,500 | 6,615,516 | ||||
| Other | 0 | 0 | 0 | 57,890 | 557,507 | 615,397 | 615,397 | ||||
| Premium income relating to the recovery of insurance acquisition cash flows | 6,931,061 | 0 | 6,931,061 | 13,555,252 | 9,448,127 | 23,003,379 | 29,934,440 | ||||
| Income recognised under the PAA approach | 0 | 1,229,060,514 | 1,229,060,514 | 1,349 | 0 | 1,349 | 1,229,061,863 |
| Insurance service expenses recognised in profit and loss | -4,024,590 | -1,259,454,648 | -1,263,479,238 | -41,459,605 | -18,317,695 | -59,777,300 | -1,323,256,538 |
|---|---|---|---|---|---|---|---|
| Incurred claims and other insurance service expenses | -9,066,626 | -1,005,011,873 | -1,014,078,499 | -22,472,543 | -5,546,346 | -28,018,889 | -1,042,097,388 |
| Insurance service operating expenses | 5,042,034 | -254,442,774 | -249,400,740 | -18,987,063 | -12,771,349 | -31,758,412 | -281,159,152 |
| Acquisition costs | -6,931,061 | -170,249,516 | -177,180,577 | -13,555,894 | -9,448,127 | -23,004,021 | -200,184,598 |
| Losses/reversal of losses on onerous contracts | 14,813,528 | 3,621,171 | 18,434,699 | 1,079,123 | 1,336,310 | 2,415,433 | 20,850,132 |
| Administration costs | -2,840,433 | -87,814,429 | -90,654,862 | -6,510,292 | -4,659,532 | -11,169,824 | -101,824,686 |
| Net insurance revenue recognised in profit or loss | 32,733,693 | -30,394,134 | 2,339,559 | 14,744,158 | 10,846,411 | 25,590,569 | 27,930,128 |
| Insurance finance income/expenses | -1,887,082 | -24,194,420 | -26,081,502 | -41,835,033 | -50,494,156 | -92,329,189 | -118,410,691 |
|---|---|---|---|---|---|---|---|
| Effect of changes in interest rates and other financial assumptions | -1,762,653 | -19,289,379 | -21,052,032 | -21,911,860 | 0 | -21,911,860 | -42,963,892 |
| Interest accreted using current financial assumptions | 0 | 0 | 0 | -3,638,454 | 0 |
| in EUR | NON-LIFE and HEALTH LIFE | General model (BBA) | Premium allocation approach (PAA) | Total | General model (BBA) | Variable fee approach (VFA) | Total | TOTAL |
|---|---|---|---|---|---|---|---|---|
| Net insurance finance income/expenses recognised in profit or loss | -758,864 | -13,750,394 | -14,509,258 | -12,725,101 | -97,870,092 | -110,595,193 | -125,104,451 | |
| Net insurance finance income/expenses recognised in other comprehensive income | -513,993 | -8,831,393 | -9,345,386 | -16,370,787 | 0 | -16,370,787 | -25,716,173 | |
| Total net insurance finance income/expenses | -1,272,857 | -22,581,787 | -23,854,644 | -29,095,888 | -97,870,092 | -126,965,980 | -150,820,624 |
| in EUR | NON-LIFE and HEALTH LIFE | General model (BBA) | Premium allocation approach (PAA) | Total | General model (BBA) | Variable fee approach (VFA) | Total | TOTAL |
|---|---|---|---|---|---|---|---|---|
| Net insurance finance income/expenses recognised in profit or loss | -124,430 | -4,905,041 | -5,029,471 | -14,219,827 | -50,494,156 | -64,713,983 | -69,743,454 | |
| Net insurance finance income/expenses recognised in other comprehensive income | -1,762,653 | -19,289,374 | -21,052,027 | -27,615,206 | 0 | -27,615,206 | -48,667,233 | |
| Total net insurance finance income/expenses | -1,887,082 | -24,194,420 | -26,081,502 | -41,835,033 | -50,494,156 | -92,329,189 | -118,410,691 |
Part of the income and expenses achieved by the Triglav Group in 2024 and 2023 relates to discontinued operations. Below is a reconciliation of the amounts disclosed in profit or loss.
| in EUR | 2024 | 2023 | Total | Of which continuing operations | Of which discontinued operations | |
|---|---|---|---|---|---|---|
| Income from insurance contracts issued recognised in profit or loss | 1,297,952,373 | 1,351,186,665 | 1,297,899,920 | 1,157,910,703 | 52,453 | 193,275,962 |
| Expenses from insurance contracts issued recognised in profit or loss | -991,813,666 | -1,323,256,538 | -997,300,760 | -1,107,300,071 | 5,487,094 | -215,956,467 |
| Insurance finance income and expenses | -125,104,451 | -69,743,454 | -124,991,075 | -69,662,641 | -113,376 | -80,813 |
| Total | 181,034,256 | -41,813,327 | 175,608,085 | -19,052,009 | 5,426,171 | -22,761,318 |
| Total | General model (BBA) | Variable fee approach (VFA) | TOTAL | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Premium allocation approach (PAA) | Insurance revenue | Insurance service expenses | Insurance revenue | Insurance service expenses | Insurance revenue | ||||||
| Revenue recognised in profit or loss | 38,569,689 | 795,980,923 | 834,550,612 | 44,783,128 | 31,770,079 | 76,553,207 | 911,103,819 | ||||
| Amounts relating to changes in liabilities for the remaining coverage | 32,336,047 | 0 | 32,336,047 | 36,676,348 | 21,434,092 | 58,110,440 | 90,446,487 | ||||
| Expected cash flows from claims and other insurance services | 19,306,035 | 0 | 19,306,035 | 15,558,437 | 7,582,576 | 23,141,013 | 42,447,047 | ||||
| Contractual service margin recognised in profit or loss to reflect the transfer of services | 10,645,725 | 0 | 10,645,725 | 20,154,889 | 12,442,472 | 32,597,361 | 43,243,086 | ||||
| Release of the risk adjustment for non-financial risk for the risk expired | 2,384,288 | 0 | 2,384,288 | 2,200,369 | 1,808,746 | 4,009,115 | 6,393,402 | ||||
| Other | 0 | 0 | 0 | -1,237,346 | -399,702 | -1,637,048 | -1,637,048 | ||||
| Premium income relating to the recovery of insurance acquisition cash flows | 6,233,642 | 0 | 6,233,642 | 8,105,842 | 10,335,987 | 18,441,829 | 24,675,471 | ||||
| Income recognised under the PAA approach | 0 | 795,980,923 | 795,980,923 | 9380 | 938 | 795,981,861 | |||||
| Insurance service expenses recognised in profit and loss | -17,730,601 | -581,369,420 | -599,100,022 | -26,810,471 | -19,841,758 | -46,652,229 | -645,752,251 | ||||
| Incurred claims and other insurance service expenses | -10,261,132 | -391,795,955 | -402,057,088 | -14,317,951 | -4,933,662 | -19,251,613 | -421,308,700 | ||||
| Insurance service operating expenses | -7,469,469 | -189,573,465 | -197,042,934 | -12,492,520 | -14,908,097 | -27,400,616 | -224,443,550 | ||||
| Acquisition costs | -6,233,642 | -117,230,658 | -123,464,300 | -8,105,961 | -10,335,987 | -18,441,948 | -141,906,249 | ||||
| Losses/reversal of losses on onerous contracts | 2,347,679 | -3,440,340 | -1,092,661 | 1,336,260 | 275,491 | 1,611,751 | 519,090 | ||||
| Administration costs | -3,583,505 | -68,902,467 | -72,485,973 | -5,722,818 | -4,847,601 | -10,570,419 | -83,056,391 | ||||
| Net insurance revenue recognised in profit or loss | 20,839,088 | 214,611,502 | 235,450,590 | 17,972,658 | 11,928,320 | 29,900,978 | 265,351,568 | ||||
| Insurance finance income/expenses | -1,201,779 | -13,885,238 | -15,087,018 | -25,496,575 | -95,568,179 | -121,064,754 | -136,151,771 | ||||
| Effect of changes in interest rates and other financial assumptions | -458,859 | -5,633,303 | -6,092,162 | -5,482,005 | 0 | -5,482,005 | -11,574,167 | ||||
| Interest accreted using current financial assumptions | 0 | 0 | 0 | -1,500,693 | -153,663 | -1,654,357 | -1,654,357 | ||||
| Interest accreted at the locked-in interest rate | -742,920 | -8,251,935 | -8,994,855 | -18,513,877 | 0 | -18,513,877 | -27,508,732 | ||||
| Changes in the fair value of the portfolio of insurance contracts with direct participation features | 0 | 0 | 0 | 0 | -95,414,516 | -95,414,516 | -95,414,516 | ||||
| Total | 19,637,309 | 200,726,264 | 220,363,573 | -7,523,917 | -83,639,858 | -91,163,775 | 129,199,797 |
| Insurance | NON-LIFE and HEALTH | LIFE | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| General model (BBA) | Premium allocation approach (PAA) | Total | General model (BBA) | Variable fee approach (VFA) | Total | |||||||||
| Revenue recognised in profit or loss | 34,945,170 | 884,206,332 | 919,151,501 | 38,394,188 | 28,050,173 | 66,444,361 | 985,595,863 | |||||||
| Amounts relating to changes in liabilities for the remaining coverage | 29,104,412 | 0 | 29,104,412 | 30,424,967 | 18,988,199 | 49,413,166 | 78,517,578 | |||||||
| Expected cash flows from claims and other insurance services | 15,860,514 | 0 | 15,860,514 | 12,761,768 | 6,667,170 | 19,428,938 | 35,289,453 | |||||||
| Contractual service margin recognised in profit or loss to reflect the transfer of services | 10,058,777 | 0 | 10,058,777 | 15,410,353 | 10,602,928 | 26,013,281 | 36,072,059 | |||||||
| Release of the risk adjustment for non-financial risk for the risk expired | 3,185,121 | 0 | 3,185,121 | 1,782,110 | 1,253,659 | 3,035,769 | 6,220,890 | |||||||
| Other | 0 | 0 | 0 | 470,735 | 464,442 | 935,177 | 935,177 | |||||||
| Premium income relating to the recovery of insurance acquisition cash flows | 5,840,757 | 0 | 5,840,757 | 7,967,872 | 9,061,975 | 17,029,847 | 22,870,604 | |||||||
| Income recognised under the PAA approach | 0 | 884,206,332 | 884,206,332 | 1,349 | 1,349 | 884,207,681 | ||||||||
| Insurance service expenses recognised in profit and loss | -2,392,259 | -943,615,852 | -946,008,112 | -24,590,808 | -17,884,706 | -42,475,514 | -988,483,626 | |||||||
| Incurred claims and other insurance service expenses | -8,796,681 | -765,487,855 | -774,284,536 | -13,754,753 | -5,217,847 | -18,972,600 | -793,257,137 | |||||||
| Insurance service operating expenses | 6,404,422 | -178,127,997 | -171,723,575 | -10,836,055 | -12,666,859 | -23,502,914 | -195,226,489 | |||||||
| Acquisition costs | -5,840,757 | -113,198,532 | -119,039,289 | -7,968,515 | -9,061,975 | -17,030,489 | -136,069,779 | |||||||
| Losses/reversal of losses on onerous contracts | 14,955,093 | 6,073,753 | 21,028,846 | 1,441,836 | 771,338 | 2,213,174 | 23,242,020 | |||||||
| Administration costs | -2,709,914 | -71,003,218 | -73,713,132 | -4,309,377 | -4,376,222 | -8,685,599 | -82,398,731 | |||||||
| Net insurance revenue recognised in profit or loss | 32,552,910 | -59,409,521 | -26,856,610 | 13,803,380 | 10,165,467 | 23,968,847 | -2,887,763 | |||||||
| Insurance finance income/expenses | -1,743,036 | -15,552,911 | -17,295,947 | -36,498,155 | -46,552,077 | -83,050,233 | -100,346,180 | |||||||
| Effect of changes in interest rates and other financial assumptions | -1,632,593 | -12,527,481 | -14,160,074 | -18,207,027 | 0 | -18,207,027 | -32,367,101 | |||||||
| Interest accreted using current financial assumptions | 0 | 0 | 0 | -3,638,454 | 0 | -3,638,454 | -3,638,454 | |||||||
| Interest accreted at the locked-in interest rate | -110,443 | -3,025,431 | -3,135,873 | -14,652,674 | -134,223 | -14,786,897 | -17,922,770 | |||||||
| Changes in the fair value of the portfolio of insurance contracts with direct participation features | 0 | 0 | 0 | 0 | -46,417,854 | -46,417,854 | -46,417,854 | |||||||
| Total | 30,809,874 | -74,962,432 | -44,152,557 | -22,694,775 | -36,386,610 | -59,081,385 | -103,233,943 |
| Model | Variable fee approach (VFA) | Total | TOTAL |
|---|---|---|---|
| Net insurance finance income/expenses recognised in profit or loss | -742,920 | -8,251,935 | -8,994,855 |
| -11,299,193 | -95,568,179 | -106,867,372 | |
| -115,862,227 | |||
| Net insurance finance income/expenses recognised in other comprehensive income | -458,859 | -5,633,303 | -6,092,162 |
| -14,197,382 | 0 | -14,197,382 | |
| -20,289,544 | |||
| Total net insurance finance income/expenses | -1,201,779 | -13,885,238 | -15,087,018 |
| -25,496,575 | -95,568,179 | -121,064,754 | |
| -136,151,771 |
| Model | Variable fee approach (VFA) | Total | TOTAL |
|---|---|---|---|
| Net insurance finance income/expenses recognised in profit or loss | -110,443 | -3,025,431 | -3,135,873 |
| -13,326,601 | -46,552,077 | -59,878,679 | |
| -63,014,552 | |||
| Net insurance finance income/expenses recognised in other comprehensive income | -1,632,593 | -12,527,481 | -14,160,074 |
| -23,171,554 | 0 | -23,171,554 | |
| -37,331,628 | |||
| Total net insurance finance income/expenses | -1,743,036 | -15,552,911 | -17,295,947 |
| -36,498,155 | -46,552,077 | -83,050,233 | |
| -100,346,180 |
| Income and expenses from insurance contracts of Zavarovalnica Triglav relating to discontinued operations | Part of the income and contracts issued recognised in profit or loss |
|---|---|
| 2024 | 2023 |
| 911,103,819 | 911,051,366 |
| 52,453 | 985,595,863 |
| 792,319,901 | 193,275,962 |
| Expenses from insurance contracts issued recognised in profit or loss | |
| -645,752,251 | -651,239,341 |
| 5,487,091 | -988,483,626 |
| -772,527,441 | 215,956,185 |
| Insurance finance income and expenses disclosed in profit or loss. | |
| Total | 149,489,341 |
| 144,063,172 | |
| 5,426,170 | |
| -65,902,315 | |
| -43,141,279 | |
| -22,761,036 |
| Assets and liabilities for remaining coverage | Incurred claims | Total | Excluding the loss component | Loss component |
|---|---|---|---|---|
| Remaining coverage | Opening balance of net insurance contract assets/liabilities | -47,681,655 | -4,946,886 | -534,759 |
| Group 2024 | -53,163,300 | -697,562,894 | -28,033,810 | -23,976,556 |
| Total | -749,573,260 | -802,736,560 | Insurance contract assets | 0 |
| Insurance contract liabilities | -47,681,655 | -4,946,886 | -534,759 | -53,163,300 |
| -715,192,391 | -27,860,639 | -16,754,389 | -759,807,419 | -812,970,719 |
| Insurance revenue | 40,232,059 | 0 | 0 | 40,232,059 |
| 65,501,041 | 0 | 0 | 65,501,041 | 105,733,100 |
| Contracts under the modified retrospective approach | 500,773 | 0 | 0 | 500,773 |
| 9,708,032 | 0 | 0 | 9,708,032 | 10,208,805 |
| Contracts under the fair value approach | 0 | 0 | 0 | 0 |
| 7,976,991 | 0 | 0 | 7,976,991 | 7,976,991 |
| Other contracts | 39,731,287 | 0 | 0 | 39,731,287 |
| 47,816,020 | 0 | 0 | 47,816,020 | 87,547,307 |
| Insurance service expenses | -7,191,904 | 2,409,795 | -14,165,909 | -18,948,018 |
| -14,604,670 | 1,413,036 | -32,026,174 | -45,217,808 | -64,165,826 |
| Incurred claims | 0 | 1,703,030 | -14,165,909 | -12,462,879 |
| 0 | 2,606,987 | -32,026,174 | -29,419,187 | -41,882,066 |
| Incurred claims (excluding investment components) and other incurred insurance service expenses | 0 | 1,703,030 | -18,209,175 | -16,506,145 |
| 0 | 2,606,987 | -32,757,794 | -30,150,807 | -46,656,952 |
| Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | 4,043,266 | 4,043,266 |
| 0 | 0 | 731,620 | 731,620 | 4,774,886 |
| Insurance service operating expenses | -7,191,904 | 706,765 | 0 | -6,485,139 |
| -14,604,670 | -1,193,951 | 0 | -15,798,621 | -22,283,760 |
| Amortisation of insurance acquisition cash flows | -7,191,904 | 0 | 0 | -7,191,904 |
| -14,604,670 | 0 | 0 | -14,604,670 | -21,796,574 |
| Changes that relate to future service (i.e. losses on onerous contracts) | 0 | 706,765 | 0 | 706,765 |
| 0 | -1,193,951 | 0 | -1,193,951 | -487,186 |
| Investment components excluded from insurance revenue and insurance service expenses | 0 | 0 | 0 | 0 |
| Net insurance finance income/expenses | -1,195,275 | -148,376 | 70,790 | -1,272,861 |
| -28,312,602 | -424,851 | -358,503 | -29,095,956 | -30,368,814 |
| Cash flows | -28,756,565 | 0 | 13,415,887 | -15,340,678 |
| -99,906,890 | 0 | 138,055,411 | 38,148,521 | 22,807,842 |
| Premiums received for insurance contracts issued | -35,602,280 | 0 | 0 | -35,602,280 |
| -120,594,645 | 0 | 0 | -120,594,645 | -156,196,925 |
| Claims and other insurance service expenses paid, including investment components | 0 | 0 | 13,415,887 | 13,415,887 |
| 0 | 0 | 138,055,411 | 138,055,411 | 151,471,297 |
| Insurance acquisition cash flows | 6,845,715 | 0 | 0 | 6,845,715 |
| 20,687,755 | 0 | 0 | 20,687,755 | 27,533,470 |
| Effect of exchange rate differences | 0 | 0 | 0 | 0 |
| -17,421 | -6,584 | -1,706 | -25,711 | -25,713 |
| Closing balance of net insurance contract assets/liabilities | -44,593,340 | -2,685,467 | -1,213,991 | -48,492,798 |
| -668,371,983 | -27,052,209 | -24,838,980 | -720,263,172 | -768,755,970 |
| Insurance contract assets | 122,175 | -15,153 | -47,276 | 59,746 |
| 22,224,737 | -71,690 | -8,201,770 | 13,951,277 | 14,011,023 |
| Insurance contract liabilities | -44,715,515 | -2,670,314 | -1,166,715 | -48,552,544 |
| -690,596,720 | -26,980,519 | -16,637,210 | -734,214,449 | -782,766,993 |
| Remaining coverage | Excluding the loss component | Loss component | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Total | Excluding the loss component | Loss component | ||||||||
| Opening balance of net insurance contract assets/liabilities | -48,605,952 | -19,692,980 | 771,960 | -67,526,972 | -701,327,835 | -28,845,103 | ||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 11,814,766 | -43,334 | ||||
| Insurance contract liabilities | -48,605,952 | -19,692,980 | 771,960 | -67,526,972 | -713,142,601 | -28,801,769 | ||||
| Insurance revenue | 36,758,283 | 0 | 0 | 36,758,283 | 56,202,414 | 0 | ||||
| Contracts under the modified retrospective approach | 949,044 | 0 | 0 | 949,044 | 10,741,743 | 0 | ||||
| Contracts under the fair value approach | 0 | 0 | 0 | 0 | 5,408,533 | 0 | ||||
| Other contracts | 35,809,239 | 0 | 0 | 35,809,239 | 40,052,138 | 0 | ||||
| Insurance service expenses | -6,931,061 | 14,813,528 | -11,907,057 | -4,024,590 | -13,555,253 | 1,079,123 | ||||
| Incurred claims | 0 | 17,052,950 | -11,907,057 | 5,145,893 | 0 | 2,782,389 | ||||
| Incurred claims (excluding investment components) and other incurred insurance service expenses | 0 | 17,052,950 | -18,202,224 | -1,149,274 | 0 | 2,782,389 | ||||
| Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | 6,295,167 | 6,295,167 | 0 | 0 | ||||
| Insurance service operating expenses | -6,931,061 | -2,239,422 | 0 | -9,170,483 | -13,555,253 | -1,703,266 | ||||
| Amortisation of insurance acquisition cash flows | -6,931,061 | 0 | 0 | -6,931,061 | -13,555,253 | 0 | ||||
| Changes that relate to future service (i.e. losses on onerous contracts) | 0 | -2,239,422 | 0 | -2,239,422 | 0 | -1,703,266 | ||||
| Investment components excluded from insurance revenue and insurance service expenses | 0 | 0 | 0 | 0 | 102,846,524 | 0 | ||||
| Net insurance finance income/expenses | -2,009,470 | -67,434 | 189,822 | -1,887,082 | -41,310,062 | -269,807 | ||||
| Cash flows | -26,893,453 | 0 | 10,410,518 | -16,482,935 | -100,399,871 | 0 | ||||
| Premiums received for insurance contracts issued | -33,641,897 | 0 | 0 | -33,641,897 | -118,856,139 | 0 | ||||
| Claims and other insurance service expenses paid, including investment components | 0 | 0 | 10,410,518 | 10,410,518 | 0 | 0 | ||||
| Insurance acquisition cash flows | 6,748,444 | 0 | 0 | 6,748,444 | 18,456,268 | 0 | ||||
| Effect of exchange rate differences | 0 | 0 | 0 | 0 | 10,090 | 1,977188 | ||||
| Closing balance of net insurance contract assets/liabilities | -47,681,652 | -4,946,887 | -534,760 | -53,163,299 | -697,562,891 | -28,033,810 | ||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 17,629,498 | -173,171 | ||||
| Insurance contract liabilities | -47,681,652 | -4,946,887 | -534,760 | -53,163,299 | -715,192,389 | -27,860,639 |
| Remaining coverage | Incurred claims | Remaining coverage | Incurred claims | Excluding the loss component | Loss component | Estimates of the present value of the future cashflows | Risk adjustment for non-financial risk | TOTAL | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -126,020,190 | -7,846,181 | -774,481,712 | -51,337,256 | -959,685,339 | -114,845,557 | -11,467,562 | -589,070,721 | -54,901,086 | |||||
| -770,284,926 | Insurance contract assets | 3,623,692 | 6,861 | -1,697,582 | -79,814 | 1,853,157 | 9,069,865 | -16,373 | |||||
| -1,951,167 | -126,445 | 6,975,880 | Insurance contract liabilities | -129,643,882 | -7,853,042 | -772,784,130 | -51,257,442 | -961,538,496 | |||||
| -123,915,422 | -11,451,189 | -587,119,554 | -54,774,641 | -777,260,806 | Insurance revenue | 1,159,321,307 | 0 | 0 | |||||
| 0 | 1,159,321,307 | 1,229,060,514 | 0 | 0 | 0 | 1,229,060,514 | Insurance service expenses | -175,113,744 | |||||
| -5,479,812 | -732,378,522 | 6,330,438 | -906,641,640 | -170,249,515 | 3,621,170 | -1,098,512,567 | 5,686,264 | -1,259,454,648 | |||||
| Incurred claims | 0 | 0 | -732,378,522 | 6,330,438 | -726,048,084 | 0 | 0 | -1,098,512,567 | |||||
| 5,686,264 | -1,092,826,303 | Incurred claims (excluding investment components) | 0 | 0 | -727,190,483 | -20,156,883 | -747,347,366 | 0 | |||||
| 0 | -1,087,833,405 | -28,079,089 | -1,115,912,494 | Changes that relate to past service | (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | -5,188,039 | |||||
| 26,487,321 | 21,299,282 | 0 | 0 | -10,679,162 | 33,765,353 | 23,086,191 | Insurance service operating expenses | -175,113,744 | |||||
| -5,479,812 | 0 | 0 | -180,593,556 | -170,249,515 | 3,621,170 | 0 | 0 | -166,628,345 | |||||
| Amortisation of insurance acquisition cash flows | -175,113,744 | 0 | 0 | -175,113,744 | -170,249,515 | 0 | 0 | 0 | |||||
| -170,249,515 | Changes that relate to future service | (i.e. losses on onerous contracts) | 0 | -5,479,812 | 0 | 0 | -5,479,812 | 0 | |||||
| 3,621,170 | 0 | 0 | 3,621,170 | Investment components excluded from insurance revenue and insurance service expenses | 3,273,587 | 0 | -3,273,587 | 0 | |||||
| 0 | 3,183,018 | 0 | -3,183,018 | 0 | Net insurance finance income/expenses | 0 | 0 | -21,302,337 | |||||
| -1,279,145 | -22,581,482 | 0 | -1,025,374,544 | 0 | 754,877,268 | 0 | -270,497,276 | -1,073,185,986 | |||||
| 0 | 938,314,742 | 0 | -134,871,244 | Premiums received for insurance contracts issued | -1,218,603,374 | 0 | 0 | 0 | |||||
| -1,218,603,374 | -1,250,524,825 | 0 | 0 | -1,250,524,825 | Claims and other insurance service expenses paid, including investment components | 0 | 0 | 754,877,268 | |||||
| 0 | 754,877,268 | 0 | 938,314,742 | 0 | Insurance acquisition cash flows | 193,228,830 | 0 | 0 | |||||
| 0 | 193,228,830 | 177,338,839 | 0 | 0 | 0 | 177,338,839 | Effect of exchange rate differences | 3,214,565 | |||||
| -431 | -3,390,100 | -4,499 | -180,465 | 3,201,452 | 211 | -3,143,007 | 1,828 | 60,484 | |||||
| Closing balance of net insurance contract assets/liabilities | -163,972,606 | -13,326,424 | -776,675,403 | -46,290,462 | -1,000,264,895 | -126,019,092 | -7,846,181 | -774,481,710 | |||||
| -51,337,257 | -959,684,240 | Insurance contract assets | 7,394,662 | 12,767 | -1,559,697 | -17,648 | 5,830,084 | 3,630,253 | |||||
| 6,861 | -1,697,532 | -79,864 | 1,859,718 | Insurance contract liabilities | -171,367,268 | -13,339,191 | -775,115,706 | -46,272,814 | |||||
| -1,006,094,979 | -129,649,345 | -7,853,042 | -772,784,178 | -51,257,393 | -961,543,958 |
| Remaining coverage | Excluding the loss component | Loss component | Incurred claims | TOTAL | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Remaining coverage | Excluding the loss component | Loss component | Incurred claims | ||||||||||
| -544,666,496 | -961,297 | -10,504,039 | -556,131,832 | -468,769,964 | -2,297,618 | -9,109,713 | -480,177,295 | ||||||
| Insurance contract assets | 0 | 0 | 0 | 17,472 | -13,642 | 0 | 3,830 | ||||||
| Insurance contract liabilities | -544,666,496 | -961,297 | -10,504,039 | -556,131,832 | -468,787,436 | -2,283,976 | -9,109,713 | -480,181,125 | |||||
| Insurance revenue | 32,897,961 | 0 | 0 | 32,897,961 | 29,164,106 | 0 | 0 | 29,164,106 | |||||
| Contracts under the modified retrospective approach | 7,938,713 | 0 | 0 | 7,938,713 | 8,395,738 | 0 | 0 | 8,395,738 | |||||
| Contracts under the fair value approach | 1,597,398 | 0 | 0 | 1,597,398 | 1,196,176 | 0 | 0 | 1,196,176 | |||||
| Other contracts | 23,361,849 | 0 | 0 | 23,361,849 | 19,572,192 | 0 | 0 | 19,572,192 | |||||
| Insurance service expenses | -10,835,492 | 30,974 | -10,201,688 | -21,006,206 | -9,448,127 | 1,336,311 | -10,205,879 | -18,317,695 | |||||
| Incurred claims | 0 | 95,482 | -10,201,688 | -10,106,206 | 0 | 163,452 | -10,205,879 | -10,042,427 | |||||
| Incurred claims (excluding investment components) and other incurred insurance service expenses | 0 | 95,482 | -11,420,189 | -11,324,707 | 0 | 163,452 | -10,873,854 | -10,710,402 | |||||
| Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | 1,218,501 | 1,218,501 | 0 | 0 | 667,975 | 667,975 | |||||
| Insurance service operating expenses | -10,835,492 | -64,508 | 0 | -10,900,000 | -9,448,127 | 1,172,859 | 0 | -8,275,268 | |||||
| Amortisation of insurance acquisition cash flows | -10,835,492 | 0 | 0 | -10,835,492 | -9,448,127 | 0 | 0 | -9,448,127 | |||||
| Changes that relate to future service (i.e. losses on onerous contracts) | 0 | -64,508 | 0 | -64,508 | 0 | 1,172,859 | 0 | 1,172,859 | |||||
| Investment components excluded from insurance revenue and insurance service expenses | 67,047,925 | 0 | -67,047,925 | 0 | 59,410,768 | 0 | -59,410,768 | 0 | |||||
| Net insurance finance income/expenses | -97,713,945 | 0 | -156,147 | -97,870,092 | -50,356,979 | 0 | -137,177 | -50,494,156 | |||||
| Cash flows | -119,805,676 | 0 | 77,279,168 | -42,526,508 | -104,668,950 | 0 | 68,359,496 | -36,309,454 | |||||
| Premiums received for insurance contracts issued | -134,231,309 | 0 | 0 | -134,231,309 | -119,628,972 | 0 | 0 | -119,628,972 | |||||
| Claims and other insurance service expenses paid, including investment components | 0 | 0 | 77,279,168 | 77,279,168 | 0 | 0 | 68,359,496 | 68,359,496 | |||||
| Insurance acquisition cash flows | 14,425,633 | 0 | 0 | 14,425,633 | 14,960,022 | 0 | 0 | 14,960,022 | |||||
| Effect of exchange rate differences | 78 | 0 | 682 | 760 | 100 | 2,660 | 2,670 | ||||||
| Closing balance of net insurance contract assets/liabilities | -673,075,119 | -930,244 | -10,630,631 | -684,635,994 | -544,666,496 | -961,297 | -10,504,039 | -556,131,832 | |||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Insurance contract liabilities | -673,075,119 | -930,244 | -10,630,631 | -684,635,994 | -544,666,496 | -961,297 | -10,504,039 | -556,131,832 |
| Opening balance of net insurance contract assets/liabilities as at 1 January 2024 | -45,007,306 | -4,805,330 | -519,020 | -50,331,656 | -612,098,395 | -21,697,421 | -21,256,334 | -655,052,150 | -705,383,806 |
|---|---|---|---|---|---|---|---|---|---|
| Insurance contract assets | 0 | 0 | 0 | 0 | 17,580,116 | -170,258 | -7,214,873 | 10,194,985 | 10,194,985 |
| Insurance contract liabilities | -45,007,306 | -4,805,330 | -519,020 | -50,331,656 | -629,678,511 | -21,527,162 | -14,041,461 | -665,247,135 | -715,578,791 |
| Insurance revenue | 38,569,689 | 0 | 0 | 38,569,689 | 44,782,190 | 0 | 0 | 44,782,190 | 83,351,879 |
| Contracts under the modified retrospective approach | 500,776 | 0 | 0 | 500,776 | 9,708,032 | 0 | 0 | 9,708,032 | 10,208,808 |
| Contracts under the fair value approach | 0 | 0 | 0 | 0 | 7,115,418 | 0 | 0 | 7,115,418 | 7,115,418 |
| Other contracts | 38,068,913 | 0 | 0 | 38,068,913 | 27,958,740 | 0 | 0 | 27,958,740 | 66,027,653 |
| Insurance service expenses | -6,233,642 | 2,347,679 | -13,844,638 | -17,730,601 | -8,105,842 | 1,336,260 | -20,040,539 | -26,810,120 | -44,540,722 |
| Incurred claims | 0 | 1,680,515 | -13,844,638 | -12,164,122 | 0 | 930,800 | -20,040,539 | -19,109,739 | -31,273,862 |
| Incurred claims (excluding investment components) and other incurred insurance service expenses | 0 | 1,680,515 | -17,981,056 | -16,300,541 | 0 | 930,800 | -22,522,132 | -21,591,333 | -37,891,874 |
| Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | 4,136,419 | 4,136,419 | 0 | 0 | 2,481,594 | 2,481,594 | 6,618,012 |
| Insurance service operating expenses | -6,233,642 | 667,164 | 0 | -5,566,479 | -8,105,842 | 405,460 | 0 | -7,700,381 | -13,266,860 |
| Amortisation of insurance acquisition cash flows | -6,233,642 | 0 | 0 | -6,233,642 | -8,105,842 | 0 | 0 | -8,105,842 | -14,339,484 |
| Changes that relate to future service (i.e. losses on onerous contracts) | 0 | 667,164 | 0 | 667,164 | 0 | 405,460 | 0 | 405,460 | 1,072,624 |
| Investment components excluded from insurance revenue and insurance service expenses | 0 | 0 | 0 | 0 | 94,630,493 | 0 | -94,630,493 | 0 | 0 |
| Net insurance finance income/expenses | -1,128,784 | -143,656 | 70,660 | -1,201,779 | -24,923,185 | -248,673 | -324,717 | -25,496,575 | -26,698,354 |
| Cash flows | -28,757,537 | 0 | 13,138,865 | -15,618,672 | -68,530,050 | 0 | 113,880,725 | 45,350,676 | 29,732,003 |
| Premiums received for insurance contracts issued | -35,602,280 | 0 | 0 | -35,602,280 | -79,616,296 | 0 | 0 | -79,616,296 | -115,218,576 |
| Claims and other insurance service expenses paid, including investment components | 0 | 0 | 13,138,865 | 13,138,865 | 0 | 0 | 113,880,725 | 113,880,725 | 127,019,590 |
| Insurance acquisition cash flows | 6,844,743 | 0 | 0 | 6,844,743 | 11,086,246 | 0 | 0 | 11,086,246 | 17,930,989 |
| Closing balance of net insurance contract assets/liabilities as at 31 December 2024 | -42,557,580 | -2,601,307 | -1,154,133 | -46,313,019 | -574,244,787 | -20,609,834 | -22,371,358 | -617,225,979 | -663,538,999 |
| Insurance contract assets | 122,175 | -15,153 | -47,276 | 59,746 | 22,164,662 | -61,548 | -8,183,087 | 13,920,027 | 13,979,774 |
| Insurance contract liabilities | -42,679,755 | -2,586,155 | -1,106,856 | -46,372,766 | -596,409,449 | -20,548,286 | -14,188,272 | -631,146,007 | -677,518,773 |
| Remaining coverage | Excluding the loss component | Loss component | Incurred claims | Total |
|---|---|---|---|---|
| -45,356,068 | -19,692,989 | 815,774 | -64,233,282 | -626,216,860 |
| -22,943,777 | -20,609,803 | -669,770,440 | -734,003,722 |
| Insurance contract assets | 0 | 0 | 0 | 11,611,742 |
|---|---|---|---|---|
| -20,243 | -5,519,973 | 6,071,526 | 6,071,526 |
| Insurance contract liabilities | -45,356,068 | -19,692,989 | 815,774 | -64,233,282 |
|---|---|---|---|---|
| -637,828,602 | -22,923,534 | -15,089,830 | -675,841,966 | -740,075,248 |
| Insurance revenue | 34,945,170 | 0 | 0 | 34,945,170 |
|---|---|---|---|---|
| 38,392,839 | 0 | 0 | 38,392,839 | 73,338,009 |
| Contracts under the modified retrospective approach | 949,050 | 0 | 0 | 949,050 |
|---|---|---|---|---|
| 10,741,743 | 0 | 0 | 10,741,743 | 11,690,793 |
| Contracts under the fair value approach | 0 | 0 | 0 | 0 |
|---|---|---|---|---|
| 4,352,602 | 0 | 0 | 4,352,602 | 4,352,602 |
| Other contracts | 33,996,119 | 0 | 0 | 33,996,119 |
|---|---|---|---|---|
| 23,298,495 | 0 | 0 | 23,298,495 | 57,294,614 |
| Insurance service expenses | -5,840,757 | 14,955,093 | -11,506,595 | -2,392,259 |
|---|---|---|---|---|
| -7,967,872 | 1,441,836 | -18,063,961 | -24,589,997 | -26,982,256 |
| Incurred claims | 0 | 16,948,972 | -11,506,595 | 5,442,377 |
|---|---|---|---|---|
| 0 | 965,172 | -18,063,961 | -17,098,789 | -11,656,411 |
| Incurred claims (excluding investment components) and other incurred insurance service expenses | 0 | 16,948,972 | -17,833,831 | -884,859 |
|---|---|---|---|---|
| 0 | 965,172 | -19,431,700 | -18,466,528 | -19,351,387 |
| Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | 6,327,236 | 6,327,236 |
|---|---|---|---|---|
| 0 | 0 | 1,367,740 | 1,367,740 | 7,694,976 |
| Insurance service operating expenses | -5,840,757 | -1,993,879 | 0 | -7,834,636 |
|---|---|---|---|---|
| -7,967,872 | 476,664 | 0 | -7,491,208 | -15,325,845 |
| Amortisation of insurance acquisition cash flows | -5,840,757 | 0 | 0 | -5,840,757 |
|---|---|---|---|---|
| -7,967,872 | 0 | 0 | -7,967,872 | -13,808,630 |
| Changes that relate to future service (i.e. losses on onerous contracts) | 0 | -1,993,879 | 0 | -1,993,879 |
|---|---|---|---|---|
| 0 | 476,664 | 0 | 476,664 | -1,517,215 |
| Investment components excluded from insurance revenue and insurance service expenses | 0 | 0 | 0 | 0 |
|---|---|---|---|---|
| 92,331,494 | 0 | -92,331,494 | 0 | 0 |
| Net insurance finance income/expenses | -1,865,707 | -67,435 | 190,106 | -1,743,036 |
|---|---|---|---|---|
| -36,054,367 | -195,480 | -248,308 | -36,498,155 | -38,241,191 |
| Cash flows | -26,889,943 | 0 | 9,981,695 | -16,908,248 |
|---|---|---|---|---|
| -72,583,628 | 0 | 109,997,231 | 37,413,603 | 20,505,355 |
| Premiums received for insurance contracts issued | -32,951,664 | 0 | 0 | -32,951,664 |
|---|---|---|---|---|
| -83,173,821 | 0 | 0 | -83,173,821 | -116,125,485 |
| Claims and other insurance service expenses paid, including investment components | 0 | 0 | 9,981,695 | 9,981,695 |
|---|---|---|---|---|
| 0 | 0 | 109,997,231 | 109,997,231 | 119,978,926 |
| Insurance acquisition cash flows | 6,061,721 | 0 | 0 | 6,061,721 |
|---|---|---|---|---|
| 10,590,192 | 0 | 0 | 10,590,192 | 16,651,914 |
| Closing balance of net insurance contract assets/liabilities as at 31 December 2024 | -45,007,306 | -4,805,330 | -519,020 | -50,331,656 |
|---|---|---|---|---|
| -612,098,395 | -21,697,421 | -21,256,334 | -655,052,150 | -705,383,806 |
| Insurance contract assets | 0 | 0 | 0 | 17,580,116 |
|---|---|---|---|---|
| -170,258 | -7,214,873 | 10,194,985 | 10,194,985 |
| Insurance contract liabilities | -45,007,306 | -4,805,330 | -519,020 | -50,331,656 |
|---|---|---|---|---|
| -629,678,511 | -21,527,162 | -14,041,461 | -665,247,135 | -715,578,791 |
| Remaining coverage | Incurred claims | Remaining coverage | Incurred claims | Excluding the loss component | Loss component | Estimates of the present value of the future cashflows | Risk adjustment for non-financial risk | TOTAL | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -117,534,066 | -5,050,600 | -518,504,404 | -30,672,603 | -671,761,673 | -90,195,823 | -11,124,354 | -392,630,134 | -35,745,790 | -529,696,101 | ||||||
| Insurance contract assets | 1,650,460 | -2,364 | -871,031 | -12,323 | 764,741 | 6,323,803 | -11,548 | -4,314,241 | -674,061 | 1,323,954 | |||||
| Insurance contract liabilities | -119,184,526 | -5,048,236 | -517,633,373 | -30,660,280 | -672,526,415 | -96,519,627 | -11,112,806 | -388,315,893 | -35,071,729 | -531,020,056 | |||||
| Insurance revenue | 795,981,861 | 0 | 0 | 0 | 795,981,861 | 884,207,681 | 0 | 0 | 0 | 884,207,681 | |||||
| Insurance service expenses | -117,230,778 | -3,440,340 | -467,505,263 | 6,806,610 | -581,369,771 | -113,199,174 | 6,073,753 | -842,911,036 | 6,419,793 | -943,616,664 | |||||
| Incurred claims | 0 | 0 | -467,505,263 | 6,806,610 | -460,698,653 | 0 | 0 | -842,911,036 | 6,419,793 | -836,491,243 | |||||
| Incurred claims (excluding investment components) and other incurred insurance service expenses | 0 | 0 | -487,088,081 | -9,954,726 | -497,042,808 | 0 | 0 | -850,818,544 | -18,118,949 | -868,937,493 | |||||
| Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | 19,582,818 | 16,761,336 | 36,344,154 | 0 | 0 | 7,907,509 | 24,538,742 | 32,446,251 | |||||
| Insurance service operating expenses | -117,230,778 | -3,440,340 | 0 | 0 | -120,671,117 | -113,199,174 | 6,073,753 | 0 | 0 | -107,125,421 | |||||
| Amortisation of insurance acquisition cash flows | -117,230,778 | 0 | 0 | 0 | -117,230,778 | -113,199,174 | 0 | 0 | 0 | -113,199,174 | |||||
| Changes that relate to future service (i.e. losses on onerous contracts) | 0 | -3,440,340 | 0 | 0 | -3,440,340 | 0 | 6,073,753 | 0 | 0 | 6,073,753 | |||||
| Net insurance finance income/expenses | 0 | 0 | -13,202,362 | -682,877 | -13,885,238 | 0 | 0 | -14,206,304 | -1,346,607 | -15,552,911 | |||||
| Cash flows | -702,605,056 | 0 | 523,793,709 | 0 | -178,811,347 | -798,346,749 | 0 | 731,243,071 | 0 | -67,103,678 | |||||
| Premiums received for insurance contracts issued | -830,955,384 | 0 | 0 | 0 | -830,955,384 | -916,978,021 | 0 | 0 | 0 | -916,978,021 | |||||
| Claims and other insurance service expenses paid, including investment components | 0 | 0 | 523,793,709 | 0 | 523,793,709 | 0 | 0 | 731,243,071 | 0 | 731,243,071 | |||||
| Insurance acquisition cash flows | 128,350,328 | 0 | 0 | 0 | 128,350,328 | 118,631,272 | 0 | 0 | 0 | 118,631,272 | |||||
| Closing balance of net insurance contract assets/liabilities | -141,388,038 | -8,490,940 | -475,418,320 | -24,548,870 | -649,846,168 | -117,534,066 | -5,050,600 | -518,504,404 | -30,672,603 | -671,761,673 | |||||
| Insurance contract assets | 640,213 | 0 | -175,578 | -12,261 | 452,373 | 1,650,460 | -2,364 | -871,031 | -12,323 | 764,741 | |||||
| Insurance contract liabilities | -142,028,251 | -8,490,940 | -475,242,741 | -24,536,609 | -650,298,542 | -119,184,526 | -5,048,236 | -517,633,373 | -30,660,280 | -672,526,415 |
