Zavarovalnica Triglav

Investor Presentation • Mar 7, 2025

Building a Safer Future

Triglav Group 2024 Unaudited Results

Investor Presentation

triglav.eu March 2025

Triglav is the highest mountain in Slovenia and the highest peak of the Julian Alps (2,864 meters/9,396 ft)

Disclaimer

The information, statements or data contained here in have been prepared by Triglav corporate officers. Zavarovalnica Triglav, d.d., or any member of Triglav Group, or any Zavarovalnica Triglav employee or representative accepts no responsibility for the information, statements or data contained herein or omitted here from and will not be liable to any third party for any reason whatsoever relating to the information, statements or data contained herein or omitted here from. Such information, statements or data may not be prepared according to the same standards and requirements than the information, statements or data included in Triglav's own reports and press releases are prepared to, and accordingly the level of information and materiality and nature of the disclosures may be different. Undue reliance should not be placed on the information, statements or data contained herein because they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results to differ materially from those expressed or implied in such information, statements or data. Moreover, the information, statements and data contained herein have not been, and will not be, updated or supplemented with new or additional information, statements or data.

2024 Unaudited Results 2

2024 Highlights

Highlights

5

In 2024 strong EBT growth, well above the target

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▪ Strong performance in all segments. Some one-offs, particularly in Health.

▪ Total business volume of €1.72B (exceeding target of around €1.60B). EBT of €159.0M (exceeding target of €130M – 150M). CoR NL & H at favourable 93.6%.

▪ Robust financial stability and solvency within target range.

Profit guidance for 2025 ▪ Projected total business volume exceeding €1.8B. Target CoR NL & H below 95%.

▪ Target EBT of €130M - €150M, assuming operations will not be impacted by any major one-offs.

Other highlights ▪ DPS of €1.75, 4.3% dividend yield, and 21% total return.

▪ Affirmation of high 'A' credit ratings, with upgraded positive outlook by S&P.

▪ Restructuring of business model of Heath segment in Slovenia, including merger of health insurance subsidiary

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• Issue of subordinated bond.
• into parent company.
• Ambitious strategy till 2030.

Sustainable development ▪ Continuous implementation of strategic guidelines.

▪ Project of implementation of CSRD/ESRS reporting.

2024 Key Financials and KPIs

Dividend Paid in 2024

In 2024 dividend paid significantly exceeded Group's 2023 net earnings. Objectives of dividend policy were consistently pursued and maintained, considering unique operating environment in 2023 and improved outlook for 2024, which has been realised.

Attractive & Sustainable Dividend Policy:

Minimum dividend pay-out is set to 50% of consolidated net earnings for previous year. Triglav will strive not to reduce its dividend payment below level of previous year.

Dividend policy is subordinated to achieving medium-term sustainable target capital adequacy of Triglav Group.

Robust Financial Stability and Strong Capital Base

2024 Unaudited Results

High EBT Growth. Sharp Increase in Insurance Service Results.

Net reinsurance service result	Net other insurance revenue and expenses	Net investment result	Result from non-insurance operations	EBT 2024

EBT from 2023 to 2024

Strong Key Performance Indicators

Improved Financial Position Indicators

Robust financial stability and adequate capitalisation, which is ensured through appropriate risk and capital management. Increased AUM.

Successfully Maintained Total Business Volume

14

Decrease in Health TBV (due to termination of supplemental health insurance) almost fully offset by strong growth in other segments, especially in Non-Life

Triglav Group Markets

Leading market position in Adria region. Shortfall in Slovenia almost fully offset by strong growth in TBV outside Slovenia. Restored profitability in Slovenia due to effects of price increases, other underwriting and claims handling measures in NL and effects of positive run-off in Health.

Well Balanced GWP Structure

Structure by GWP non-consolidated, RE not included

Increased share of GWP from outside Slovenia in line with strategic goals. Some structural changes due to termination of supplemental health insurance.

Lower Incurred Claims Intensity in 2024

17

Sharp decrease YoY due to supplemental health insurance discontinuation and last year´s extreme nat CAT.

Financial Investments of Triglav Group

18

Portfolio structure (Insurance portfolios, Unit-linked portfolios and Assets from financial contracts)
Instruments (in €M)	31 Dec 2024	31 Dec 2023	Index
Investment property	70.4	68.0	104
Investments in associates	55.6	37.7	148
Shares and other variable income securities	200.7	168.7	119
Debt and other fixed-income securities	2,092.6	1,860.0	113
Loans given	6.6	6.6	101
Bank deposits	60.8	65.8	92
Other financial instruments	0.9	0.9	104
Total (1)	2,487.7 2,207.6		113
Unit-linked life insurance contract investments (2)	678.9	540.9	126
Financial investments from financial contracts (3)	739.5	650.0	114
Total (1+2+3)	3,906.1	3,398.5	115

Return on financial investments of insurance portfolios

Asset Allocation (Unit-linked products and financial contracts excluded)

