Zavarovalnica Triglav

Investor Presentation • May 22, 2024

Building a Safer Future

Triglav Group Q1 2024 Results

Investor Presentation

triglav.eu May 2024

Disclaimer

Information in this presentation is based on the unaudited financial statements prepared in accordance with the new IFRS 9 and IFRS 17 standards effective from 1

January 2023.

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.

Q1 2024 Results 2

1 Q1 2024 Highlights

© Triglav Group: Q1 2024 Results Investor Presentation_May 2024

Q1 2024 Highlights

Highlights

Q1 2024 Key Financials and KPIs

▪ GWP	-1%	€ 448.7M
▪ OTHER INCOME	-0%	€ 40.0M
Total	-1%	€ 488.7M

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Robust Financial Stability and Strong Capital Base

© Triglav Group: Q1 2024 Results Investor Presentation_May 2024

Q1 2024 Results

Strong Insurance Service Results in Q1 2024

Key Performance Indicators

Financial Position Indicators

Successfully Maintained Total Business Volume

Triglav Group Markets

	Slovenia*	Serbia	Croatia	Montenegro	B and H	N Macedonia
CoR (Q1 2024; y-o-y)	85.2% (-14.5 pp)	101.6% (+3.9 pp)	101.5% (+1.1 pp)	89.6% (-2.1 pp)	92.5% (-8.6 pp)	107.1% (+2.8 pp) Q1 2023
Market share (Q1 2024):	41.4% (+0.9 pp)	7.3% (+0.3 pp)	5.1% (-0.5 pp)	38.3% (-0.1 pp)	9.7% (+0.5 pp)	13.4% (2023)
Market position (Q1 2024):	st 1 rank	th 5 rank	th 8 rank	st 1 rank	rd 3 rank	Q1 2024 rd 3 rank

Leading Market Position in Adria Region with 21.7% market share (2022YE)

Well Balanced GWP Structure

14

Structure by GWP non-consolidated, RE not included

Lower Claims Intensity in Q1 2024

Financial Investments of Triglav Group

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

Return on financial investments of insurance portfolios

Asset Allocation (united-linked products and

Instruments (in €M)	31 Mar 2024	31 Dec 2023	Index
Investment property	68.6	68.0	101
Investments in associates	38.5	37.7	102	financial contracts excluded)
Shares and other variable income securities	182.0	168.7	108	3.1% 3.0%
Debt and other fixed-income securities	1,851.3	1,860.0	100	8.2%
Loans given	6.6	6.6	100
Bank deposits	66.0	65.8	100
Other financial instruments	0.9	0.9	100
Total (1)	2,213.9	2,207.6	100
Unit-linked life insurance contract investments (2)	604.2	540.9	112	Bonds Equity Deposits with banks
Financial investments from financial contracts (3)	690.7	650.0	106	Investment property
Total (1+2+3)	3,508.8	3,398.5	103	Loans given

1 Return on financial investments (in M€)	Q1 2024	Q1 2023
Interest income2	10.4	8.1
Dividend income	0.0	0.1
Net gains/losses on financial assets at FVTPL	2.3	3.0
Net gains/losses on financial assets at AC	0.0	0.0
Net gains/losses on financial assets at FVOCI	-2.2	-1.1
Net impairment/reversal of impairment of financial assets	-0.3	1.0
Other investment income/expenses	-0.4	-1.4
Total return on financial investments (1) 1	9.9	9.8
Gains/losses and impairments od investments in associates (2)	0.8	0.8
Total (1+2)	10.7	10.6
Rate of return on investment without UL	2.0%	2.0%
¹ Unit-linked life insurance assets excluded

² Calculated using effective interest method

Investments in associates and joint ventures

High Quality Bond Portfolio

Development of CSM

• CSM of new contracts/CSM: 5.5%
• 84% 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

Segment: Life

Segment: Health

In accordance with its strategy, Triglav Group continues to develop and strengthen complementary health insurance in Adria region markets

Non-consolid. GWP by Markets (in €M)
(in €M)	Q1 2024	Q1 2023	Index
Slovenia	5.2	52.7	10
Serbia	4.6	3.0	153
N. Macedonia	1.5	1.0	151
Croatia	1.1	0.6	190
Montenegro	0.5	0.4	119
B and H	0.2	0.2	113
Total	13.2	58.0	23

Segment: Asset Management

Q1 2024 Performance at a Glance

P&L Highlights (in €M)	Q1 2024	Q1 2023* Index		Financial position indicators (in €M)	31 Mar 2024	31 Dec 2023	Index
Total business volume (1+2)	488.7	494.5	99	Balance sheet total	4,190.1	4,099.0	102
Gross written premium (1)	448.7	454.4	99	Equity	929.8	891.1	104
Other revenue (2)	40.0	40.1	100	Asset under management (AUM)	5,162.7	4,851.4	106
Insurance operating result (a)	38.3	7.4	520	Contractual service margin (CSM)	241.6	238.4	101
Insurance revenue	288.3	304.0	95	Number of employees	5,267	5,318	99
Claimes incurred	130.5	186.2	70
Acquisition & admin.costs incl. non-attributable items	76.5	77.6	99
Net reinsurance service result	-42.0	-30.8	136
Net other insurance income/expenses	-0.9	-2.0	46
Net Investment result (b)	5.2	11.3	46
Investment result	60.8	26.0	234	Key performance indicators	Q1 2024	Q1 2023	Change
Financial result from insurance operations	-56.8	-21.0	271	ROE annualised	17.1%	6.6%	10.5 pp
Change in provisions for unmet guaranteed yield	0.4	5.5	7	Combined ratio NL & Health	87.9%	98.9%	-11.0 pp
Attributable gains/losses on investments in associates	0.8	0.8	101	Claims ratio NL & Health	62.4%	74.1%	-11.6 pp
Result from non-insurance operations (c)	-0.1	-1.5	9	Expense ratio NL & Health	25.5%	24.9%	0.6 pp
Earnings before tax (a+b+c)	43.3	17.1	253	Non-Life: Combined ratio	89.5%	98.8%	-9.3 pp
Net earnings	36.6	14.4	254	Health: Combined ratio	12.6%	99.5%	-86.9 pp
Other comprehensive income	2.1	7.6	28	Life: New business margin NBM	14.9%	11.4%	3.5 pp

*The figures for the comparative period differ from those reported for Q1 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.

© Triglav Group: Q1 2024 Results Investor Presentation_May 2024

2024 Outlook

2024 Outlook

25

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 Q1 2024 annual profit guidance confirmed. Continued focus on growth, development activities and improved client-centric approach.

2024 Financial Calendar

27

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: investor.relations@triglav.si Website: www.triglav.eu

For more information, please contact