| Remaining coverage | Excluding the loss component | Loss component | Incurred claims TOTAL | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance of net insurance contract assets/liabilities | -520,859,182 | -794,170 | -10,192,082 | -531,845,434 | |||||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Insurance contract liabilities | -520,859,182 | -794,170 | -10,192,082 | -531,845,434 | |||||||
| Insurance revenue | 31,770,079 | 0 | 0 | 31,770,079 | |||||||
| Contracts under the modified retrospective approach | 7,938,713 | 0 | 0 | 7,938,713 | |||||||
| Contracts under the fair value approach | 1,386,249 | 0 | 0 | 1,386,249 | |||||||
| Other contracts | 22,445,117 | 0 | 0 | 22,445,117 | |||||||
| Insurance service expenses | -10,335,987 | 275,491 | -9,781,262 | -19,841,758 | |||||||
| Incurred claims | 0 | 63,165 | -9,781,262 | -9,718,098 | |||||||
| Incurred claims (excluding investment components) and other incurred insurance service expenses | 0 | 63,165 | -10,925,018 | -10,861,853 | |||||||
| Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims) | 0 | 0 | 1,143,755 | 1,143,755 | |||||||
| Insurance service operating expenses | -10,335,987 | 212,326 | 0 | -10,123,661 | |||||||
| Amortisation of insurance acquisition cash flows | -10,335,987 | 0 | 0 | -10,335,987 | |||||||
| Changes that relate to future service (i.e. losses on onerous contracts) | 0 | 212,326 | 0 | 212,326 | |||||||
| Investment components excluded from insurance revenue and insurance service expenses | 65,307,948 | 0 | -65,307,948 | 0 | |||||||
| Net insurance finance income/expenses | -95,414,516 | 0 | -153,663 | -95,568,179 | |||||||
| Cash flows | -114,481,638 | 0 | 75,170,546 | -39,311,092 | |||||||
| Premiums received for insurance contracts issued | -128,289,647 | 0 | 0 | -128,289,647 | |||||||
| Claims and other insurance service expenses paid, including investment components | 0 | 0 | 75,170,546 | 75,170,546 | |||||||
| Insurance acquisition cash flows | 13,808,009 | 0 | 0 | 13,808,009 | |||||||
| Closing balance of net insurance contract assets/liabilities | -644,013,295 | -518,680 | -10,264,410 | -654,796,385 | |||||||
| Insurance contract assets | 0 | 0 | 0 | 0 | |||||||
| Insurance contract liabilities | -644,013,295 | -518,680 | -10,264,410 | -654,796,385 |
The present value of risk adjustment for non-financial risk
| Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Opening balance of net insurance contract assets/liabilities | -31,633,555 | -4,739,730 | -395,164 | 0 | -16,394,852 | -16,790,016 | -53,163,301 | |
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Insurance contract liabilities | -31,633,555 | -4,739,730 | -395,164 | 0 | -16,394,852 | -16,790,016 | -53,163,301 | |
| Changes | 17,895,776 | 782,428 | 166,508 | 0 | 2,439,327 | 2,605,835 | 21,284,039 | |
| Changes that relate to future services | 10,826,606 | -1,708,708 | -10,638 | 0 | -8,400,496 | -8,411,134 | 706,764 | |
| Changes in estimates that adjust the contractual service margin | 929,263 | -366,575 | -9,750 | 0 | -553,833 | -563,583 | -895 | |
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 2,190,838 | 914,498 | -888 | 0 | -120,606 | -121,494 | 2,983,842 | |
| Effects of contracts initially recognised in the period | 7,706,505 | -2,256,631 | 0 | 0 | -7,726,057 | -7,726,057 | -2,276,183 | |
| Changes that relate to current services | 3,210,410 | 2,306,630 | 177,146 | 0 | 10,839,823 | 11,016,969 | 16,534,009 | |
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 177,146 | 0 | 10,839,823 | 11,016,969 | 11,016,969 | |
| Release of the risk adjustment for non-financial risk | 0 | 2,306,630 | 0 | 0 | 0 | 0 | 2,306,630 | |
| Experience adjustment | 3,210,410 | 0 | 0 | 0 | 0 | 0 | 3,210,410 | |
| Changes that relate to past services | 3,858,760 | 184,506 | 0 | 0 | 0 | 0 | 4,043,266 | |
| Net finance income/expenses from insurance contracts | -611,128 | -191,958 | -7,052 | 0 | -462,720 | -469,772 | -1,272,858 | |
| Cash flows | -15,340,679 | 0 | 0 | 0 | 0 | 0 | -15,340,679 | |
| Premiums received | -35,602,280 | 0 | 0 | 0 | 0 | 0 | -35,602,280 | |
| Claims and other insurance service expenses paid, including investment component | 13,415,886 | 0 | 0 | 0 | 0 | 0 | 13,415,886 | |
| Insurance acquisition cash flows | 6,845,715 | 0 | 0 | 0 | 0 | 0 | 6,845,715 | |
| Effect of exchange rate differences | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Final balance of net insurance contract assets/liabilities | -29,689,583 | -4,149,261 | -235,707 | 0 | -14,418,246 | -14,653,953 | -48,492,797 | |
| Insurance contract assets | 114,826 | -4,628 | 0 | 0 | -50,452 | -50,452 | 59,746 | |
| Insurance contract liabilities | -29,804,409 | -4,144,633 | -235,707 | 0 | -14,367,794 | -14,603,501 | -48,552,543 |
| Estimates of the present value of the future cash flows | Risk adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -607,460,781 | -20,372,525 | -22,829,363 | -10,077,106 | -88,833,485 | -121,739,954 | |||||||
| Opening balance of net insurance contract assets/liabilities | 749,573,260 | |||||||||||
| Insurance contract assets | 91,500,120 | -10,966,798 | -10,278,596 | -394 | -60,020,173 | -70,299,163 | ||||||
| Insurance contract liabilities | -698,960,901 | -9,405,727 | -12,550,767 | -10,076,712 | -28,813,312 | -51,440,791 | ||||||
| Changes | 61,737,988 | -483,944 | 2,138,109 | -20,798,527 | -22,310,393 | -40,970,811 | 20,283,233 | |||||
| Changes that relate to future services | 74,590,105 | -3,051,502 | -2,460,504 | -25,269,676 | -37,307,053 | -65,037,233 | 6,501,370 | |||||
| Changes in estimates that adjust the contractual service margin | 45,625,238 | 388,543 | -2,460,504 | -25,121,810 | -12,907,265 | -40,489,579 | 5,524,202 | |||||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 5,213,007 | 276,336 | 0 | -147,866 | -507,274 | -655,140 | 4,834,203 | |||||
| Effects of contracts initially recognised in the period | 23,751,860 | -3,716,381 | 0 | 0 | -23,892,514 | -23,892,514 | -3,857,035 | |||||
| Changes that relate to current services | -11,741,229 | 725,050 | 4,598,613 | 4,471,149 | 14,996,660 | 24,066,422 | 13,050,243 | |||||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 4,598,613 | 4,471,149 | 14,996,660 | 24,066,422 | 24,066,422 | |||||
| Release of the risk adjustment for non-financial risk | 0 | 725,050 | 0 | 0 | 0 | 0 | 725,050 | |||||
| Experience adjustment | -11,741,229 | 0 | 0 | 0 | 0 | 0 | -11,741,229 | |||||
| Changes that relate to past services | -1,110,888 | 1,842,508 | 0 | 0 | 0 | 0 | 731,620 | |||||
| Net finance income/expenses from insurance contracts | -25,574,911 | -998,965 | -833,943 | -7,793 | -1,680,347 | -2,522,083 | -29,095,959 | |||||
| Cash flows | 38,148,521 | 0 | 0 | 0 | 0 | 0 | 38,148,521 | |||||
| Premiums received | -120,594,645 | 0 | 0 | 0 | 0 | 0 | 120,594,645 | |||||
| Claims and other insurance service expenses paid, including investment component | 138,055,411 | 0 | 0 | 0 | 0 | 0 | 138,055,411 | |||||
| Insurance acquisition cash flows | 20,687,755 | 0 | 0 | 0 | 0 | 0 | 20,687,755 | |||||
| Effect of exchange rate differences | -22,630 | -240 | -377 | -2,678 | -3,055 | -25,709 | ||||||
| Final balance of net insurance contract assets/liabilities | -533,171,813 | -21,855,458 | -21,525,197 | -30,883,803 | -112,826,903 | -165,235,903 | -720,263,174 | |||||
| Insurance contract assets | 115,287,435 | -13,003,909 | -10,240,849 | -1,432 | -78,089,970 | -88,332,251 | 13,951,275 | |||||
| Insurance contract liabilities | -648,459,248 | -8,851,549 | -11,284,348 | -30,882,371 | -34,736,933 | -76,903,652 | -734,214,449 |
| Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total | |
|---|---|---|---|---|
| Opening balance of net insurance contract assets/liabilities | -44,500,517 | -6,728,537 | -617,898 | -15,680,021 |
| -16,297,919 | -67,526,973 | |||
| Insurance contract assets | 0 | 0 | 0 | 0 |
| Insurance contract liabilities | -44,500,517 | -6,728,537 | -617,898 | 0 |
| -15,680,021 | -16,297,919 | -67,526,973 | ||
| Changes | 30,557,602 | 2,429,593 | 232,450 | -485,954 |
| -253,504 | 32,733,691 | |||
| Changes that relate to future services | 9,181,292 | -835,564 | -86,341 | 0 |
| -10,531,630 | -10,617,971 | -2,272,243 | ||
| Changes in estimates that adjust the contractual service margin | 2,000,278 | 1,927,976 | -86,341 | 0 |
| -3,878,943 | -3,965,284 | -37,030 | ||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 83,152 | 517,611 | 0 | 0 |
| -282,616 | -282,616 | 318,147 | ||
| Effects of contracts initially recognised in the period | 7,097,862 | -3,281,151 | 0 | -6,370,071 |
| -6,370,071 | -2,553,360 | |||
| Changes that relate to current services | 15,316,315 | 3,029,985 | 318,791 | 0 |
| 10,045,676 | 10,364,467 | 28,710,767 | ||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 318,791 | 10,045,676 |
| 10,364,467 | 10,364,467 | |||
| Release of the risk adjustment for non-financial risk | 0 | 3,029,985 | 0 | 0 |
| 0 | 0 | 15,316,315 | ||
| Changes that relate to past services | 6,059,995 | 235,172 | 0 | 0 |
| 0 | 0 | 6,295,167 | ||
| Net finance income/expenses from insurance contracts | -1,207,707 | -440,784 | -9,715 | 0 |
| -228,876 | -238,591 | -1,887,082 | ||
| Cash flows | -16,482,935 | 0 | 0 | 0 |
| 0 | 0 | -16,482,935 | ||
| Premiums received | -33,641,897 | 0 | 0 | 0 |
| 0 | 0 | -33,641,897 | ||
| Claims and other insurance service expenses paid, including investment component | 10,410,518 | 0 | 0 | 0 |
| 0 | 0 | 10,410,518 | ||
| Insurance acquisition cash flows | 6,748,444 | 0 | 0 | 0 |
| 0 | 0 | 6,748,444 | ||
| Effect of exchange rate differences | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | ||
| Final balance of net insurance contract assets/liabilities | -31,633,557 | -4,739,729 | -395,164 | 0 |
| -16,394,852 | -16,790,016 | -53,163,302 | ||
| Insurance contract assets | 0 | 0 | 0 | 0 |
| Insurance contract liabilities | -31,633,557 | -4,739,729 | -395,164 | 0 |
| -16,394,852 | -16,790,016 | -53,163,302 |
| Estimates of the present value of the future cash flows | Risk adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin |
|---|---|---|---|---|---|
| -635,909,619 | -17,062,150 | -25,301,114 | -9,104,491 | -65,822,988 | -100,228,593 |
| Opening balance of net insurance contract assets/liabilities | 753,200,362 | Insurance contract assets | 61,419,383 | -6,668,450 | -9,866,325 |
| -9,167 | -38,717,424 | -48,592,916 | 6,158,017 | Insurance contract liabilities | -697,329,002 |
| -10,393,700 | -15,434,789 | -9,095,324 | -27,105,564 | -51,635,677 | 759,358,379 |
| Changes | 40,780,358 | -2,055,780 | 2,706,854 | -102,579 | -26,585,229 | -23,980,954 | 14,743,624 |
|---|---|---|---|---|---|---|---|
| Changes that relate to future services | 45,920,241 | -4,049,640 | -2,334,936 | -1,871,676 | -38,450,714 | -42,657,326 | -786,725 |
| Changes in estimates that adjust the contractual service margin | 22,025,206 | -2,295,806 | -2,334,936 | -1,697,111 | -20,023,893 | -24,055,940 | -4,326,540 |
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 6,309,605 | 958,980 | 0 | -174,565 | -257,357 | -431,922 | 6,836,663 |
| Effects of contracts initially recognised in the period | 17,585,430 | -2,712,814 | 0 | 0 | -18,169,464 | -18,169,464 | -3,296,848 |
| Changes that relate to current services | -3,391,765 | 329,328 | 5,041,790 | 1,769,097 | 11,865,485 | 18,676,372 | 15,613,935 |
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 5,041,790 | 1,769,097 | 11,865,485 | 18,676,372 | 18,676,372 |
| Release of the risk adjustment for non-financial risk | 0 | 329,328 | 0 | 0 | 0 | 329,328 | |
| Experience adjustment | -3,391,765 | 0 | 0 | 0 | 0 | -3,391,765 | |
| Changes that relate to past services | -1,748,118 | 1,664,532 | 0 | 0 | 0 | 0 | -83,586 |
| -43,076,771 | -1,255,125 | -235,103 | -870,190 | 3,573,251 | 2,467,958 | -41,863,938 |
|---|---|---|---|---|---|---|
| 30,735,169 | 0 | 0 | 0 | 0 | 0 | 30,735,169 |
|---|---|---|---|---|---|---|
| Premiums received | -118,856,139 | 0 | 0 | 0 | 0 | 118,856,139 |
| Claims and other insurance service expenses paid, including investment component | 131,135,040 | 0 | 0 | 0 | 0 | 131,135,040 |
| Insurance acquisition cash flows | 18,456,268 | 0 | 0 | 0 | 0 | 18,456,268 |
| Effect of exchange rate differences | 10,082 | 530 | 0 | 154 | 1,481 | 12,247 |
| -607,460,781 | -20,372,525 | -22,829,363 | -10,077,106 | -88,833,485 | -121,739,954 | -749,573,260 | |
|---|---|---|---|---|---|---|---|
| Insurance contract assets | 91,500,120 | -10,966,798 | -10,278,596 | -394 | -60,020,173 | -70,299,163 | 10,234,159 |
| Insurance contract liabilities | -698,960,901 | -9,405,727 | -12,550,767 | -10,076,712 | -28,813,312 | -51,440,791 | -759,807,419 |
| Estimates of the present value of the future cashflows | Risk | 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin | ||||||||
| Opening balance of net insurance contract assets/liabilities | -443,299,649 | -12,915,268 | -22,527,400 | -907,360 | -76,482,155 | -99,916,915 | -556,131,832 | |||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Insurance contract liabilities | -443,299,649 | -12,915,268 | -22,527,400 | -907,360 | -76,482,155 | -99,916,915 | -556,131,832 | |||||
| Changes | 17,486,181 | 1,417,609 | 3,321,703 | -905,553 | -9,428,182 | -7,012,032 | 11,891,758 | |||||
| Changes that relate to future services | 23,713,353 | -506,183 | -136,267 | -1,419,573 | -18,024,230 | -19,580,070 | 3,627,100 | |||||
| Changes in estimates that adjust the contractual service margin | 2,180,469 | 1,579,936 | -136,267 | -272,244 | -782,568 | -1,191,079 | 2,569,326 | |||||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 2,194,868 | 58,9050 | -1,147,329 | -34,378 | -1,181,707 | 1,072,066 | ||||||
| Effects of contracts initially recognised in the period | 19,338,016 | -2,145,024 | 0 | 0 | -17,207,284 | -17,207,284 | -14,292 | |||||
| Changes that relate to current services | -6,638,926 | 1,117,045 | 3,457,970 | 514,020 | 8,596,048 | 12,568,038 | 7,046,157 | |||||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 3,457,970 | 514,020 | 8,596,048 | 12,568,038 | 12,568,038 | |||||
| Release of the risk adjustment for non-financial risk | 0 | 1,117,045 | 0 | 0 | 0 | 0 | 1,117,045 | |||||
| Experience adjustment | -6,638,926 | 0 | 0 | 0 | 0 | 0 | -6,638,926 | |||||
| Changes that relate to past services | 411,754 | 806,747 | 0 | 0 | 0 | 0 | 1,218,501 | |||||
| Net finance income/expenses from insurance contracts | -97,846,028 | -24,064 | 0 | 0 | 0 | 0 | -97,870,092 | |||||
| Cash flows | -42,526,508 | 0 | 0 | 0 | 0 | 0 | -42,526,508 | |||||
| Premiums received | -134,231,309 | 0 | 0 | 0 | 0 | 0 | -134,231,309 | |||||
| Claims and other insurance service expenses paid, including investment component | 77,279,168 | 0 | 0 | 0 | 0 | 0 | 77,279,168 | |||||
| Insurance acquisition cash flows | 14,425,633 | 0 | 0 | 0 | 0 | 0 | 14,425,633 | |||||
| Effect of exchange rate differences | 550 | 46 | 0 | 0 | 8384 | 680 | ||||||
| Final balance of net insurance contract assets/liabilities | -566,185,454 | -11,521,677 | -19,205,697 | -1,812,912 | -85,910,254 | -106,928,863 | -684,635,994 | |||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
| Insurance contract liabilities | -566,185,454 | -11,521,677 | -19,205,697 | -1,812,912 | -85,910,254 | -106,928,863 | -684,635,994 |
| Estimates of the present value of the future cashflows | Risk | 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin | |||||||
| Opening balance of net insurance contract assets/liabilities | -401,236,184 | -9,036,338 | -19,001,306 | -1,416 | -50,902,051 | -69,904,773 | -480,177,295 | ||||
| Insurance contract assets | 38,686 | -15,617 | 0 | 0 | -19,239 | -19,239 | 3,830 | ||||
| Insurance contract liabilities | -401,274,870 | -9,020,721 | -19,001,306 | -1,416 | -50,882,812 | -69,885,534 | -480,181,125 | ||||
| Changes | 44,714,118 | -3,855,389 | -3,526,094 | -905,942 | -25,580,284 | -30,012,320 | 10,846,409 | ||||
| Changes that relate to future services | 50,391,811 | -5,136,567 | -7,051,402 | -1,114,642 | -32,599,793 | -40,765,837 | 4,489,407 | ||||
| Changes in estimates that adjust the contractual service margin | 28,270,122 | -3,192,115 | -7,051,402 | -1,112,844 | -14,790,655 | -22,954,901 | 2,123,106 | ||||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 2,604,505 | -111,006 | 0 | -1,798 | -2,885 | -4,683 | 2,488,816 | ||||
| Effects of contracts initially recognised in the period | 19,517,184 | -1,833,446 | 0 | 0 | -17,806,253 | -17,806,253 | -122,515 | ||||
| Changes that relate to current services | -5,607,635 | 543,145 | 3,525,308 | 208,700 | 7,019,509 | 10,753,517 | 5,689,027 | ||||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 3,525,308 | 208,700 | 7,019,509 | 10,753,517 | 10,753,517 | ||||
| Release of the risk adjustment for non-financial risk | 0 | 543,145 | 0 | 0 | 0 | 0 | 543,145 | ||||
| Experience adjustment | -5,607,635 | 0 | 0 | 0 | 0 | 0 | -5,607,635 | ||||
| Changes that relate to past services | -70,058 | 738,033 | 0 | 0 | 0 | 0 | 667,975 | ||||
| Net finance income/expenses from insurance contracts | -50,470,665 | -23,491 | 0 | 0 | 0 | 0 | -50,494,156 | ||||
| Cash flows | -36,309,454 | 0 | 0 | 0 | 0 | 0 | -36,309,454 | ||||
| Premiums received | -119,628,972 | 0 | 0 | 0 | 0 | 0 | -119,628,972 | ||||
| Claims and other insurance service expenses paid, including investment component | 68,359,496 | 0 | 0 | 0 | 0 | 0 | 68,359,496 | ||||
| Insurance acquisition cash flows | 14,960,022 | 0 | 0 | 0 | 0 | 0 | 14,960,022 | ||||
| Effect of exchange rate differences | 2,536 | -500 | 0 | 180 | 178 | 2,664 | |||||
| Final balance of net insurance contract assets/liabilities | -443,299,649 | -12,915,268 | -22,527,400 | -907,360 | -76,482,155 | -99,916,915 | -556,131,832 | ||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Insurance contract liabilities | -443,299,649 | -12,915,268 | -22,527,400 | -907,360 | -76,482,155 | -99,916,915 | -556,131,832 |
| Risk adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin | TOTAL | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Triglav 2024 | Opening balance of net insurance contract assets/liabilities | -29,878,552 | -4,628,235 | -395,164 | 0 | -15,429,705 | -15,824,868 | -50,331,656 | |||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Insurance contract liabilities | -29,878,552 | -4,628,235 | -395,164 | 0 | -15,429,705 | -15,824,868 | -50,331,656 | ||||||
| Changes | 17,479,041 | 700,732 | 166,509 | 0 | 2,492,806 | 2,659,315 | 20,839,088 | ||||||
| Changes that relate to future services | 10,426,707 | -1,773,133 | -10,638 | 0 | -7,975,772 | -7,986,410 | 667,164 | ||||||
| Changes in estimates that adjust the contractual service margin | 564,006 | -426,043 | -9,750 | 0 | -129,108 | -138,858 | -894 | ||||||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 2,156,195 | 909,540 | -888 | 0 | -120,606 | -121,494 | 2,944,241 | ||||||
| Effects of contracts initially recognised in the period | 7,706,506 | -2,256,631 | 0 | 0 | -7,726,057 | -7,726,057 | -2,276,183 | ||||||
| Changes that relate to current services | 3,103,309 | 2,286,472 | 177,146 | 0 | 10,468,578 | 10,645,725 | 16,035,506 | ||||||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 177,146 | 0 | 10,468,578 | 10,645,725 | 10,645,725 | ||||||
| Release of the risk adjustment for non-financial risk | 0 | 2,286,472 | 0 | 0 | 0 | 0 | 2,286,472 | ||||||
| Experience adjustment | 3,103,309 | 0 | 0 | 0 | 0 | 0 | 3,103,309 | ||||||
| Changes that relate to past services | 3,949,025 | 187,394 | 0 | 0 | 0 | 0 | 4,136,419 | ||||||
| Net finance income/expenses from insurance contracts | -547,838 | -186,678 | -7,052 | 0 | -460,212 | -467,264 | -1,201,779 | ||||||
| Cash flows | -15,618,672 | 0 | 0 | 0 | 0 | 0 | -15,618,672 | ||||||
| Premiums received | -35,602,280 | 0 | 0 | 0 | 0 | 0 | -35,602,280 | ||||||
| Claims and other insurance service expenses paid, including investment component | 13,138,865 | 0 | 0 | 0 | 0 | 0 | 13,138,865 | ||||||
| Insurance acquisition cash flows | 6,844,743 | 0 | 0 | 0 | 0 | 0 | 6,844,743 | ||||||
| Final balance of net insurance contract assets/liabilities | -28,566,021 | -4,114,181 | -235,707 | 0 | -13,397,110 | -13,632,817 | -46,313,019 | ||||||
| Insurance contract assets | 114,826 | -4,628 | 0 | 0 | -50,452 | -50,452 | 59,746 | ||||||
| Insurance contract liabilities | -28,680,847 | -4,109,553 | -235,707 | 0 | -13,346,658 | -13,582,366 | -46,372,766 |
| Estimates of the present value of the future cash flows | Risk adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin |
|---|---|---|---|---|---|
| -525,379,261 | -18,779,222 | -22,829,363 | -8,909,557 | -79,154,746 | -110,893,667 |
| Opening balance of net insurance contract assets/liabilities | 655,052,150 | Insurance contract assets | 91,393,420 | -10,955,818 | -10,278,596 |
| -22 | -59,963,999 | -70,242,617 | 10,194,985 | Insurance contract liabilities | -616,772,681 |
| -7,823,404 | -12,550,767 | -8,909,536 | -19,190,747 | -40,651,050 | 665,247,135 |
| 56,184,877 | 602,898 | 2,138,109 | -20,861,529 | -20,092,285 | -38,815,705 | 17,972,070 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Changes that relate to future services | 67,647,479 | -1,585,713 | -2,460,504 | -25,045,753 | -31,464,336 | -58,970,594 | 7,091,172 | |||
| Changes in estimates that adjust the contractual service margin | 45,574,023 | 1,219,749 | -2,460,504 | -24,937,635 | -14,485,440 | -41,883,579 | 4,910,193 | |||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 3,029,677 | 204,664 | 0 | -108,119 | -84,195 | -192,314 | 3,042,026 | |||
| Effects of contracts initially recognised in the period | 19,043,779 | -3,010,126 | 0 | -16,894,701 | -16,894,701 | -861,048 | ||||
| Changes that relate to current services | -12,177,513 | 421,928 | 4,598,613 | 4,184,224 | 11,372,051 | 20,154,889 | 8,399,304 | |||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 4,598,613 | 4,184,224 | 11,372,051 | 20,154,889 | 20,154,889 | |||
| Release of the risk adjustment for non-financial risk | 0 | 421,928 | 0 | 0 | 0 | 421,928 | ||||
| Experience adjustment | -12,177,513 | 0 | 0 | 0 | 0 | -12,177,513 | ||||
| Changes that relate to past services | 714,911 | 1,766,683 | 0 | 0 | 0 | 0 | 2,481,594 |
| -22,407,320 | -923,725 | -833,943 | -6,697 | -1,324,890 | -2,165,530 | -25,496,575 |
|---|---|---|---|---|---|---|
| 45,350,676 | 0 | 0 | 0 | 0 | 0 | 45,350,676 |
|---|---|---|---|---|---|---|
| Premiums received | -79,616,296 | 0 | 0 | 0 | 0 | -79,616,296 |
| Claims and other insurance service expenses paid, including investment component | 113,880,725 | 0 | 0 | 0 | 0 | 113,880,725 |
| Insurance acquisition cash flows | 11,086,246 | 0 | 0 | 0 | 0 | 11,086,246 |
| -446,251,029 | -19,100,049 | -21,525,197 | -29,777,784 | -100,571,921 | -151,874,902 | -617,225,979 | |
|---|---|---|---|---|---|---|---|
| Insurance contract assets | 115,086,654 | -12,985,053 | -10,240,849 | -78 | -77,940,647 | -88,181,573 | 13,920,027 |
| Insurance contract liabilities | -561,337,683 | -6,114,996 | -11,284,348 | -29,777,706 | -22,631,274 | -63,693,328 | -631,146,007 |
| Opening balance of net insurance contract assets/liabilities | -42,197,992 | -6,581,672 | -617,898 | 0 | -14,835,720 | -15,453,618 | -64,233,282 | ||
|---|---|---|---|---|---|---|---|---|---|
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Insurance contract liabilities | -42,197,992 | -6,581,672 | -617,898 | 0 | -14,835,720 | -15,453,618 | -64,233,282 | ||
| Changes | 30,304,332 | 2,385,546 | 232,449 | 0 | -369,417 | -136,968 | 32,552,910 | ||
| Changes that relate to future services | 9,053,651 | -851,785 | -86,341 | 0 | -10,109,404 | -10,195,745 | -1,993,879 | ||
| Changes in estimates that adjust the contractual service margin | 2,031,212 | 1,895,732 | -86,341 | 0 | -3,844,813 | -3,931,154 | -4,211 | ||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 83,152 | 517,611 | 0 | 0 | -37,073 | -37,073 | 563,690 | ||
| Effects of contracts initially recognised in the period | 6,939,287 | -3,265,128 | 0 | 0 | -6,227,518 | -6,227,518 | -2,553,359 | ||
| Changes that relate to current services | 15,159,445 | 3,001,331 | 318,791 | 0 | 9,739,987 | 10,058,777 | 28,219,553 | ||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 318,791 | 0 | 9,739,987 | 10,058,777 | 10,058,777 | ||
| Release of the risk adjustment for non-financial risk | 0 | 3,001,331 | 0 | 0 | 0 | 0 | 3,001,331 | ||
| Experience adjustment | 15,159,445 | 0 | 0 | 0 | 0 | 0 | 15,159,445 | ||
| Changes that relate to past services | 6,091,236 | 236,001 | 0 | 0 | 0 | 0 | 6,327,236 | ||
| Net finance income/expenses from insurance contracts | -1,076,645 | -432,109 | -9,715 | 0 | -224,567 | -234,283 | -1,743,036 | ||
| Cash flows | -16,908,248 | 0 | 0 | 0 | 0 | 0 | -16,908,248 | ||
| Premiums received | -32,951,664 | 0 | 0 | 0 | 0 | 0 | -32,951,664 | ||
| Claims and other insurance service expenses paid, including investment component | 9,981,695 | 0 | 0 | 0 | 0 | 0 | 9,981,695 | ||
| Insurance acquisition cash flows | 6,061,721 | 0 | 0 | 0 | 0 | 0 | 6,061,721 | ||
| Final balance of net insurance contract assets/liabilities | -29,878,552 | -4,628,235 | -395,164 | 0 | -15,429,705 | -15,824,868 | -50,331,656 | ||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Insurance contract liabilities | -29,878,552 | -4,628,235 | -395,164 | 0 | -15,429,705 | -15,824,868 | -50,331,656 |
| Estimates of the present value of the future cash flows | Risk adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin |
|---|---|---|---|---|---|
| -562,136,636 | -15,674,852 | -25,301,114 | -8,746,590 | -57,911,248 | -91,958,952 |
| Opening balance of net insurance contract assets/liabilities | 669,770,440 | Insurance contract assets | 60,989,285 | -6,625,874 | -9,866,325 |
| -35 | -38,425,524 | -48,291,885 | 6,071,526 | Insurance contract liabilities | -623,125,920 |
| -9,048,978 | -15,434,789 | -8,746,555 | -19,485,723 | -43,667,068 | 675,841,966 |
| Changes | 36,884,771 | -1,924,166 | 2,706,854 | 531,348 | -24,395,965 |
| -21,157,763 | 13,802,842 | Changes that relate to future services | 42,255,273 | -3,574,354 | -2,334,936 |
| -922,692 | -33,310,487 | -36,568,116 | 2,112,803 | Changes in estimates that adjust the contractual service margin | 23,674,314 |
| -2,325,600 | -2,334,936 | -795,779 | -21,352,858 | -24,483,574 | -3,134,860 |
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 5,266,670 | 1,083,676 | 0 | -126,913 | -16,882 |
| -143,795 | 6,206,551 | Effects of contracts initially recognised in the period | 13,314,290 | -2,332,430 | 0 |
| 0 | -11,940,747 | -11,940,747 | -958,888 | Changes that relate to current services | -5,160,943 |
| 72,889 | 5,041,790 | 1,454,041 | 8,914,523 | 15,410,353 | 10,322,299 |
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 5,041,790 | 1,454,041 | 8,914,523 |
| 15,410,353 | 15,410,353 | Release of the risk adjustment for non-financial risk | 0 | 72,889 | Experience adjustment |
| -5,160,943 | 0 | 0 | 0 | 0 | -5,160,943 |
| Changes that relate to past services | -209,559 | 1,577,299 | 0 | 0 | 0 |
| 0 | 1,367,740 | Net finance income/expenses from insurance contracts | -37,540,999 | -1,180,205 | -235,102 |
| -694,315 | 3,152,466 | 2,223,048 | -36,498,155 | Cash flows | 37,413,603 |
| Premiums received | -83,173,821 | 0 | 0 | 0 | 0 |
| Claims and other insurance service expenses paid, including investment component | 109,997,231 | 0 | 0 | 0 | 0 |
| Insurance acquisition cash flows | 10,590,192 | 0 | 0 | 0 | 0 |
| Final balance of net insurance contract assets/liabilities | -525,379,261 | -18,779,222 | -22,829,363 | -8,909,557 | -79,154,746 |
| -110,893,667 | -655,052,150 | Insurance contract assets | 91,393,420 | -10,955,818 | -10,278,596 |
| -22 | -59,963,999 | -70,242,617 | 10,194,985 | Insurance contract liabilities | -616,772,681 |
| -7,823,404 | -12,550,767 | -8,909,536 | -19,190,747 | -40,651,050 | -665,247,135 |
| Estimates of the present value of the future cash flows | Risk | 360 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin | |||||||
| Opening balance of net insurance contract assets/liabilities | -420,738,303 | -12,358,498 | -22,527,400 | -831,453 | -75,389,780 | -98,748,633 | -531,845,434 | ||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Insurance contract liabilities | -420,738,303 | -12,358,498 | -22,527,400 | -831,453 | -75,389,780 | -98,748,633 | -531,845,434 | ||||
| Changes | 17,709,752 | 1,401,313 | 3,321,703 | -927,334 | -9,577,114 | -7,182,745 | 11,928,320 | ||||
| Changes that relate to future services | 23,760,806 | -439,508 | -136,267 | -1,432,498 | -18,056,453 | -19,625,217 | 3,696,081 | ||||
| Changes in estimates that adjust the contractual service margin | 3,068,362 | 1,568,156 | -136,267 | -285,169 | -1,453,644 | -1,875,080 | 2,761,439 | ||||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 2,053,841 | 49,328 | 0 | -1,147,329 | -14,135 | -1,161,464 | 941,705 | ||||
| Effects of contracts initially recognised in the period | 18,638,602 | -2,056,992 | 0 | 0 | -16,588,673 | -16,588,673 | -7,063 | ||||
| Changes that relate to current services | -6,399,277 | 1,045,290 | 3,457,970 | 505,164 | 8,479,338 | 12,442,472 | 7,088,484 | ||||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 3,457,970 | 505,164 | 8,479,338 | 12,442,472 | 12,442,472 | ||||
| Release of the risk adjustment for non-financial risk | 0 | 1,045,290 | 0 | 0 | 0 | 0 | 1,045,290 | ||||
| Experience adjustment | -6,399,277 | 0 | 0 | 0 | 0 | 0 | -6,399,277 | ||||
| Changes that relate to past services | 348,224 | 795,531 | 0 | 0 | 0 | 0 | 1,143,755 | ||||
| Net finance income/expenses from insurance contracts | -95,544,351 | -23,828 | 0 | 0 | 0 | 0 | -95,568,179 | ||||
| Cash flows | -39,311,092 | 0 | 0 | 0 | 0 | 0 | -39,311,092 | ||||
| Premiums received | -128,289,647 | 0 | 0 | 0 | 0 | 0 | -128,289,647 | ||||
| Claims and other insurance service expenses paid, including investment component | 75,170,546 | 0 | 0 | 0 | 0 | 0 | 75,170,546 | ||||
| Insurance acquisition cash flows | 13,808,009 | 0 | 0 | 0 | 0 | 0 | 13,808,009 | ||||
| Final balance of net insurance contract assets/liabilities | -537,883,993 | -10,981,013 | -19,205,697 | -1,758,786 | -84,966,895 | -105,931,378 | -654,796,385 | ||||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Insurance contract liabilities | -537,883,993 | -10,981,013 | -19,205,697 | -1,758,786 | -84,966,895 | -105,931,378 | -654,796,385 |
| Estimates of the present value of the future cashflows | Risk | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| adjustment for non-financial risk | Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total Contractual service margin | ||||||
| Opening balance of net insurance contract assets/liabilities | -384,147,781 | -8,485,625 | -19,001,306 | -144 | -49,323,751 | -68,325,201 | -460,958,607 | |||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Insurance contract liabilities | -384,147,781 | -8,485,625 | -19,001,306 | -144 | -49,323,751 | -68,325,201 | -460,958,607 | |||
| Changes | 44,438,791 | -3,849,892 | -3,526,094 | -831,308 | -26,066,030 | -30,423,432 | 10,165,467 | |||
| Changes that relate to future services | 50,083,643 | -5,045,170 | -7,051,402 | -1,027,817 | -32,947,141 | -41,026,360 | 4,012,113 | |||
| Changes in estimates that adjust the contractual service margin | 31,820,827 | -3,197,271 | -7,051,402 | -1,027,817 | -18,428,240 | -26,507,459 | 2,116,096 | |||
| Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses | 2,210,337 | -152,587 | 0 | 0 | -82 | -822,057,668 | ||||
| Effects of contracts initially recognised in the period | 16,052,480 | -1,695,312 | 0 | 0 | -14,518,820 | -14,518,820 | -161,652 | |||
| Changes that relate to current services | -5,528,913 | 475,820 | 3,525,308 | 196,509 | 6,881,111 | 10,602,928 | 5,549,835 | |||
| Contractual service margin recognised in profit or loss for service provided | 0 | 0 | 3,525,308 | 196,509 | 6,881,111 | 10,602,928 | 10,602,928 | |||
| Release of the risk adjustment for non-financial risk | 0 | 475,820 | 0 | 0 | 0 | 0 | 475,820 | |||
| Experience adjustment | -5,528,913 | 0 | 0 | 0 | 0 | 0 | -5,528,913 | |||
| Changes that relate to past services | -115,939 | 719,457 | 0 | 0 | 0 | 0 | 603,519 | |||
| Net finance income/expenses from insurance contracts | -46,529,096 | -22,981 | 0 | 0 | 0 | 0 | -46,552,077 | |||
| Cash flows | -34,500,217 | 0 | 0 | 0 | 0 | 0 | -34,500,217 | |||
| Premiums received | -114,614,716 | 0 | 0 | 0 | 0 | 0 | -114,614,716 | |||
| Claims and other insurance service expenses paid, including investment component | 65,991,432 | 0 | 0 | 0 | 0 | 0 | 65,991,432 | |||
| Insurance acquisition cash flows | 14,123,067 | 0 | 0 | 0 | 0 | 0 | 14,123,067 | |||
| Final balance of net insurance contract assets/liabilities | -420,738,303 | -12,358,498 | -22,527,400 | -831,453 | -75,389,780 | -98,748,633 | -531,845,434 | |||
| Insurance contract assets | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Insurance contract liabilities | -420,738,303 | -12,358,498 | -22,527,400 | -831,453 | -75,389,780 | -98,748,633 | -531,845,434 |
| General model (BBA) | General model (BBA) | Variable fee approach (VFA) | Profitable contracts issued | Onerous contracts issued | |
|---|---|---|---|---|---|
| Estimates of the present value of future cash outflows | -12,633,927 | -9,938,777 | -58,741,939 | -17,438,460 | -101,873,430 |
| Incurred claims and other incurred insurance service expenses | -9,872,698 | -7,194,689 | -43,009,886 | -14,295,150 | |
| Insurance acquisition cash flows | -2,761,229 | -2,744,088 | -15,732,053 | -3,143,310 | -12,612,876 |
| Estimates of the present value of future cash inflows | 20,980,059 | 8,690,507 | 79,352,661 | 14,407,609 | 121,440,141 |
| Risk adjustment for non-financial risk | -1,976,062 | -1,305,089 | -2,446,831 | -265,823 | -1,765,745 |
| Contractual service margin | -6,370,071 | 0 | -18,163,622 | 0 | -17,800,965 |
| Total liability on initial recognition | 0 | -2,553,359 | 269 | -3,296,674 | 0 |
| General model (BBA) | General model (BBA) | Variable fee approach (VFA) | Profitable contracts issued | Onerous contracts issued | |
|---|---|---|---|---|---|
| Estimates of the present value of future cash outflows | -15,034,476 | -10,848,076 | -44,010,862 | -6,239,065 | -124,672,890 |
| Incurred claims and other incurred insurance service expenses | -11,571,927 | -7,755,527 | -33,340,548 | -6,069,848 | -111,822,153 |
| Insurance acquisition cash flows | -3,462,549 | -3,092,549 | -10,670,314 | -169,217 | -12,850,736 |
| Estimates of the present value of future cash inflows | 24,143,422 | 9,445,635 | 63,770,613 | 5,523,094 | 143,315,904 |
| Risk adjustment for non-financial risk | -1,382,889 | -873,742 | -2,865,050 | -145,077 | -2,054,341 |
| Contractual service margin | -7,726,057 | 0 | -16,894,701 | 0 | -16,588,673 |
| Total liability on initial recognition | 0 | -2,276,183 | 0 | -861,048 | 0 |
| General model (BBA) | General model (BBA) | Variable fee approach (VFA) | Profitable contracts issued | Onerous contracts issued | |
|---|---|---|---|---|---|
| Estimates of the present value of future cash outflows | -15,034,476 | -10,848,076 | -67,180,859 | -20,852,953 | -131,495,222 |
| Incurred claims and other incurred insurance service expenses | -11,571,927 | -7,755,527 | -51,128,383 | -17,227,806 | -117,917,706 |
| Insurance acquisition cash flows | -3,462,549 | -3,092,549 | -16,052,476 | -3,625,147 | -13,577,516 |
| Non-Life and Health | Life | General model (BBA) | General model (BBA) | Variable fee approach (VFA) | ||
|---|---|---|---|---|---|---|
| Estimates of the present value of future cash inflows | 24,143,422 | 9,445,635 | 94,439,422 | 17,343,897 | 150,842,560 | |
| Risk adjustment for non-financial risk | -1,382,889 | -873,742 | -3,368,120 | -348,096 | -2,140,460 | |
| Contractual service margin | -7,726,057 | 0 | -23,890,442 | 0 | -17,206,878 | |
| Total liability on initial recognition | 0 | -2,276,183 | 0 | -3,857,152 | 0 | -14,292 |
The effects of the Zavarovalnica Triglav insurance contracts for which initial recognition was carried out in 2023 and which are not contracts issued.
