Zavarovalnica Triglav

Investor Presentation • Nov 21, 2024

Building a Safer Future

Triglav Group 9M 2024 Results with Outlook

Investor Presentation

triglav.eu November 2024

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.

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9M 2024 Results 2

1 9M 2024 Highlights

4 2025 Plan & 2025 – 2030 Strategic Ambitions

© Triglav Group: 9M 2024 Results with Outlook_ Investor Presentation _ November 2024

9M 2024 Highlights

Highlights

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9M 2024 operations In 9M ²⁰²⁴ strong performance in all segments and high profit growth. Robust financial stability and solvency.

Profit guidance for 2024

At 9M 2024 confirmation of increased annual profit guidance. Triglav estimates that planned annual EBT of €100 – 120M will be exceeded and will be €130 – €150M, taking into account anticipated operating conditions by the end of the year

Other highlights

DPS of €1.75 (5% dividend yield). Affirmation of high 'A' credit ratings/Stable by rating agencies S&P and AM Best. State compensation for supplemental health insurance price regulation in 2023. Issue of subordinated bond. Merger of subsidiary Triglav, Zdravstvena zavarovalnica with parent company Zavarovalnica Triglav.

Corporate governance Appointment of Barbara Nose and Rok Ponikvar as new SB members – shareholder

representatives

Sustainable development Continuous implementation of strategic guidelines. Implementation of CSRD/ESRS reporting in

progress

9M 2024 Key Financials and KPIs

Robust Financial Stability and Strong Capital Base

© Triglav Group: 9M 2024 Results with Outlook_ Investor Presentation _ November 2024

9M 2024 Results

High EBT Growth. Sharp Increase in Insurance Service Results.

EBT from 9M 2023 to 9M 2024

Improved 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

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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: 9M 2024 Results with Outlook_ Investor Presentation _ November 2024

Triglav Group Markets

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Market position (9M 2024):	st 1 rank	th 5 rank	8

Shortfall in Slovenia almost fully offset by strong growth in TBV outside Slovenia. Leading market position in Adria region. 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.

Lower Incurred Claims Intensity in 9M 2024

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

Financial Investments of Triglav Group

Portfolio structure (Insurance portfolios, Unit-linked portfolios and Assets from financial contracts)

Instruments (in €M)	30 Sep 2024	31 Dec 2023	Index
Investment property	70.0	68.0	103
Investments in associates	55.5	37.7	147
Shares and other variable income securities	201.7	168.7	120
Debt and other fixed-income securities		2,049.3 1,860.0	110
Loans given	6.7	6.6	102
Bank deposits	60.6	65.8	92
Other financial instruments	0.9	0.9	103
Total (1)	2,444.7 2,207.6		111
Unit-linked life insurance contract investments (2)	641.7	540.9	119
Financial investments from financial contracts (3)	717.3	650.0	110
Total (1+2+3)	3,803.7 3,398.5		112

Return on financial investments of insurance portfolios

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

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1 Return on financial investments (in M€)	9M 2024	9M 2023
Interest income2	34.3	25.2
Dividend income	1.4	1.6
Net gains/losses on financial assets at FVTPL	9.4	3.1
Net gains/losses on financial assets at AC	0.0	0.0
Net gains/losses on financial assets at FVOCI	-3.4	-3.7
Net impairment/reversal of impairment of financial assets	3.5	1.6
Other investment income/expenses	0.2	-1.7
Total return on financial investments (1) 1	45.5	26.2
Gains/losses and impairments od investments in associates (2)	6.8	2.1
Total (1+2)	52.3	28.2
Rate of return on investment without UL	3.1%	1.8%
¹ Unit-linked life insurance assets excluded ² Calculated using effective interest method

High Quality Investment Portfolio

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Development of CSM

▪ CSM of new contracts/CSM: 12.7% (-0.3 pp y-o-y)

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

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Strong performance with high insurance operating result driven by higher client insurance coverage, 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

Profitable performance influenced by increased TBV and decreased claims

Segment: Health

Sharp decrease in TBV and incurred claims due to termination of supplemental health insurance in Slovenia. Positive one-off effects on EBT e.g. state compensation in amount of € 11M.

Segment: Asset Management

Note: AM segment includes clients' pension saving through insurance services, AM and management of clients' assets in mutual funds and discretionary mandate assets. Investment results of own insurance portfolios are taken into account in insurance segments.

High growth of income from asset management. Increased AUM.

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9M 2024 Performance at a Glance

