Building a Safer Future

Triglav Group H1 2024 Results

Investor Presentation

triglav.eu August 2024

Disclaimer

The information, statements or data contained here have been prepared by Triglav corporate officers. Zavarovalnica Triglav, d.d., or any member of Triglav Group, or any Zavarovalnica Triglav employee or representative accept 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.

H1 2024 Results 2

H1 2024 Highlights

Highlights

H1 2024 operations In H1 ²⁰²⁴ high profit growth and strong performance in all segments. Robust financial stability and solvency.

Profit guidance for 2024 At H1 ²⁰²⁴ 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

Dividend in 2024 DPS of €1.75 (5% dividend yield)

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

H1 2024 Key Financials and KPIs

Robust Financial Stability and Strong Capital Base

H1 2024 Results

Strong Insurance Service Results in H1 2024

High EBT growth, driven mainly by sharp increase in Insurance operating result. Good result of mutual fund management and discretionary mandate services.

Key Performance Indicators

All 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

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

Market position (H1 2024):	st 1 rank	th 5 rank	8

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 H1 2024

(estimated values; in €M)

Sharp decrease due to supplemental health insurance discontinuation

Financial Investments of Triglav Group

Portfolio structure (in €M; Insurance portfolios, Unitlinked portfolios and Assets from financial contracts)

Instruments (in €M)	30 Jun 2024	31 Dec 2023	Index
Investment property	68.7	68.0	101
Investments in associates	55.0	37.7	146
Shares and other variable income securities	185.2	168.7	110
Debt and other fixed-income securities		1,848.7 1,860.0	99
Loans given	6.6	6.6	100
Bank deposits	63.7	65.8	97
Other financial instruments	0.9	0.9	102
Total (1)		2,228.8 2,207.6	101
Unit-linked life insurance contract investments (2)	636.1	540.9	118
Financial investments from financial contracts (3)	707.1	650.0	109
Total (1+2+3)		3,572.1 3,398.5	105

Return on financial investments of insurance portfolios

1 Return on financial investments (in M€)	H1 2024	H1 2023
Interest income2	21.8	16.5
Dividend income	0.9	0.5
Net gains/losses on financial assets at FVTPL	4.4	3.1
Net gains/losses on financial assets at AC	0.0	0.0
Net gains/losses on financial assets at FVOCI	-1.8	-1.6
Net impairment/reversal of impairment of financial assets	-0.2	1.6
Other investment income/expenses	0.1	-2.3
Total return on financial investments (1) 1	25.1	17.7
Gains/losses and impairments od investments in associates (2)	6.3	1.4
Total (1+2)	31.4	19.1
Rate of return on investment without UL	3.0%	1.8%

¹ Unit-linked life insurance assets excluded ² Calculated using effective interest method

High Quality Bond Portfolio

Development of CSM

CSM of new contracts/CSM: 10.5%
85% CSM of new contracts from Life business

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

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

Profitable operations. Sharp decrease in TBV due to termination of supplemental health insurance in Slovenia

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.

H1 2024 Performance at a Glance

P&L Highlights (in €M)	H1 2024	H1 2023*	Index	Financial position indicators (in €M)	30 Jun 2024	31 Dec 2023	Index
Total business volume (1+2)	942.9	963.3	98	Balance sheet total	4,223.9	4,099.0	103
Gross written premium (1)	867.9	894.2	97	Equity	930.6	891.1	104
Other income (2)	75.1	69.1	109	Asset under management (AUM)	5,329.3	4,851.4	110
Insurance operating result (a)	62.1	-6.2		Contractual service margin (CSM)	238.1	238.4	100
Insurance revenue	604.5	634.8	95	Number of employees	5,225	5,318	98
Claims incurred	287.3	435.7	66
Acquisition & admin.costs incl. non-attributable items	176.1	172.6	102
Net reinsurance service result	-78.8	-30.4	259
Net other insurance income/expenses	-0.2	-2.3	7
Net Investment result (b)	20.8	14.0	149
Investment result	98.4	55.0	179	Key performance indicators	H1 2024	H1 2023	Change
Financial result from insurance operations	-84.5	-46.7	181	ROE annualised	17.3%	2.6%	14.6 p.p.
Change in provisions for unmet guaranteed yield	0.6	4.2	14	Combined ratio NL & Health	90.6%	102.0%	-11.3 p.p.
Attributable gains/losses on investments in associates	6.3	1.4	449	Claims ratio NL & Health	63.4%	76.2%	-12.8 p.p.
Result from non-insurance operations (c)	6.6	4.3	156	Expense ratio NL & Health	27.3%	25.8%	1.5 p.p.
Earnings before tax (a+b+c)	89.5	12.1	742	Non-Life: Combined ratio	90.3%	95.8%	-5.5 p.p.
Net earnings	75.4	11.4	659	Health: Combined ratio	99.6%	129.1%	-29.5 p.p.
Other comprehensive income	3.8	9.3	41	Life: New business margin (NBM)	14.1%	13.1%	1.0 p.p.

*The figures for the comparative period differ from those reported for H1 2023 because last year's figures were reported on an unconsolidated basis and, in addition, some improvements were made to IFRS 17 calculations throughout 2023.

2024 Outlook

2024 Outlook with Improved Profit Guidance

Group expects macroeconomic situation to improve in 2024. Its performance will depend on financial market trend, impact of termination of supplemental health insurance, reinsurance coverage and market potential of its markets.

At H1 2024 Triglav estimates that planned annual EBT will be exceeded, taking into account anticipated operating conditions by the end of the year.

2024 Financial Calendar

Planned date¹	Time¹	Type of announcement
Wednesday, 6 March 2024	8:30	Preliminary key figures 2023
Friday, 29 March 2024	8:30	Audited annual report for 2023
Friday, 26 April 2024		Convocation Notice of General Meeting of Shareholders on distribution of profit
Tuesday, 21 May 2024	8:30	January – March 2024 Results
Tuesday, 4 June 2024		General Meeting of Shareholders and notice of its resolutions
Thursday, 22 August 2024	8:30	January – June 2024 Interim Report
Wednesday, 20 November 2024	8:30	January – September 2024 Results

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

Investor Relations Department

Helena Ulaga Kitek, Director of IR Email: [email protected] Website: www.triglav.eu

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