| Estimates of the present value of future cash outflows | -12,107,848 | -9,938,777 | -39,894,992 | -6,515,898 | -100,629,028 | -13,402,262 |
|---|---|---|---|---|---|---|
| Incurred claims and other incurred insurance service expenses | -9,611,266 | -7,194,689 | -28,763,909 | -6,325,862 | -88,751,160 | -11,459,653 |
| Insurance acquisition cash flows | -2,496,582 | -2,744,088 | -11,131,083 | -190,036 | -11,877,868 | -1,942,609 |
| Estimates of the present value of future cash inflows | 20,295,406 | 8,690,506 | 54,012,004 | 5,713,175 | 116,775,973 | 13,307,797 |
| Risk adjustment for non-financial risk | -1,960,040 | -1,305,088 | -2,176,265 | -156,165 | -1,628,126 | -67,186 |
| Contractual service margin | -6,227,518 | 0 | -11,940,747 | 0 | -14,518,820 | 0 |
| Total liability on initial recognition | 0 | -2,553,359 | 0 | -958,888 | 0 | -161,652 |
| CONTRACTUAL SERVICE MARGIN | < 1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | 5–10 years | > 10 years |
|---|---|---|---|---|---|---|---|
| AS AT 31 DEC 2024 | |||||||
| Non-life insurance contracts | 7,018,172 | 2,785,444 | 1,741,691 | 1,099,965 | 647,331 | 1,124,863 | 236,488 |
| General model (BBA) | 7,018,172 | 2,785,444 | 1,741,691 | 1,099,965 | 647,331 | 1,124,863 | 236,488 |
| Life insurance contracts | 33,584,624 | 29,704,164 | 26,366,956 | 23,347,442 | 20,659,141 | 72,793,090 | 65,709,355 |
| General model (BBA) | 21,263,383 | 18,185,883 | 15,691,580 | 13,579,208 | 11,792,565 | 41,469,380 | 43,253,909 |
| Variable fee approach (VFA) | 12,321,241 | 11,518,281 | 10,675,376 | 9,768,234 | 8,866,576 | 31,323,710 | 22,455,446 |
| TOTAL | 40,602,796 | 32,489,608 | 28,108,647 | 24,447,407 | 21,306,472 | 73,917,953 | 65,945,843 |
| NET INSURANCE CONTRACT | < 1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | 5–10 years | > 10 years |
|---|---|---|---|---|---|---|---|
| Non-life insurance contracts | 7,653,758 | 3,998,900 | 1,755,030 | 1,129,613 | 714,900 | 1,260,773 | 277,040 |
| General model (BBA) | 7,653,758 | 3,998,900 | 1,755,030 | 1,129,613 | 714,900 | 1,260,773 | 277,040 |
| Life insurance contracts | 27,364,157 | 24,260,172 | 21,646,548 | 19,223,121 | 17,023,525 | 60,101,320 | 52,038,026 |
| General model (BBA) | 16,280,534 | 13,841,152 | 11,914,103 | 10,247,785 | 8,819,200 | 30,148,660 | 30,488,520 |
| Variable fee approach (VFA) | 11,083,623 | 10,419,020 | 9,732,445 | 8,975,336 | 8,204,325 | 29,952,660 | 21,549,506 |
| TOTAL | 35,017,915 | 28,259,072 | 23,401,578 | 20,352,734 | 17,738,425 | 61,362,093 | 52,315,066 |
| < 1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | 5–10 years | > 10 years | |
|---|---|---|---|---|---|---|---|
| ASSETS AS AT 31 DEC 2024 | |||||||
| Non-life insurance contracts | 6,711,454 | 2,537,549 | 1,551,742 | 967,713 | 568,092 | 1,059,779 | 236,488 |
| General model (BBA) | 6,711,454 | 2,537,549 | 1,551,742 | 967,713 | 568,092 | 1,059,779 | 236,488 |
| Life insurance contracts | 30,307,444 | 27,310,871 | 24,479,092 | 21,889,654 | 19,558,556 | 70,047,460 | 64,213,202 |
| General model (BBA) | 18,127,397 | 15,917,787 | 13,909,087 | 12,203,695 | 10,760,913 | 38,966,880 | 41,989,142 |
| Variable fee approach (VFA) | 12,180,046 | 11,393,084 | 10,570,005 | 9,685,959 | 8,797,644 | 31,080,580 | 22,224,059 |
| TOTAL | 37,018,898 | 29,848,420 | 26,030,835 | 22,857,367 | 20,126,648 | 71,107,240 | 64,449,690 |
| < 1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | 5–10 years | > 10 years | |
|---|---|---|---|---|---|---|---|
| ASSETS AS AT 31 DEC 2024 | |||||||
| Non-life insurance contracts | 7,395,834 | 3,782,894 | 1,581,407 | 997,534 | 624,208 | 1,165,997 | 276,996 |
| General model (BBA) | 7,395,834 | 3,782,894 | 1,581,407 | 997,534 | 624,208 | 1,165,997 | 276,996 |
| Life insurance contracts | 24,704,932 | 22,366,323 | 20,132,769 | 18,017,906 | 16,083,549 | 57,770,006 | 50,566,815 |
| General model (BBA) | 13,760,903 | 12,064,696 | 10,504,904 | 9,136,112 | 7,963,361 | 28,129,189 | 29,334,501 |
| Variable fee approach (VFA) | 10,944,029 | 10,301,626 | 9,627,865 | 8,881,794 | 8,120,187 | 29,640,817 | 21,232,314 |
| TOTAL | 32,100,766 | 26,149,216 | 21,714,176 | 19,015,439 | 16,707,757 | 58,936,003 | 50,843,811 |
| Year of occurrence | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cumulative estimate of gross claims – at the end of year of occurrence | -58,455,843 | -35,833,867 | -43,927,705 | -44,507,608 | -172,365,426 | -141,579,965 | -633,298,667 | -836,518,120 | 1,159,955,582 | -785,003,641 |
| – 1 year after occurrence | -53,589,151 | -37,924,601 | -44,534,436 | -45,004,584 | -166,242,930 | -259,800,148 | -669,264,052 | -846,753,453 | 1,157,356,670 | 0 |
| – 2 years after year of occurrence | -52,327,914 | -37,415,490 | -44,981,096 | -45,409,491 | -220,593,059 | -245,167,692 | -646,244,105 | -854,142,948 | 0 | 0 |
| Year of | -52,095,752 | -37,811,796 | -45,365,942 | -75,319,185 | -211,864,832 | -242,334,838 | -632,702,226 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year of | -51,893,842 | -38,477,763 | -65,606,209 | -71,974,859 | -211,642,574 | -242,872,352 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year of | -53,332,768 | -145,359,562 | -64,155,917 | -63,593,179 | -205,401,721 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year of | -54,055,766 | -136,898,686 | -67,116,490 | -62,172,678 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year of | -52,550,683 | -129,421,917 | -65,625,422 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year of | -52,244,719 | -127,516,120 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Year of | -51,973,045 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| -47,267,048 | -49,228,651 | -51,248,896 | -53,193,572 | -173,358,460 | -195,845,221 | -572,937,342 | -765,614,855 | -967,606,887 | -412,574,803 |
|---|---|---|---|---|---|---|---|---|---|
| -4,705,997 | -78,287,469 | -14,376,526 | -8,979,106 | -32,043,261 | -47,027,131 | -59,764,884 | -88,528,093 | -189,749,783 | -372,428,838 | -89 |
|---|---|---|---|---|---|---|---|---|---|---|
366
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| -58,455,843 | -34,981,865 | -43,664,638 | -44,332,108 | -157,796,029 | -117,217,768 | -554,551,601 | -753,457,584 | -900,835,423 | -669,544,060 |
| -52,156,273 | -35,674,949 | -44,147,550 | -44,851,030 | -151,047,465 | -197,364,855 | -555,638,887 | -741,472,980 | -885,194,630 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| -50,992,064 | -35,023,721 | -44,633,666 | -45,257,590 | -192,793,182 | -186,680,646 | -543,775,432 | -735,637,749 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| -50,043,400 | -35,419,020 | -44,978,043 | -68,537,482 | -184,450,510 | -175,172,512 | -545,764,921 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| -49,856,975 | -36,084,311 | -61,539,251 | -65,122,709 | -182,687,209 | -173,814,492 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| -51,281,385 | -140,010,238 | -60,808,754 | -57,187,891 | -174,381,279 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| -48,970,334 | -132,897,016 | -63,554,910 | -55,663,435 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| -48,203,099 | -124,839,722 | -62,917,869 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| -48,177,698 | -123,024,552 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|
| Year of occurrence | Cumulative estimate of gross claims | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| At the end of year of occurrence | -14,386,984 | -21,735,265 | -53,277,750 | -36,440,597 | -44,882,573 | -58,259,542 | -99,994,315 | -180,363,333 | -202,436,278 | -218,153,874 |
| 1 year after | -13,678,534 | -20,280,430 | -52,248,400 | -34,965,956 | -42,685,099 | -86,136,357 | -99,040,501 | -179,387,741 | -200,886,861 | 0 |
| 2 years after | -13,599,658 | -20,064,387 | -51,806,572 | -34,458,252 | -76,104,760 | -85,559,839 | -98,658,331 | -178,856,585 | 0 | 0 |
| 3 years after | -13,615,224 | -19,898,607 | -51,737,829 | -66,992,310 | -75,904,436 | -85,749,054 | -98,424,131 | 0 | 0 | 0 |
| 4 years after | -13,608,409 | -19,918,903 | -97,128,699 | -67,004,616 | -76,133,688 | -85,916,962 | 0 | 0 | 0 | 0 |
| 5 years after | -13,637,568 | -37,502,281 | -97,112,399 | -67,178,885 | -76,151,635 | 0 | 0 | 0 | 0 | 0 |
| 6 years after | -30,173,319 | -37,528,413 | -97,160,241 | -67,176,752 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 years after | -30,173,020 | -37,581,335 | -97,147,755 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 years after | -30,205,274 | -37,662,394 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 years after | -30,226,703 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Year of occurrence | Cumulative payments up to the balance sheet date | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| At the end of occurrence | -14,386,984 | -21,735,265 | -53,277,750 | -36,440,597 | -44,724,691 | -57,803,607 | -98,744,870 | -179,571,760 | -201,345,098 | -216,122,747 |
| 1 year after | -30,035,960 | -37,258,112 | -96,792,886 | -66,798,961 | -75,609,893 | -85,128,046 | -97,451,559 | -176,602,799 | -195,922,799 | -193,253,368 |
| Gross liabilities | -190,743 | -404,282 | -354,869 | -377,791 | -541,742 | -788,916 | -972,572 | -2,253,786 | -4,964,062 | -24,900,506 |
| 2 years after | -13,599,658 | -20,064,387 | -51,806,572 | -34,458,252 | -76,104,760 | -85,301,682 | -97,861,346 | -177,894,960 | 0 | 0 |
| 3 years after | -13,615,224 | -19,898,607 | -51,737,829 | -66,992,310 | -75,904,436 | -85,475,406 | -97,625,186 | 0 | 0 | 0 |
| 4 years after | -13,608,409 | -19,918,903 | -97,128,699 | -67,004,616 | -76,133,688 | -85,643,706 | 0 | 0 | 0 | 0 |
| 5 years after | -13,637,568 | -37,502,281 | -97,112,399 | -67,178,885 | -76,151,635 | 0 | 0 | 0 | 0 | 0 |
| 6 years after | -30,173,319 | -37,528,413 | -97,160,241 | -67,176,752 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 years after | -30,173,020 | -37,581,335 | -97,147,755 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 years after | -30,205,274 | -37,662,394 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Year of occurrence | Cumulative estimate of gross claims | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| At the end of year of occurrence | -1,854,864 | -2,738,258 | -3,624,457 | -4,134,287 | -5,102,050 | -9,169,890 | -445,223,632 | -644,185,807 | -899,902,048 | -523,529,282 |
| 1 year after | -2,002,500 | -3,031,166 | -4,282,442 | -5,684,507 | -6,747,208 | -87,315,479 | -465,627,636 | -641,711,235 | -888,629,358 | 0 |
| 2 years after | -1,978,188 | -2,926,974 | -4,047,463 | -5,452,307 | -38,419,811 | -81,322,740 | -448,187,340 | -638,166,562 | 0 | 0 |
| 3 years after | -1,902,410 | -2,825,846 | -3,907,803 | -24,457,070 | -34,565,616 | -75,022,804 | -432,257,776 | 0 | 0 | 0 |
| 4 years after | -1,869,136 | -2,767,715 | -20,991,393 | -22,548,601 | -35,327,877 | -77,249,128 | 0 | 0 | 0 | 0 |
| 5 years after | -1,838,694 | -107,604,960 | -20,523,649 | -15,196,918 | -34,128,493 | 0 | 0 | 0 | 0 | 0 |
| 6 years after | -1,823,988 | -99,193,401 | -22,916,996 | -14,103,029 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 years after | -1,669,520 | -92,167,319 | -21,229,489 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 years after | -1,548,348 | -90,077,286 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 years after | -1,449,694 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Year of occurrence | Cumulative payments up to the balance sheet date | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| At the end of year of occurrence | -1,854,864 | -2,738,258 | -3,624,457 | -4,134,287 | -5,102,050 | -9,169,890 | -379,619,257 | -581,715,006 | -670,035,934 | -443,706,492 |
| 1 year after | -1,452,015 | -13,472,290 | -9,202,839 | -9,164,343 | -18,667,829 | -57,198,074 | -395,069,876 | -579,684,619 | -766,481,003 | -309,858,186 |
| 2 years after | -2,002,500 | -3,031,166 | -4,282,442 | -5,684,507 | -6,747,208 | -53,167,933 | -364,008,739 | -556,691,379 | -632,702,582 | 0 |
| 3 years after | 2,320 | -76,604,996 | -12,026,651 | -4,938,686 | -15,460,664 | -20,051,053 | -37,187,900 | -58,481,943 | -122,148,355 | -213,671,097 |
| 4 years after | -1,978,188 | -2,926,974 | -4,047,463 | -5,452,307 | -25,082,873 | -43,185,055 | -357,524,089 | -544,981,382 | 0 | 0 |
| 5 years after | -1,902,410 | -2,825,846 | -3,907,803 | -14,355,292 | -20,529,617 | -39,074,621 | -358,284,220 | 0 | 0 | 0 |
| 6 years after | -1,869,136 | -2,767,715 | -18,090,820 | -12,968,235 | -21,259,929 | -40,984,475 | 0 | 0 | 0 | -50 |
| 7 years after | -1,838,694 | -104,785,827 | -17,323,415 | -6,809,784 | -17,492,566 | 0 | 0 | 0 | 0 | 0 |
| 8 years after | 243,576 | -97,354,570 | -21,034,244 | -6,702,188 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 years after | -321,480 | -90,606,336 | -19,098,349 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Year of occurrence | Cumulative estimate of net claims | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| At the end of year of occurrence | -14,386,984 | -21,647,714 | -52,592,395 | -33,459,027 | -39,599,423 | -49,550,045 | -87,637,065 | -159,827,719 | -179,972,299 | -193,759,479 |
| 1 year after occurrence | -13,678,534 | -20,232,266 | -51,586,961 | -32,203,398 | -37,415,710 | -76,465,375 | -85,847,609 | -157,805,928 | -177,267,290 | 0 |
| 2 years after occurrence | -13,599,658 | -20,022,748 | -51,163,571 | -31,737,178 | -70,858,274 | -75,807,034 | -85,243,562 | -157,061,025 | 0 | 0 |
| 3 years after occurrence | -13,615,224 | -19,859,824 | -51,096,161 | -64,199,193 | -70,646,080 | -75,858,750 | -84,832,719 | 0 | 0 | 0 |
| 4 years after occurrence | -13,608,409 | -19,880,634 | -96,446,139 | -64,211,232 | -70,830,437 | -75,907,965 | 0 | 0 | 0 | 0 |
| 5 years after occurrence | -13,637,568 | -37,427,115 | -96,397,582 | -64,392,599 | -70,847,505 | 0 | 0 | 0 | 0 | 0 |
| 6 years after occurrence | -30,139,837 | -37,425,558 | -96,460,959 | -64,388,428 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 years after occurrence | -30,125,684 | -37,481,286 | -96,448,407 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 years after occurrence | -30,169,037 | -37,562,040 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 years after occurrence | -30,189,615 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Year of occurrence | Cumulative payments up to the balance sheet date | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| At the end of year of occurrence | -14,386,984 | -21,647,714 | -52,592,395 | -33,459,027 | -39,599,423 | -49,550,045 | -87,637,065 | -159,827,719 | -179,972,299 | -193,487,579 |
| 1 year after occurrence | -30,031,610 | -37,187,054 | -96,127,436 | -64,044,968 | -70,344,029 | -75,181,847 | -83,995,611 | -155,056,200 | -172,675,437 | -170,691,435 |
| 2 years after occurrence | -13,678,534 | -20,232,266 | -51,586,961 | -32,203,398 | -37,415,710 | -76,465,375 | -85,847,609 | -157,805,928 | -177,267,290 | 0 |
| 3 years after occurrence | -158,005 | -374,986 | -320,971 | -343,460 | -503,475 | -726,119 | -837,108 | -2,004,825 | -4,591,853 | -23,068,044 |
| 4 years after occurrence | -13,599,658 | -20,022,748 | -51,163,571 | -31,737,178 | -70,858,274 | -75,807,034 | -85,243,562 | -157,061,025 | 0 | 0 |
| 5 years after occurrence | -13,615,224 | -19,859,824 | -51,096,161 | -64,199,193 | -70,646,080 | -75,858,750 | -84,832,719 | 0 | 0 | 0 |
| 6 years after occurrence | -13,608,409 | -19,880,634 | -96,446,139 | -64,211,232 | -70,830,437 | -75,907,965 | 0 | 0 | 0 | 0 |
| 7 years after occurrence | -13,637,568 | -37,427,115 | -96,397,582 | -64,392,599 | -70,847,505 | 0 | 0 | 0 | 0 | 0 |
| 8 years after occurrence | -30,139,837 | -37,425,558 | -96,460,959 | -64,388,428 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 years after occurrence | -30,125,684 | -37,481,286 | -96,448,407 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Year of occurrence | -30,189,615 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cumulative payments up to the balance sheet date | -30,031,610 | -37,187,054 | -96,127,436 | -64,044,968 | -70,344,029 | -75,181,847 | -83,995,611 | -155,056,200 | -172,675,437 | -170,542,320 |
| Net liabilities | -158,005 | -374,986 | -320,971 | -343,460 | -503,475 | -726,119 | -837,108 | -2,004,825 | -4,591,853 | -22,945,259 |
| Net liabilities of previous years | -3 | |||||||||
| Discounting effect | ||||||||||
| Net liabilities for incurred claims included in the financial statements | -3 |
| 31 Dec 2024 | 31 Dec 2023 | NON LIFE and HEALTH - Premium allocation approach (PAA) | LIFE - General model (BBA) | LIFE - Premium allocation approach (PAA) | TOTAL NON LIFE | ||||
|---|---|---|---|---|---|---|---|---|---|
| Reinsurance contract assets | 289,254,923 | 0 | 355,332 | 289,610,255 | 327,345,399 | 387,756 | 327,733,155 | ||
| Assets for remaining coverage | 21,901,039 | 0 | -477,526 | 21,423,513 | 8,580,960 | 2,213 | 8,583,173 | ||
| Assets for incurred claims | 267,353,884 | 0 | 832,858 | 268,186,742 | 318,764,439 | 385,543 | 319,149,982 | ||
| Reinsurance contract liabilities | 2,146,102 | 8,336 | 0 | 2,154,438 | 6,457,354 | 3,246 | 6,460,600 | ||
| Liabilities for remaining coverage | 2,955,705 | 128,686 | 0 | 3,084,391 | 6,214,256 | 4,712 | 6,218,968 | ||
| Liabilities for incurred claims | -809,603 | -120,350 | 0 | -929,953 | 243,098 | -1,466 | 241,632 | ||
| Total net reinsurance contract assets | 287,108,821 | -8,336 | 355,332 | 287,455,817 | 320,888,045 | -384,510 | 321,272,555 | ||
| Net assets for remaining coverage | 18,945,334 | -128,686 | -477,526 | 18,339,122 | 2,366,704 | -2,499 | 2,364,205 | ||
| Net assets for incurred claims | 268,163,487 | 120,350 | 832,858 | 269,116,695 | 318,521,341 | 387,009 | 318,908,350 |
| 31 Dec 2024 | 31 Dec 2023 | NON LIFE and HEALTH - Premium allocation approach (PAA) | LIFE - General model (BBA) | LIFE - Premium allocation approach (PAA) | TOTAL NON LIFE and HEALTH - Premium allocation approach (PAA) | ||||
|---|---|---|---|---|---|---|---|---|---|
| Reinsurance contract assets | 289,254,923 | 0 | 355,332 | 289,610,255 | 327,345,399 | 387,756 | 327,733,155 | ||
| Expected present value of future cash flows | 272,571,833 | 0 | 308,231 | 272,880,064 | 306,892,445 | 365,983 | 307,258,428 | ||
| Risk adjustment for non-financial risk | 16,683,090 | 0 | 47,101 | 16,730,191 | 20,452,954 | 21,773 | 20,474,727 | ||
| Contractual service margin | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Reinsurance contract liabilities | 2,146,102 | 8,336 | 0 | 2,154,438 | 6,457,354 | 3,246 | 6,460,600 | ||
| Expected present value of future cash flows | 2,177,325 | 3,597,033 | 0 | 5,774,358 | 6,494,471 | 3,329 | 6,497,800 | ||
| Risk adjustment for non-financial risk | -31,223 | -840,610 | 0 | -871,833 | -37,117 | -83 | -37,200 | ||
| Contractual service margin | 0 | -2,748,087 | 0 | -2,748,087 | 0 | 0 | |||
| Total net reinsurance contract assets | 287,108,821 | -8,336 | 355,332 | 287,455,817 | 320,888,045 | -384,510 | 320,503,535 | ||
| Net assets from present value of future cash flows | 270,394,508 | -3,597,033 | 308,231 | 267,105,706 | 300,397,974 | -362,654 | 300,035,320 | ||
| Net assets from risk adjustment for non-financial risk | 16,714,313 | 840,610 | 47,101 | 17,602,024 | 20,490,071 | -21,856 | 20,468,215 | ||
| Net assets from contractual service margin | 0 | 2,748,087 | 0 | 2,748,087 | 0 | 0 |
| in EUR | 31 Dec 2024 | 31 Dec 2023 | NON LIFE and HEALTH - Premium allocation approach (PAA) | LIFE - General model (BBA) | TOTAL |
|---|---|---|---|---|---|
| Reinsurance contract assets | 249,461,236 | 0 | 249,461,236 | 306,935,188 | 306,936,690 |
| Assets for remaining coverage | 33,634,736 | 0 | 33,634,736 | 25,911,984 | 25,913,486 |
| Assets for incurred claims | 215,826,500 | 0 | 215,826,500 | 281,023,204 | 281,023,204 |
| Reinsurance contract liabilities | 421,288 | 8,336 | 429,625 | 0 | 0 |
| Liabilities for remaining coverage | 421,288 | 128,686 | 549,974 | 0 | 0 |
| Liabilities for incurred claims | 0 | -120,350 | -120,350 | 0 | 0 |
| Total net reinsurance contract assets | 249,039,947 | -8,336 | 249,031,611 | 306,935,188 | 306,936,690 |
| Net assets for remaining coverage | 33,213,448 | -128,686 | 33,084,761 | 25,911,984 | 25,913,486 |
| Net assets for incurred claims | 215,826,500 | 120,350 | 215,946,850 | 281,023,204 | 281,023,204 |
| in EUR | 31 Dec 2024 | 31 Dec 2023 | NON LIFE and HEALTH - Premium allocation approach (PAA) | LIFE - General model (BBA) | TOTAL |
|---|---|---|---|---|---|
| Reinsurance contract assets | 249,461,236 | 0 | 249,461,236 | 306,935,188 | 306,936,690 |
| Expected present value of future cash flows | 236,366,075 | 0 | 236,366,075 | 288,812,910 | 288,814,413 |
| Risk adjustment for non-financial risk | 13,095,160 | 0 | 13,095,160 | 18,122,278 | 18,122,278 |
| Contractual service margin | 0 | 0 | 0 | 0 | 0 |
| Reinsurance contract liabilities | 421,288 | 8,336 | 429,625 | 0 | 0 |
| Expected present value of future cash flows | 421,288 | 3,597,033 | 4,018,321 | 0 | 0 |
| Risk adjustment for non-financial risk | 0 | -840,609 | -840,609 | 0 | 0 |
| Contractual service margin | 0 | -2,748,087 | -2,748,087 | 0 | 0 |
| Total net reinsurance contract assets | 249,039,947 | -8,336 | 249,031,611 | -306,935,188 | -306,936,690 |
| Net assets from present value of future cash flows | 235,944,787 | -3,597,033 | 232,347,754 | -288,812,910 | -288,814,413 |
| Net assets from risk adjustment for non-financial risk | 13,095,160 | 840,609 | 13,935,770 | -18,122,278 | -18,122,278 |
| Net assets from contractual service margin | 0 | 2,748,087 | 2,748,087 | 0 | 0 |
| NON LIFE and HEALTH - Premium allocation approach (PAA) | LIFE - General model (BBA) | LIFE - Premium allocation approach (PAA) | TOTAL | |||
|---|---|---|---|---|---|---|
| Reinsurance income recognised in profit or loss | 122,792,502 | 268,751 | 1,910,332 | 124,971,585 | ||
| 274,740,287 | 1,279,817 | 276,020,104 | ||||
| Reinsurers' shares in claims and other insurance service expenses | 113,184,670 | 268,751 | 1,752,349 | 115,205,770 | ||
| 253,508,820 | 1,086,198 | 254,595,018 | ||||
| Changes in reinsurers' shares that relate to changes in liabilities for incurred claims | 9,562,034 | 0 | 157,983 | 9,720,017 | ||
| 21,228,667 | 193,618 | 21,422,285 | ||||
| Changes in reinsurers' shares that relate to underlying onerous contracts | 45,798 | 0 | 0 | 45,798 | ||
| 2,802 | 0 | 2,802 | ||||
| Reinsurance service expenses recognised in profit or loss | 263,995,431 | -374,513 | -1,532,563 | 265,902,507 | ||
| 244,752,915 | 339,376 | 244,413,539 | ||||
| Expected reinsurers' share in insurance income | 263,995,431 | -374,513 | -1,532,563 | 265,902,507 | ||
| 244,752,913 | 339,376 | 244,413,537 | ||||
| Net income/expenses from reinsurance contracts recognised in profit or loss | 141,202,929 | -105,762 | 377,769 | 140,930,922 | ||
| 29,987,372 | 1,619,193 | 31,606,565 | ||||
| Finance income/expenses from reinsurance contracts | 8,513,279 | 1184,723 | 8,518,120 | 3,648,410 | ||
| 8,761 | 3,657,171 | |||||
| Financial effects from non-performance risk | 718,777 | 793 | -135 | 719,435 | ||
| -606,316 | -968 | -607,284 | ||||
| Interest accreted | 5,838,674 | 428 | 4,376 | 5,843,478 | ||
| 664,423 | 8,378 | 672,801 | ||||
| Other – effect on other comprehensive income before tax | 1,955,828 | -1,103 | 482 | 1,955,207 | ||
| 3,590,303 | 1,351 | 3,591,654 | ||||
| Total | 132,689,650 | -105,644 | 382,492 | 132,412,802 | ||
| 33,635,782 | 1,627,954 | 35,263,736 |
| NON LIFE and HEALTH - Premium allocation approach (PAA) | LIFE - General model (BBA) | LIFE - Premium allocation approach (PAA) | TOTAL | ||||
|---|---|---|---|---|---|---|---|
| Finance income/expenses recognised in profit or loss | 6,557,455 | 1,221 | 4,241 | 6,562,917 | |||
| 58,108 | 7,410 | 65,518 | |||||
| Finance income/expenses recognised in other comprehensive income | 1,955,828 | -1,103 | 482 | 1,955,207 | |||
| 3,590,307 | 1,351 | 3,591,658 | |||||
| Total finance income/expenses from reinsurance contracts | 8,513,283 | 1184,723 | 8,518,124 | 3,648,415 | |||
| 8,761 | 3,657,176 |
| 373 Reinsurance income and reinsurance service expenses of Zavarovalnica Triglav | TOTAL Reinsurance income recognised in profit or loss | 92,801,424 | 268,751 | 93,070,175 | 227,396,192 | 227,396,192 | |
|---|---|---|---|---|---|---|---|
| Reinsurers' shares in claims and other insurance service expenses | 74,790,585 | 268,751 | 75,059,336 | 221,041,486 | 221,041,486 | ||
| Changes in reinsurers' shares that relate to changes in liabilities for incurred claims | 15,150,025 | 0 | 15,150,025 | 5,931,614 | 5,931,614 | ||
| Changes in reinsurers' shares that relate to underlying onerous contracts | 2,860,814 | 0 | 2,860,814 | 423,092 | 423,092 | ||
| Reinsurance service expenses recognised in profit or loss | -223,352,761 | -374,513 | -223,727,274 | -187,866,733 | -187,866,733 | ||
| Expected reinsurers' share in insurance income | -223,352,761 | -374,513 | -223,727,274 | -187,866,733 | -187,866,733 | ||
| Net income/expenses from reinsurance contracts recognised in profit or loss | -130,551,336 | -105,762 | -130,657,099 | 39,529,459 | 39,529,459 | ||
| Finance income/expenses from reinsurance contracts | 7,160,708 | 118 | 7,160,826 | 4,228,706 | 4,228,706 | ||
| Financial effects from non-performance risk | 736,148 | 793 | 736,941 | -410,334 | -410,334 | ||
| Interest accreted | 4,996,046 | 428 | 4,996,474 | 547,850 | 547,850 | ||
| Other (effect on other comprehensive income before tax) | 1,428,514 | -1,103 | 1,427,411 | 4,091,190 | 4,091,190 | ||
| Total | -123,390,628 | -105,645 | -123,496,273 | 43,758,165 | 43,758,165 |
| TOTAL Finance income/expenses recognised in profit or loss | 5,732,195 | 1,221 | 5,733,415 | 137,516 | 137,516 |
|---|---|---|---|---|---|
| Finance income/expenses recognised in other comprehensive income | 1,428,514 | -1,103 | 1,427,411 | 4,091,190 | 4,091,190 |
| Total finance income/expenses from reinsurance contracts | 7,160,708 | 118 | 7,160,826 | 4,228,706 | 4,228,706 |
| Remaining coverage | Excluding the loss component | Loss component | Incurred claims | Total Opening |
|---|---|---|---|---|
| Assets and liabilities for remaining balance of net reinsurance contract assets/liabilities | 0 | 0 | 0 | 0 |
| Reinsurance contract assets | 0 | 0 | 0 | 0 |
| Reinsurance contract liabilities | 0 | 0 | 0 | 0 |
| Reinsurance income | 0 | 0 | 268,750 | 268,750 |
| Reinsurers' coverage and assets and liabilities for incurred claims of the Triglav Group 2024 | shares in claims | 0 | 0 | 268,750 |
| Reinsurance service expenses | -374,513 | 0 | 0 | -374,513 |
| Finance income/expenses from reinsurance contracts | -1,389 | 0 | 714 | -675 |
| Financial effects from non-performance risk | 793 | 0 | 0 | 793 |
| Cash flows | 246,424 | 0 | -149,115 | 97,309 |
| Premiums paid | 246,424 | 0 | 0 | 246,424 |
| Reinsurance service expenses recovered for insurance contracts issued | 0 | 0 | -149,115 | -149,115 |
| Closing balance of net reinsurance contract assets/liabilities | -128,686 | 0 | 120,350 | -8,336 |
| Reinsurance contract assets | 0 | 0 | 0 | 0 |
| Reinsurance contract liabilities | -128,686 | 0 | 120,350 | -8,336 |
| Remaining coverage | Incurred claims | Remaining coverage | Incurred claims | Excluding the loss component | Loss component | Estimates of the present value of the future cashflows | Risk adjustment for non-financial risk | Total |
|---|---|---|---|---|---|---|---|---|
| 375 | 2024 | coverage | Incurred claims | Excluding the loss component | Loss component | Estimates of the present value of the future cashflows | Risk adjustment for non-financial risk | Total |
| Total | Opening balance of net reinsurance contract assets/liabilities | 2,362,726 | 3,978 | 298,015,992 | 20,490,070 | 320,872,766 | -2,499 | 0 |
| Reinsurance contract assets | 8,048,029 | 35,842 | 297,120,737 | 20,452,953 | 325,657,561 | 2,2130 | 363,770 | 21,773 |
| Reinsurance contract liabilities | -5,685,303 | -31,864 | 895,255 | 37,117 | -4,784,795 | -4,712 | 0 | 1,38383 |
| Reinsurance income | 0 | 45,798 | 127,046,163 | -4,299,453 | 122,792,508 | 0 | 0 | 1,885,362 |
| Reinsurance income | 0 | 0 | 108,014,266 | 5,170,405 | 113,184,671 | 0 | 0 | 1,706,645 |
| Changes in reinsurers' shares that relate to changes in liabilities for incurred claims | 0 | 0 | 19,031,897 | -9,469,858 | 9,562,039 | 0 | 0 | 178,717 |
| Changes in reinsurers' shares that relate to underlying onerous contracts | 0 | 45,798 | 0 | 0 | 45,798 | 0 | 0 | 0 |
| Reinsurance service expenses | -263,995,433 | 0 | 0 | 0 | -263,995,433 | -1,532,563 | 0 | 0 |
| Reinsurance investment components | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Finance income/expenses from reinsurance contracts | 0 | -50 | 7,271,343 | 523,023 | 7,794,316 | 0 | 0 | 4,583 |
| Financial effects from non-performance risk | 0 | 0 | 718,777 | 0 | 718,777 | 0 | 0 | -135 |
| Cash flows | 280,539,315 | 0 | -181,660,474 | 0 | 98,878,841 | 1,057,537 | 0 | -1,469,205 |