P&L Highlights (in €M)	9M 2024	9M 2023	Index	Financial position indicators (in €M)	30 Sep 2024	31 Dec 2023	Index
Total business volume (1+2)	1,305.4	1,358.5	96	Balance sheet total	4,451.0	4,099.0	109
Gross written premium (1)	1,236.2	1,303.7	95	Equity
Other income (2)	69.2	54.9	126		961.3	891.1	108
Insurance operating result (a)	79.2	-35.6		Asset under management (AUM)	5,630.1	4,851.4	116
Insurance revenue	942.3	989.1	95	Contractual service margin (CSM)	278.4	238.4	117
State compensation pursuant to the Decree on suppl.				Number of employees	5,207	5,318	98
health insurance premium	11.0	0.0		Number of employees FTE	5,121	5,190	99
Claims incurred	480.7	824.2	58
Acquisition & admin.costs incl. non-attributable items	270.1	259.6	104
Net reinsurance service result	-101.5	62.6
Net other insurance income/expenses	-22.0	-3.5	625
Net Investment result (b)	37.5	18.7	201	Key performance indicators	9M 2024	9M 2023	Change
Investment result	113.6	51.1	222	ROE annualised	15.6%	-1.5%	17.1 p.p.
Financial result from insurance operations	-83.7	-40.5	207
Change in provisions for unmet guaranteed yield	0.9	6.1	15	Combined ratio NL & Health	92.5%	105.2%	-12.7 p.p.
Attributable gains/losses on investments in associates	6.8	2.1	327	Claims ratio NL & Health	63.8%	80.3%	-16.5 p.p.
Result from non-insurance operations (c)	8.0	6.7	118	Expense ratio NL & Health	28.7%	24.9%	3.8 p.p.
Earnings before tax (a+b+c)	124.7	-10.1		Non-Life: Combined ratio	93.7%	102.6%	-8.9 p.p.
Net earnings	106.8	-9.6		Health: Combined ratio	69.4%	117.2%	-47.8 p.p.
Other comprehensive income	3.2	16.8	19	Life: New business margin (NBM)	13.7%	13.7%	0.0 p.p.

*Figures for comparative period differ from those reported for 9M 2023 because last year's figures were reported on unconsolidated basis and, in addition, some improvements were made to IFRS 17 calculations throughout 2023. Figures for Total business volume differ from those reported for the 9M 2023 because Reinsurance commission is excluded from Other income in Total business volume.

© Triglav Group: 9M 2024 Results with Outlook_ Investor Presentation _ November 2024

2024 Outlook

© Triglav Group: 9M 2024 Results with Outlook_ Investor Presentation _ November 2024 26

2024 Outlook with Increased Profit Guidance

2025 Plan

2025 Plan

Group´s performance will depend on macroeconomic situation, financial market trend, reinsurance coverage and potential of its markets. Focus on profitability. Growth in business volume. Safe operations and target capital adequacy. Maintaining A credit rating. Cost and process optimisation. Further geographic diversification of business.

2025 – 2030 Strategic Ambitions (Highlights)

2025 – 2030 Strategic Ambitions

Profitable operations creating value for shareholders. By 2030 Triglav Group EBT will reach € 250 – 300 M.

Mission We build a safer future

We are customer centric We help our partners to grow We foster development of our employees We are profitable, stable and safe investment

Vision We are international insurancefinancial group

• Triglav is leading insurance-financial group in Adria region - we reinforce our leading position in the region.
• We are international - we are strengthening our identity and visibility as international group. Together, regional and international markets will outweigh revenues from domestic market.

Strategic ambitions Strategic ambitions

Values Responsiveness, simplicity and reliability are reflected every day in our work.

Further growth in markets outside Slovenia. Internationalization & diversification of profit stream.

Best customer experience. Innovative, accessible and simple solutions, reflecting customer needs.

Agile and efficient organization. Simplified processes and digital business model.

Attract and retain the best talent. High-performance organisational culture.

Ambitious growth of business volume and AUM. Organic growth and M&A activities if suitable opportunities arise.

Doubling of Profit Through Various Initiatives

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• High ambitions in terms of future results, growth of business volume, and leading market position.
• Cost and process efficiency (simplifications, centralization, digitalization, inclusion of modern technologies).
• Product & service simplification.
• Exploiting economies of scale effects.
• Geographical and product-service diversification.
• "A" credit rated group.
• Sustainable business operations.

Returned to shareholders¹

50%

Retained to fund organic growth and nontransformational acquisitions

¹ Payout based on dividend policy & organic growth capital needs.

▪ Attractive Capital Return to Shareholders	▪ Driving Book Value Growth Over Time
~ €400m to be returned over 2025 – 2030²	o ROE 12% - 13% in 2030 o BVPS CAGR 24-30 ~ 8%
▪ Maintaining Strong Balance Sheet and Capitalization o SCR ratio 200 – 250%	▪ Continuous Investor & Management Engagement
o "A" range rating

² Dividends paid in 2025 to 2030.

We remain profitable, stable and safe investment for our investors

Delivering Value to Shareholders

© Triglav Group: 9M 2024 Results with Outlook_ Investor Presentation _ November 2024 33

ADRIA REGION Market leader

▪ Ambitious growth of business volume and AuM on

▪ Increasing share of business from regional markets

• existing and new markets.
• outside of Slovenia.
• (FOS and MGA).

▪ Strengthening recognition as international group and seizing growth opportunities in international re(insurance) markets (by reinsurance and new business models) and leveraging new business models

▪ Complementing ambitious organic growth with acquisition activities if suitable opportunities arise.

Ambitious Growth of Business Volume

9M 2024 Highlights / 9M 2024 Results / 2024 Outlook / 2025 Plan / 2025-2030 Strategic Ambitions

Best Customer Experience

Agile & Efficient Organization. Culture. Sustainability.

We are committed to sustainability and responsibility towards society and environment

We focus on four key areas:

• business processes,
• asset management,
• responsible stakeholder engagement,
• effective corporate governance.

By pursuing sustainability goals, Triglav Group is creating long-term stable basis for its profitable and safe operations, promoting transition to sustainable society and reducing its impact on climate change.

More information available on www.triglav.eu.

Investor Relations Department

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

For more information, please contact