1 Return on financial investments (in €M)	2024	2023
Interest income2	47.3	35.1
Dividend income	2.6	2.7
Net gains/losses on financial assets at FVTPL	8.8	6.1
Net gains/losses on financial assets at AC	0.0	0.0
Net gains/losses on financial assets at FVOCI	-3.3	-9.3
Net impairment/reversal of impairment of financial assets	3.3	2.3
Other investment income/expenses	3.0	-2.6
Total return on financial investments (1)	61.8	34.3
Gains/losses and impairments od investments in associates (2)	6.9	0.0
Total (1+2)	68.6	34.2
Rate of return on investment 1	3.0%	1.6%
¹ Unit-linked life insurance assets excluded ² Calculated using effective interest method

High Quality Investment Portfolio

Development of CSM

Contractual service margin (CSM) includes unearned profit that Company expects to earn from insurance contracts. It is calculated based on expected future cash flows (inflows and outflows), taking into account time value of money and risk adjustment.

Segment: Non-Life

21

Strong performance in both insurance and investment business of Non-Life segment. High insurance operating result driven by higher sales, price increases, numerous underwriting and claims handling measures and lower claims frequency. Net investment result growth influenced by higher interest income and one-offs.

Segment: Life

Strong performance with increased TBV. Continued sales of profitable new business.

Segment: Health

Strong performance in 2024 was influenced by one-off events related to termination of supplemental health insurance in Slovenia. Business model in Slovenia was restructured, including merger of health insurance subsidiary into parent company.

Segment: Asset Management

AM achieved very strong performance in 2024. High growth of income from AM and increased AUM.

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2024 Performance at a Glance (unaudited data)

P&L Highlights (in €M)	2024	2023	Index	Financial position indicators (in €M)	30 Dec 2024	31 Dec 2023	Index
Total business volume (1+2)	1,717.6	1,738.0	99	Balance sheet total	4,538.3	4,099.0	111
Gross written premium (1)	1,622.3	1,663.7	98	Equity
Other income (2)	95.4	74.3	128		989.0	891.1	111
Insurance operating result (a)	97.5	-7.1		Asset under management (AUM)	5,893.8	4,851.4	121
Insurance revenue	1,298.0	1,351.2	96	Contractual service margin (CSM)	286.8	238.4	120
State compensation pursuant to the Decree on suppl.				Number of employees	5,204	5,318	98
health insurance premium	11.0	0.0		Number of employees FTE	5,088	5,190	98
Claims incurred	678.7	1,021.2	66
Acquisition & admin.costs incl. non-attributable items	370.9	358.0	104
Net reinsurance service result	-140.9	31.6
Net other insurance income/expenses	-20.9	-10.6	197
Net Investment result (b)	49.0	22.2	220	Key performance indicators	2024	2023	Change
Investment result	159.7	83.8	191	ROE	14.0%	1.8%	12.2 p.p.
Financial result from insurance operations	-118.5	-69.7	170	Combined ratio NL & Health
Change in provisions for unmet guaranteed yield	0.9	8.1	11		93.6%	101.9%	-8.3 p.p.
Attributable gains/losses on investments in associates	6.9	0.0		Claims ratio NL & Health	65.5%	76.3%	-10.8 p.p.
Result from non-insurance operations (c)	12.5	5.9	213	Expense ratio NL & Health	28.1%	25.6%	2.5 p.p.
Earnings before tax (a+b+c)	159.0	21.1	755	Non-Life: Combined ratio	94.0%	99.7%	-5.6 p.p.
Net earnings	131.4	16.3	808	Health: Combined ratio	84.1%	112.3%	-28.2 p.p.
Other comprehensive income	6.3	34.7	18	Life: New business margin (NBM)	13.4%	14.6%	-1.2 p.p.

Please note: The data for the comparable period differ from those reported for the previous year due to the redefined Health and Non-Insurance Activities. Figures for Total business volume differ from those reported for the previous year because Reinsurance commission is excluded from Other income in Total business volume.

operations in Adria region. More information on website https://www.triglav.eu/

Outlook

Outlook

Focus on profitable and safe operations. Target EBT of €130M - €150M, assuming operations will not be impacted by any major one-offs as they were in 2024. Further growth of business volume and geographic diversification of business.

Investor Relations Department

Helena Ulaga Kitek, Director of IR Email: investor.relations@triglav.si Website: www.triglav.eu

For more information, please contact

2025 Financial Calendar

30

Time¹	Type of announcement
8:30	Preliminary key figures 2024
8:30	Audited annual report for 2024
	Convocation Notice of General Meeting of Shareholders on distribution of profit
8:30	January – March 2025 Results
	General Meeting of Shareholders and notice of its resolutions
8:30	January – June 2025 Interim Report
8:30	January – September 2025 Results

¹ Central European Time. Dates and times are provisional and are subject to change.