| Premiums paid | 280,539,315 | 0 | 0 | 0 | 280,539,315 | 1,057,537 | 0 | 0 |
| Reinsurance service expenses recovered for insurance contracts issued | 0 | 0 | -181,660,474 | 0 | -181,660,474 | 0 | 0 | -1,469,205 |
| Effect of exchange rate differences | -10,998 | 0 | 57,373 | 673 | 47,046 | 0 | 0 | 0 |
| Closing balance of net reinsurance contract assets/liabilities | 18,895,610 | 49,724 | 251,449,174 | 16,714,313 | 287,108,821 | -477,526 | 0 | 785,757 |
| Reinsurance contract assets | 21,851,315 | 49,724 | 250,670,794 | 16,683,090 | 289,254,923 | -477,526 | 0 | 785,757 |
| Reinsurance contract liabilities | -2,955,705 | 0 | 778,380 | 31,223 | -2,146,102 | 0 | 0 | 0 |
| Incurred claims | Remaining coverage | Incurred claims | Excluding the loss component | Loss component | Estimates of the present value of the future cashflows | Risk adjustment for non-financial risk | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 376 | 2023 | coverage | Incurred claims | Excluding the loss component | Loss component | Estimates of the present value of the future cashflows | Risk adjustment for non-financial risk | Total | ||||||
| Total | Opening balance of net reinsurance contract assets/liabilities | 1,882,869 | 1,172 | 154,897,985 | 15,196,460 | 171,978,486 | 7,579,711 | 0 | ||||||
| 293,345 | 17,494 | 7,890,550 | 179,869,036 | Reinsurance contract assets | 18,052,787 | 1,168 | 149,247,690 | 14,141,903 | ||||||
| 181,443,548 | 7,579,711 | 0 | 293,345 | 17,494 | 7,890,550 | 189,334,098 | Reinsurance contract liabilities | -16,169,918 | ||||||
| 0 | 5,650,295 | 1,054,557 | -9,465,062 | 0 | 0 | 0 | 0 | 0 | ||||||
| -9,465,062 | Reinsurance income | 0 | 34,663 | 269,902,197 | 4,835,288 | 274,772,148 | 0 | 0 | ||||||
| 1,276,003 | 3,814 | 1,279,817 | 276,051,965 | Reinsurance income | 0 | 0 | 242,806,688 | 10,702,131 | ||||||
| 253,508,819 | 0 | 0 | 1,065,930 | 20,268 | 1,086,198 | 254,595,017 | Changes in reinsurers' shares that relate to changes in liabilities for incurred claims | 0 | ||||||
| 0 | 27,095,509 | -5,866,843 | 21,228,666 | 0 | 0 | 210,073 | -16,454 | 193,619 | ||||||
| 21,422,285 | Changes in reinsurers' shares that relate to underlying onerous contracts | 0 | 34,663 | 0 | 0 | 34,663 | 0 | 0 | ||||||
| 0 | 0 | 0 | 0 | 0 | Reinsurance service expenses | -244,752,915 | 0 | 0 | ||||||
| 0 | -244,752,915 | 339,376 | 0 | 0 | 0 | 339,376 | -244,413,539 | Reinsurance investment components | ||||||
| 0 | 0 | 0 | 0 | 0 | Finance income/expenses from reinsurance contracts | 0 | 0 | 3,795,834 | ||||||
| 458,894 | 4,254,731 | 0 | 0 | 9,179 | 549 | 9,728 | 4,264,459 | Financial effects from non-performance risk | ||||||
| 0 | 0 | -606,321 | 0 | -606,321 | 0 | 0 | -968 | 0 | ||||||
| -968 | -607,289 | Cash flows | 245,230,380 | 0 | -129,905,029 | 0 | 115,325,351 | -7,921,586 | ||||||
| 0 | -1,212,435 | 0 | -9,134,021 | 106,191,330 | Premiums paid | 245,230,380 | 0 | 0 | ||||||
| 0 | 245,230,380 | -7,921,586 | 0 | 0 | -7,921,586 | 237,308,794 | Reinsurance service expenses recovered for insurance contracts issued | 0 | ||||||
| -129,905,029 | 0 | -129,905,029 | 0 | 0 | -1,212,435 | 0 | -1,212,435 | -131,117,464 | ||||||
| Effect of exchange rate differences | 2,392 | 0 | -53,396 | -571 | -51,574 | 0 | 0 | 0 | ||||||
| 0 | -51,576 | Closing balance of net reinsurance contract assets/liabilities | 2,362,726 | 35,839 | 298,031,270 | 20,490,071 | 320,919,906 | |||||||
| -2,499 | 0 | 365,153 | 21,856 | 384,510 | 321,304,416 | Reinsurance contract assets | 8,545,118 | 35,842 | ||||||
| 298,210,415 | 20,554,024 | 327,345,399 | 2,213 | 0 | 363,770 | 21,773 | 387,756 | 327,733,155 | ||||||
| Reinsurance contract liabilities | -6,182,392 | 0 | -179,145 | -63,953 | -6,425,493 | -4,712 | 0 | 1,383 | ||||||
| 83 | -3,246 | -6,428,739 |
| Remaining coverage | Excluding the loss component | Loss component | Incurred claims |
|---|---|---|---|
| 377 | Assets and liabilities for remaining coverage and assets and liabilities for incurred claims of Zavarovalnica Triglav 2024 | ||
| Total | Opening balance of net reinsurance contract assets/liabilities | 0 | 0 |
| Reinsurance contract assets | 0 | 0 | 0 |
| Reinsurance contract liabilities | 0 | 0 | 0 |
| Reinsurance income | 0 | 268,751 | 268,751 |
| Reinsurers' shares in claims | 0 | 268,751 | 268,751 |
| Reinsurance service expenses | -374,513 | 0 | -374,513 |
| Finance income/expenses from reinsurance contracts | -1,389 | 0 | 714 |
| Financial effects from non-performance risk | 793 | 0 | 0 |
| Cash flows | 246,424 | 0 | -149,115 |
| Premiums paid | 246,424 | 0 | 246,424 |
| Reinsurance service expenses recovered for insurance contracts issued | 0 | 0 | -149,115 |
| Closing balance of net reinsurance contract assets/liabilities | -128,686 | 0 | 120,350 |
| Reinsurance contract assets | 0 | 0 | 0 |
| Reinsurance contract liabilities | -128,686 | 0 | 120,350 |
| Remaining coverage Incurred claims | Excluding the loss component | Loss component | Estimates of the present value of the future cashflows | Risk adjustment for non-financial risk | TOTAL |
|---|---|---|---|---|---|
| Opening balance of net reinsurance contract assets/liabilities | 25,201,695 | 711,791 | 262,900,927 | 18,122,278 | 306,936,690 |
| 9,347,434 | 267,378 | 139,479,200 | 15,362,099 | 164,456,111 | |
| Reinsurance contract assets | 25,201,695 | 711,791 | 262,900,927 | 18,122,278 | 306,936,690 |
| 21,893,778 | 267,328 | 132,368,943 | 13,978,719 | 168,508,768 | |
| Reinsurance contract liabilities | 0 | 0 | 0 | 0 | -12,546,344 |
| Reinsurance income | 0 | 2,860,814 | 95,480,066 | -5,539,455 | 92,801,424 |
| 0 | 423,092 | 224,799,116 | 2,173,984 | 227,396,192 | |
| Reinsurers' shares in claims | 0 | 0 | 71,129,297 | 3,661,288 | 74,790,585 |
| 0 | 0 | 210,423,792 | 10,617,695 | 221,041,486 | |
| Changes in reinsurers' shares that relate to changes in liabilities for incurred claims | 0 | 0 | 24,350,769 | -9,200,743 | 15,150,025 |
| 0 | 0 | 14,375,325 | -8,443,711 | 5,931,614 | |
| Changes in reinsurers' shares that relate to underlying onerous contracts | 0 | 2,860,814 | 0 | 0 | 2,860,814 |
| 0 | 423,092 | 0 | 0 | 423,092 | |
| Reinsurance service expenses | -223,352,761 | 0 | 0 | 0 | -223,352,761 |
| -187,866,733 | 0 | 0 | 0 | -187,866,733 | |
| Reinsurance investment components | -3,290,011 | 0 | 3,290,011 | 0 | 0 |
| -3,438,489 | 0 | 3,438,489 | 0 | 0 | |
| Finance income/expenses from reinsurance contracts | 0 | 12,164 | 5,900,058 | 512,338 | 6,424,560 |
| 0 | 21,321 | 4,031,524 | 586,194 | 4,639,040 | |
| Financial effects from non-performance risk | 0 | 0 | 736,148 | 0 | 736,148 |
| 0 | 0 | -410,334 | 0 | -410,334 | |
| Cash flows | 231,069,755 | 0 | -165,575,870 | 0 | 65,493,885 |
| 207,157,981 | 0 | -108,437,069 | 0 | 98,720,911 | |
| Premiums paid | 231,069,755 | 0 | 0 | 0 | 231,069,755 |
| 207,157,981 | 0 | 0 | 0 | 207,157,981 | |
| Reinsurance service expenses recovered for insurance contracts issued | 0 | 0 | -165,575,870 | 0 | -165,575,870 |
| 0 | 0 | -108,437,069 | 0 | -108,437,069 | |
| Closing balance of net reinsurance contract assets/liabilities | 29,628,679 | 3,584,769 | 202,731,339 | 13,095,160 | 249,039,947 |
| 25,200,193 | 711,791 | 262,900,927 | 18,122,278 | 306,935,188 | |
| Reinsurance contract assets | 30,049,976 | 3,584,760 | 202,731,339 | 13,095,160 | 249,461,236 |
| Reinsurance contract liabilities | -421,297 | 0 | 0 | 0 | -421,288 |
| Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total contractual service margin | |||
|---|---|---|---|---|---|---|
| Opening balance of net reinsurance contract assets and liabilities | 0 | 0 | 0 | 0 | ||
| Reinsurance contract assets | 0 | 0 | 0 | 0 | ||
| Reinsurance contract liabilities | 0 | 0 | 0 | 0 | ||
| Changes | -3,670,467 | 834,704 | 0 | 2,729,999 | ||
| Changes that relate to future service | -3,672,198 | 872,652 | 0 | 2,799,545 | ||
| Changes in estimates that adjust the CSM | -32,969 | -87,018 | 0 | 119,986 | ||
| Effects of contracts for which initial recognition was carried out in the period | -3,639,229 | 959,670 | 0 | 2,679,559 | ||
| Changes that relate to current service | 1,731 | -37,948 | 0 | -69,546 | ||
| CSM recognised in profit or loss to reflect the transfer of services | 0 | 0 | 0 | -69,546 | ||
| Change in risk adjustment for non-financial risk | 0 | -37,948 | 0 | 0 | ||
| Experience adjustment | 1,731 | 0 | 0 | 0 | ||
| Changes that relate to past service | 0 | 0 | 0 | 0 | ||
| Reinsurance finance income and expenses | -24,667 | 5,905 | 0 | 18,087 | ||
| Financial effects of default risk | 793 | 0 | 0 | 0 | ||
| Cash flows | 97,309 | 0 | 0 | 0 | ||
| Premium paid | 246,424 | 0 | 0 | 0 | ||
| Reinsurance reimbursement for insurance contracts issued | -149,115 | 0 | 0 | 0 | ||
| Closing balance of net reinsurance contract assets and liabilities | -3,597,033 | 840,610 | 0 | 2,748,087 | ||
| Reinsurance contract assets | 0 | 0 | 0 | 0 | ||
| Reinsurance contract liabilities | -3,597,033 | 840,610 | 0 | 2,748,087 |
| Contracts under the modified retrospective approach | Contracts under the fair value approach | Other contracts | Total contractual service margin | |||
|---|---|---|---|---|---|---|
| Opening balance of net reinsurance contract assets and liabilities | 0 | 0 | 0 | 0 | ||
| Reinsurance contract assets | 0 | 0 | 0 | 0 | ||
| Reinsurance contract liabilities | 0 | 0 | 0 | 0 | ||
| Changes | -3,670,466 | 834,704 | 0 | 2,730,000 | ||
| Changes that relate to future service | -3,672,198 | 872,652 | 0 | 2,799,546 | ||
| Changes in estimates that adjust the CSM | -32,969 | -87,018 | 0 | 119,986 | ||
| Effects of contracts for which initial recognition was carried out in the period | -3,639,229 | 959,670 | 0 | 2,679,559 | ||
| Changes that relate to current service | 1,731 | -37,948 | 0 | -69,546 | ||
| CSM recognised in profit or loss to reflect the transfer of services | 0 | 0 | 0 | -69,546 | ||
| Change in risk adjustment for non-financial risk | 0 | -37,948 | 0 | 0 | ||
| Experience adjustment | 1,731 | 0 | 0 | 0 | ||
| Changes that relate to past service | 0 | 0 | 0 | 0 | ||
| Reinsurance finance income and expenses | -24,667 | 5,905 | 0 | 18,087 | ||
| Financial effects of default risk | 793 | 0 | 0 | 0 | ||
| Cash flows | 97,308 | 0 | 0 | 0 | ||
| Premium paid | 246,424 | 0 | 0 | 0 | ||
| Reinsurance reimbursement for insurance contracts issued | -149,115 | 0 | 0 | 0 | ||
| Closing balance of net reinsurance contract assets and liabilities | -3,597,033 | 840,609 | 0 | 2,748,087 | ||
| Reinsurance contract assets | 0 | 0 | 0 | 0 | ||
| Reinsurance contract liabilities | -3,597,033 | 840,609 | 0 | 2,748,087 |
The effects of the Triglav Group's reinsurance contracts for which initial recognition was carried out in 2024 and which are not measured according to the premium allocation approach
| in EUR | EFFECTS OF CONTRACTS RECOGNISED IN THE PERIOD LIFE | General model (BBA) |
|---|---|---|
| Profitable contracts issued | Onerous contracts issued | Present value of expected cash outflows |
| -11,509,961 | 0 | Incurred claims and other reinsurance service expenses |
| 11,509,961 | 0 | Present value of expected cash inflows |
| -15,149,190 | 0 | Risk adjustment for non-financial risk |
| 959,670 | 0 | Contractual service margin |
| 2,679,559 | 0 | Total upon initial recognition |
| 0 | 0 |
Expected release of contractual service margin for the Triglav Group's reinsurance contracts
31 Dec 2024
| CONTRACTUAL SERVICE MARGIN | <1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | 5–10 years | >10 years |
|---|---|---|---|---|---|---|---|
| Life insurance | -273,933 | -247,192 | -224,650 | -205,106 | -188,193 | -722,841 | -886,172 |
| General model | -273,933 | -247,192 | -224,650 | -205,106 | -188,193 | -722,841 | -886,172 |
| TOTAL | -273,933 | -247,192 | -224,650 | -205,106 | -188,193 | -722,841 | -886,172 |
Expected release of contractual service margin for Zavarovalnica Triglav's reinsurance contracts
31 Dec 2024
| CONTRACTUAL SERVICE MARGIN | <1 year | 1–2 years | 2–3 years | 3–4 years | 4–5 years | 5–10 years | >10 years |
|---|---|---|---|---|---|---|---|
| Life insurance | -273,933 | -247,192 | -224,650 | -205,106 | -188,193 | -722,841 | -886,172 |
| General model | -273,933 | -247,192 | -224,650 | -205,106 | -188,193 | -722,841 | -886,172 |
| TOTAL | -273,933 | -247,192 | -224,650 | -205,106 | -188,193 | -722,841 | -886,172 |
| --- | |||||||
| # PARTICIPATING INTEREST, SHARE OF VOTING RIGHTS (%) CARRYING AMOUNT (in EUR) |
| Company Name | 31 Dec 2024 | 31 Dec 2023 | Carrying Amount (in EUR) |
|---|---|---|---|
| Zavarovalnica Triglav's interests in subsidiaries | |||
| Pozavarovalnica Triglav Re, d.d. | 100 | 100 | 9,750,752 |
| Triglav, Zdravstvena zavarovalnica, d.d. | 100 | 100 | 2,500,000 |
| Triglav INT, d.o.o. | 100 | 100 | 100,270,730 |
| Triglav, pokojninska družba, d.d. | 100 | 100 | 52,070,000 |
| Triglav, Upravljanje nepremičnin, d.o.o. | 100 | 100 | 24,493,300 |
| Triglav Skladi, d.o.o. | 100 | 100 | 2,076,723 |
| Triglav Avtoservis, d.o.o. | 100 | 100 | 194,217 |
| Triglav Svetovanje, d.o.o. | 100 | 100 | 279,736 |
| Zavod Vse bo v redu | 100 | 100 | 100,000 |
| Triglav penzisko društvo, a.d., Skopje | 100 | 100 | 4,889,000 |
| TOTAL | 196,624,458 |
| Company Name | 31 Dec 2024 | 31 Dec 2023 | Carrying Amount (in EUR) |
|---|---|---|---|
| Nama, d.d. | 0.00 | 39.15 | 4,648,981 |
| KATERA Beteiligungs-Verwaltungsgesellschaft P11, mbH | 24.90 | 0.00 | 20,394,242 |
| Triglavko, d.o.o. | 38.47 | 38.47 | 4,519 |
| TRIGAL, upravljanje naložb in svetovanje, d.o.o. | 49.90 | 49.90 | 11,319,552 |
| Diagnostični center Bled d.o.o. | 40.10 | 40.10 | 23,341,075 |
| Alifenet, d.o.o. | 23.58 | 23.58 | 66,110 |
| Društvo za upravljanje EDPF, a.d. | 34.00 | 34.00 | 561,985 |
| TOTAL | 55,621,373 |
| Company Name | 31 Dec 2024 | 31 Dec 2023 | Carrying Amount (in EUR) |
|---|---|---|---|
| Nama, d.d. | 0.00 | 39.07 | 0 |
| KATERA Beteiligungs-Verwaltungsgesellschaft P11, mbH | 24.90 | 0.00 | 20,394,242 |
| Triglavko, d.o.o. | 38.47 | 38.47 | 4,519 |
| TRIGAL, upravljanje naložb in svetovanje, d.o.o. | 49.90 | 49.90 | 11,319,552 |
| Diagnostični center Bled d.o.o. | 40.10 | 40.10 | 23,341,075 |
| Alifenet, d.o.o. | 23.58 | 23.58 | 0 |
| TOTAL | 55,059,388 |
| Category | Amount (in EUR) |
|---|---|
| Investments in subsidiaries | 181,631,957 |
| Investments in associates and joint ventures | 37,369,536 |
| 13,992,500 | 0 | |
|---|---|---|
| Revaluation under the equity method | 0 | 2,131,016 |
| Impairment | 0 | -2,281,711 |
| As at 31 December 2023 = 1 January 2024 | 195,624,457 | 37,218,841 |
| Purchases | 0 | 20,350,718 |
| Disposals | 0 | -4,648,980 |
| Capital increase of companies | 1,000,000 | 0 |
| Revaluation under the equity method | 0 | 2,204,920 |
| Impairment | 0 | -66,111 |
| As at 31 December 2024 | 196,624,457 | 55,059,388 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Financial investments at fair value through other comprehensive income | 1,911,560,385 | 1,672,966,932 | 1,301,734,118 | 1,161,179,788 |
| Debt securities and other fixed-income securities | 1,907,187,575 | 1,668,940,444 | 1,298,834,209 | 1,158,538,398 |
| Equity securities | 4,372,810 | 4,026,488 | 2,899,910 | 2,641,391 |
| Financial investments at amortised cost | 222,568,437 | 229,559,726 | 143,875,820 | 142,843,306 |
| Debt securities and other fixed-income securities | 154,222,672 | 156,334,533 | 131,356,383 | 131,083,304 |
| Equity securities | 60,833,549 | 65,794,876 | 7,212,865 | 7,212,364 |
| Bank deposits | 6,622,689 | 6,557,903 | 5,306,572 | 4,547,639 |
| Loans given | 889,527 | 872,414 |
| Financial investments at fair value through profit or loss | 906,463,048 | ||||
|---|---|---|---|---|---|
| Debt securities and other fixed-income securities | 740,314,111 | 815,760,668 | 651,624,386 | ||
| Other financial instruments | 31,222,922 | 34,769,923 | 20,107,544 | ||
| Equity securities | 875,220,316 |
| Types of financial investments | 19,810 | 0 | 19,810 | 0 |
|---|---|---|---|---|
| Total financial investments | 3,040,591,870 |
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Debt securities and other fixed-income securities | 2,092,633,169 | 1,860,044,900 |
| Equity securities | 879,593,126 | 709,570,676 |
| Bank deposits | 60,833,549 | 65,794,876 |
| Loans given | 6,622,689 | 6,557,903 |
| Other financial instruments | 909,337 | 872,414 |
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Equity securities | 875,220,316 | 705,544,188 |
| Of which unit-linked insurance assets | 678,910,235 | 540,890,478 |
As at 31 December 2024 and as at 31 December 2023, the Group's and the Company's portfolio included neither received securities as collateral for loans given, nor any securities pledged as collateral for their liabilities. The proportion of financial investments classified as subordinated instruments by the issuer was 1.18% for the Group (31 December 2023: 1.69%) and 1.48% for the Company (31 December 2023: 2.17%).
| EQUITY SECURITIES AT FVOCI | Carrying amount 31 Dec 2024 | Dividends in 2024 | Carrying amount 31 Dec 2023 | Dividends in 2023 |
|---|---|---|---|---|
| Carrying amount 31 Dec 2024 | Dividends in 2024 | Carrying amount 31 Dec 2023 | Dividends in 2023 | |
|---|---|---|---|---|
| ELEKTRO PRIMORSKA | 2,899,910 | 101,160 | 2,641,391 | 0 |
| KRKG SV | 0 | 0 | 0 | 813,173 |
| POSR SV | 0 | 0 | 0 | 38,773 |
| ZAVODVSEBO | 100,000 | 0 | 100,000 | 0 |
| TOTAL | 2,999,910 | 101,160 | 2,741,391 | 851,946 |
| FVOCI | AC | FVTPL | TOTAL | |
|---|---|---|---|---|
| As at 1 January 2023 | 1,634,153,515 | 241,005,029 | 682,024,472 | 2,557,183,016 |
| Acquisitions | 458,642,311 | 31,112,335 | 240,631,709 | 730,386,355 |
| Disposals | -262,526,538 | -30,730 | -232,167,933 | -494,725,201 |
| Maturities | -255,221,278 | -51,314,418 | -6,952,198 | -313,487,894 |
| Measurement of financial investments through profit or loss | 0 | 0 | 47,832,182 | 47,832,182 |
| Measurement of financial investments at FVOCI | 70,866,543 | 0 | 0 | 70,866,543 |
| Impairment/reversal of impairment | 1,926,962 | 364,796 | 0 | 2,291,758 |
| FVOCI | AC | FVTPL | TOTAL | ||
|---|---|---|---|---|---|
| As at 1 January 2023 | 1,220,117,377 | 151,767,346 | 587,842,211 | 1,959,726,934 | |
| Acquisitions | 257,136,228 | 2,254,287 | 182,513,415 | 441,903,930 | |
| Disposals | -251,103,185 | -30,730 | -167,905,407 | -419,039,322 | |
| Maturities | -142,067,068 | -17,986,682 | -1,462,566 | -161,516,316 | |
| Measurement of financial investments through profit or loss | 0 | 0 | 42,465,326 | 42,465,326 | |
| Measurement of financial investments at FVOCI | 58,369,815 | 0 | 0 | 58,369,815 | |
| Impairment/reversal of impairment | 1,394,621 | 96,281 | 0 | 1,490,902 | |
| Premiums and discounts | -1,092,347 | 5,162,258 | 0 | 4,069,911 | |
| Interest income | 15,874,934 | 1,576,777 | 780,662 | 18,232,374 | |
| Realised gains/losses in profit or loss | -9,082,410 | 0 | 7,404,897 | -1,677,513 | |
| Realised gains/losses in retained earnings | 11,630,646 | 0 | 0 | 11,630,646 | |
| Exchange rate differences | 1,178 | 3,769 | -14,153 | -9,206 | |
| As at 31 December 2023 | 1,161,179,788 | 142,843,306 | 651,624,386 | 1,955,647,480 | |
| 1 January 2024 | Acquisitions | 799,855,035 | 32,447,720 | 289,323,962 | 1,121,626,717 |
| Disposals | -340,405,360 | 0 | -221,444,146 | -561,849,506 | |
| Maturities | -359,469,332 | -38,115,952 | -6,009,888 | -403,595,172 | |
| Measurement of financial investments through profit or loss | 0 | 0 | 70,715,957 | 70,715,957 | |
| Measurement of financial investments at FVOCI | 18,713,625 | 0 | 0 | 18,713,625 | |
| Impairment/reversal of impairment | 2,764,350 | -9,352 | 0 | 2,754,998 | |
| Premiums and discounts | 2,981,387 | 5,271,173 | 0 | 8,252,560 | |
| Interest income | 18,592,317 | 1,438,924 | 786,964 | 20,818,205 | |
| Realised gains/losses in profit or loss | -2,543,756 | 0 | 30,585,949 | 28,042,194 | |
| Exchange rate differences | 66,063 | 0 | 177,484 | 243,547 |
| Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | |
|---|---|---|---|---|
| Interest income calculated using the effective interest method | 47,286,696 | 34,922,060 | 29,070,766 | 22,126,049 |
| Return on financial investments | 2,599,868 | 2,705,064 | 2,019,695 | |
| Net gains/losses on financial investments at FVOCI | 143,875,820 | 815,760,667 | -3,314,398 | -6,266,497 |
| Realised gains | 4,432,036 | 407,591 | 4,172,817 | 331,465 |
| Realised losses | -7,746,434 | -6,674,088 | -6,716,573 | -6,376,357 |
| Net gains/losses on financial investments at FVTPL | 106,774,705 | 55,703,659 | 101,301,906 | 49,864,264 |
| Realised gains | 30,997,922 | 8,487,274 | 30,594,227 | 7,627,745 |
| Realised losses | -11,234 | -615,797 | -8,277 | -228,807 |
| Unrealised gains | 78,253,663 | 52,042,824 | 73,169,971 | 46,136,429 |
| Unrealised losses | -2,465,646 | -4,210,642 | -2,454,014 | -3,671,102 |
| Net gains/losses on financial investments at AC | -335 | 464 | 0 | 0 |
| Net impairment/reversal of impairment | 3,334,270 | 2,162,900 | 2,754,998 | 1,362,044 |
| Impairment expenses | -2,985,318 | -1,872,528 | -1,736,356 | -1,014,851 |
| Income from reversal of impairment | 6,319,588 | 4,035,427 | 4,491,354 | 2,376,894 |
| Other income and expenses from investing activities | 3,065,770 | -2,670,851 | 2,257,704 | 72,255 |
| Income from positive exchange rate differences | 952,730 | 39,119 | 236,723 | 30,871 |
| Expenses from negative exchange rate differences | -133,573 | -2,847,937 | -96,992 | -40,078 |
| Other income from financial investments | 2,927,194 | 771,502 | 2,899,361 | 618,212 |
| Other expenses from financial investments | -680,581 | -633,535 | -781,388 | -536,749 |
| TOTAL RETURN ON FINANCIAL INVESTMENTS including return on unit-linked insurance assets (continuing operations) | 159,746,576 | 86,556,798 | 134,861,313 | 69,821,254 |
| TOTAL RETURN ON FINANCIAL INVESTMENTS including return on unit-linked insurance assets (discontinued operations) | 0 | -2,725,610 | 0 | -2,725,610 |
| TOTAL RETURN ON FINANCIAL INVESTMENTS including return on unit-linked insurance assets | 159,746,576 | 83,831,188 | 134,861,313 | 67,095,644 |
| Return on unit-linked insurance assets | 98,008,220 | 49,559,643 | 95,175,748 | 46,224,967 |
| Unrealised gains/losses on financial investments at fair value through profit or loss | 67,385,697 | 42,815,347 | 64,754,722 | 39,604,254 |
| Other income/expenses from unit-linked insurance assets | 30,622,523 | 6,744,296 | 30,421,026 | 6,620,713 |
| Triglav Group | in EUR | 31 Dec 2024 | 31 Dec 2023 | |||
|---|---|---|---|---|---|---|
| Gross carrying amount | ECL adjustment | Amortised cost | Gross carrying amount | ECL adjustment | Amortised cost | |
| Financial investments FVOCI | 2,001,808,250 | -3,123,402 | 1,998,684,848 | 1,797,038,900 | -6,712,145 | 1,790,326,755 |
| Debt securities at FVOCI | 2,001,808,250 | -3,123,402 | 1,998,684,848 | 1,797,038,900 | -6,712,145 | 1,790,326,755 |
| Financial investments AC | 223,028,171 | -1,349,261 | 221,678,910 | 229,768,093 | -1,080,780 | 228,687,313 |
| Debt securities at AC | 154,328,236 | -105,564 | 154,222,672 |
| Bank deposits | 61,147,987 | -314,438 | 60,833,549 | 65,856,652 | -61,776 | 65,794,876 |
|---|---|---|---|---|---|---|
| Loans | 7,551,948 | -929,259 | 6,622,689 | 7,473,517 | -915,613 | 6,557,904 |
| TOTAL | 2,224,836,421 | -4,472,663 | 2,220,363,758 | 2,026,806,993 | -7,792,925 | 2,019,014,068 |
| Stage 1 | Stage 2 | Stage 3 | TOTAL | |
|---|---|---|---|---|
| Gross carrying amount as at 1 Jan 2023 | 1,811,810,158 | 8,116,516 | 7,982,754 | 1,827,909,428 |
| Purchases | 457,853,313 | 50,249 | 0 | 457,903,562 |
| Disposals, maturities | -513,595,844 | -236,502 | -192,625 | -514,024,971 |
| Interest | 25,081,913 | 305,629 | 98,306 | 25,485,848 |
| Transfer to Stage 1 | -1,380,039 | 1,380,039 | 0 | 0 |
| Transfer to Stage 2 | 774,724 | -774,724 | 0 | 0 |
| Other changes | -234,375 | -592 | 0 | -234,967 |
| Gross carrying amount | Stage 1 | Stage 2 | Stage 3 | TOTAL |
|---|---|---|---|---|
| 1,780,309,850 | 8,840,615 | 7,888,435 | 1,797,038,900 | |
| Purchases | 1,124,265,507 | 0 | 0 | 1,124,265,507 |
| Disposals, maturities | -948,710,320 | -1,683,644 | -7,888,435 | -958,282,399 |
| Interest | 37,210,149 | 315,053 | 0 | 37,525,202 |
| Transfer to Stage 1 | 1,516,881 | -1,516,881 | 0 | 0 |
| Transfer to Stage 2 | -4,574,928 | 4,574,928 | 0 | 0 |
| Other changes | 1,258,889 | 2,151 | 0 | 1,261,040 |
| Gross carrying amount as at 31 Dec 2024 | 1,991,276,028 | 10,532,222 | 0 | 2,001,808,250 |
| ECL adjustment as at 1 Jan 2023 | -4,350,710 | -509,265 | -3,778,010 | -8,637,985 |
|---|---|---|---|---|
| Purchases | -206,194 | 0 | 0 | -206,194 |
| Disposals, maturities | 295,172 | 0 | 0 | 295,172 |
| Change in ECL adjustment | 1,495,582 | 92,377 | 248,490 | 1,836,449 |
| Transfer to Stage 1 | 434 | -434 | 0 | 0 |
| Transfer to Stage 2 | -182,339 | 182,339 | 0 | 0 |
| Other changes | 446 | -30 | 0 | 416 |
| ECL adjustment as at 31 Dec 2023 | -2,947,609 | -235,013 | -3,529,520 | -6,712,142 |
| Gross carrying amount as at 1 Jan 2023 | 240,084,610 | 495,350 | 946,366 | 241,526,326 |
|---|---|---|---|---|
| Purchases | 31,009,939 | 0 | 0 | 31,009,939 |
| Disposals, maturities | -51,095,442 | 0 | -52,542 | -51,147,984 |
| Interest | 8,356,856 | 2,901 | 0 | 8,359,757 |
| Transfer to Stage 1 | 498,251 | -498,251 | 0 | 0 |
| Other changes | 20,055 | 0 | 0 | 20,055 |
| Gross carrying amount as at 31 Dec 2023 | 228,874,269 | 0 | 893,824 | 229,768,093 |
| Gross carrying amount | Stage 1 | Stage 2 | Stage 3 | TOTAL |
|---|---|---|---|---|
| 222,134,347 | 0 | 893,824 | 223,028,171 |
| Gross carrying amount | ECL adjustment | Amortised cost | Gross carrying amount | ECL adjustment | Amortised cost | ||
|---|---|---|---|---|---|---|---|
| 1,383,950,075 | -1,973,342 | 1,381,976,734 | 1,265,699,097 | -4,737,691 | 1,260,961,406 | ||
| Financial investments AC | 143,977,289 | -101,469 | 143,875,820 | 142,935,424 | -92,118 | ||
| Debt securities at AC | 131,442,995 | -86,612 | in EUR | ||||
| Financial investments AC | Stage 1 | Stage 2 | Stage 3 | TOTAL | |||
| 131,356,383 | 131,171,044 | -87,740 | 131,083,304 | ||||
| Bank deposits | 7,214,042 | -1,177 | 7,212,865 | 7,214,042 | -1,678 | ||
| Loans | 5,320,252 | -13,680 | 5,306,572 | 4,550,339 | -2,700 | ||
| TOTAL | 1,527,927,364 | -2,074,811 | 1,525,852,554 | 1,408,634,520 | -4,829,809 |
| -88,105 | 0 | 0 | -88,105 | |||
|---|---|---|---|---|---|---|
| Disposals, maturities | 24,587 | 0 | 48,908 | 73,495 | ||
| Gross carrying amount as at 1 Jan 2023 | 1,372,462,483 | 2,749,311 | 5,918,470 | 1,381,130,264 | ||
| Change in ECL adjustment | 390,250 | 0 | 0 | 390,250 | ||
| Transfer to Stage 1 | -464 | 464 | 0 | 0 | ||
| Purchases | 257,136,226 | 0 | 0 | 257,136,226 | ||
| Other changes | -375 | 0 | 0 | -375 | ||
| Disposals, maturities | -387,107,159 | -108,875 | -135,125 | -387,351,159 | ||
| Interest | -165,206 | 14,607,348 | 0 | 110,339 |
| Disposals, maturities | 27,470 | 1,178 | 0 | 0 |
|---|---|---|---|---|
| 0 | 27,470 | 0 | 1,178 |
Gross carrying amount as at 31 Dec
| Change in ECL adjustment | -136,567 | 1,257,311,010 | 0 | 0 | -136,567 |
|---|---|---|---|---|---|
| 2023 = 1 Jan 2024 | 2,539,842 | 5,848,245 | 1,265,699,097 |
ECL adjustment as at 31
| -433,687 | 0 | -915,574 | -1,349,261 |
|---|---|---|---|
Purchases
| Dec 2024 | 799,855,035 | 0 | 0 | 799,855,035 |
|---|---|---|---|---|
Movement in ECL impairment of Zavarovalnica Triglav
| Disposals, maturities | -696,889,199 | -506,378 | -5,848,245 | -703,243,823 |
|---|---|---|---|---|
| Interest | 21,416,504 | 157,200 | 0 | 21,573,705 |
| Transfer to Stage 1 | 1,516,881 | -1,516,881 | 0 | 0 |
| Transfer to Stage 2 | -3,051,265 | 3,051,265 | 0 | 0 |
| Other changes | 66,063 | 0 | 0 | 66,063 |
Gross carrying amount as at 31
| Dec2024 | 1,380,225,029 | 3,725,047 | 0 | 1,383,950,076 |
|---|---|---|---|---|
390
| Stage 1 | Stage 2 | Stage 3 | TOTAL | |
|---|---|---|---|---|
| FVOCI | ||||
| ECL adjustment as at 1 Jan | -2,992,871 | -286,640 | -2,852,801 | -6,132,312 |
| 2023 | ||||
| Purchases | -10,727 | 0 | 0 | -10,727 |
| Disposals, maturities | 272,945 | 0 | 0 | 272,945 |
| Change in ECL adjustment | 842,655 | 54,124 | 235,624 | 1,132,403 |
| Transfer to Stage 2 | 2,549 | -2,549 | 0 | 0 |
| Transfer to Stage 3 | -203,127 | 203,127 | 0 | 0 |
| ECL adjustment as at 31 | -2,088,576 | -31,938 | -2,617,177 | -4,737,691 |
| Dec 2023 = 1 Jan 2024 | ||||
| Purchases | -854,420 | 0 | 0 | -854,420 |
| Disposals, maturities | 441,719 | 2,816 | 2,324,535 | 2,769,069 |
| Change in ECL adjustment | 640,977 | -83,919 | 292,642 | 849,700 |
| Transfer to Stage 1 | -174,056 | 174,056 | 0 | 0 |
| Transfer to Stage 2 | 101,469 | -101,469 | 0 | 0 |
| ECL adjustment as at 31 | -1,932,888 | -40,454 | 0 | -1,973,342 |
| Dec 2024 |
All debt securities and deposits measured at amortised cost are classified into Stage 1. The movements in gross carrying amount and ECL adjustment are shown in the tables below.
| Gross carrying amount as at 1 Jan 2023 | 151,955,745 |
|---|---|
| Purchases | 2,254,287 |
| Disposals, maturities | -18,017,412 |
| Interest | 6,739,035 |
| Other changes | 3,769 |
| Gross carrying amount as at 31 Dec 2023 = 1 Jan 2024 | 142,935,424 |
| Purchases | 32,851,754 |
| Disposals, maturities | -38,519,986 |
| Interest | 6,710,097 |
| Gross carrying amount as at 31 Dec 2024 | 143,977,289 |
| ECL adjustment as at 1 Jan 2023 | -188,398 |
|---|---|
| Purchases | -272 |
| Disposals, maturities | 3,834 |
| Change in ECL adjustment | 92,982 |
| Other changes | -264 |
| ECL adjustment as at 31 Dec 2023 = 1 Jan 2024 | -92,118 |
| Purchases | -38,019 |
| Disposals, maturities | 17,851 |
| Change in ECL adjustment | 10,817 |
| ECL adjustment as at 31 Dec 2024 | -101,469 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Financial investments from financial contracts | 739,510,939 | 650,042,171 | 284,582,910 | ||||||
| Financial contract assets and liabilities | 255,841,271 | Receivables from financial contracts | 405,599 | 123,066 | 314,486 | 83,130 | |||
| Cash from financial contracts | 15,090,620 | 23,949,908 | 5,946,434 | 3,699,640 | |||||
| Total financial contract assets | |||||||||
| Financial contract assets and liabilities relate to the assets and liabilities of the pension insurance guarantee fund in the accumulation phase. A description of the guarantee fund is provided in Section 2.1.1. | |||||||||
| Total financial contract liabilities | 755,007,158 | 674,115,145 | 290,843,831 | 259,624,041 | |||||
| Liabilities to pension fund members | 751,594,310 | 671,920,612 | 289,765,395 | 258,978,506 | |||||
| Other liabilities to pension funds | 3,412,848 |
| Types of investments from financial contracts of the Triglav Group and Zavarovalnica Triglav | in EUR | Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|---|---|---|
| Financial investments at AC | 245,995,862 | 283,215,425 | 77,040,080 | 86,215,285 | |||
| Debt securities and other fixed-income securities | 245,995,862 | 283,215,425 | 77,040,080 | 86,215,285 | |||
| Financial investments at fair value through profit or loss | 493,515,077 | 366,826,746 | 207,542,830 | 169,625,986 | |||
| Debt securities and other fixed-income securities | 292,168,499 | 214,934,774 | 123,045,853 | 96,181,144 | |||
| Equity securities | 201,346,578 | 151,891,972 | 84,496,977 | 73,444,843 | |||
| Total financial investments from financial contracts | 739,510,939 | 650,042,171 | 284,582,910 | 255,841,271 | |||
| Debt securities and other fixed-income securities | 538,164,361 | 498,150,199 | 200,085,933 | 182,396,429 | |||
| Equity securities | 201,346,578 | 151,891,972 | 84,496,977 | 73,444,843 | |||
| Receivables from financial contracts | 405,599 | 123,066 | 314,486 | 83,130 | |||
| Cash and cash equivalents from financial contracts | 15,090,620 | 23,949,908 | 5,946,434 | 3,699,640 | |||
| TOTAL ASSETS FROM FINANCIAL CONTRACTS | 755,007,158 | 674,115,145 | 290,843,831 | 259,624,041 |
| Movement in investments from financial contracts of the Triglav Group | in EUR | AC | FVTPL | TOTAL |
|---|---|---|---|---|
| As at 1 Jan 2023 | 321,859,990 | 267,173,099 | 589,033,089 | |
| Purchases | 4,996,330 | 191,669,217 | 196,665,547 |
| Item | 2023 | 2024 | Total |
|---|---|---|---|
| Disposals | -12,551,545 | -71,848,617 | -84,400,162 |
| Maturities | -36,951,090 | -50,717,595 | -87,668,685 |
| Measurement of investments through profit or loss | 0 | 27,758,208 | 27,758,208 |
| Impairment/reversal of impairment | 309,953 | 0 | 309,953 |
| Premiums and discounts | 953,197 | 0 | 953,197 |
| Interest income | 5,326,428 | 3,571,662 | 8,898,090 |
| Realised gains/losses in profit or loss | -727,838 | 1,099,542 | 371,704 |
| Exchange rate differences | 0 | -1,878,770 | -1,878,770 |
| As at 31 Dec 2023 = 1 Jan 2024 | 283,215,425 | 366,826,746 | 650,042,171 |
| Purchases | 2,002,667 | 260,245,624 | 262,248,291 |
| Disposals | -997,249 | -94,030,155 | -95,027,404 |
| Maturities | -43,776,079 | -90,553,996 | -134,330,075 |
| Measurement of investments through profit or loss | 0 | 35,295,311 | 35,295,311 |
| Impairment/reversal of impairment | 67,757 | 0 | 67,757 |
| Premiums and discounts | 819,392 | 0 | 819,392 |
| Interest income | 4,669,324 | 5,889,755 | 10,559,079 |
| Realised gains/losses in profit or loss | -5,375 | 4,441,130 | 4,435,755 |
| Exchange rate differences | 0 | 5,400,662 | 5,400,662 |
| As at 31 Dec 2024 | 245,995,862 | 493,515,077 | 739,510,939 |
| in EUR | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Interest income calculated using the effective interest method | 11,378,471 | 9,851,287 | 3,730,881 | 3,506,332 |
| Dividend income | 392 | |||
| Movement in investments from financial contracts of Zavarovalnica Triglav | 2,120,211 | 1,700,237 | 923,398 | 920,242 |
| Net gains and losses on financial investments | 39,731,067 | 28,129,912 | 19,195,645 | 14,632,667 |
| Realised gains/losses | 4,435,756 | 371,704 | 4,339,609 | 517,564 |
| Unrealised gains/losses | 35,295,311 | 27,758,208 | 14,856,036 | 14,115,103 |
| Net impairment and reversal of impairment of financial investments | 67,757 | 309,953 | 50,335 | 105,066 |
| Other investment income/expenses | 11,219,436 | -1,355,387 | 2,772,948 | -1,362,012 |
| Exchange rate differences | 5,623,998 | -1,878,770 | 2,789,036 | -990,029 |
| Other investment income/expenses | 5,595,438 | 523,383 | -16,089 | -371,983 |
| TOTAL RETURN ON INVESTMENTS FROM FINANCIAL CONTRACTS | 64,516,942 | 38,636,002 | 26,673,205 | 17,802,295 |
| Purchases | |||
|---|---|---|---|
| Movement in ECL impairment of investments from financial contracts of the Triglav Group | 991,330 | 78,805,001 | |
| in EUR | 31 Dec 2024 | 31 Dec 2023 | |
| Gross ECL adjustment | Carrying amount | Gross ECL adjustment | Carrying amount |
| Debt securities at AC | 246,237,499 | -241,636 | 245,995,863 |
| 283,524,818 | -309,392 | 283,215,426 | |
| TOTAL | 246,237,499 | -241,636 | 245,995,863 |
| Disposals | -11,537,681 | -41,126,379 | -52,664,060 |
| Maturities | -4,228,490 | -15,117,881 | -19,346,371 |
| Measurement of investments through profit or loss | 0 | 14,115,103 | 14,115,103 |
| Impairment/reversal of impairment | 105,066 | 0 | 105,066 |
| Premiums and discounts | 953,197 | 0 | 953,197 |
| Interest income | 1,261,878 | 1,291,257 | 2,553,135 |
| -728,037 | 1,245,601 | 517,564 | |
|---|---|---|---|
| Exchange rate differences | 0 | -990,029 | -990,029 |
| As at 31 Dec 2023 = 1 Jan 2024 | 86,215,285 | 169,625,986 | 255,841,271 |
| Purchases | 0 | 100,640,895 | 100,640,895 |
| Disposals | -997,249 | -35,622,542 | -36,619,791 |
| Maturities | -10,087,980 | -50,734,046 | -60,822,026 |
| Measurement of investments through profit or loss | 0 | 14,856,036 | 14,856,036 |
| Impairment/reversal of impairment | 50,335 | 0 | 50,335 |
| Premiums and discounts | 819,392 | 0 | 819,392 |
| Interest income | 1,045,672 | 1,865,817 | 2,911,488 |
| Realised gains/losses in profit or loss | -5,375 | 4,344,983 | 4,339,609 |
| Exchange rate differences | 0 | 2,565,700 | 2,565,700 |
| As at 31 Dec 2024 | 77,040,080 | 207,542,830 | 284,582,910 |
Return on investments from financial contracts of the Triglav Group and Zavarovalnica Triglav in EUR
| 31 Dec 2024 | 31 Dec 2023 | Gross ECL adjustment | Carrying amount | Gross ECL adjustment | Carrying amount | |
|---|---|---|---|---|---|---|
| Debt securities at AC | 77,133,762 | -93,681 | 77,040,080 | 86,359,301 | -144,016 | 393 |
| TOTAL | 77,133,762 | -93,681 | 77,040,080 | 86,359,301 | -144,016 | 86,215,285 |
| Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Liabilities to PDPZ zajamčeni fund members | 530,844,279 | 520,589,186 | 195,877,632 | 193,561,131 |
| Debt securities at AC | Gross carrying amount | Liabilities to PDPZ zmerni, mešani fund members | 100,751,416 | 74,253,819 |
| 42,180,709 | 31,243,232 | Liabilities to PDPZ drzni, delniški fund members | 119,998,615 | |
| 77,077,607 | 51,707,054 | 34,174,144 | ECL adjustment | |
| Gross carrying amount as at 1 Jan 2023 | 322,479,336 | Other financial contract liabilities | 3,412,850 | 2,194,534 |
| 1,078,436 | TOTAL | 755,007,160 | ||
| 674,115,146 | 290,843,831 | 259,624,041 | -619,345 |
The guaranteed amount of the Triglav Group's liabilities to PDPZ zajamčeni fund members as at 31 December 2024 was EUR 512,963,078 (31 December 2023: EUR 510,158,978), and the guaranteed amount of Zavarovalnica Triglav's liabilities to PDPZ zajamčeni fund members as at 31 December 2024 was EUR 183,562,020 (31 December 2023: EUR 185,011,650).
| Gross | ECL adjustment | |
|---|---|---|
| Change in ECL adjustment | 0 | 304,508 |
| Gross carrying amount as at 1 Jan 2023 | 99,647,104 | -249,082 |
| Other changes | 199 | 0 |
| Purchases | 991,330 | -1,472 |
| Gross carrying amount as at 31 Dec 2023 = 1 Jan 2024 | 283,524,818 | -309,392 |
| Disposals, maturities | -16,494,208 | 6,917 |
| Interest | 2,215,075 | 0 |
| Purchases | 2,002,667 | 0 |
| Change in ECL adjustment | 0 | 99,621 |
| Disposals, maturities | -44,778,702 | 86,359,301 | 920 | -144,016 |
|---|---|---|---|---|
| Interest | 5,488,716 | -11,090,604 | 0 | 921 |
| Change in ECL adjustment | 0 | 1,865,064 | 66,836 | 0 |
| Gross carrying amount as at 31 Dec 2024 | 246,237,499 | 0 | -241,636 | 49,414 |
| Gross carrying amount as at 31 Dec 2024 | 77,133,762 | -93,681 | |
|---|---|---|---|
| PDPZ zajamčeni | PDPZ zmerni, mešani | PDPZ drzni, delniški | TOTAL | |
|---|---|---|---|---|
| As at 1 Jan 2023 | 503,435,563 | 57,046,617 | 51,223,462 | 611,705,642 |
| Fund inflows | 34,177,292 | 9,235,540 | 16,394,378 | 59,807,210 |
| Fund outflows | -29,790,950 | -618,053 | -331,450 | -30,740,453 |
| Investment return of funds | 19,083,765 | 8,933,738 | 10,618,870 | 38,636,373 |
| Expenses for fund fees | -5,670,128 | -758,553 | -822,686 | -7,251,367 |
| -144,836 | -40,207 | -51,750 | -236,793 | |
|---|---|---|---|---|
| Transfers between funds | -501,520 | 454,737 | 46,783 | 0 |
| As at 31 Dec 2023 = 1 Jan 2024 | 520,589,186 | 74,253,819 | 77,077,607 | 671,920,612 |
| Fund inflows | 32,235,891 | 9,719,100 | 19,052,677 | 61,007,668 |
| Fund outflows | -31,767,417 | -834,031 | -752,557 | -33,354,005 |
| Investment return of funds | 20,794,985 | 17,355,877 | 26,366,080 | 64,516,942 |
| Expenses for fund fees | -5,797,958 | -1,006,789 | -1,224,394 | -8,029,141 |
| Other fund expenses and costs | -159,764 | -63,787 | -84,030 | -307,581 |
| Transfers between funds | -5,050,644 | 1,327,227 | -436,768 | -4,160,185 |
| As at 31 Dec 2024 | 530,844,279 | 100,751,416 | 119,998,615 | 751,594,310 |
| PDPZ zajamčeni | PDPZ zmerni | PDPZ drzni | TOTAL | |
|---|---|---|---|---|
| As at 1 Jan 2023 | 188,171,802 | 23,385,516 | 22,897,307 | 234,454,625 |
| Fund inflows | 11,969,656 | 3,460,000 | 6,123,518 | 21,553,174 |
| Fund outflows | -11,628,350 | -188,425 | -127,595 | -11,944,370 |
| Investment return of funds | 7,756,092 | 4,473,268 | 5,573,304 | 17,802,664 |
| Expenses for fund fees | -2,162,042 | -321,998 | -370,686 | -2,854,726 |
| Other fund expenses and costs | 0 | -16,348 | -16,511 | -32,859 |
| Transfers between funds | -546,026 | 451,219 | 94,807 | 0 |
| As at 31 Dec 2023 = 1 Jan 2024 | 193,561,131 | 31,243,232 | 34,174,144 | 258,978,506 |
| Fund inflows | 10,724,310 | 3,465,182 | 6,616,135 | 20,805,627 |
| Fund outflows | -12,630,315 | -445,592 | -416,124 | -13,492,031 |
| Investment return of funds | 8,729,355 | 7,134,107 | 10,809,744 | 26,673,206 |
| Expenses for fund fees | -2,190,826 | -427,449 | -539,775 | -3,158,050 |
| Other fund expenses and costs | 0 | -19,654 | -22,209 | -41,863 |
| Transfers between funds | -2,316,023 | 1,230,883 | 1,085,140 | 0 |
| As at 31 Dec 2024 | 195,877,632 | 42,180,709 | 51,707,054 | 289,765,395 |
| < 1 year | 1-5 years | 5-10 years | > 10 years | TOTAL | |
|---|---|---|---|---|---|
| Liabilities to PDPZ zajamčeni fund members | 9,449,004 | 45,226,931 | 76,416,981 | 399,751,363 | 530,844,279 |
| Liabilities to PDPZ zmerni, mešani fund members | 1,556,079 | 8,947,339 | 15,810,382 | 74,437,616 | 100,751,416 |
| Liabilities to PDPZ drzni, delniški fund members | 4,939,119 | 23,782,904 | 33,026,250 | 58,250,342 | 119,998,615 |
| TOTAL | 15,944,202 | 77,957,174 | 125,253,613 | 532,439,321 | 751,594,310 |
| < 1 year | 1-5 years | 5-10 years | > 10 years | TOTAL | |
|---|---|---|---|---|---|
| zajamčeni fund members | 9,044,911 | 44,983,103 | 75,927,029 | 390,634,143 | 520,589,186 |
| zmerni, mešani fund members | 899,250 | 5,784,258 | 11,131,209 | 56,439,102 | 74,253,819 |
| drzni, delniški fund members | 2,350,752 | 12,880,950 | 20,744,707 | 41,101,198 | 77,077,607 |
| TOTAL | 12,294,913 | 63,648,311 | 107,802,945 | 488,174,443 | 671,920,612 |
The undiscounted expected future cash flows from financial contract liabilities are equal to the carrying amount of the Company's liabilities. Their expected maturity at 31 December 2024 and 31 December 2023 is shown below.
| < 1 year | 1-5 years | 5-10 years | > 10 years | TOTAL | |
|---|---|---|---|---|---|
| zajamčeni fund members | 4,260,191 | 19,761,426 | 30,500,920 | 141,355,095 | 195,877,632 |
| zmerni fund members | 821,012 | 4,378,773 | 7,495,834 | 29,485,090 | 42,180,709 |
| drzni fund members | 2,402,997 | 11,415,221 | 14,927,474 | 22,961,361 | 51,707,054 |
| TOTAL | 7,484,200 | 35,555,420 | 52,924,229 | 193,801,546 | 289,765,395 |
| < 1 year | 1-5 years | 5-10 years | > 10 years | TOTAL | |
|---|---|---|---|---|---|
| zajamčeni fund members | 3,834,771 | 18,606,355 | 29,568,623 | 141,551,382 | 193,561,131 |
| zmerni fund members | 420,828 | 2,659,441 | 4,842,199 | 23,320,763 | 31,243,232 |
| drzni fund members | 1,095,068 | 6,030,153 | 9,278,992 | 17,769,931 | 34,174,144 |
| TOTAL | 5,350,667 | 27,295,949 | 43,689,814 | 182,642,076 | 258,978,506 |
| Attributable acquisition costs | Attributable claim handling expenses | Attributable administrative costs | Non-attributable expenses of insurance companies | Expenses of non-insurance companies | |
|---|---|---|---|---|---|
| OPERATING EXPENSES | 235,989,740 | 29,527,952 | 83,998,154 | 56,064,132 | 58,273,057 |
| Acquisition costs | 107,309,221 | -72 | 86,752 | 387,090 | 0 |
| Depreciation costs | 3,243,559 | 268,178 | 1,567,759 | 18,538,975 | 3,709,048 |
| Depreciation costs of leased assets | 2,730,736 | 250,209 | 777,517 | 1,032,466 | 1,263,340 |
| Depreciation costs of other operating assets | 512,823 | 17,969 | 790,242 | 17,506,509 | 2,445,708 |
| Labour costs | 94,319,744 | 22,636,733 | 56,136,991 | 10,185,427 | 23,219,337 |
| Wages and salaries | 68,575,002 | 15,781,649 | 36,673,258 | 6,313,410 | 16,494,892 |
| Social and pension insurance costs | 14,037,784 | 3,493,523 | 8,158,849 | 1,323,708 | 4,191,575 |
| Other labour costs | 11,706,958 | 3,361,561 | 11,304,884 | 2,548,309 | 2,532,870 |
| Costs of services | 31,117,216 | 6,623,113 | 26,206,652 | 26,952,640 | 31,292,214 |
| Costs of entertainment, advertising and trade shows | 11,106,200 | 26,872 | 163,435 | 12,242,240 | 2,197,282 |
| Maintenance costs | 4,321,299 | 1,193,249 | 8,631,171 | 765,699 | 1,962,462 |
| Costs of materials and energy | 3,488,146 | 856,191 | 1,424,013 | 394,753 | 2,360,980 |
| Costs of payment transactions and banking services | 583,523 | 983 | 1,466,984 | 45,827 | 283,871 |
| Insurance premium costs | 233,433 | 26,219 | 215,250 | 1,142,696 | 456,186 |
| Costs of intellectual services | 314,051 | 706,946 | 1,012,138 | 5,572,377 | 1,861,135 |
| Training costs | 357,602 | 107,724 | 460,309 | 439,236 | 339,473 |
| Expenses for short-term leases, low-value leases and other leases | 1,950,180 | 619,864 | 4,876,787 | 487,103 | 1,462,369 |
| Attributable acquisition costs | Attributable claim handling expenses | Attributable administrative costs | Non-attributable expenses | Expenses of non-insurance companies | |
|---|---|---|---|---|---|
| Costs of transport and communications services | 2,698,810 | 468,565 | 1,673,032 | 216,591 | 483,730 |
| Reimbursement of labour-related costs | 2,855,713 | 160,355 | 806,347 | 505,067 | 1,268,869 |
| Costs of services provided by natural persons other than sole proprietors | 484,445 | 558,772 | 469,531 | 99,691 | 573,892 |
| Other costs of services | 2,723,814 | 1,897,373 | 5,007,655 | 5,041,360 | 18,041,965 |
| Cost of goods sold | 0 | 0 | 0 | 0 | 52,458 |
| OTHER ATTRIBUTABLE INSURANCE SERVICE EXPENSES | 214,163 | 7,007,582 | 23,231,068 | 0 | 0 |
| CHANGE IN DEFERRED ACQUISITION COSTS | -27,435,542 | 0 | 0 | 0 | 0 |
| EXPENSES BEFORE ELIMINATION OF INTERCOMPANY TRANSACTIONS | 208,768,361 | 36,535,534 | 107,229,222 | 56,064,132 | 58,273,057 |
| Elimination of intercompany transactions | -1,022,550 | 0 | -1,851,303 | -10,700,778 | -2,448,583 |
| Total expenses from continuing operations | 207,745,811 | 36,535,534 | 105,377,919 | 45,363,354 | 55,824,474 |
| Expenses from discontinued operations | -38,105 | -7,813 | -894,984 | -236,860 | 0 |
| TOTAL | 207,707,707 | 36,527,721 | 104,482,935 | 45,126,494 | 55,824,474 |
| Attributable acquisition costs | Attributable claim handling expenses | Attributable administrative costs | Non-attributable expenses | Expenses of non-insurance companies | |
|---|---|---|---|---|---|
| OPERATING EXPENSES | 214,668,318 | 29,992,668 | 83,801,833 | 55,217,194 | 50,425,262 |
| Acquisition costs | 92,612,498 | 864 | 0 | 53,564 | 0 |
| Depreciation costs | 2,303,426 | 381,862 | 1,357,867 | 19,049,560 | 3,198,951 |
| Depreciation costs of leased assets | 1,736,408 | 268,129 | 775,675 | 2,747,465 | 1,171,335 |
| Depreciation costs of other operating assets | 567,018 | 113,733 | 582,192 | 16,302,095 | 2,027,616 |
| Labour costs | 90,886,243 | 23,014,544 | 54,812,664 | 9,186,033 | 20,048,116 |
| Wages and salaries | 65,040,590 | 15,777,470 | 35,874,972 | 5,917,707 | 14,169,110 |
| Social and pension insurance costs | 13,312,820 | 3,473,736 | 7,967,360 | 1,230,325 | 3,795,528 |
| Other labour costs | 12,532,833 | 3,763,338 | 10,970,332 | 2,038,001 | 2,083,478 |
| Costs of services | 28,866,151 | 6,595,398 | 27,631,302 | 26,928,037 | 27,243,481 |
| Costs of entertainment, advertising and trade shows | 8,133,825 | 19,067 | 172,839 | 13,607,741 | 1,677,006 |
| Maintenance costs | 4,463,095 | 1,204,444 | 9,006,364 | 554,279 | 1,494,339 |
| Costs of materials and energy | 4,381,093 | 1,000,413 | 1,656,737 | 398,952 | 2,609,989 |
| Costs of payment transactions and banking services | 675,772 | 10,958 | 1,585,406 | 33,313 | 244,828 |
| Insurance premium costs | 178,942 | 16,150 | 240,475 | 1,362,478 | 315,692 |
| Costs of intellectual services | 289,576 | 606,173 | 1,017,448 | 4,840,609 | 2,649,787 |
| Training costs | 363,077 | 136,539 | 545,787 | 274,856 | 239,061 |
| Expenses for short-term leases, low-value leases and other leases | 1,656,454 | 717,901 | 4,476,567 | 464,788 | 961,060 |
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Costs of transport and communications services | 2,784,319 | 536,092 | 2,566,509 | 141,165 | 431,208 |
| Reimbursement of labour-related costs | 3,049,244 | 150,510 | 734,771 | 492,654 | 1,169,362 |
| Costs of services provided by natural persons other than sole proprietors | 316,582 | 554,606 | 491,375 | 161,818 | 546,427 |
| Other costs of services | 2,574,172 | 1,642,545 | 5,137,024 | 4,595,384 | 14,904,722 |
| Cost of goods sold | 0 | 0 | 0 | 0 | -65,286 |
| OTHER ATTRIBUTABLE INSURANCE SERVICE EXPENSES | 213,309 | 3,844,303 | 19,534,686 | 203,396 | 0 |
| CHANGE IN DEFERRED ACQUISITION COSTS | -13,616,542 | 0 | 0 | 0 | 0 |
| EXPENSES BEFORE ELIMINATION OF INTERCOMPANY TRANSACTIONS | 201,265,085 | 33,836,971 | 103,336,519 | 55,420,590 | 50,425,262 |
| Elimination of intercompany transactions | -1,080,481 | 0 | -1,511,838 | -10,469,734 | -2,207,647 |
| Total expenses from continuing operations | 200,184,604 | 33,836,971 | 101,824,681 | 44,950,856 | 48,217,615 |
| Expenses from discontinued operations | -884,790 | -101,233 | -12,441,022 | -2,043,895 | 0 |
| TOTAL | 199,299,814 | 33,735,738 | 89,383,659 | 42,906,961 | 48,217,615 |
Among other service costs, the Group mainly discloses expenses for fund fees, which amounted to EUR 12,965,384 in 2024 (2023: EUR 9,984,023), costs of computer services, which amounted to EUR 3,671,481 in 2024 (2023: EUR 3,211,758), and costs of property protection services, which amounted to EUR 1,775,646 in 2024 (2023: EUR 1,675,798).
| Attributable acquisition costs | Attributable claim handling expenses | Attributable administrative costs | Non-attributable expenses | |
|---|---|---|---|---|
| OPERATING EXPENSES | 160,089,322 | 20,951,540 | 61,253,609 | 43,967,252 |
| Acquisition costs | 72,552,146 | 0 | 86,959 | 44,343 |
| Depreciation costs | 728,991 | 135,045 | 322,991 | 16,437,887 |
| Depreciation costs of leased assets | 728,991 | 135,045 | 322,991 | 265,121 |
| Depreciation costs of other operating assets | 0 | 0 | 0 | 16,172,766 |
| Labour costs | 70,805,120 | 17,039,668 | 41,158,589 | 8,131,010 |
| Wages and salaries | 51,836,542 | 11,986,372 | 26,533,061 | 5,690,503 |
| Social and pension insurance costs | 8,779,257 | 2,049,518 | 4,542,987 | 999,031 |
| Other labour costs | 10,189,321 | 3,003,778 | 10,082,541 | 1,441,476 |
| Costs of services | 16,003,065 | 3,776,827 | 19,685,070 | 19,354,013 |
| Costs of entertainment, advertising and trade shows | 2,859,876 | 143 | 6,341 | 8,661,576 |
| Maintenance costs | 3,182,062 | 969,250 | 6,933,220 | 687,991 |
| Costs of materials and energy | 1,869,151 | 613,609 | 841,632 | 343,050 |
| Costs of payment transactions and banking services | 363,970 | -607 | 1,003,914 | 31,610 |
| Insurance premium costs | 1,209 | 270 | 159,419 | 718,477 |
| Costs of intellectual services | 150,772 | 76,753 | 494,698 | 4,276,052 |
| Training costs | 313,904 | 95,838 | 368,059 | 205,586 |
| Expenses for short-term leases, low-value leases and other leases | 1,452,164 | 532,156 | 4,622,461 | 452,518 |
| Costs of transport and communications services | 2,048,158 | 372,808 | 1,154,606 | 167,681 |
| Reimbursement of labour-related costs | 2,336,996 | 86,946 | 488,703 | 324,129 |
| 2023 | Attributable acquisition costs | Attributable claim handling expenses | Attributable administrative costs | Non-attributable expenses | |
|---|---|---|---|---|---|
| Costs of services provided by natural persons other than sole proprietors | 134,564 | 374,462 | 208,327 | 47,942 | |
| Other costs of services | 1,290,239 | 655,200 | 3,403,689 | 3,437,400 | |
| OTHER ATTRIBUTABLE INSURANCE SERVICE EXPENSES | 0 | 6,334,266 | 21,802,785 | 0 | |
| CHANGE IN DEFERRED ACQUISITION COSTS | -18,183,073 | 0 | 0 | 0 | |
| Total expenses from continuing operations | 141,906,249 | 27,285,806 | 83,056,394 | 43,967,252 | |
| Expenses from discontinued operations | -38,105 | -7,813 | -894,984 | -236,860 | |
| TOTAL | 141,868,145 | 27,277,993 | 82,161,410 | 43,730,393 |
| 2023 | Attributable acquisition costs | Attributable claim handling expenses | Attributable administrative costs | Non-attributable expenses | |
|---|---|---|---|---|---|
| Operating Expenses | 145,759,077 | 22,300,740 | 63,059,850 | 41,688,160 | |
| Acquisition costs | 58,537,921 | 0 | 0 | 24,721 | |
| Depreciation costs | 690,797 | 134,450 | 301,196 | 16,026,566 | |
| Depreciation costs of leased assets | 690,797 | 134,450 | 301,196 | 1,082,915 | |
| Depreciation costs of other operating assets | 0 | 0 | 0 | 14,943,651 | |
| Labour costs | 70,053,941 | 18,131,766 | 41,064,340 | 8,109,019 | |
| Wages and salaries | 50,475,155 | 12,515,837 | 26,970,188 | 5,619,542 | |
| Social and pension insurance costs | 8,556,185 | 2,139,337 | 4,513,084 | 981,538 | |
| Other labour costs | 11,022,601 | 3,476,591 | 9,581,068 | 1,507,938 | |
| Costs of services | 16,476,419 | 4,034,525 | 21,694,314 | 17,527,854 | |
| Costs of entertainment, advertising and trade shows | 3,220,472 | 231 | 15,143 | 7,564,559 | |
| Maintenance costs | 3,194,786 | 984,778 | 7,564,086 | 541,176 | |
| Costs of materials and energy | 2,150,167 | 723,522 | 1,063,296 | 378,742 | |
| Costs of payment transactions and banking services | 471,252 | 7,775 | 1,200,050 | 20,151 | |
| Insurance premium costs | 1,057 | 734 | 208,365 | 1,006,081 | |
| Costs of intellectual services | 94,565 | 44,721 | 450,209 | 3,633,620 | |
| Training costs | 313,850 | 127,053 | 435,181 | 187,254 | |
| Expenses for short-term leases, low-value leases and other leases | 1,150,809 | 642,242 | 4,244,303 | 455,813 | |
| Costs of transport and communications services | 1,950,947 | 428,198 | 2,166,345 | 137,250 | |
| Reimbursement of labour-related costs | 2,584,457 | 91,388 | 462,284 | 287,061 |
| 71,709 | 387,969 | 269,153 | 141,840 | |
|---|---|---|---|---|
| 1,272,348 | 595,913 | 3,615,901 | 3,174,307 | |
|---|---|---|---|---|
| 0 | 2,817,346 | 19,338,880 | 7,170 | 2 | |
|---|---|---|---|---|---|
| -9,689,300 | 0 | 0 | 0 | - | |
|---|---|---|---|---|---|
| 136,069,777 | 25,118,086 | 82,398,730 | 41,695,330 | 28 | |
|---|---|---|---|---|---|
| -884,790 | -101,233 | -12,441,022 | -2,043,895 | -1 | |
|---|---|---|---|---|---|
| 135,184,988 | 25,016,853 | 69,957,708 | 39,651,435 | 26 | |
|---|---|---|---|---|---|
In addition to costs of salaries, the Company set aside provisions for employee bonuses. Total provisions created for 2024 amounted to EUR 17,566,414 (2023: EUR 5,000,000).
| Land | Buildings | Equipment | PPE in acquisition | TOTAL | |
|---|---|---|---|---|---|
| As at 1 Jan 2023 | 11,435,909 | 125,749,573 | 69,989,866 | 627,117 | 207,802,465 |
| Transfer in use | 0 | 503,021 | 1,521,192 | -2,024,213 | 0 |
| Acquisitions | 10,506 | 272,660 | 4,142,852 | 3,049,180 | 7,475,198 |
| Disposals | 0 | -1,311,669 | -1,108,292 | 0 | -2,419,961 |
| Write-offs | 0 | -562 | -3,346,490 | 0 | -3,347,052 |
| Other changes | 94,383 | -1,057,416 | -55,158 | -299,208 | -1,317,399 |
| As at 31 Dec 2023 | 11,540,798 | 124,155,607 | 71,143,970 | 1,352,876 | 208,193,251 |
| 0 | 390,192 | 1,397,540 | -1,787,732 | 0 | |
|---|---|---|---|---|---|
| Acquisitions | 0 | 490,290 | 5,248,599 | 4,364,647 | 10,103,536 |
| Disposals | -13,542 | -649,237 | -1,963,715 | 0 | -2,626,494 |
| Write-offs | 0 | 0 | -3,773,099 | 0 | -3,773,099 |
| Other changes | -132,430 | -4,676,278 | 106,240 | 391,496 | -4,310,972 |
| As at 31 Dec 2024 | 11,394,826 | 119,710,574 | 72,159,535 | 4,321,287 | 207,586,222 |
| As at 1 Jan 2023 | 0 | -45,616,919 | -52,319,710 | 0 | -97,936,629 |
|---|---|---|---|---|---|
| Depreciation | 0 | -2,449,618 | -5,911,868 | 0 | -8,361,486 |
| Disposals | 0 | 265,803 | 851,584 | 0 | 1,117,387 |
| Write-offs | 0 | 0 | 3,266,280 | 0 | 3,266,280 |
| Other changes | 0 | 424,040 | 125,966 | 0 | 550,006 |
| As at 31 Dec 2023 | 0 | -47,376,694 | -53,987,748 | 0 | -101,364,442 |
| 1 Jan 2024 | 0 | -2,438,234 | -5,312,677 | 0 | -7,750,911 |
| Disposals | 0 | 257,991 | 1,795,561 | 0 | 2,053,552 |
| Write-offs | 0 | 5,094 | 3,625,658 | 0 | 3,630,752 |
| Other changes | 0 | 1,651,687 | 60,330 | 0 | 1,712,017 |
| As at 31 Dec 2024 | 0 | -47,900,156 | -53,818,876 | 0 | -101,719,032 |
| As at 1 January 2023 | 11,435,909 | 80,132,654 | 17,670,156 | 627,117 | 109,865,836 |
|---|---|---|---|---|---|
| As at 31 December 2023 | 11,540,798 | 76,778,913 | 17,156,222 | 1,352,876 | 106,828,809 |
| As at 1 January 2024 | 11,394,826 | 71,810,418 | 18,340,659 | 4,321,287 | 105,867,185 |
Other changes mainly relate to the transfer of property, plant and equipment to investment property. The Group has no property, plant and equipment pledged as collateral for liabilities. It also has no financial liabilities related to the purchase of property, plant and equipment. The depreciation rates used for buildings range between 1.5% and 5%, the depreciation rate for computer equipment was 50% and for other equipment it ranged between 6.7% and 25%. Depreciation rates did not change in 2024 compared to the previous year. Cost of fully depreciated assets still in use represents 18% of total cost of all assets used (31 December 2023: 18.12%).
| 0 | 149,430 | 895,973 | -1,045,403 | 0 |
|---|---|---|---|---|
| 0 | 329,349 | 3,748,048 | 361,098 | 4,438,495 |
|---|---|---|---|---|
| -13,542 | -406,445 | -241,032 | 0 | -661,019 |
|---|---|---|---|---|
| 0 | 0 | -3,390,366 | 0 | -3,390,366 |
|---|---|---|---|---|
| -117,683 | -3,263,272 | 0 | 0 | -3,380,955 |
|---|---|---|---|---|
| 5,754,826 | 80,781,353 | 48,243,732 | 312,042 | 135,091,953 |
|---|---|---|---|---|
| 0 | -32,126,143 | -35,164,997 | 0 | -67,291,140 |
|---|---|---|---|---|
| 0 | -1,446,995 | -3,926,834 | 0 | -5,373,829 |
|---|---|---|---|---|
| 0 | 213,411 | 172,491 | 0 | 385,902 |
|---|---|---|---|---|
| 0 | 0 | 2,669,282 | 0 | 2,669,282 |
|---|---|---|---|---|
| 0 | 377,096 | 0 | 0 | 377,096 |
|---|---|---|---|---|
| 0 | -32,982,631 | -36,250,059 | 0 | -69,232,690 |
|---|---|---|---|---|
| 0 | -1,432,859 | -3,604,463 | 0 | -5,037,322 |
|---|---|---|---|---|
| 0 | 138,142 | 227,778 | 0 | 365,919 |
|---|---|---|---|---|
| 0 | 0 | 3,378,724 | 0 | 3,378,724 |
|---|---|---|---|---|
| 0 | 1,493,929 | 0 | 0 | 1,493,929 |
|---|---|---|---|---|
| 0 | -32,783,420 | -36,248,020 | 0 | -69,031,439 |
|---|---|---|---|---|
| 6,076,598 | 53,039,549 | 11,393,509 | 410,704 | 70,920,360 |
|---|---|---|---|---|
| 5,886,050 | 50,989,660 | 10,981,050 | 996,347 | 68,853,107 |
|---|---|---|---|---|
| 5,754,826 | 47,997,933 | 11,995,712 | 312,043 | 66,060,514 |
|---|---|---|---|---|
Other changes mainly relate to the transfer of property, plant and equipment to investment property. The Company has no property, plant and equipment pledged as collateral for liabilities. It also has no financial liabilities related to the purchase of property, plant and equipment. The depreciation rates used for buildings range between 1.5% and 5%, the depreciation rate for computer equipment was 50% and for other equipment it ranged between 6.7% and 25%. Depreciation rates did not change in 2024 compared to the previous year. Cost of fully depreciated assets still in use represents 20.42% of total cost of all assets used (31 December 2023: 19.98%). In 2024, the Company assessed the existence of possible signs of impairment of land, buildings and equipment. No signs of impairment were identified.
estimated using a discount rate ranging between 7.75% and 15.0%, and was also calculated using the market analysis method. The rate was verified using a build-up method (a three-part model), in which the following assumptions were used:
The fair values of the Group's and the Company's real property exceed their carrying amounts.
| Land | Buildings | Property in acquisition | TOTAL | ||
| COST | As at 1 Jan 2023 | 7,938,934 | 66,000,127 | 12,000,271 | 85,939,332 |
| Transfer to use | 0 | 1,687,420 | -1,687,420 | 0 | |
| Acquisitions | 0 | 183,744 | 1,731,816 | 1,915,560 | |
| Disposals | -102,108 | -1,146,824 | -37,049 | -1,285,981 | |
| Other changes | -185 | -247,132 | 0 | -247,317 | |
| As at 31 Dec 2023 = 1 Jan 2024 | 7,836,641 | 66,477,335 | 12,007,618 | 86,321,594 | |
| Transfer to use | 0 | 3,322,870 | -3,322,870 | 0 | |
| Acquisitions | 0 | 268,794 | 2,376,031 | 2,644,825 |
| Land | Buildings | Property in acquisition | TOTAL | ||
|---|---|---|---|---|---|
| COST | As at 1 Jan 2023 | 3,513,228 | 39,708,804 | 11,929,734 | 55,151,766 |
| Transfer to use | 0 | 1,405,389 | -1,405,389 | 0 | |
| Acquisitions | 0 | 183,744 | 1,439,138 | 1,622,883 | |
| Disposals | -102,108 | -986,853 | 0 | -1,088,961 | |
| Other changes | -185 | -227,670 | 0 | -227,855 | |
| As at 31 Dec 2023 = 1 Jan 2024 | 3,410,935 | 40,083,414 | 11,963,484 | 55,457,833 | |
| Transfer to use | 0 | 2,947,189 | -2,947,189 | 0 | |
| Acquisitions | 0 | 267,735 | 1,747,843 | 2,015,578 |
| As at 1 Jan 2023 | 0 | -17,613,845 | 0 | -17,613,845 |
| Depreciation | 0 | -1,434,129 | 0 | -1,434,129 |
| Disposals | 0 | 667,231 | 0 | 667,231 |
| Other changes | 0 | 12,922 | 0 | 12,922 |
| As at 31 Dec 2023 = 1 Jan 2024 | 0 | -18,367,821 | 0 | -18,367,821 |
| Depreciation | 0 | -1,561,960 | 0 | -1,561,960 |
| Disposals | 0 | 1,006,662 | 0 | 1,006,662 |
| Other changes | 0 | -1,662,079 | 0 | -1,662,079 |
| As at 31 Dec 2024 | 0 | -20,585,198 | 0 | -20,585,198 |
| As at 1 January 2023 | 7,938,934 | 48,386,282 | 12,000,271 | 68,325,487 |
|---|---|---|---|---|
| As at 31 December 2023 = 1 January 2024 | 7,836,641 | 48,109,514 | 12,007,618 | 67,953,773 |
| As at 31 December 2024 | 7,884,097 | 51,466,693 | 11,060,580 | 70,411,373 |
| Disposals | -73,971 | -2,238,829 | 0 | -2,312,800 |
|---|---|---|---|---|
| Other changes | 117,683 | 3,263,272 | 0 | 3,380,955 |
| As at 31 Dec 2024 | 3,454,647 | 44,322,781 | 10,764,138 | 58,541,567 |
| As at 1 Jan 2023 | 0 | -11,774,594 | 0 | -11,774,594 |
|---|---|---|---|---|
| Depreciation | 0 | -972,822 | 0 | -972,822 |
| Disposals | 0 | 713,890 | 0 | 713,890 |
| Other changes | 0 | 2,873 | 0 | 2,873 |
| As at 31 Dec 2023 = 1 Jan 2024 | 0 | -12,030,652 | 0 | -12,030,652 |
| Depreciation | 0 | -1,026,420 | 0 | -1,026,420 |
| Disposals | 0 | 980,578 | 0 | 980,578 |
| Other changes | 0 | -1,493,929 | 0 | -1,493,929 |
| As at 31 Dec 2024 | 0 | -13,570,422 | 0 | -13,570,422 |
| As at 1 January 2023 | 3,513,228 | 27,934,210 | 11,929,734 | 43,377,172 |
|---|---|---|---|---|
| As at 31 December 2023 = 1 January 2024 | 3,410,935 | 28,052,761 | 11,963,484 | 43,427,181 |
| As at 31 December 2024 | 3,454,647 | 30,752,359 | 10,764,138 | 44,971,145 |
The Company has no investment property pledged as collateral for liabilities. It also has no financial liabilities related to the purchase of investment property. Investment property owned by the Company was not obtained with state support. The depreciation rates used for investment property range between 1.5% and 5% and did not change in 2024 compared to the previous year. In 2024, the Company assessed the existence of possible signs of impairment of investment property. No signs of impairment were identified.
Property abroad was estimated using a discount rate ranging between 7.75% and 15.0%, and was also calculated using the market analysis method. The rate was verified using a build-up method (a three-part model), in which the following assumptions were used:
The fair values of the Group's and the Company's investment property exceed their carrying amounts and is presented in section 4.1.1.
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Lease income | 5,760,539 | 7,441,236 | 6,479,919 | 6,195,418 |
| Depreciation of investment property | -1,561,960 | -1,434,129 | 406 | |
| Investment property income and expenses of the Group and the Company | ||||
| The Group and the Company lease (operational lease) its investment properties, i.e. individual business premises. | ||||
| Maintenance costs and other expenses related to income-generating real property | -2,603,653 | -2,349,341 | -3,372,853 | -2,945,673 |
| Maintenance costs and other expenses related to non-income-generating real property | -29,004 | -81,176 | -27,602 | -75,372 |
Expected undiscounted cash flows from concluded lease contracts based on the contractual provisions effective at the balance sheet date, the Group and the Company expect cash flows in the coming years as presented below. Expected cash flows are calculated based on the term of valid lease contracts. Contracts concluded without a term were assumed to last for five years.
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Expected lease payments in year 1 | 4,676,803 | 5,999,327 | 4,282,320 | 3,559,799 |
| Expected lease payments in year 2 | 4,268,377 | 4,324,247 | 3,923,016 | 3,137,038 |
| Expected lease payments in year 3 | 1,269,710 | 3,894,731 | 1,037,933 | 2,893,114 |
| Expected lease payments in year 4 | 1,045,774 | 858,445 | 1,002,435 | 199,854 |
| Expected lease payments in year 5 | 420,221 | 626,503 | 398,902 | 197,574 |
| Expected lease payments later than 5 years | 275,421 | 414,745 | 275,421 | 76,375 |
| TOTAL | 11,956,306 | 16,117,998 | 10,920,027 | 10,063,754 |
The Group and the Company also entered into short-term leases and leases of low-value equipment. Permitted exceptions to recognition apply to these leases.
| Land and buildings | Vehicles | Other equipment | TOTAL | |
|---|---|---|---|---|
| As at 1 Jan 2023 | 12,402,745 | 2,183,774 | 58,493 | 14,645,012 |
| New leases | 3,150,111 | 1,941,607 | 20,954 | 5,112,672 |
| Lease termination | -1,110,757 | -801,698 | -12,016 | -1,924,471 |
| Lease modification | 2,536,837 | 662,404 | 0 | 3,199,241 |
| Change in estimates of future cash flows | -276,350 | 20,161 | 0 | -256,189 |
| Depreciation of right-of-use assets | -4,059,700 | -1,005,825 | -36,190 | -5,101,715 |
| Exchange rate differences and other changes | -2,539 | -839 | -13 | -3,391 |
| Land and buildings | Vehicles | Other equipment | TOTAL | |
|---|---|---|---|---|
| As at 1 Jan 2023 | 2,968,766 | 1,363,534 | 36,710 | 4,369,010 |
| New leases | 171,273 | 1,385,405 | 0 | 1,556,678 |
| Lease termination | -91,670 | -151,781 | 0 | -243,451 |
| Lease modification | 696,206 | 17,413 | 0 | 713,619 |
| Depreciation of right-of-use assets | -988,674 | -581,714 | -12,084 | -1,582,472 |
| As at 31 Dec 2023 = 1 Jan 2024 | 2,755,901 | 2,032,857 | 24,626 | 4,813,384 |
| New leases | 380,333 | 923,317 | 0 | 1,303,650 |
| Lease termination | -614,405 | -55,048 | -674 | -670,127 |
| Lease modification | 153,581 | 13,718 | 0 | 167,299 |
| Depreciation of right-of-use assets | -800,500 | -683,506 | -11,152 | -1,495,157 |
| As at 31 Dec 2024 | 1,874,911 | 2,231,338 | 12,800 | 4,119,049 |
| Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|---|---|
| Right of use assets | 10,051,743 | 11,113,449 | 4,119,049 | 4,813,384 | ||
| Lease liabilities | -10,656,690 | -11,665,332 | -4,302,797 | -5,033,767 |
| Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|---|---|
| Expected cash flows in less than 1 year | 4,685,461 | 4,539,979 | 1,354,334 | 1,504,315 | ||
| Expected cash flows in 1–2 years | 4,073,033 | 4,431,734 | 1,141,041 | 1,394,461 | ||
| Expected cash flows in 2–3 years | 2,599,120 | 3,126,865 | 712,295 | 931,401 | ||
| Expected cash flows in 3–4 years | 1,619,640 | 2,277,307 | 439,744 | 485,991 | ||
| Expected cash flows in 4–5 years | 519,451 | 859,384 | 185,434 | 228,514 | ||
| Expected cash flows over 5 years | 1,092,349 | 1,153,420 | 469,948 | 489,085 |
| Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|---|---|
| Total expected undiscounted cash flows | 16,612,166 | 19,477,488 | 4,681,104 | 4,971,942 |
| Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|---|
| Expenses related to right-of-use assets | -5,656,419 | -6,129,451 | -1,681,201 | -1,747,406 | ||
| Depreciation/amortisation costs of leased assets | -4,747,947 | -5,101,715 | -1,495,157 | -1,582,472 | ||
| Interest expenses from leased assets | -876,391 | -901,232 | -186,044 | -164,934 | ||
| Other expenses from leased assets | -32,081 | -126,504 | 0 | 0 | ||
| Other lease-related costs and expenses | -2,175,372 | -1,482,855 | -522,140 | -511,481 | ||
| Expenses for short-term leases | -1,501,435 | -806,975 | -89,628 | -54,048 | ||
| Expenses for low-value leases | -507,042 | -525,068 | -432,512 | -457,433 | ||
| Expenses related to variable lease payments | -166,895 | -150,812 | 0 | 0 | ||
| Payments for right-of-use assets in the year | 5,925,802 | 5,878,787 | 1,638,165 | 1,652,992 |
| Goodwill | Licenses and software | Intangible assets in acquisition | Long-term deferred items | TOTAL | |
|---|---|---|---|---|---|
| COST | |||||
| As at 1 Jan 2023 | 10,413,312 | 105,811,073 | 7,347,894 | 244,184 | 123,816,463 |
| Transfer to use | 0 | 2,147,073 | -2,147,073 | 0 | 0 |
| Acquisitions and other increases | 0 | 8,210,238 | 5,710,237 | 0 | 13,920,475 |
| Disposals | 0 | -394,177 | 0 | 0 | -394,177 |
| Other changes | 0 | -1,795,702 | -8,795 | -85,824 | -1,890,321 |
| As at 31 Dec 2023 = 1 Jan 2024 | 10,413,312 | 113,978,505 | 10,902,263 | 158,360 | 135,452,440 |
| Transfer to use | 0 | 10,995,800 | -10,995,800 | 0 | 0 |
| 0 | 7,032,874 | 5,706,589 | 0 | 12,739,463 | |
|---|---|---|---|---|---|
| 0 | -3,535,036 | 0 | 0 | -3,535,036 | |
|---|---|---|---|---|---|
| 0 | -876,828 | 47,281 | 109,050 | -720,497 | |
|---|---|---|---|---|---|
| 10,413,312 | 127,595,315 | 5,660,333 | 267,410 | 143,936,370 |
|---|---|---|---|---|
| 0 | -70,096,204 | 0 | 0 | -70,096,204 | |
|---|---|---|---|---|---|
| 0 | -11,696,494 | 0 | 0 | -11,696,494 | |
|---|---|---|---|---|---|
| 0 | 367,575 | 0 | 0 | 367,575 | |
|---|---|---|---|---|---|
| 0 | 628,989 | 0 | 0 | 628,989 | |
|---|---|---|---|---|---|
| 0 | -80,796,134 | 0 | 0 | -80,796,134 | |
|---|---|---|---|---|---|
| 0 | -13,299,686 | 0 | 0 | -13,299,686 | |
|---|---|---|---|---|---|
| 0 | 3,534,563 | 0 | 0 | 3,534,563 | |
|---|---|---|---|---|---|
| 0 | -13,205 | 0 | 0 | -13,205 | |
|---|---|---|---|---|---|
| 0 | -90,574,462 | 0 | 0 | -90,574,462 | |
|---|---|---|---|---|---|
| 10,413,312 | 35,714,869 | 7,347,894 | 244,184 | 53,720,259 |
|---|---|---|---|---|
| 10,413,312 | 33,182,371 | 10,902,263 | 158,360 | 54,656,306 |
|---|---|---|---|---|
| 10,413,312 | 37,020,853 | 5,660,333 | 267,410 | 53,361,912 |
|---|---|---|---|---|
Goodwill arises from the merger of Alta Skladi, d.d., to Triglav Skladi, družba za upravljanje, d.o.o. in 2019. Triglav Skladi d.o.o. recognised goodwill of EUR 10.4 million on the merger of Alta Funds, d.d., arising from the excess of the purchase consideration over the net asset value of the assets acquired. The goodwill is allocated to the cash-generating unit (CGU) and represents the expected future economic benefits from the synergies of the merger. The value of goodwill is reviewed annually in accordance with IAS 36. The impairment test is based on a recoverable amount estimate, which is the higher of fair value less costs to sell and value in use. On 30 September 2023, a certified business valuer assessed the value in use and concluded that the assessed CGU (the cash-generating unit being the entity as a whole, i.e. Triglav Skladi) exceeds the carrying amount of Triglav Skladi's total equity. The following assumptions were used to calculate the value in use:
The cash flow estimates are based on projections approved by both the Management Board and the Supervisory Board. These projections rely on past operating results and expectations of future business growth. A discount rate reflecting capital market expectations at 30 September 2023, as well as asset-specific risks until 2031, was applied. Long-term macroeconomic forecasts were also incorporated into the risk assessment. Reasonable changes in assumptions, such as an increase in the discount rate or lower income growth, could affect the need for impairment. As at 30 September 2023, the CGU's estimated value in use was EUR 109.5 million, significantly higher than the net assets' carrying amount. Because the value in use exceeds the asset's carrying amount, it is not necessary to assess fair value less costs to sell in accordance with IAS 36. As at 31 December 2024, the key assumptions used in the 30 September 2024 cash-generating unit value assessment were rechecked. The key assumptions include growth in the carrying amount of the company's share capital, an increase in assets under management and long-term financial investments, outperformance of income and profit forecasts in 2024, and a reduction in the discount rate due to a lower risk-free rate of return. Based on an analysis of business events and changes in circumstances since the last recoverable amount calculation, it is unlikely that the present recoverable amount of this asset would be less than its carrying amount.
| Licenses and software | Intangible assets in acquisition | Long-term deferred items | TOTAL | |
|---|---|---|---|---|
| COST | ||||
| As at 1 Jan 2023 | 81,726,305 | 4,737,581 | 158,422 | 86,622,308 |
| Transfer to use | 1,412,609 | -1,412,609 | 0 | 0 |
| Acquisitions and other increases | 7,477,216 | 2,720,716 | 0 | 10,197,933 |
| Disposals | -235,561 | 0 | 0 | -235,561 |
| Other changes | 0 | 0 | -86,017 | -86,017 |
| As at 31 Dec 2023 = 1 Jan 2024 | 90,380,570 | 6,045,689 | 72,405 | 96,498,664 |
| Transfer to use | 2,936,658 | -2,936,658 | 0 | 0 |
| 31 Dec 2024 | 31 Dec 2023 | 1 Jan 2024 | Total | |
|---|---|---|---|---|
| Acquisitions and other increases | 6,590,723 | 1,927,703 | 0 | 8,518,426 |
| Disposals | -3,392,812 | 0 | 0 | -3,392,812 |
| Other changes | 0 | 0 | 156,456 | 156,456 |
| As at 31 Dec 2024 | 96,515,139 | 5,036,734 | 228,861 | 101,780,733 |
| 31 Dec 2024 | 31 Dec 2023 | 1 Jan 2024 | Total | |
|---|---|---|---|---|
| As at 1 Jan 2023 | -55,326,588 | 0 | 0 | -55,326,588 |
| Depreciation | -10,368,357 | 0 | 0 | -10,368,357 |
| Disposals | 235,561 | 0 | 0 | 235,561 |
| As at 31 Dec 2023 = 1 Jan 2024 | -65,459,385 | 0 | 0 | -65,459,385 |
| Depreciation | -11,262,366 | 0 | 0 | -11,262,366 |
| Disposals | 3,392,339 | 0 | 0 | 3,392,339 |
| As at 31 Dec 2024 | -73,329,412 | 0 | 0 | -73,329,412 |
| 31 Dec 2024 | 31 Dec 2023 | 1 Jan 2023 | Total | |
|---|---|---|---|---|
| As at 1 January 2023 | 26,399,717 | 4,737,581 | 158,422 | 31,295,720 |
| As at 31 December 2023 | 24,921,185 | 6,045,689 | 72,405 | 31,039,279 |
| As at 31 December 2024 | 23,185,727 | 5,036,734 | 228,861 | 28,451,322 |
The Company has no intangible assets pledged as collateral for liabilities. The Company also has no financial liabilities related to the purchase of intangible assets. Intangible assets owned by the Company were not obtained with state support. The depreciation rate used for software is 20%, and for other material rights it ranges between 1% and 20%. Depreciation rates did not change in 2024. The Company has no intangible assets that are individually significant for the financial statements. Cost of fully depreciated property, plant and equipment still in use represents 35.25% of total cost of property, plant and equipment used by the Company (31 December 2023: 17.55%). In 2024, the Company assessed the existence of possible signs of impairment of other intangible assets. No signs of impairment were identified.
Effects of financial income and expenses from insurance contracts of the Triglav Group in EUR
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Deferred tax assets | 14,239,505 | 21,967,548 |
| Deferred assets from determining the fair value of debt instruments at FVOCI | 19,123,784 | 24,989,603 |
| Deferred assets from determining the fair value of equity instruments at FVOCI | 870,115 | 926,989 |
| Deferred assets from the impairment of financial instruments | 4,025,942 | 4,713,262 |
| Deferred assets from the impairment of receivables | 167,355 | 210,901 |
| Deferred assets from impairment of land and buildings | 320,428 | 327,683 |
| Deferred assets from the calculation of employee benefits | 1,731,389 | 1,707,895 |
|---|---|---|
| Deferred assets from insurance contracts | 123,338 | 7,262 |
| Deferred assets from reinsurance contracts | 75,996 | 423,347 |
| Deferred assets from using various depreciation rates | 137,707 | 118,289 |
| Deferred assets from other items | 1,060,864 | 1,132,225 |
| Deferred assets from unused tax losses | 703,486 | 6,443,736 |
| Netting of deferred tax | -14,100,899 | -19,033,644 |
| Deferred tax liabilities | 2,212,405 | 1,865,810 |
| Deferred insurance contract liabilities | 12,255,043 | 17,551,404 |
| Deferred tax liabilities from reinsurance contracts | 188,684 | 0 |
| Deferred liabilities from the transition to the new standard | 0 | 48 |
| Deferred liabilities from determining the fair value of debt instruments at FVOCI | 238,019 | 92,512 |
| Deferred liabilities from determining the fair value of equity instruments at FVOCI | 87,891 | 87,886 |
| Deferred liabilities from using various depreciation rates | 706,667 | 700,015 |
| Deferred liabilities from other items | 2,837,000 | 2,467,589 |
| Netting of deferred tax | -14,100,899 | -19,033,644 |
| TOTAL | 12,027,100 | 20,101,738 |
Deferred tax assets and liabilities are calculated at the tax rate expected to apply at the time of their reversal. Effects of financial income and expenses from insurance contracts of Zavarovalnica Triglav in EUR
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Deferred tax assets | 12,796,824 | 19,166,719 |
| Deferred assets from determining the fair value of debt securities at FVOCI | 17,755,432 | 21,908,737 |
| Deferred assets from determining the fair value of equity securities at FVOCI | 870,115 | 926,989 |
| Deferred assets from the impairment of financial instruments | 3,452,775 | 3,926,582 |
| Deferred assets from the impairment of receivables | 0 | 12,650 |
| Deferred assets from impairment of land and buildings | 320,428 | 327,683 |
| Deferred assets from the calculation of employee benefits | 1,626,257 | 1,615,037 |
| Deferred assets from insurance contracts | 0 | 840 |
| Deferred assets from reinsurance contracts | 243 | 179,844 |
| Deferred assets from other items | 0 | 5,826,894 |
| Netting of deferred tax | -11,228,426 | -15,558,537 |
| Deferred tax liabilities | 0 | 0 |
| Deferred liabilities from insurance contracts | 11,093,955 | 15,558,495 |
| Deferred liabilities from reinsurance contracts | 134,471 | 42 |
| Netting of deferred tax | -11,228,426 | -15,558,537 |
| TOTAL | 12,796,824 | 19,166,719 |
Zavarovalnica Triglav's deferred tax assets and liabilities as at 31 December 2024 and 31 December 2023 were calculated using a tax rate of 22%.
| Tax jurisdiction | Deferred tax assets | Deferred tax liabilities | Total deferred tax | Deferred tax assets | Deferred tax liabilities | Total deferred tax |
|---|---|---|---|---|---|---|
| Slovenia | 13,869,765 | 275,674 | 13,594,091 | 21,175,326 | 376,288 | 20,799,038 |
| Croatia | 1,362,506 | 746,795 | 615,711 | 821,654 | 0 | 821,654 |
| Montenegro | 45,465 | 1,354,695 | -1,309,230 | 76,460 | 1,345,139 | -1,268,679 |
| Bosnia and Herzegovina | 47,130 | 576,283 | -529,153 | 0 | 597,131 | -597,131 |
| North Macedonia | 50,736 | 21,033 | 29,703 | 128,997 | 0 | 128,997 |
| Serbia | 0 | 374,022 | -374,022 | 217,859 | 0 | 217,859 |
| TOTAL | 15,375,602 | 3,348,502 | 12,027,100 | 22,420,296 | 2,318,558 | 20,101,738 |
Total deferred tax assets Zavarovalnica Triglav
| Deferred tax assets | 14,239,505 | 21,967,548 |
|---|---|---|
| Deferred tax liabilities | 2,212,405 | 1,865,810 |
As at 1 Jan 2023
| 81,161,818 | 73,225,815 | |
|---|---|---|
| Creation recognised in profit or loss | 8,718,018 | 7,480,498 |
| Use recognised in profit or loss | -27,533,942 | -27,517,711 |
| Release recognised in profit or loss | -10,393,596 | -9,949,209 |
| Creation recognised in other comprehensive income | 1,000,759 | 927,830 |
| Use recognised in other comprehensive income | -1,268,943 | -1,268,943 |
| Release recognised in other comprehensive income | -10,681,468 | -8,173,025 |
| -1,457 | 0 | |
|---|---|---|
| As at 31 Dec 2023 = 1 Jan 2024 | 41,001,189 | 34,725,255 |
| Creation recognised in profit or loss | 1,980,196 | 1,928,303 |
| Use recognised in profit or loss | -6,216,962 | -6,214,361 |
| Release recognised in profit or loss | -2,425,645 | -2,023,328 |
| Creation recognised in other comprehensive income | 3,096,218 | 2,992,480 |
| Use recognised in other comprehensive income | -285,351 | -285,351 |
| Release recognised in other comprehensive income | -8,813,672 | -7,097,747 |
| Exchange rate differences | 4,431 | 0 |
| As at 31 Dec 2024 | 28,340,404 | 24,025,251 |
| As at 1 Jan 2023 | 68,426,616 | 60,190,447 |
|---|---|---|
| Creation recognised in profit or loss | 160,318 | 0 |
| Use recognised in profit or loss | -37,802,721 | -37,802,721 |
| Release recognised in profit or loss | -1,542,879 | -754,194 |
| Creation recognised in other comprehensive income | 67,009 | 42 |
| Use recognised in other comprehensive income | -1,281,815 | -1,104,367 |
| Release recognised in other comprehensive income | -7,126,183 | -4,970,670 |
| Exchange rate differences | -889 | 0 |
| As at 31 Dec 2023 = 1 Jan 2024 | 20,899,456 | 15,558,537 |
| Creation recognised in profit or loss | 52,668 | 0 |
| Release recognised in profit or loss | -205,124 | 0 |
| Creation recognised in other comprehensive income | 882,646 | 134,430 |
| Release recognised in other comprehensive income | -5,320,104 | -4,464,540 |
| Exchange rate differences | 3,762 | 0 |
| As at 31 Dec 2024 | 16,313,304 | 11,228,427 |
In the Group's and the Company's financial statements, deferred tax assets and liabilities are offset at the level of the tax jurisdiction, as shown below.
The Act Amending the Health Care and Health Insurance Act, which entered into force on 20 July 2023, terminated supplemental health insurance within the Slovenian public healthcare system, effective from 1 January 2024. As of that date, all existing supplemental health insurance contracts in Slovenia were terminated.
Triglav, Zdravstvena zavarovalnica, which had provided supplemental health insurance until the termination, was merged into its parent company, Zavarovalnica Triglav, as of 1 October 2024. Despite the termination, the supplemental health insurance continued to generate income, expenses and cash flows in 2024. The operating profit from the supplemental health insurance business was excluded from the operating profit of continuing operations and disclosed separately in the profit or loss. The cash flow from the supplemental health insurance business was excluded from the cash flow of continuing operations and disclosed separately in the cash flow statement.
| in EUR | 2024 | 2023 | |
|---|---|---|---|
| Insurance service result | 5,539,543 | -22,680,223 | |
| Insurance revenue | 52,453 | 193,275,962 | |
| Insurance service expenses | 5,487,091 | -215,956,185 |
| 2024 | 2023 | |
|---|---|---|
| Interest income calculated using the effective interest method | 0 | 176,237 |
| Net gains/losses on financial assets | 0 | -3,031,559 |
| Net impairment/reversal of impairment of financial assets | 0 | 128,858 |
| Other investment income/expenses | 0 | 853 |
| Financial result from insurance contracts | -113,374 | -80,813 |
| Net insurance finance income/expenses | -113,374 | -80,813 |
| Non-attributable operating expenses | -236,860 | -2,043,895 |
| Net other operating income/expenses | -59,651 | 449,475 |
| Net other financial income/expenses | -4,030 | -11,357 |
| Net other income/expenses | 11,022,074 | -683,446 |
| Earnings before tax | 16,147,704 | -27,775,868 |
| Tax expense | 0 | 5,503,377 |
| Corporate income tax | 3,552,495 | 0 |
| Deferred tax income/expenses | -3,552,495 | 5,503,377 |
| Net earnings | 16,147,704 | -22,272,491 |
| Items that may be reclassified to profit or loss in future periods | 2024 | 2023 |
|---|---|---|
| -2,979 | 1,545,820 | |
| Accumulated insurance finance income/expenses | -3,819 | -160,804 |
| Effect of debt instruments at FVOCI | 0 | 1,704,633 |
| Tax on items that may be reclassified to profit or loss | 840 | 1,991 |
| Other comprehensive income after tax from discontinued operations | -2,979 | 1,545,820 |
| Net cash flow from operating activities | -154,963 | -45,474,166 |
|---|---|---|
| Net cash flow from investing activities | 0 | 44,804,675 |
| Net cash flow from financing activities | -4,029 | -10,460 |
| Net cash flow from discontinued operations | -158,991 | -679,952 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Non-attributable receivables from insurance operations | 22,542,433 | 16,333,461 | 21,694,686 | |
| Other receivables | 21,995,767 | 21,310,542 | 6,059,216 | 4,928,937 |
| Trade receivables | 10,787,469 | 8,700,903 | 0 | 201 |
| Overpayments and prepayments | 2,885,892 | 3,802,918 | 1,561,657 | |
| Other short-term operating receivables | 5,405,549 | 5,745,201 | 3,127,107 | 950,427 |
| Receivables from financing | 688,859 | 967,993 | 589,979 | 176,245 |
| Other | 2,227,998 | 2,093,527 | 780,473 | |
| TOTAL | 44,538,200 | 37,644,003 | 27,753,903 | 20,448,498 |
The insurance service result of EUR 5,539,543 relates to the release of insurance contract liabilities. Net other insurance revenue relates to the reimbursement of the difference between the costs paid by Triglav, Zdravstvena zavarovalnica, d.d. to healthcare service providers (taking into account the equalisation schemes) and the insurance income from supplemental health insurance during the reference period from June 2023 to December 2023. Triglav, zdravstvena zavarovalnica submitted a claim for reimbursement of this difference of EUR 10,996,355 based on the offer from the Ministry of Health. The reimbursement amount is also shown under received receivables for card payments, receivables for overpaid benefits and similar. As at 31 December 2024 and 31 December 2023, the Group and the Company tested these receivables for impairment, focusing primarily on significant exposures to foreign intermediaries. No signs of impairment were identified, as the foreign intermediaries to which the Group and the Company are exposed have very good credit ratings and do not default on payments.
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Cash in bank accounts | 60,583,830 | 76,387,728 |
| Call account | 7,976,292 | 7,570,804 |
| Cash on hand and other cash | 390,957 | 462,135 |
| TOTAL | 68,951,079 | 84,420,667 |
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Cash in bank accounts | 18,151,064 | 31,891,204 |
| Call account | 0 | 502 |
| Cash on hand and other cash | 14,257 | 14,637 |
| TOTAL | 18,165,321 | 31,906,343 |
In the statement of financial position under the item "cash and cash equivalents", cash of the fund backing unit-linked insurance is disclosed in the amount of EUR 3,263,314 (31 December 2023: EUR 15,158,808) for the Triglav Group and in the amount of EUR 2,968,453 (31 December 2023: EUR 14,286,647) for Zavarovalnica Triglav.
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Inventories | 514,590 | 521,192 |
| Deferred expenses and accrued income | 9,315,572 | 7,712,503 |
| Other assets | 97,650 | 98,206 |
| TOTAL | 9,927,812 | 8,331,901 |
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| Inventories | 215,464 | 182,835 |
| Deferred expenses and accrued income | 3,406,696 | 2,527,974 |
| Other assets | 97,466 | 98,022 |
| TOTAL | 3,719,626 | 2,808,831 |
The shares are entered in the KDD register under the ZVTG ticker symbol and are listed on the Ljubljana Stock Exchange Prime Market. Shareholders have the right to participate in the management of the company and the right to participate in profit. As at 31 December 2024, there were 8,218 subscribers of shares in Zavarovalnica Triglav's share register (31 December 2023: 8,453). The largest subscribers are presented in the table below.
| As at 31 Dec 2024 | Numbers of shares | Share (%) |
|---|---|---|
| Zavod za pokojninsko in invalidsko zavarovanje Slovenije, Ljubljana | 7,836,628 | 34.47 |
| SDH, d.d., Ljubljana | 6,386,644 | 28.09 |
| Erste Group Bank PBZ Croatia Osiguranje | 1,543,798 | 6.79 |
| OMF – fiduciarni račun, Zagreb, Hrvaška | 525,864 | 2.31 |
| Unicredit Bank Austria – fiduciarni račun, Dunaj, Avstrija | 428,048 | 1.88 |
| Zagreb, Hrvaška | 232,189 | 1.02 |
|---|---|---|
| Other shareholders (less than 1%) | 5,781,977 | 25.44 |
| TOTAL | 22,735,148 | 100.00 |
As at 31 Dec 2023
| Numbers of shares | Share (%) | ||
|---|---|---|---|
| Zavod za pokojninsko in invalidsko zavarovanje Slovenije, Ljubljana | 7,836,628 | 34.47 | |
| SDH, d.d., Ljubljana | 6,386,644 | 28.09 | |
| Erste Group Bank PBZ Croatia Osiguranje | 1,526,190 | 6.71 | |
| OMF – fiduciarni račun, Zagreb, Hrvaška | 555,758 | 2.44 | |
| Unicredit Bank Austria – fiduciarni račun, Dunaj, Avstrija | 469,075 | 2.06 | |
| Hrvatska poštanska banka – fiduciarni račun, Zagreb, Hrvaška | 232,644 | 1.02 | |
| Other shareholders (less than 1%) | 5,728,209 | 25.20 | |
| TOTAL | 22,735,148 | 100.00 |
| v EUR | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|
| Published share price of Zavarovalnica Triglav on a regulated securities market | 40.50 | 34.70 | |
| Book value per share of Zavarovalnica Triglav | 32.62 | 30.02 | |
| Book value per share of the Triglav Group | 43.50 | 39.19 |
The share’s book value is calculated taking into account the Company’s total equity.
On 6 June 2024, the General Meeting of Shareholders of Zavarovalnica Triglav d.d. decided on the distribution of accumulated profit, totalling EUR 87,854,039 as at 31 December 2023. A part of the accumulated profit in the amount of EUR 39,786,509 was allocated to dividend payments, amounting to EUR 1.75 gross per share. The dividends were paid on 19 June 2024. The distribution of the remaining part of accumulated profit will be decided on in the coming years.
| 2024 | 2023 | |
|---|---|---|
| Net profit/loss for the year | 98,231,897 | 38,662,426 |
| Net profit brought forward | 48,067,529 | 6,931,409 |
| Change in net retained earnings | 36,616 | 11,647,900 |
| Increase in net retained earnings due to the merger | 12,094,611 | 0 |
| Increase of other reserves from profit based on the decision by the Management and Supervisory Boards | -49,000,000 | -19,000,000 |
| Increase in net retained earnings due to the transition to new standards | 0 | 49,612,304 |
| ACCUMULATED PROFITS | 109,430,653 | 87,854,039 |
| – to shareholders | 39,786,509 |
|---|---|
| – transfer to the following year | 48,067,530 |
In addition to legal and treasury share reserves, reserves from profit also comprise other reserves from profit. In accordance with the ZGD-1, the Management Board may allocate up to one half of the amount of the net profit remaining after the appropriation of the profit for the purposes required by law to create other reserves. In addition to prudent risk management, the creation of these reserves is based on, in particular, the anticipated company’s strategic needs for capital, taking into account capital sources. When preparing the Annual Report for 2024, the Management Board formed other reserves from profit in the amount of EUR 49,000,000 (2023: EUR 19,000,000).
The treasury shares include the shares of Zavarovalnica Triglav held by other Group companies whose financial statements are included in the Group's consolidated financial statements. As at 31 December 2024, Triglav, Upravljanje nepremičnin d.o.o. held 24,312 ZVTG shares worth EUR 364,680 as at the balance sheet date. The balance of treasury shares is unchanged compared to the preceding year. In the consolidated financial statements, treasury shares are measured at cost and recognised as a deductible under equity. For these shares, treasury share reserves are created in the same amount from net profit brought forward.
Accumulated other comprehensive income shows changes in the portion of assets and liabilities arising from insurance contracts that are measured at fair value through other comprehensive income and changes in the fair value of financial investments classified as measured at fair value through other comprehensive income. The amounts of accumulated other comprehensive income are net of the amount of deferred tax. Changes in accumulated other comprehensive income are shown in more detail in the statement of other comprehensive income.
Translation differences arise from foreign exchange differences in consolidation procedures. In 2024, translation differences amounted to EUR 119,938 (2023: EUR -20,062). Translation differences mainly refer to the change in the exchange rate of Serbian dinar.
| Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|---|
| Amortised cost | 152,130,399 | 49,994,402 | 152,130,399 | 49,994,402 | |
| Fair value | 147,215,330 | 53,087,374 |
The following changes are shown in the Group’s statement of changes in equity for 2024:
The following changes are shown in the Company’s statement of changes in equity for 2024:
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Employee benefits | 20,064,123 | 19,665,677 | 14,704,140 | 14,795,940 |
| Provisions for retirement benefits | 11,723,376 | 11,353,153 | 7,946,511 | 7,869,408 |
| Provisions for jubilee payments | 2,320,479 | 2,431,226 | 1,917,859 | 2,037,105 |
| Provisions for unused leave | 6,020,268 | 5,881,298 | 4,839,770 | |
| Other provisions and long-term deferred items | 5,932,008 | 10,681,808 | 174,254 | 1,227,310 |
| TOTAL | 25,996,131 | 30,347,485 | 14,878,394 | 16,023,250 |
The following estimates and assumptions were taken into account in the calculation of provisions for pensions and retirement benefits as at 31 December 2024:
| Triglav Group | Provisions for retirement benefits | Provisions for jubilee payments | TOTAL | |
|---|---|---|---|---|
| As at 1 Jan 2023 | 9,797,099 | 2,399,605 | 12,196,704 | |
| Current service cost | 551,565 | 205,703 | 757,268 | |
| Interest cost | 241,269 | 59,567 | 300,836 | |
| Actuarial gains/losses due to: | ||||
| - changes in demographic assumptions | -4,176 | -3,974 | -8,150 | |
| - changes in financial assumptions | 574,188 | 71,247 | 645,435 | |
| - experience adjustments | 652,501 | 76,314 | 728,815 | |
| Past service cost | 10,427 | 4,272 | 14,699 | |
| Gains/losses upon payment | -162,115 | -9,169 | -171,284 |
| -557,287 | -257,223 | -814,510 | |
|---|---|---|---|
| Exchange rate difference | -65,784 | 207 | -65,577 |
| As at 31 Dec 2023 = 1 Jan 2024 | 11,353,159 | 2,431,226 | 13,784,385 |
| Current service cost | 674,570 | 220,855 | 895,425 |
| Interest cost | 230,871 | 56,443 | 287,314 |
| Actuarial gains/losses due to: | |||
| - changes in demographic assumptions | -73,071 | -4,708 | -77,779 |
| - changes in financial assumptions | 419,072 | 320,196 | 739,268 |
| - experience adjustments | 69,114 | -384,479 | -315,365 |
| Past service cost | -3,418 | 0 | -3,418 |
| Gains/losses on payout | -410,138 | 2,082 | -408,056 |
| Payouts during the year | -549,084 | -321,205 | -870,289 |
| Exchange rate difference | 12,301 | 69 | 12,370 |
| As at 31 Dec 2024 | 11,723,376 | 2,320,479 | 14,043,855 |
| Parameter | Parameter change 2024 | 2023 |
|---|---|---|
| Interest rate shift in the discount curve by +0.25% | -277,393 | -271,626 |
| shift in the discount curve by -0.25% | 235,283 | 280,948 |
| Wage growth | ||
| change in annual wage growth by +0.5% | 477,760 | 444,173 |
| change in annual wage growth by -0.5% | -370,870 | -395,910 |
| Mortality rate | ||
| constant increase in mortality by +20% | -106,691 | -98,727 |
| constant increase in mortality by -20% | 109,155 | 101,112 |
| Early employment termination | ||
| shift in the expense curve by +20% | -565,228 | |
| shift in the expense curve by -20% | 625,001 | 512,279 |
| Provisions for retirement benefits | Provisions for jubilee payments |
|---|---|
| -472,652 | |
| shift in the expense curve by -20% |
| Parameter change 2024 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Interest rate shift in the discount curve by +0.25% | TOTAL | ||||||||
| Balance of provisions as at 1 Jan | -181,752 | -174,700 | |||||||
| shift in the discount curve by -0.25% | 188,797 | 181,493 | |||||||
| Wage growth | |||||||||
| change in annual wage growth by +0.5% | 366,287 | 345,944 | |||||||
| change in annual wage growth by -0.5% | -328,012 | -309,516 | |||||||
| Mortality rate | |||||||||
| constant increase in mortality by +20% | -72,598 | -75,886 | |||||||
| constant increase in mortality by -20% | 73,543 | 76,920 | |||||||
| Early employment termination | |||||||||
| shift in the expense curve by +20% | -385,018 | -319,749 | |||||||
| shift in the expense curve by -20% |
| 411,902 | 340,212 | 271,170 | 133,605 | 404,775 | |
|---|---|---|---|---|---|
| Interest cost | 203,186 | 57,052 | 260,238 | ||
| Actuarial gains/losses due to: | |||||
| - changes in financial assumptions | 547,353 | 66,164 | 613,517 | ||
| - experience adjustments | 715,389 | 76,791 | 792,180 | ||
| Past service cost | 10,427 | 4,272 | 14,699 | ||
| Profit/loss upon payment | -208,291 | -13,037 | -221,328 | ||
| Payouts during the year | -487,050 | -212,965 | -700,015 |
| 2023 | 1 Jan 2024 | ||
|---|---|---|---|
| Current service cost | 395,032 | 153,199 | 548,231 |
| Interest cost | 196,803 | 54,042 | 250,845 |
| Actuarial gains/losses due to: | |||
| - changes in demographic assumptions | -127,692 | -4,715 | -132,407 |
| - changes in financial assumptions | 253,565 | 313,720 | 567,285 |
| - experience adjustments | 219,915 | -375,620 | -155,705 |
| Profit/loss upon payment | -400,524 | 1,244 | -399,280 |
| Payouts during the year | -459,996 | -261,116 | -721,112 |
| Balance of provisions as at 31 Dec | 7,946,511 | 1,917,859 | 9,864,370 |
| Triglav Group | Zavarovalnica Triglav | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|---|
| Liabilities for labour costs | 40,670,858 | 35,168,543 | 31,260,501 | 26,848,920 |
| Accrued costs and expenses and short-term deferred income | 18,834,376 | 8,611,810 | 17,009,906 | 7,172,279 |
| Non-attributable liabilities from insurance operations | 22,259,381 | 14,647,112 | 21,316,579 | 11,073,746 |
| Liabilities for overpayments and prepayments | 10,131,815 | 9,331,886 | 5,720,365 | 4,865,652 |
| Trade payables | 13,617,565 | 10,242,385 | 14,014,947 | 10,667,819 |
| Other current liabilities | 16,168,386 | 6,556,237 | 12,275,041 | 5,115,143 |
| TOTAL | 121,682,381 | 84,557,975 | 101,597,339 | 65,743,559 |
As at 1 Jan 2023: 5,314,156
As at 31 December 2024, the Company's liabilities related to labour costs include EUR 4,919,784 of provisions for the reorganisation of the work process (31 December 2023: EUR 3,054,636).
Income from asset management in 2024 for the Group amounted to EUR 49,364,063 (2023: EUR 39,685,487) and for the Company to EUR 3,158,050 (2023: EUR 2,854,726). It relates to income from management fees.
| Creation | Use | Release | Effect of exchange rate differences | As at 31 Dec 2023 = 1 Jan 2024 | |
|---|---|---|---|---|---|
| 5,281,991 | -4,493,778 | -206,900 | -14,174 | 5,881,295 | |
| 4,736,665 | -4,565,858 | -31,880 | 46 | 10,681,810 | |
| -1,025,094 | -9,298,530 | 39,140 | |||
| 1,529,322 | -1,702,345 | -4,577,104 | 325 |
| Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | |
|---|---|---|---|---|
| Lease income | 5,760,539 | 7,441,237 | 6,479,919 | 6,195,418 |
| Non-attributable insurance revenue | 8,538,963 | 8,639,175 | 3,566,172 |
Net other operating income and expenses are presented in the table below.
| Other operating income | 15,569,281 | 10,702,027 | 2,784,210 | 1,990,295 | |
|---|---|---|---|---|---|
| Non-attributable insurance service expenses | -13,879,120 | -13,619,930 | -7,246,365 | -6,399,284 | |
| Investment property expenses | -4,368,066 | -4,094,708 | -4,611,142 | -4,166,588 | |
| Other operating expenses | -19,760,185 | -8,016,728 | -16,834,485 | -5,099,896 | |
| Total net other operating income and expenses from operating activities | -8,138,588 | 1,051,073 | -15,861,691 | -46,756 | |
| Net other operating income and expenses from discontinued operations | -59,651 | 449,475 | -59,651 | 449,475 | |
| TOTAL | -8,198,239 | 1,500,548 | -15,921,342 | 402,719 |
Net other financial income and expenses include interest expenses on the bonds issued by Zavarovalnica Triglav amounting to EUR 5,264,056 (2023: EUR 2,186,354).
| Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | |
|---|---|---|---|---|
| Gains/losses on investments measured under the equity method | 2,277,683 | 2,242,935 | 2,204,920 | 2,194,361 |
| Dividend income from associates | 0 | 0 | 2,227,551 | 16,391,400 |
| Other gains/losses on investments in associates | 4,666,520 | 0 | 4,666,520 | 0 |
| TOTAL | 6,944,203 | 2,242,935 | 9,098,991 | 18,585,761 |
In 2024, the Company recognised EUR 4,666,520 of gains on disposal of the participating interest in Nama d.d. There were no realised sales of participating interests in associates in 2023.
| Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | |
|---|---|---|---|---|
| Current tax expense | -20,266,652 | -14,792,092 | -12,616,147 | -10,092,384 |
| Minimum tax expense | -427,032 | 0 | -427,032 | 0 |
| Deferred tax expense | -6,930,404 | 9,996,850 | -6,309,384 | 8,548,986 |
| TOTAL TAX EXPENSE IN PROFIT OR LOSS | -27,624,088 | -4,795,242 | -19,352,563 | -1,543,398 |
| 2024 | 2023 | Before tax | Tax | After tax | Before tax | Tax | After tax | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gains or losses arising from changes in the fair value of equity securities | 344,386 | -56,874 | 287,512 | 425 | |||||||
| Tax expense in other comprehensive income | 4,536,173 | -722,319 | 3,813,854 | ||||||||
| Gains or losses arising from changes in the fair value of debt securities | 30,812,887 | -6,008,196 | 24,804,691 | 81,752,210 | -10,636,023 | 71,116,187 | |||||
| Gains or losses on the valuation of insurance contracts | -25,645,272 | 5,406,134 | -20,239,138 | -49,101,049 | 7,403,718 | -41,697,331 | |||||
| Gains or losses on the valuation of reinsurance contracts | 1,937,612 | -534,272 | 1,403,340 | 3,668,513 | -1,132,642 | 2,535,871 | |||||
| Actuarial gains/losses | -142,854 | 85,741 | -57,113 | -1,521,911 | 525,039 | -996,872 | |||||
| Translation differences | 119,945 | -20,065 | |||||||||
| Other | -8,654 | -74,181 | |||||||||
| TOTAL OTHER COMPREHENSIVE INCOME | 7,306,759 | -1,107,467 | 6,310,583 | 39,333,936 | -4,562,227 | 34,677,463 |
| 2024 | 2023 | Before tax | Tax | After tax | Before tax | Tax | After tax | ||
|---|---|---|---|---|---|---|---|---|---|
| Gains or losses arising from changes in the fair value of equity securities | 258,519 | -56,874 | 201,645 | 4,332,776 | -700,867 | 3,631,909 | |||
| Gains or losses arising from changes in the fair value of debt securities | 19,280,482 | -4,153,306 | 15,127,177 | 68,395,862 | -8,667,698 | 59,728,164 | |||
| Gains or losses on the valuation of insurance contracts | -20,289,544 | 4,463,700 | -15,825,844 | -37,331,627 | 4,971,511 | -32,360,116 | |||
| Gains or losses on the valuation of reinsurance contracts | 1,427,411 | -314,030 | 1,113,380 | 4,091,190 | -752,808 | 3,338,382 | |||
| Actuarial gains/losses | -31,908 | 86,644 | 54,736 | -1,575,443 | 525,039 | -1,050,404 | |||
| TOTAL OTHER COMPREHENSIVE INCOME | 644,960 | 26,134 | 671,094 | 37,912,758 | -4,624,823 | 33,287,935 |
In accordance with the Corporate Income Tax Act (ZDDPO-2), the applicable tax rate in Slovenia was 22% in 2024, the same as in the preceding year. In subsidiaries operating outside Slovenia, tax rates were used as applicable in the country of operation and in compliance with the local legislation.
| in EUR | Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|---|---|---|
| Accounting profit before tax | 159,042,201 | 21,060,436 | 117,584,460 | 15,761,154 | |||
| Tax calculated based on accounting income and expenses (at domestic rates applied to profits in the relevant countries) | -34,331,172 | -13,000,659 | 25,868,581 | -8,656,686 | |||
| Adjustments to the current year's tax return: | 14,000,963 | -1,791,433 | -13,315,991 | -1,435,698 | |||
| Tax effect of income deductible for tax purposes | 7,327,468 | 4,086,244 | 6,449,784 | 3,853,492 | |||
| Tax effect of expenses deductible for tax purposes | -3,611,762 | -3,058,585 | -2,697,302 | -2,340,265 | |||
| Tax relief | 9,499,763 | 1,580,913 | 8,917,210 | 961,298 | |||
| Effect of other increases/decreases in the tax base | 785,494 | -4,400,005 | 646,299 | -3,910,222 | |||
| Other adjustments | 63,557 | 0 | 63,557 | 0 | |||
| Current tax expense | -20,266,652 |
| -14,792,092 | -12,616,147 | -10,092,384 | Minimum (top-up) tax expense | -427,032 | 0 | -427,032 | 0 | |
|---|---|---|---|---|---|---|---|---|
| -6,930,404 | 9,996,850 | -6,309,384 | 8,548,986 | TOTAL TAX EXPENSE[1] | ||||
| -27,624,088 | -4,795,242 | -19,352,563 | -1,543,398 | Effective tax rate | 17.37% | 22.77% | 16.46% | 9.79% |
The reconciliation of accounting profit and tax expense for 2023 was significantly impacted by the merger of Triglav, Zdravstvena zavarovalnica. A breakdown of the effects by company is presented below:
| in EUR | 2023 | Zavarovalnica Triglav | Triglav, Zdravstvena zavarovalnica | TOTAL |
|---|---|---|---|---|
| Accounting profit before tax | 45,561,505 | -29,800,351 | 15,761,154 | |
| Tax calculated based on accounting income and expenses | -8,656,686 | 0 | -8,656,686 | |
| Adjustments to the current year's tax return: | -1,435,698 | 0 | -1,435,698 | |
| Tax effect of income deductible for tax purposes | 3,853,492 | 0 | 3,853,492 |
| in EUR | 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|---|
| Tax effect of expenses deductible | -2,340,265 | 0 | -2,340,265 |
| Tax relief | 961,298 | 0 | 961,298 |
| Effect of other increases/decreases | -3,910,222 | 0 | -3,910,222 |
| Current tax expense | -10,092,384 | 0 | -10,092,384 |
| Deferred tax expense | 3,193,306 | 5,355,680 | 8,548,986 |
| TOTAL TAX EXPENSE | -6,899,078 | 5,355,680 | -1,543,398 |
| Effective tax rate [1] | 15.14% | -18.00% | 9.79% |
The Group's current tax assets and liabilities are netted at the level of each tax jurisdiction. The Group's current tax assets as at 31 December 2024 amounted to EUR 260,573 (31 December 2023: EUR 8,491,524) and the Group's current tax liabilities as at 31 December 2024 amounted to EUR 5,633,245 (31 December 2023: EUR 571,555). The Company's current tax assets and liabilities are netted. The Company's current tax assets as at 31 December 2024 amounted to EUR 2,360,480 and its current tax liabilities as at 31 December 2023 amounted to EUR 9,302,529. The Company has no unused tax losses; at Group level they amounted to EUR 29,505,313 as at 31 December 2024 (31 December 2023: EUR 58,940,281).
The top-up tax is calculated in accordance with the applicable legislation adopted by each jurisdiction, as well as OECD guidelines and commentaries published up to 31 December 2024. The Group applied the mandatory temporary exemption under IAS 12 from recognising deferred tax assets and liabilities related to the global minimum tax. For jurisdictions that have not met the transitional CbCR safe harbour criteria (i.e. de minimis test, simplified statutory effective tax rate test, routine profits test), the Company, as the ultimate parent company, estimated the impact of the global minimum tax on the 2024 financial statements to be EUR 427,037, based on applicable tax legislation and OECD commentaries and guidelines published by 31 December 2024. The provisions of the Minimum Tax Act (ZMD) are interpreted and applied in accordance with the guidelines issued and published by the OECD, which are continuously updated.
The following tables show the fair value of assets measured at fair value and those that are not measured at fair value but for which fair value is disclosed. The table excludes cash, receivables and other financial liabilities whose carrying amount is the best indicator of fair value.
| in EUR | 31 Dec 2024 | 31 Dec 2023 | Carrying amount | Level 1 | Level 2 | Level 3 | Total fair value |
|---|---|---|---|---|---|---|---|
| Financial investments at fair value through other comprehensive income | 1,911,560,385 | 1,672,966,932 | 1,911,560,385 | 367,992,586 | 1,539,194,989 | 4,372,810 | 1,911,560,385 |
| Debt and other fixed-return securities | 1,907,187,575 | 1,668,940,444 | 1,907,187,575 | 367,992,586 | 1,539,194,989 | 0 | 1,907,187,575 |
| Financial investments at fair value through profit or loss | 906,463,048 | 740,314,111 | 906,463,048 | 726,452,642 | 30,164,724 | 149,845,682 | 906,463,048 |
| Debt and other fixed-return securities | 31,222,922 | 34,769,923 | 31,222,922 | 1,058,198 | 30,164,724 | 0 | 31,222,922 |
| Equity securities | 875,220,316 | 705,544,188 | 875,220,316 | 725,394,444 | 0 | 149,825,872 | 875,220,316 |
| Other financial investments | 19,810 | 0 | 19,810 | 0 | 0 | 0 | 19,810 |
| Financial investments from financial contracts at fair value through profit or loss | 493,515,077 | 366,826,746 | 493,515,077 | 245,046,147 | 226,376,415 | 22,092,515 | 493,515,077 |
| Debt and other fixed-return securities | 292,168,499 | 214,934,774 | 292,168,499 | 65,792,084 | 226,376,415 | 0 | 292,168,499 |
| Equity securities | 201,346,578 | 151,891,972 | 201,346,578 | 179,254,063 | 0 | 22,092,515 | 201,346,578 |
| in EUR | 31 Dec 2024 | 31 Dec 2023 | Carrying amount | Level 1 | Level 2 | Level 3 | Total fair value |
|---|---|---|---|---|---|---|---|
| Financial investments at amortised cost | 222,568,437 | 229,559,727 | 222,568,437 | 29,128,518 | 198,410,626 | 0 | 227,539,144 |
| Debt and other fixed-return securities | 154,222,672 | 156,334,533 | 154,222,672 | 29,128,518 | 130,347,668 | 0 | 159,476,186 |
| Deposits with banks | 60,833,549 | 65,794,876 | 60,833,549 | 0 | 60,474,522 | 0 | 60,474,522 |
| Loans given | 6,622,689 | 6,557,904 | 6,622,689 | 0 | 6,698,909 | 0 | 6,698,909 |
| Other financial investments | 889,527 | 872,414 | 889,527 | 0 | 889,527 | 0 | 889,527 |
| Financial investments from financial contracts at amortised cost | 245,995,862 | 283,215,425 | 245,995,862 | 37,567,894 | 201,396,265 | 0 | 238,964,159 |
| Debt and other fixed-return securities | 245,995,862 | 283,215,425 | 245,995,862 | 37,567,894 | 201,396,265 | 0 | 238,964,159 |
| Investment property using the cost model | 70,411,373 | 67,953,773 | 70,411,373 | 0 | 0 | 85,545,970 | 85,545,970 |
| Subordinated debt at amortised cost | 152,130,399 | 49,994,402 | 152,130,399 | 0 | 147,215,330 | 0 | 147,215,330 |
| in EUR | 31 Dec 2024 | 31 Dec 2023 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Carrying amount | Level 1 | Level 2 | Level 3 | Total fair value | Carrying amount | Level 1 | Level 2 | Level 3 | Total fair value | ||||
| ASSETS - MEASURED AT FAIR VALUE | 1,301,734,118 | 272,700,732 | 1,026,133,476 | 2,899,910 | 1,301,734,118 | 1,161,179,788 | 237,353,180 | 921,185,218 | 2,641,391 | ||||
| Debt and other fixed-return securities | 1,298,834,209 | 272,700,732 | 1,026,133,476 | 0 | 1,298,834,209 | 1,158,538,398 | 237,353,180 | 921,185,218 | 0 | ||||
| Equity securities | 2,899,910 | 0 | 0 | 2,899,910 | 2,899,910 | 2,641,391 | 0 | 0 | 2,641,391 | ||||
| Financial investments at fair value through profit or loss | 815,760,668 | 647,498,569 | 20,107,544 | 148,154,554 | 815,760,668 | 651,624,386 | 516,893,782 | 20,830,338 | 113,900,267 | ||||
| Debt and other fixed-return securities | 20,107,544 | 0 | 20,107,544 | 0 | 20,107,544 | 22,677,800 | 1,847,463 | 20,830,338 | 0 | ||||
| Equity securities | 795,633,313 | 647,498,569 | 0 | 148,134,744 | 795,633,313 | 628,946,586 | 515,046,319 | 0 | 113,900,267 | ||||
| Other financial investments | 19,810 | 0 | 19,810 | 19,810 | 0 | 0 | 0 | 0 | 0 | ||||
| Financial investments from financial contracts at fair value through profit or loss | 207,542,830 | 102,520,781 | 95,142,959 | 9,879,090 | 207,542,830 | 169,625,986 | 89,298,067 | 72,480,834 | 7,847,086 | ||||
| Debt and other fixed-return securities | 123,045,853 | 27,902,894 | 95,142,959 | 0 | 123,045,853 | 96,181,144 | 23,700,309 | 72,480,834 | 0 | ||||
| Equity securities | 84,496,977 | 74,617,887 | 0 | 9,879,090 | 84,496,977 | 73,444,843 | 65,597,757 | 0 | 7,847,086 | ||||
| ASSETS FOR WHICH FAIR VALUE IS DISCLOSED | 143,875,820 | 26,784,245 | 123,406,420 | 0 | 150,190,665 | 142,843,306 | 20,840,645 | 129,203,850 | 0 | ||||
| Debt and other fixed-return securities | 131,356,383 | 26,784,245 | 111,065,373 | 0 | 137,849,618 | 131,083,304 | 20,840,645 | 117,765,696 | 0 | ||||
| Deposits with banks | 7,212,865 | 0 | 7,151,605 | 0 | 7,151,605 | 7,212,364 | 0 | 7,073,871 | 0 | ||||
| Loans given | 5,306,572 | 0 | 5,189,442 | 0 | 5,189,442 | 4,547,639 | 0 | 4,364,283 | 0 | ||||
| Financial investments from financial contracts at amortised cost | 77,040,080 | 13,223,692 | 63,604,734 | 0 | 76,828,426 | 86,215,285 | 18,046,757 | 66,982,354 | 0 | ||||
| Debt and other fixed-return securities | 77,040,080 | 13,223,692 | 63,604,734 | 0 | 76,828,426 | 86,215,285 | 18,046,757 | 66,982,354 | 0 | ||||
| Investment property using the cost model | 44,971,145 | 0 | 0 | 59,449,713 | 59,449,713 | 43,427,181 | 0 | 59,495,267 | 59,495,267 | ||||
| Subordinated debt at amortised cost | 152,130,399 | 0 | 147,215,330 | 0 | 147,215,330 | 49,994,402 | 0 | 53,087,374 | 0 |
| As at 1 Jan 2023 | Acquisitions | Disposals | Revaluation of instruments through profit or loss | Revaluation of instruments through other comprehensive income | Reclassification between levels | As at 31 Dec 2023 = 1 Jan 2024 | |
|---|---|---|---|---|---|---|---|
| in EUR | 98,579,248 | 21,600,882 | -2,553,434 | 2,262,044 | -422,254 | 199 | 119,466,685 |
| 11,211,160 | 8,094,848 | 0 | 281,126 | 0 | 0 | 19,587,134 | |
| 95,437,684 | 21,600,880 | -2,536,468 | 2,500,185 | -460,838 | 2140 | 116,541,657 | |
| 3,609,540 | 4,269,553 | 0 | -32,008 | 0 | 7,847,085 | ||
| Acquisitions | 37,549,224 | 2,919,665 | -8,750,666 | 5,471,241 | 354,266 | 127,742 | 154,218,492 |
| 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | 22,092,515 | |||
| 160,913,743 | 124,388,744 | -8,703,002 | 5,312,902 | 258,519 | 127,663 | 151,054,463 | |
| Estimated value deviation | -42,882,841/17,782,049 | -33,756,788/14,202,985 | -39,454,319/16,253,708 | -30,464,312/12,519,336 |
The value of financial investments classified into Level 3 increased in 2024 predominantly due to the payments into alternative investment funds. The increase is reduced by payments received from alternative investment funds, which represent the bulk of the "sales" item. The "revaluation through profit or loss" item, which significantly contributes to the overall increase in financial investments classified into level 3, is also mainly a result of changes in the value of alternative investment funds. In 2024, there were no disposals of financial investments classified in Level 3 of the fair value hierarchy either in the Group or the Company. In 2023, the disposals of financial investments in the Group and the Company amounted to EUR 3,487,156 in total. The gain on disposal of EUR 63,385 was recognised in the statement of profit or loss.
Reclassification of financial investments of the Triglav Group among levels
| Financial investments | Debt and other fixed-return securities | 2024 | 2023 | Reclassification from Level 1 to Level 2 | Reclassification from Level 2 to Level 1 |
|---|---|---|---|---|---|
| 220,885,977 | 202,183,424 | 217,059,836 | 112,772,641 | ||
| TOTAL | 220,885,977 | 202,183,424 | 217,059,836 | 112,772,641 |
in EUR
| Reclassification from Level 1 to Level 2 | Reclassification from Level 2 to Level 1 | Financial investments from financial contracts | Debt and other fixed-return securities | 2024 | 2023 |
|---|---|---|---|---|---|
| 54,785,449 | 28,683,221 | 48,325,659 | 49,016,213 | ||
| TOTAL | 54,785,449 | 28,683,221 | 48,325,659 | 49,016,213 |
in EUR
| Reclassification from Level 1 to Level 2 | Reclassification from Level 2 to Level 1 | Financial investments | Debt and other fixed-return securities | 2024 | 2023 |
|---|---|---|---|---|---|
| 103,627,024 | 130,040,509 | 179,339,905 | 106,305,586 | ||
| TOTAL | 103,627,024 | 130,040,509 | 179,339,905 | 106,305,586 |
in EUR
| Reclassification from Level 1 to Level 2 | Reclassification from Level 2 to Level 1 | Financial investments from financial contracts | Debt and other fixed-return securities | 2024 | 2023 |
|---|---|---|---|---|---|
| 22,185,905 | 14,171,073 | 7,667,349 | 21,044,425 | ||
| TOTAL | 22,185,905 | 14,171,073 | 7,667,349 | 21,044,425 |
The contracted value of audit services provided by Deloitte Revizija d.o.o. and other firms in its network for 2024 is shown in the table below.
| Triglav Group | Zavarovalnica Triglav | 2024 | 2023 | |
|---|---|---|---|---|
| Auditing of the Annual Report | 514,731 | 902,024 | 223,313 | 323,143 |
| Other assurance and related services | 349,899 | 131,675 | 312,143 | 68,808 |
| TOTAL | 864,630 | 1,033,698 | 535,457 | 391,951 |
The following are government grants received by the Company in the form of:
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Reimbursements of labour costs by the state | 2,520,955 | 2,939,619 | 2,052,313 | 2,640,393 |
| Government grants received in the framework of aid measures | 197,420 | 231,202 | 150,769 | 167,253 |
| Government incentives for the employment of specific categories of workers | 32,350 | 0 | 0 | 0 |
| Funds obtained in public tenders for co-financing of costs | 5,860 | 145,453 | 0 | 140,138 |
| Funds obtained in public tenders for the acquisition of assets | 10,996,355 | 0 | 10,996,355 | 0 |
| Other government grants | 39,277 | 193,542 | 0 | 0 |
| TOTAL | 13,792,217 | 3,509,816 | 13,199,437 | 2,947,784 |
Cost-related grants reduce the costs to which they relate or are recognised as other income. Asset-related grants are recognised as deferred income and transferred to profit or loss on a straight-line basis over the useful life of the asset. All government grants and subsidies received in 2024 and 2023 were non-refundable.
Related party transactions are disclosed separately for the Triglav Group and Zavarovalnica Triglav:
Transactions with shareholders and shareholder-related companies:
Transactions between Group companies primarily related to reinsurance, underwriting commissions, investment and real property management, and intercompany rentals. The income and expenses generated by the Company with the Group companies in 2024 are shown in the table below.
| INCOME AND EXPENSES | 2024 | 2023 |
|---|---|---|
| Written insurance premium | 25.084.196 | 26.524.036 |
| Written reinsurance premium | -156.090.283 | -141.057.331 |
| Income from reinsurance commissions | 35.915.360 | 33.667.221 |
| Other income from insurance operations | 1.642.291 | 1.226.473 |
| Interest income | 32.681 | 0 |
| Rental income | 1.118.032 | 1.053.911 |
| Other income | 8.461.675 | 7.127.989 |
| TOTAL INCOME | -83.836.047 | -71.457.701 |
|---|---|---|
| Claims settled | -4.129.338 | -10.843.457 |
| Reinsurers' share in claims | 86.959.585 | 113.959.453 |
| Exprense from reinsurance commissions | -5.614.726 | -5.745.088 |
| Expenses from insurance contracts | -3.059.948 | -200.965 |
| Finance expenses | -17.457 | -19.554 |
| Other expenses | -769.635 | -605.413 |
| Operating costs | -8.857.044 | -7.317.227 |
| TOTAL EXPENSES | 64.511.438 | 89.227.749 |
The related party services among Group members are charged at the same prices as those applying to unrelated parties. Pricing is based on the external or internal comparable uncontrolled price method and the cost allocation method. As at 31 December 2024, Zavarovalnica Triglav recognised receivables and liabilities from its subsidiaries as shown in the table below.
| 31 Dec 2024 | 31 Dec 2023 | |
|---|---|---|
| ASSETS | ||
| Right-of-use of assets | 571.198 | 661.080 |
| Loans | 1.662.903 | 1.070.031 |
| Receivables from insurance and reinsurance operations | 25.163.636 | 70.817.753 |
| Short term receivables from financing | 19.195 | 9.610 |
| Other short-term receivables | 1.949.297 | 188.759 |
| LIABILITIES | ||
| Liabilities from insurance and reinsurance operations | 22.556.998 | 31.243.881 |
| Lease liabilities | 613.435 | 699.719 |
| Other short-term liabilities | 201.499 | 635.840 |
In 2024, the Group and the Company had no significant transactions with associates and joint ventures. By issuing a letter of comfort, Triglav INT d.o.o. acknowledged the unprofitable operations of its subsidiary, Triglav Osiguranje d.d., Zagreb, and confirmed its intention to ensure that the subsidiary has sufficient assets to meet all its liabilities for at least the next 12 months from the reporting date. The letter of comfort does not constitute a direct liability but represents a contingent liability that could impact the Group's financial position if the subsidiary is unable to settle its liabilities using its own funds. The Group regularly monitors the subsidiary's financial position and evaluates the potential financial impact on its consolidated financial statements.
In 2024, the Management Board members received the following remuneration:
| First and last name | Fixed remuneration – gross (1)* | Variable remuneration (bonuses) – gross (2) | Total gross (3 = 1 + 2) | Total remuneration – net (4) | Insurance benefits and SVPI (5)** | Other benefits (6)*** | Total benefits and SVPI (7 = 5 + 6) |
|---|---|---|---|---|---|---|---|
| Andrej Slapar | 227,408 | 46,139 | 273,547 | 90,585 | 76,975 | 5,397 | 82,372 |
| Uroš Ivanc | 216,173 | 43,832 | 260,005 | 88,628 | 55,496 | 0 | 55,496 |
| Tadej Čoroli | 216,173 | 43,832 | 260,005 | 88,541 | 55,490 | 2,344 | 57,834 |
| Blaž Jakič | 216,173 | 13,405 | 229,578 | 72,191 | 55,495 | 11,474 | 66,969 |
| Marica Makoter | 216,173 | 43,832 | 260,005 | 88,058 | 55,496 | 937 | 56,433 |
| Barbara Smolnikar**** | 0 | 5,330 | 5,330 | 3,114 | 0 | 0 | 0 |
| David | 0 | 5,330 | 5,330 | 3,114 | 0 | 0 | 0 | |
|---|---|---|---|---|---|---|---|---|
| Benedek**** | TOTAL | 1,092,100 | 201,700 | 1,293,800 | 434,231 | 298,952 | 20,152 | 319,104 |
** Insurance premiums include premiums for supplemental voluntary pension insurance, accident insurance, liability insurance and other insurance.
*** Other benefits include the use of a company vehicle.
**** The commencement or termination of the function of a Management Board member is described in more detail in Section 3.2 of the Business Report. The disclosure does not include travel expenses, accommodation costs and daily allowance as, by their nature, they are not considered remuneration of the Management Board.
| First and last name | Deferred variable remuneration (bonuses) – gross (1) | Fixed remuneration (salary) – gross and reimbursement (2) | Total liabilities (3=1+2) |
|---|---|---|---|
| Andrej Slapar | 54,334 | 18,710 | 73,044 |
| Uroš Ivanc | 51,617 | 18,421 | 70,038 |
| Tadej Čoroli | 51,617 | 17,775 | 69,392 |
| Blaž Jakič | 13,405 | 17,775 | 31,180 |
| Marica Makoter | 51,617 | 17,775 | 69,392 |
| Barbara Smolnikar | 29,292 | 0 | 29,292 |
| David Benedek | 33,102 | 0 | 33,102 |
| TOTAL | 284,984 | 90,456 | 375,440 |
As at 31 December 2024, the Company did not have any significant amounts receivable from Management Board members. The criteria for the performance assessment of the Management Board members are proposed by the Appointment and Remuneration Committee and approved by the Supervisory Board. The purpose of these criteria is to maximise the objective monitoring of the achievement of annual and medium-term objectives and to periodically assess the performance of the Management Board members. The performance criteria are designed to follow the Company’s annual and medium-term business objectives adopted in the Company’s annual business plans and strategic documents. The definition of a specific objective includes the following: its description, the expected target value, the assigned weight and the method for measuring or assessing its achievement. The method used to calculate the performance measures deviations from the set objectives by awarding a bonus for overperformance and through pay deduction from the basic salary of a Management Board member for underperformance.
The annual performance bonus is paid in three installments. The first half is paid within 30 days of the Supervisory Board approving the annual report and adopting a resolution on the bonus amount, or, in the event the annual report is approved at the General Meeting of Shareholders, within 30 days of the General Meeting of Shareholders approving the annual report and the Supervisory Board adopting a resolution on the bonus amount. The remaining 40% of the bonus is paid after two years, and 10% after three years; however, all three payments must be proportionate to the period of the office being held in a particular calendar year.
The Management Board members are entitled to severance pay equalling six times the average monthly basic salary they received as board members, if they are dismissed for economic and business reasons and their employment is terminated as a consequence. Severance is paid within one month of dismissal.
In 2024, Zavarovalnica Triglav paid EUR 23,288,899 in remuneration to employees under an individual agreement (2023: EUR 20,888,743), of which EUR 20,834,884 in gross salaries (2023: EUR 18,626,905) and EUR 2,454,015 in other remuneration (2023: EUR 2,261,838). The amounts do not include meal and travel allowances.
| First and last name | Flat-rate remuneration – gross (1) | Attendance fees – gross(2) | Total gross (1 + 2) | Total net | Travel expenses – gross | Travel expenses – net |
|---|---|---|---|---|---|---|
| Andrej Andoljšek | 30,000 | 5,885 | 35,885 | 26,270 | 424 | 310 |
| Tomaž Benčina | 22,500 | 4,290 | 26,790 | 19,612 | 1,372 | 1,004 |
| Name | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|---|---|
| Monica Cramer | 20,111 | 3,025 | 23,136 | 17,930 | 10,006 | 7,754 |
| Barbara Nose | 12,152 | 2,145 | 14,297 | 10,466 | 0 | 0 |
| Rok Ponikvar | 7,437 | 1,155 | 8,592 | 5,391 | 1,739 | 1,091 |
| Igor Stebernak | 10,200 | 2,200 | 12,400 | 8,313 | 215 | 144 |
| Tim Umberger | 23,214 | 4,246 | 27,460 | 20,102 | 621 | 454 |
| Jure Valjavec | 15,063 | 4,510 | 19,573 | 14,328 | 864 | 632 |
| Aleš Košiček | 21,604 | 5,621 | 27,225 | 19,931 | 621 | 454 |
| Janja Strmljan | 20,111 | 3,245 | 23,356 | 17,098 | 616 | 451 |
| Katarina Sitar | 1,400 | 0 | 1,400 | 1,025 | 0 | 0 |
| Luka Kumer* | 6,646 | 1,595 | 8,241 | 6,033 | 0 | 0 |
| Mateja Lovšin | 2,224 | 1,320 | 3,544 | 2,594 | 0 | 0 |
| TOTAL | 192,662 | 39,237 | 231,899 | 169,093 | 16,478 | 12,294 |
| Type | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|---|
| Uncollected subrogation receivables | 63,271,940 | 62,762,435 | 49,961,621 | |
| Contingent receivables | 1,204,690 | 34,067,804 | 789,174 | |
| Derivative financial instruments | 13,246,294 | 0 | 13,246,294 | 0 |
| Approved undrawn loans | 1,300,000 | 1,300,000 | 1,300,000 | 1,300,000 |
| Other contingent liabilities | 2,050,719 | 1,636,870 | 47,031 | 294,455 |
| Bonds, guarantees and other sureties issued | 79,997,504 | 169,991,733 | 76,969,852 | 156,558,114 |
| Alternative investments | 97,797,106 | 106,998,447 | 97,140,413 | 105,529,254 |
| Assets under management | 2,260,084,264 | 1,699,308,044 | 0 | 0 |
| Type | Not defined | Less than 1 year | 1-5 years | 5-10 years | TOTAL |
|---|---|---|---|---|---|
| Bonds, guarantees and other sureties issued | 1,631,776 | 0 | 418,943 | 0 | 2,050,719 |
| Other contingent liabilities | 1,300,000 | 348,299 | 76,301,845 | 2,047,361 | 79,997,505 |
| TOTAL | 2,931,776 | 348,299 | 76,720,788 | 2,047,361 | 82,048,224 |
| 1,636,870 | 0 | 0 | 0 | 1,636,870 | |
|---|---|---|---|---|---|
| Other contingent liabilities | 1,813,361 | 12,133,619 | 154,194,550 | 1,850,203 | 169,991,733 |
| TOTAL | 3,450,231 | 12,133,619 | 154,194,550 | 1,850,203 | 171,628,603 |
| Not defined | Less than 1 year | 1-5 years | 5-10 years | TOTAL | |
|---|---|---|---|---|---|
| Bonds, guarantees and other sureties issued | 47,031 | 0 | 0 | 0 | 47,031 |
| Other contingent liabilities | 0 | 0 | 74,922,491 | 2,047,361 | 76,969,852 |
| TOTAL | 47,031 | 0 | 74,922,491 | 2,047,361 | 77,016,883 |
| Not defined | Less than 1 year | 1-5 years | 5-10 years | TOTAL | |
|---|---|---|---|---|---|
| Bonds, guarantees and other sureties issued | 294,455 | 0 | 0 | 0 | 294,455 |
| Other contingent liabilities | 513,361 | 0 | 154,194,550 | 1,850,203 | 156,558,114 |
| TOTAL | 807,816 | 0 | 154,194,550 | 1,850,203 | 156,852,569 |
| Insurance | Zavarovalnica Triglav d.d. | Pozavarovalnica Triglav Re d.d. | Triglav Osiguranje a.d.o., Belgrade | Triglav Osiguranje d.d., Zagreb | |||
|---|---|---|---|---|---|---|---|
| Address | Miklošičeva cesta 19, Ljubljana, Slovenija | Miklošičeva cesta 19, Ljubljana, Slovenija | Milutina Milankovića 7a, Novi Beograd, Srbija | Antuna Heinza 4, Zagreb, Hrvaška | |||
| Phone | ++ 386 (1) 474 72 0 | ++ 386 (1) 474 79 00 | ++ 381 (11) 330 51 000 | 800 20 20 80 | |||
| info\@triglav.si | info\@triglavre.si | office\@triglav.rs | info\@triglav.hr | ||||
| Website | www.triglav.si, www.triglav.eu | www.triglavre.si | www.triglav.rs | www.triglav.hr | |||
| Activity | Insurance | Reinsurance | Insurance | Insurance | |||
| Equity stake of Zavarovalnica Triglav/the Triglav Group | 100.00%/100.00% | - /100.00% | - /100.00% | - /100.00% | |||
| Share of voting rights of Zavarovalnica Triglav/the Triglav Group | 100.00%/100.00% | - /100.00% | - /100.00% | - /100.00% | |||
| Share capital | EUR 73,701,392 | EUR 4,950,000 | EUR 19,661,348 | EUR 48,228,552 | |||
| Nominal value of equity stake held by Zavarovalnica Triglav/the Triglav Group | EUR 4,950,000/EUR 4,950,000 | - /EUR 19,661,348 | - /EUR 48,228,552 | ||||
| Triglav Osiguranje d.d., Sarajevo | Lovćen Osiguranje a.d., Podgorica | Lovćen životno osiguranje a.d., Podgorica | Triglav Osiguruvanje a.d., Skopje | ||||
| Address | Dolina 8, Sarajevo, Bosna in Hercegovina | Ulica slobode 13a, Podgorica, Črna gora | Ulica Marka Miljanova 29/III, Podgorica, Črna gora | Bulevar 8-mi Septemvri br. 16, Skopje, Severna Makedonija | |||
| Phone | ++ 387 (33) 252 110 | ++ 382 (20) 404 404 | ++ 382 (20) 231 882 | ++ 389 (2) 510 22 22 | |||
| info\@triglav.ba | info\@lo.co.me | info\@lovcenzivot.me | info\@triglav.mk | ||||
| Website | www.triglav.ba | www.lo.co.me | www.lo.co.me | www.triglav.mk | |||
| Activity | Insurance | Insurance | Insurance | Insurance | |||
| Equity stake of Zavarovalnica Triglav/the Triglav Group | - /97.78% | - /99.07% | - /99.07% | - /82.01% | |||
| Share of voting rights of Zavarovalnica Triglav/the Triglav Group | - /98.87% | - /99.07% | - /99.07% | - /82.01% | |||
| Share capital | EUR 10,861,337 | EUR 10,459,925 | EUR 3,700,000 | EUR 3,008,425 | |||
| Nominal value of equity stake held by Zavarovalnica Triglav/the Triglav Group | - /EUR 10,620,215 | - /EUR 10,362,648 | - /EUR 3,665,590 | - /EUR 2,467,200 |
Address: Bulevar 8-mi Septemvri br. 18, Skopje, Severna Makedonija
Address: Ulica Prvog krajiškog korpusa 29, Banja Luka, Hercegovina
Phone: ++ 389 (2) 510 22 01
Phone: ++ 387 (51) 215 262
Email: [email protected]
Email: [email protected]
Website: www.triglavzivot.mk
Website: www.triglavrs.ba
Activity: Insurance
Activity: Insurance Equity
| Share of voting rights of Zavarovalnica Triglav/the Triglav Group | /97.43% | /100.00% |
|---|---|---|
| Share capital | EUR 7,002,583 | EUR 4,777,227 |
| Value of equity stake held by Zavarovalnica Triglav/the Triglav Group | /EUR 6,822,617 | /EUR 4,671,173 |
Address: Dunajska cesta 20, Ljubljana, Slovenija
Address: Dunajska cesta 22, Ljubljana, Slovenija
Address: Bulevar 8 Septemvri br. 18, Skopje, Severna Makedonija
Phone: ++ 386 (1) 300 73 00, 080 10 19
Phone: ++ 386 (1) 47 00 840, 080 555 555
Phone: ++ 386 (1) 47 44 440
Phone: ++ 389 (2) 510 21 90, (2) 551 50 10
Email: [email protected]
Email: [email protected]
Email: [email protected]
Email: [email protected]
Website: www.triglavskladi.si
Website: www.triglavpokojnine.si
Website: www.triglav-upravljanje.si
Website: www.triglavpenzisko.si
Activity: Mutual fund management
Activity: Pension funds
Activity: Asset management
Activity: Pension funds
| 100.00%/100.00% | 100.00%/100.00% | 100.00%/100.00% | 100.00%/100.00% |
|---|---|---|---|
| 100.00%/100.00% | 100.00%/100.00% | 100.00%/100.00% | 100.00%/100.00% |
|---|---|---|---|
| EUR 563,345 | EUR 2 | EUR 3,160,113 | EUR 7,356,000 |
|---|---|---|---|
| EUR 563,345/EUR 563,345 | EUR 25,756,808/EUR 25,756,808 | EUR 3,160,113/EUR 3,160,113 | EUR 7,356,000/EUR 7,356,000 |
|---|---|---|---|
Mehmed paše Sokolovića br. 15, Sarajevo, Bosna i Hercegovina
Ulica Josipa Marohnića 1/1, Zagreb, Hrvaška
Džordža Vašingtona 44, Podgorica, Črna gora
Branilaca Sarajeva 45, Sarajevo, Bosna i Hercegovina
++387 33 277 270
++386 31 370 370
++386 31 370 370
++387 (0)61 182 345
www.triglavfondovi.ba
Management of financial assets
| Equity stake of Zavarovalnica Triglav/the Triglav Group | - /63.58% | - /100.00% | - /100.00% | - /100.00% |
|---|---|---|---|---|
| Share of voting rights of Zavarovalnica Triglav/the Triglav Group | - /63.20% | - /100.00% | - /100.00% | - /100.00% |
| Share capital | EUR 639,118 | EUR 514,673 | EUR 1,413,381 | EUR 998,710 |
| Nominal value of equity stake held by Zavarovalnica Triglav/the Triglav Group | - /EUR 404,351 | - /EUR 514,673 | - /EUR 1,413,381 | - /EUR 998,710 |
Dame Gruev br. 8, Skopje, Severna M
++386 31 370 370
Asset management
EUR 621,000
| Company Name | Address | Phone | Website | Activity | Equity Stake | Share of Voting Rights | Share Capital | Nominal Value of Equity Stake | |
|---|---|---|---|---|---|---|---|---|---|
| Triglav INT d.o.o. | Dunajska cesta 22, Ljubljana, Slovenija | ++ 386 (1) 430 95 34 | triglavint\@triglav-int.si | www.triglav-int.si | Hold company | 100.00% / 100.00% | 100.00% / 100.00% | EUR 77, | EUR 77,180,734 / EUR 77,180,734 |
| Triglav zdravje asistenca d.o.o. | Dunajska cesta 22, Ljubljana, Slovenija | ++ 386 (1) 893 84 40 | info\@tza.si | www.tza.si | Other human health activities | - / 100.00% | - / 100.00% | EUR 7,500 | EUR 7,500 |
| Triglav Svetovanje d.o.o. | Ljubljanska cesta 86, Domžale, Slovenija | ++ 386 (1) 724 66 50, 080 15 10 | info\@triglav-svetovanje.si | www.triglav-svetovanje.si | Insurance agency activities | 100.00% / 100.00% | 100.00% / 100.00% | EUR 8,763 | EUR 8,763 |
| Triglav Avtoservis d.o.o. | Verovškova 60b, Ljubljana, Slovenija | ++ 386 (1) 580 68 72 | info\@triglav-avtoservis.si | www.triglav-avtoservis.si | Maintenance and repair of motor vehicle | 100.00% / 100.00% | 100.00% / 100.00% | EUR 43,663 | 43,663 / EUR 43,663 |
| Lovćen auto d.o.o. | Novaka Miloševa 6/2, Podgorica, Črnagora | ++ 382 (69) 810 005 | registracija\@lovcen-auto.me | www.lovcen-auto.me | Roadworthiness tests and vehicle registration | - / 99.07% | - / 99.07% | EUR 12,850,000 | - / EUR 12,730,495 |
| Autocentar BH d.o.o. | Džemala Bijedića 185, Sarajevo, Bosna in Hercegovina | ++ 387 (33) 715 935 | info\@autocentarbh.ba | www.autocentarbh.ba | Roadworthiness tests and vehicle registration | - / 97.78% | - / 98.87% | EUR 1,376,952 | - / EUR 1,346,384 |
| Sarajevostan d.o.o. | Bulevar Meše Selimovića 12, Sarajevo, Bosna in Hercegovina | ++ 387 (690 | sastan\@sarajevostan.com.ba | www.sarajevostan.com.ba | Asset management | - / 90.95% | - / 91.97% | EUR 1,182,323 | - / 1,075,323 |
| Triglav Savjetovanje d.o.o. | Dolina 8, Sarajevo, Bosna in Hercegovina | ++ 387 (3) 361 81 06 | info\@triglav-savjetovanje.ba | www.triglav-savjetovanje.ba | Insurance agency activities | - / 97.78% | - / 97.78% | EUR 153,388 | - / EUR 149,983 |
| Address | Zelengorska 1g, Beograd, Srbija |
|---|---|
| Sarajevska cesta 60, Zagreb, Hrvaška | |
| Milutina Milankovića 7a, Beograd, Srbija | |
| Redelonghijeva ulica 12, Ljubljana, Slovenija |
| Phone | ++ 381 (1) 165 58 497 |
|---|---|
| ++ 385 (1) 344 41 22 | |
| ++ 386 (1) 281 13 893 | |
| 84 51 |
| office\@triglav-savetovanje.rs | |
|---|---|
| info\@triglav-savjetovanje.hr | |
| info-int\@triglav.rs | |
| eskulap\@tza.si |
| Website | www.triglav-savetovanje.rs |
|---|---|
| www.triglav-savjetovanje.hr | |
| www.tza.si/webapp/tza/pediatrija |
| Insurance agency activities | Holding company | Other human health activities |
|---|---|---|
| Equity stake of Zavarovalnica Triglav/the Triglav Group | /100.00% | /100.00% |
| /100.00% | /100.00% |
| EUR 30,119 | EUR 973,572 | EUR 513,611 | EUR 21,000 |
|---|---|---|---|
| /EUR 30,119 | /EUR 973,572 | /EUR 513,611 | /EUR 21,000 |
|---|---|---|---|
Miklošičeva cesta 19, Ljubljana, Slovenija
++386 (1) 47 47 518
www.vsebovredu.triglav.si
Humanitarian and charitable activities
| 100.00% | /100.00% |
|---|---|
| 100.00% | /100.00% |
|---|---|
EUR 100,000
In 2024, the Triglav Group accelerated the expansion of its well-developed and widely accessible business network, adopting a multi-channel approach and hybrid business models. Strategic partnerships and collaborations with contractual sales partners were strengthened, alongside enhancements to online and assistance services, as well as digital underwriting options. Additionally, since October 2023, the Group has been operating through a branch in Greece.
The Group's insurance sales network consists of insurance agents, sales clerks and employees at its own points of sale. In 2024, the external sales network in Slovenia included 437 outsourcers. In the non-life insurance segment, the Group successfully partners with car dealerships, leasing companies, roadworthiness test providers, insurance agencies, travel agencies, insurance brokerage and agency companies, and consumer electronics stores. In the life insurance segment, the Group works with insurance agency companies, insurance brokerage companies and banks providing insurance agency services.
Before entering into a business relationship with a partner, a due diligence and risk assessment with respect to personal data processing is carried out. The Group has an extensive own and external sales network across its subsidiaries in the Adria region, collaborating with over 1,640 external partners in these markets. Cooperation with brokers, agencies and other partners was strengthened, while the bank sales channel was reduced.
The largest number of partnerships is in Serbia, where the number of partners has increased further. In Croatia, both the own and external sales networks were strengthened. In Bosnia and Herzegovina, the partners Triglav Osiguranje, Banja Luka were merged into the Triglav Osiguranje Sarajevo business network. In North Macedonia, the size of the own sales network was maintained, while partnerships in alternative sales channels were expanded. The sales network in Montenegro remained stable in 2024.
and new products. Application support for assistance contractors was updated, enabling the automated capture of various types of vehicle damage and the automatic assessment of repair feasibility. Processes were modernised, and new vehicle valuation equipment was developed to handle mass hail claims.
▪ Zavarovalnica Triglav d.d., Ljubljana – registered office
Regional centres:
Zavarovalnica Triglav's existing sales network is available at www.triglav.si/uporabno/poslovalnice.
▪ Zavarovalnica Triglav d.d., Branch Greece, Athens
▪ Pozavarovalnica Triglav Re d.d., Ljubljana – registered office
▪ Triglav Osiguranje d.d., Zagreb – registered office, the list of branch offices at www.triglav.hr/korisno/poslovnice-i-kontakti
▪ Triglav Osiguranje a.d.o., Belgrade – registered office, the list of branch offices at www.triglav.rs/korisno/mreza-poslovnica
▪ Lovćen Osiguranje a.d., Podgorica – registered office, the list of branch offices at www.lo.co.me/korisne-informacije-i-kontakt/filijale-i-kontakti
▪ Triglav Osiguranje d.d., Sarajevo – registered office, the list of branch offices at www.triglav.ba/korisno/poslovnice-i-kontakti
▪ Triglav Osiguranje a.d., Banja Luka – registered office, the list of branch offices at www.triglavrs.ba/korisno/filijale-i-kontakti
▪ Triglav Osiguruvanje a.d., Skopje – registered office, the list of branch offices at www.triglav.mk/korisno/lokacii-i-kontakti
▪ Triglav Osiguruvanje Život a.d., Skopje – registered office
▪ Lovćen životna osiguranja a.d., Podgorica – registered office
▪ Triglav Skladi d.o.o., Ljubljana – registered office, the list of branch offices at www.triglavskladi.si/obiscite-nas
▪ Triglav, pokojninska družba d.d. – registered office
▪ Triglav, Upravljanje nepremičnin d.o.o., Ljubljana – registered office
▪ Triglav Fondovi d.o.o., Sarajevo – registered office
▪ Triglav penzisko društvo a.d., Skopje – registered office
▪ Triglav upravljanje nekretninama d.o.o., Zagreb – registered office
▪ Triglav upravljanje nekretninama d.o.o., Podgorica – registered office
▪ Triglav upravljanje nekretninama d.o.o., Sarajevo – registered office
▪ Triglav upravuvanje so nedvižen imot DOOEL, Skopje – registered office
▪ Triglav INT, holdinška družba d.o.o., Ljubljana – registered office
▪ Triglav zdravje asistenca d.o.o., Ljubljana – registered office
▪ Triglav Svetovanje d.o.o., Domžale – registered office
▪ Triglav Savjetovanje d.o.o., Sarajevo – registered office
▪ Triglav Savjetovanje d.o.o., Zagreb, in liquidation – registered office
▪ Triglav Savetovanje d.o.o., Belgrade, in liquidation – registered office
▪ Triglav Avtoservis d.o.o., Ljubljana – registered office
▪ Lovćen auto d.o.o., Podgorica – registered office, the list of branch offices at lovcen-auto.me/lokacije
▪ Autocentar BH d.o.o., Sarajevo – registered office, the list of branch offices at www.autocentarbh.ba/poslovna-mreza
▪ Sarajevostan d.o.o., Sarajevo – registered office
▪ Triglav International d.o.o., Belgrade – registered office
Inward reinsurance The activity of a reinsurance company to assume from other insurance companies and reinsurance companies the portion of the risk which exceeds their retention limits.
Accumulated profit The legally justified amount of net profit for the year (net earnings for the year), net profit brought forward (retained earnings) and reserves from profit, which in accordance with the decision of the insurance company's management board is first used to increase reserves (legal reserves, treasury share reserves and treasury shares, and statutory reserves) and other reserves according to the supervisory board's decision. The remainder, referred to as accumulated profit, is allocated by the general meeting of shareholders to dividends, other reserves, carry-forwards and other purposes.
Cedent A party to a reinsurance contract who passes a portion of their assumed risks to reinsurance. The recipient of those risks is usually an insurance company. To cede means to pass a portion of assumed risk to a reinsurance company.
Total return on share The sum of growth in the share price in the accounting period and the dividend yield as at the reporting date.
Net earnings per share The ratio of net earnings in the accounting period which refers to the ordinary shareholders of the controlling company to the weighted average number of ordinary shares less ordinary shares held by Zavarovalnica Triglav or the Triglav Group members.
Free float Shares held by shareholders who own 5% or less of shareholders' equity.
Dividend yield The ratio of gross dividends per share to price per share on a given day.
Economic value distributed Comprises claims incurred, net reinsurance service result, finance expenses from financial and insurance contracts, other expenses, dividend payments, labour costs, tax expense and community investment (prevention, donations, sponsorships).
Supplemental insurance/rider Insurance that is underwritten as a supplement to another (precisely defined) insurance and that cannot be underwritten independently.
Income from financial investments comprises income from investments in associates and income from investments (interest income, gains on disposal of investments and other income from investments).
Expenses from financial investments comprise expenses from investments in associates and expenses from investments (impairment of investments, losses on the disposal of investments and other expenses from investments).
Return on own investment portfolio does not include unit-linked life insurance assets and financial investments from financial contracts.
(for life insurance products with a savings component) An insured event in which the insurance company pays the sum insured, together with bonuses after the insured survives the agreed insurance period.
On initial recognition, a financial investment is classified into one of the following measurement categories:
Contracts that take the form of an insurance contract but do not meet the definition of an insurance contract under IFRS 17. Distinct investment components of pension insurance contracts are also treated as financial contracts because these contracts do not bear insurance risk during the accumulation (savings) phase.
The reduction of sums insured in life insurance with a savings component, which is carried out if the policyholder stops paying the premium. In addition to standard criteria for setting the premium (gender and age of the insured), the amount of the sum insured depends primarily on the number of paid-in premiums and the remaining insurance term.
The ratio of shareholders' equity to the number of outstanding shares as at the reporting date.
Non-profitable insurance contracts where all cash flows arising from an insurance contract together represent a negative net present value of the cash flow.
An insurance company that conducts non-life and life insurance business.
In the insurance industry, the terms gross and net typically relate to quantities and ratios before and after the deduction for reinsurance.
exposed in the future, and an assessment of the adequacy of own funds available to cover them.
The following methods are used to measure insurance contracts:
Operating expenses are recognised as original expenses by nature. They are split into attributable and non-attributable costs to insurance contracts. Attributable costs comprise acquisition costs, claim handling expenses, management costs and other administrative costs and, as such, are attributed to the individual groups of insurance contracts.
The termination of a life insurance policy that results in the payout of the value thereof (saved assets and mathematical provisions less the costs incurred by the insurance company).
Comprises the unearned profit that the company expects to earn from insurance contracts. It is calculated based on expected future cash flows (inflows and outflows), taking into account the time value of money and risk adjustment for non-financial risk.
The ratio of the total value of share turnover in the accounting period to the number of trading days in that period.
Reinsurance is the business of accepting risks ceded by an insurance or reinsurance company.
The portion of non-life insurance premium that an insurance company allocates to prevention activities to mitigate future risks.
A company in which another entity directly or indirectly holds between 20% and 50% of voting rights, and thus has a significant effect on capital, but does not control that company.
Revenue from insurance contracts issued under IFRS 17 that do not include a savings component.
Relates to the compensation set by the insurance company because it bears uncertainty about the amount and timing of the cash flows that arises from non-financial risk.
A risk profile is a quantitative assessment of the risks to which an insurance company is exposed. In order to adequately identify the risk profile, processes are established, and risk exposure and measurements are defined for every type of risk for the purpose of assessing the extent thereof.
Costs that an insurance company incurs in the acquisition of new insurance contracts are deferred evenly over the entire term of those contracts for accounting purposes. Thus, the one-time cost incurred when insurance is underwritten is deferred evenly over the entire insurance term.
Available own funds are used to cover the solvency capital requirement and represent the surplus of assets over liabilities, plus subordinated liabilities, taking into account other regulatory, insurer-specific adjustments. Reserves from profit comprise other reserves from profit, legal and statutory reserves, contingency reserves and credit risk equalisation reserves.
The European Union's regulatory framework in the field of insurance, which defines the calculation of capital adequacy and the governance of and reporting by insurance companies. An insurance company's available own funds must be at least equal to the assessment of assumed risks, as set out in the regulatory framework.
A way to equalise risks, where assumed risks are split or spread among several insurance companies. The proportion of risk assumed by an individual insurance company may vary and represents the basis for determining an individual insurance company's share of the premium and potential loss. Each insurance company is jointly and severally liable to the insured, i.e. for the full amount of benefits and/or claims from an insurance contract, irrespective of the proportion of risk it assumes.
The contractual service margin sustainability shows the ratio of the contractual service margin (CSM) of new contracts to the release of the contractual service margin to profit or loss.
The value of a company calculated as the product of the closing share price and the number of shares on the reporting date.
Comprises total revenue and finance income from financial and insurance contracts.
Economic value retained The difference between economic value generated and economic value distributed.
Solvency Capital Requirement (SCR) The amount of an insurance company's capital that it needs to remain solvent for at least one year with a 99.5% probability calculated in accordance with Solvency II. It is calculated according to a statutory standard formula that takes into account all material measurable risks: underwriting, market, credit and operational risks.
Insurance density (premium per capita) The ratio of gross written premium to the number of inhabitants of a particular country.
Insurance penetration Insurance premium as a proportion of gross domestic product (GDP).
Insurance premium The amount set out in an insurance contract that the policyholder pays to the insurance company. Insurance premium covers the payment of current and future claims, the costs of prevention activities and the insurance company's operating expenses.
Insurance class Various insurance types that are grouped in accordance with the Slovenian Insurance Act based on the main types of risks they cover. The Slovenian Insurance Act defines 24 different insurance classes.
| ALTERNATIVE PERFORMANCE MEASURE | DEFINITION OF CALCULATION | EXPLANATION OF USE AND LIMITATIONS |
|---|---|---|
| To business volume | Comprises gross written premium and other income. | A measure broader than gross written premium, it is useful for comparison between product segments, regions and, to extent, companies. However, it is not suitable for disclosing profitability, as it is influenced by fluctuations that are not directly related to the way the business is conducted, such as price changes in foreign exchange rates, and changes in the business network and products (e.g. acquisitions, spin-offs, transfers). |
| Total revenue | Comprises insurance revenue, asset management, other operating income and other income (under IFRS 17). | This measure is designed to compare product segments, regions and, to a limited extent, companies. However, it is not suitable for disclosing profitability, as it is influenced by fluctuations that are not directly related to the way the business is conducted, such as price changes, changes in foreign exchange rates, and changes in the business network and products (e.g. acquisitions, spin-offs, transfers). |
| Return on equity (ROE) | The ratio of net earnings for the period to the average balance of shareholders' equity in the period. | It enables annual comparability of profitability data and provides a quick annual assessment. |
| Rate of return on investment | The ratio of return on investment to the average balance of financial investments. | Own investment portfolio includes financial investments, investments in associates, loans granted, bank deposits and other financial investments, but excludes unit-linked life assets, financial investments from financial contracts and investment property. This measure is suitable for monitoring the success of management and profitability of financial investment management. However, it is influenced by external factors that companies can manage through other processes (such as currency risk and interest rate risk management) and that are not directly reflected in the result of this measure, such factors related to existing agreements or commitments in cases of acquisitions, mergers and similar transactions. |
| New business margin/new business margin of life insurance/new business margin of the Life segment | The ratio of the sum of the contractual service margin (CSM) of new contracts and the loss of onerous contracts to the present value of new premium. | It measures the profitability of new business in the insurance industry. However, the limitation of its use depends on actuarial estimates and assumptions, which are historical or current data and do not account for potential future changes, such as shifts in client behaviour or the country's development. |
| Capital adequacy ratio | The ratio of available own funds eligible for covering the solvency capital requirement to the solvency capital requirement. | It is a legal obligation and the required practice of due diligence. |
| Combined ratio/CoR Non-Life | The sum of the expense ratio and claims ratio. | It measures the profitability of contracts in the Non-Life, Health, or both segments, excluding investment returns. A value of less than 100% indicates profit from a particular segment. However, this measure does not reveal the absolute values of the calculation and, therefore, does not directly explain the underlying reasons for the values. |
| new contracts/Total CSM | The ratio of the sum of the contractual service margin (CSM) of new contracts and the loss of onerous contracts to the present value of new premium. | It is useful for monitoring the future effects of new business. Caution is required when assessing it during the year, as business events do not necessarily follow the dynamics of the previous year. Similar impact of any one-off or non-recurring events should also be considered. |
The sum of all premium charges to policyholders following the underwriting or renewal of policies in the accounting period. Gross written premium is primarily useful as a measure of business for comparing various regions and segments. Gross written premium does not provide information on the profitability of the company/group and should always be considered alongside IFR measures of revenue and profitability (e.g. net profit or loss for the period).
Benefits and claims calculated for all or a portion of settled claims in the accounting period, including claim settlement costs. This measure shows the actual calculated costs from claims during the reporting period. It is useful for comparison over time and across various segments, though it is subject to the impact of claims inflation.
Comprise insurance service expenses for claims, change in future cash flows, change in experience correction, loss of onerous contracts, and remaining insurance expenses. The purpose of this measure is to show the estimated effect of claims on the company's current and future operations. The estimate incorporates actuarial assumptions, which may differ due to actual future events.
The ratio of the sum of attributable and non-attributable costs, net other insurance expenses to insurance revenue. The expense ratio is a component of the combined ratio and plays a crucial role in explaining the cost-effectiveness impact. However, as it does not use absolute values in its calculation, it does not directly explain the underlying reasons for its value.
Comprises the investment result, the financial result from insurance gains and losses on investments in associates, and the change in the provisions for not achieving the yield on supplemental voluntary pension insurance. This measure should be assessed in conjunction with the investment result in accordance with IFRS, while also considering the broader context of financial investment markets. However, it is not suitable for predicting future performance.
Comprises insurance revenue less claims incurred and acquisition and administrative costs, including non-attributable costs, net reinsurance service result, and net other insurance income/expenses. This measure is suitable for analysing business performance of insurance operations, as it improves the comparability of profitability over time. Additionally, this measure is subject to fluctuations influenced by factors beyond business operations, such as foreign exchange rates.
The sum of the categories that are not included in the insurance operating result and the net investment result. This measure is suitable for analysing the performance of non-insurance operations. Additionally, this measure is subject to fluctuations influenced by factors beyond the performance of analysed business operations, such as foreign exchange rates.
Comprise own investment portfolio, assets from the pension insurance savings funds, unit-linked insurance assets, assets in mutual funds and discretionary mandate assets, and alternative investments. It shows the scope and effectiveness of asset management; however, it is important to consider its limitations, including the impact of potential takeovers, disposals or mergers as fluctuations in currency rates.
The list of material disclosure requirements
| Page | ESRS | Description |
|---|---|---|
| 120−121 | 1 – General basis for preparation of the sustainability statement | |
| 121−122, 148−149 | BP-2 – Disclosures in relation to specific circumstances | |
| 123−125, 181−182 | GOV-1 – The role of the administrative, management and supervisory bodies | |
| 123−139−140 | GOV-2 – Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies | |
| 126−127 | GOV-3 – Integration of sustainability-related performance in incentive schemes | |
| 127 | GOV-4 – Statement on due diligence | |
| GOV-5 – Risk management and internal controls on sustainability reporting | 284 | |
| 129, 131, 135, 154, 175 | SBM-1 – Strategy, business model and value chain | |
| 125, 135, 136−138, 139 | SBM-2 – Interests and views of stakeholders | |
| 122, 125, 142−144, 153 | SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model | |
| 121−122, 123−124, 139−141 | IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities | |
| 145, 439−442, 442−449 | IRO-2 – Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement | |
| E1 – Climate change ESRS 2 GOV-3-E1 Integration of sustainability-related performance in incentive schemes | 125−127 | |
| 146−147, 156−165 | E1-1 – Transition plan for climate change mitigation | |
| 125, 153−154 | ESRS 2 SBM-3-E1 – Material impacts, risks and opportunities and their interaction with strategy and business model | |
| 153−154 | ESRS 2 IRO-1-E1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities | |
| 146 | E1-2 – Policies related to climate change mitigation and adaptation | |
| 146−147 | E1-3 – Actions and resources in relation to climate change policies | |
| 146−148 | E1-4 – Targets related to climate change mitigation and adaptation | |
| 150 | E1-5 – Energy consumption and mix | |
| 147−149 | E1-6 – Gross Scopes 1, 2, 3 and Total GHG emissions | |
| E1-9 – Anticipated financial effects of material physical and transition risks and potential climate-related opportunities | 154 | |
| S1 – Own workforce ESRS 2 S1.SBM-2 – Interests and views of stakeholders | 136−138 | |
| ESRS 2 S1.SBM-3 – impacts, risks and opportunities and their interaction with strategy and business model | 142−144, 173 | |
| 173, 177, 178, 179, 180 | S1-1 – Policies related to own workforce | |
| 173−174 | S1-2 – Processes for engaging own workforce and workers’ representatives about impacts |
own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions
173−174, 177−178, 178−180
175, 17
176
181
182−183
182
177, 178
179
184
183
180
136−138
142−144
189
134, 190
effectiveness of those actions 190, 192−193
136−138
136, 142−144, 154−156, 184, 186
184, 185
184
185, 188
185, 188
186
123−125
197−198
200–201
| Page | Incidents of corruption or bribery |
|---|---|
| G1-4 | 200 |
| G1-6 | Payment practices |
| 201 |
| Disclosure requirement and related datapoints | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material | Page | |||
|---|---|---|---|---|---|---|---|---|---|
| ESRS 2 GOV-1 Board's gender diversity, paragraph 21 (d) | Indicator number 13 of Table #1 of Annex I | Commission Delegated Regulation (EU) 2020/1816, Annex II | 181 | ESRS 2 GOV-1 Percentage of board members who are independent, paragraph 21(e) | Delegated Regulation (EU) 2020/1816, Annex II | Not material | 124 | ||
| ESRS 2 GOV-4 Statement on due diligence, paragraph 30 | Indicator number 10 Table #3 of Annex I | 125 | ESRS Involvement in activities related to fossil fuel activities, paragraph 40(d)i | Indicators number 4 Table #1 of Annex I | Article 449a of Regulation (EU) No 575/2013; Commission Implementing Reg (EU) 2022/2453, Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk | Delegated Regulation (EU) 2020/1816, Annex II | Not material | 154 | |
| ESBM-1 Involvement in activities related to chemical production, paragraph 40(d)ii | Indicator number 9 Table #2 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II | Not material | 154 | |||||
| ESBM-1 Involvement in activities related to controversial weapons, paragraph 40(d)iii | Indicator number 14 Table #1 of Annex I | Delegated Regulation (EU) 2020/1818, Article 12(1) | Delegated Regulation (EU) 2020/1816, Annex II | Not material | 154 |
| SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material |
|---|---|---|---|---|
| ESRS 2 SBM-1 | Invo in activities related to cultivation and production of tobacco, paragraph 40(d)iv | Delegated Regulation (EU) 2020/1818, Article 12(1) | Delegated Regulation (EU) 2020/1816, Annex II | Not material |
| ESRS E1-1 | Transition plan to reach climate neutrality by 2050, paragraph 14 | Regulation (EU) 2021/1119, Article 2(1) | 146 | ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks, p 16(g) |
| Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 | Template 1: Banking book – Indicators of potential climate change transition risk: quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 12(1), points (d) to (g), and Article 12(2) | Not material | ESRS E1-4 GHG emission reduction targets, paragraph 34 |
| Indicator number 4 Table#2 of Annex I | Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 | Template 3: Bank – Indicators of potential climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 6 | 146 |
| ESRS E1-5 | Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors), paragraph 38 | Indicator number 5 Table#1 and Indicator n. 5 Table #2 of Annex I | Not material | ESRS E1-5 Energy consumption and mix paragraph, 3 |
| Indicator number 5 Table#1 of Annex I | 150 | ESRS E1-5 Energy intensity associated with activities in high climate impact sectors, paragraphs 40 to 43 | Indicator number 6 Table#1 of Annex I | No |
| SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material |
|---|---|---|---|---|
| ESRS E1-6 Gross Sc | Total GHG emissions, paragraph 44 | Indicators number 1 and 2 | Table #1 of Annex I | Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 |
| 1: | Banking book – Indicators of potential climate change transition risk: credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Articles 5(8(1) | 147 | ESRS E1-6 Gross GHG emissions intensity, paragraphs 53 to 55 |
| Indicators number 3 | Table #1 of Annex I | Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 3: Banking book – Indicators of potential climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 8(1) | 147 |
| ESRS E1-7 GHG and carbon credits, paragraph 56 | Regulation (EU) 2021/1119, Article 2(1) | Not material/ | ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks, paragraph 66 | Delegated Regulation (EU) 2020/1818, Appendix II; Delegated Regulation (EU) 2020/1816, Appendix II |
| 154 | ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk | paragraph | ESRS E1-9 Location of significant assets at material physical risk | paragraph 66(c) |
| Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, paragraph and 47; | Template 5: Banking book – Indicators of potential climate change physical risk: exposures subject to physical risk |
| SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material |
|---|---|---|---|---|
| ESRS E1-9 | Breakdown of carrying value of its real estate assets by energy-efficiency classes | paragraph 67(c) | Article 449a of Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453, paragraph | |
| Template 2: Banking book – Indicators of potential climate change transition risk: loans collateralised by immovable property – energy efficiency of the collateral | 154 | ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities, paragraph 69 | Delegated Regulation (EU) 2020/1818, Appendix II | 154 |
| ESRS E2-4 | Amount of each pollutant listed in Annex II of the E-PRTR (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 | Indicator number 8 | Table #1 of Annex I | |
| Indicator number 2 | Table #2 of Annex I | Indicator number 3 | Table #2 of Annex I | |
| Not material/ ESRS E3-1 | Water and marine resources, paragraph 9 | Indicator number 7 | Table #2 of Annex I | Not material |
| ESRS E3-1 | Dedication policy, paragraph 13 | Indicator number 8 | Table 2 of Annex I | Not material |
| ESRS E3-1 | Sustainable oceans and seas, paragraph 14 | Indicator number 12 | Table #2 of Annex I | Not material |
| ESRS E | Water recycled and reused, paragraph 28(c) | Indicator number 6.2 | Table #2 of Annex I | Not material |
| ESRS E3-4 | Total water consumption in m3 per net revenue on own operations, paragraph 29 | Indicator number 6.1 | Table #2 of Annex I | Not material |
| ESRS 2 – IRO-1 – E4, paragraph 16(a), point (i) | Indicator number 7 | Table #1 of Annex I | Not material | |
| ESRS 2 – IRO-1 – E4, paragraph 16(b) | Indicator number 10 | Table #2 of Annex I | Not material |
| SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material |
|---|---|---|---|---|
| ESRS 2 – IRO-1 – E | paragraph 16(c) | Indicator number 14 | Table#2 of Annex I | Not material |
| ESRS E4-2 | Sustainable land/agriculture practices or policies, paragraph 24(b) | Indicator number 11 | Table #2 of Annex I | Material |
| ESRS E4-2 | Sustainable oceans/seas practices or policies, paragraph 24(c) | Indicator number 12 | Table #2 of Annex I | Not material |
| ESRS E4-2 | Policies to address deforestation, paragraph 24 | Indicator number 15 | Table#2 of Annex I | Not material |
| ESRS E5-5 | Non-recycled waste, paragraph 37(d) | Indicator number 13 | Table #2 of Annex I | Not material |
| ESRS E5-5 | Hazardous waste and radioactive waste, paragraph 39 | Indicator number 9 | Table #1 of Annex I | Not material |
| ESRS 2 – SBM-3 – S1 | Risk of incidents of forced labour, paragraph 14(f) | Indicator number 13 | Table #3 of Annex I | Not material |
| ESRS 2 – SBM-3 – S1 | Risk of incidents of child labour, paragraph 14(g) | Indicator number 12 | Table #3 of Annex I | Not material |
| ESRS S1-1 | Human rights policy commitments, paragraph 20 | Indicator number 9 | Table #3 | Indicator number 11 |
| ESRS S1-1 | Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 | Delegated Regulation (EU) 2020/1816, Annex II | 180 | |
| ESRS S1-1 | Processes and measures for preventing trafficking in human beings, paragraph 22 | Indicator number 11 | Table Annex I | Not material |
| ESRS S1-1 | Workplace accident prevention policy or management system, paragraph 23 | Indicator number 1 | Table #3 of Annex I | 178 |
| SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material |
|---|---|---|---|---|
| Grievance/complaints handling mechanisms, paragraph 32(c) | Indicator number 5 | Table#3 of Annex I | 180 | ESRS S1-3 |
| Number of fatalities and number and rate of work-related accidents, para 88(b) and (c) | Indicator number 2 | Table #3 of Annex I | 179 | ESRS S1-14 |
| Number of days lost to injuries, accidents, fatalities or illness, paragraph | Indicator number 3 | Table#3 of Annex I | 179 | ESRS S1-16 |
| Unadjusted gender pay gap, paragraph 97(a) | Indicator number 12 | Table#1 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II | |
| Excessive CEO pay ratio paragraph 97(b) | Indicator number 8 | Table #3 of Annex I | Not material | / ESRS S1-16 |
| Incidents of discrimination, paragraph 103(a) | Indicator number 7 | Table Annex I | 180 | ESRS S1-17 |
| Non-respect of UNGPs on Business and Human Rights and OECD, paragraph 104(a) | Indicator number 10 | Table #1 and Indicator n. 14 Table #3 of Annex I | Delegated Regulation(EU) 2020/1816, Annex II | |
| Delegated Regulation (EU) 2020/1818, Article 12(1) / ESRS 2 – SBM-3 – S2 | ||||
| Significant risk of child labour or forced labour in the value chain, paragraph | Indicators number 12 and 13 | Table #3 of Annex I | Not material | / ESRS S2-1 |
| Human rights policy commitments, paragraph 17 | Indicator number 9 | Table#3 and Indicator number 11 Table #1 of A | Not material | / ESRS S2-1 |
| Policies related to value chain workers, paragraph 18 | Indicators number 11 and 4 | Table #3 of Annex I | Not material |
| SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material |
|---|---|---|---|---|
| ESRS S2-1 | Non-resp UNGPs on Business and Human Rights principles and OECD guidelines, paragraph 19 | Indicator number 10 | Table#1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Article 12(1) | Not material |
| ESRS S2-1 | Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 | Delegated Regulation (EU) 2020/1816, Annex II | Not material | |
| ESRS S2-4 | Human rights issues and incidents connected to its upstream and downstream value chain, paragraph 36 | Indicator number 14 | Table Annex I | Not material |
| ESRS S3-1 | Human rights policy commitments, paragraph 16 | Indicator number 9 | Table #3 of Annex I and Indicator number 11 Table #1 of Annex I | 180 |
| ESRS S3-1 | Non-r UNGPs on Business and Human Rights, ILO principles or and OECD guidelines, paragraph 17 | Indicator number 10 | Table #1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Article 12(1) | Not material |
| ESRS S3-4 | Human rights issues and incidents, paragraph 36 | Indicator number 14 | Table #3 of Annex I | Not material |
| ESRS S4-1 | Policies to consumers and end-users, paragraph 16 | Indicator number 9 | Table #3 and Indicator number 11 Table #1 of Annex I | 184 |
| SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU Climate Law reference | Material/ not material | Page |
|---|---|---|---|---|---|
| ESRS S4-1 | Non-resp | UNGPs on Business and Human Rights principles and OECD guidelines, paragraph 17 | Indicator number 10 | Table#1 of Annex I Delegated Regulation (EU) 2020/1816, Annex II Delegated Reg (EU)2020/1818, Article 12(1) | / ESRS S4-4 |
| Human rights issues and incidents, paragraph 35 | Indicator number 14 | Table#3 of Annex I/ ESRS G1-1 | United Nations Convention against Corruption, paragraph 10(b) | Indicator number 15 | Table#3 of Annex I |
| 197 | ESRS G1-1 | Protection of whistleblowers, paragraph 10(d) | Indicator number 6 | Table #3 of Annex I | 198 |
| ESRS G1-4 | Fines for violation of anti-corruption and anti-bribery laws, paragraph 24(a) | Indicator number 17 | Table#3 of Annex I Delegated Regulation (EU) 2020/1816, Annex II | 200 | ESRS G1-4 |
| Standards of anti-corruption and bribery, paragraph 24(b) | Indicator number 16 | Table#3 of Annex I | 199 |
| GRI standard | Disclosure | Section/page | Requirement(s) omitted |
|---|---|---|---|
| GRI 201: Economic Performance 2016 | 201-1 Direct economic value generated and distributed | 10.3.3/190 | |
| 201-2 Financial implications and other risks and opportunities due to climate change | 7.2/71 | Reporting on financial implications of weather and natural disasters | |
| GRI 203: Indirect Economic Impacts 2016 | 203-1 Extent of development of significant infrastructure investments and services supported | 10.3.3.1/192 | |
| GRI 417: Marketing and Labelling 2016 | 417-1 Requirements for product and service information and labelling | 10.3.2.1/184 | |
| 417-2 Total number of incidents of non-compliance with regulations and/or voluntary codes concerning product and service information and labelling | 10.3.2.1/185 | ||
| 417-3 Total number of incidents of non-compliance with regulations and/or voluntary codes concerning marketing communications, including advertising, promotion, and sponsorships | 10.3.2.1/185 | ||
| GRI 418: Customer Privacy 2016 | 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data | 10.3.2.3/189 | |
| GRI G4: Financial Services Sector Disclosures | G4-FS7 Monetary value of products and services designed to deliver a specific social benefit | 10.2.1.3/154–155 | |
| G4-FS8 Monetary value of products and services designed to deliver a specific environmental benefit | 10.2.1.3/154–155 | ||
| G4-FS14 Initiatives to improve access to financial services for disadvantaged people | 10.3.2.2/188 |
| Metric | Code | Section/page |
|---|---|---|
| Total amount of monetary losses as a result of legal proceedings associated with marketing and communication of financial product-related information to new and returning customers | FN-IN-270a.1 | 10.3.2.1/185 |
| Complaints-to-claims ratio | FN-IN-270a.2 | 10.3.2.1/186 |
| Customer retention rate | FN-IN-270a.3 | 10.3.2.1/186 |
| Description of approach to informing customers about products | FN-IN-270a.4 | 10.3.2.1/184 |
| Incorporation of Environmental, Social and Governance Factors in Investment Management | ||
| Description of approach to incorporation of environmental, social and governance (ESG) factors in investment management processes and strategies | FN-IN-410a.2 | 10.1.2.1/128 |
| Policies Designed to Incentivise Responsible Behaviour | ||
| Net premiums written related to energy efficiency and low carbon technology | FN-IN-410b.1 | 10.2.1.3/154 |
| Discussion of products or product features that incentivise health, safety or environmentally responsible actions or behaviours | FN-IN-410b.2 | 10.2.1.3/154 |
| Physical Risk Exposure | ||
| Probable Maximum Loss (PML) of insured products from weather-related natural catastrophes | FN-IN-450a.1 | 2.8.2.1 |
| Total amount of monetary losses attributable to insurance pay-outs from (1) modelled natural catastrophes and (2) non-modelled natural catastrophes, by type of event and geographical segment (net and gross of reinsurance) | FN-IN-450a.2 | 7.2/71 |
| Systemic Risk Management | ||
| Exposure to derivative instruments by category | FN-IN-550a.1 | 2.8.2.1 Accounting report/286 |
| Total fair value of securities lending collateral assets | FN-IN-550a.2 | 2.5.10 Accounting report /274 |
| Description of approach to managing capital- and liquidity- related risks associated with systemic non-insurance activities | FN-IN-550a.3 | 9.2.1/111 |
| Metric | Code | Section/page |
|---|---|---|
| Transparent Information & Fair Advice for Customers | ||
| Number and percentage of licensed employees and identified decision-makers with a record of investment-related investigations, consumer-initiated complaints, private civil |
Total amount of monetary losses as a result of legal proceedings associated with marketing and communication of financial product-related information to new and returning customers
FN-AC-270a.1
Percentage of gender and diversity group representation for:
FN-AC-330a.1
Amount of assets under management, by asset class, that employ:
FN-AC-410a.1
Description of approach to incorporation of environmental, social and governance (ESG) factors in investment or wealth management processes and strategies
FN-AC-410a.2
Description of proxy voting and investee engagement policies and procedures
FN-AC-410a.3
Total amount of monetary losses as a result of legal proceedings associated with fraud, insider trading, antitrust, anticompetitive behaviour, market manipulation, malpractice, or other related financial industry laws or regulations
FN-AC-510a.1
Description of whistleblower policies and procedures
FN-AC-510a.2
| Goal | Goal Description | Section/Page |
|---|---|---|
| 2 | By 2030 double the agricultural productivity and the incomes of small-scale food producers, particularly women, indigenous peoples, family farmers, pastoralists and fishers, including through secure and equal access to land, other productive resources and inputs, knowledge, financial services, markets and opportunities for value addition and non-farm employment | 10.2.1.3/154 |
| 3 | By 2020 halve the number of global deaths and injuries from road traffic accidents | 10.3.3/189 |
| 5 | Achieve gender equality and empower all women and girls | 10.3.1.4/181 |
| 7 | Ensure access to affordable, reliable, sustainable and modern energy | 10.2.1.3/154 |
| 8 | Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services | 10.3.2.2/187 |
| 9 | Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment | 10.3.1.3/178 |
Access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets.
Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning.
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