Zavarovalnica Triglav d.d.

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Business

Report

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1SL

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Insurance

Asset Management

Non-Life	Own insurance portfolio
Life	(asset backing liabilities and backing funds)
Pension	Mutual funds and individual asset management
Health
Reinsurance	Pension funds

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Mission

We build a safer future:

Provide development-oriented environment for our employees; stakeholder protection investment for our investors;

Vision

We set standards of outstanding client experience - leading anytime; anyplace:

Best user experience - through our values for our key stakeholders and promote.

Values

Responsiveness, simplicity, and reliability reflected in our day-to-day operations.

Strategic Activities

Insurance	Asset Management	Trinity Group will remain leader
Non-life	Leading Fund
Health	Fund: Individual asset management
Pension
Retirement

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LZ

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Corporate governance of the Triglav Group's subsidiaries

Zavarovalnica Triglav

Corporate Governance

Subsidiaries

Effective supervision standards and management of subsidiaries.

Management System

Management of the subsidiaries.

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Current Page

ntnfor	01/31/2023	02/28/3023	03/31/2023	12/31/2023
04/10/2013	05/31/2023	06/10/2023	07/31/2023	08/30/2023
09/30/2023	10/31/2023	SBMOP index
StCXX {urope 630 Insuranae index

ICO

12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023
MIG		SHIO?	Indes

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Risk Management Process

Key Strategic Objectives	Risk Identification	Risk Assessment	Risk Treatment	Monitoring and Reporting
Strategic Objectives	Identification	Assessment	Treatment	Monitoring
Potential Injuries	Include: Internal	External	Reporting

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The capital management strategic objectives and the dividend policy criteria

250%	Surplus	Possibility of a more aggressive growth of business volume; assessment of potential changes in the business strategy
200-250%	Target	Regular performance of risk management activities
150-200%	Sub-optimum level	Analyzing possible medium and long-term measures to improve capital adequacy and emphasized monitoring of risks
130-150%	Warning level of	Implementation of measures to improve capital adequacy
130%	Insufficient	capital adequacy

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Lonp [ernatabihty and protitabiity opemationg

Dutincot conuinuity Ond Care Iot crnployees'

1 qualillad deto protection

Adjubtu calic

Donatone	cultuno	Vely
High	Impatt on the ability to implement the Triglav Groupstategy	high
Envitonnent	Lodiul	Imponart h
Imponane has Ceceased	Impoiaike remained unchanged

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Accounting

Report

151=
0k& €

Deloitte

INDEPENDENT AUDITOR'S REPORT

to the shareholders of ZAVAROVALNICA TRIGLAV, d.d

Report on the Audit of Financial Statements

Opinion

We have audited the separate financial statements of the company ZAVAROVALNICA TRIGLAV, d.d (hereinafter 'the Company') and consolidated financial statements of the company ZAVAROVALNICA TRIGLAV, d.d and its subsidiaries (hereinafter 'the Group') which comprise the separate and the consolidated statement of financial position as at 31 December 2023, and the separate and consolidated income statement; separate and consolidated statement of other comprehensive income, separate and consolidated statement of changes in equity, separate and consolidated cash flow statement for the year then ended, and notes to the separate and consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects, the financial position of the Company and the Group as at 31 December 2023, and the financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU (hereinafter 'IFRS').

MAKING AN IMPACT THAT MATTERS

Deloitte

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and Regulation (EU) 537/2014 of the European Parliament and of the Council; dated 16 April 2014, which stipulates requirements regarding statutory audit of public-interest entities (EU Regulation). Our responsibilities under those rules are further described in the Auditor's Responsibilities for the Audit of the Separate and Consolidated Financial Statements section of our report. We are independent of the Company and the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) of the International Ethics Standards Board for Accountants (IESBA Code) and other ethical requirements that are relevant to our audit of the separate and consolidated financial statements in Slovenia, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to Note 2.6 "Effect of adoption of new IFRSs and effect of change in accounting policies of the separate and consolidated financial statements," which describes the effects of the retrospective change in the Company’s accounting policy for measurement of investments in associates and joint ventures in the Company’s separate financial statements and reclassification of works of art in the Company and Group separate and consolidated financial statements. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate and consolidated financial statements of the year ended 31 December 2023. These matters were addressed in the context of our audit of the separate and consolidated financial statements as a whole; and in forming our opinion thereon; and we do not provide a separate opinion on these matters.

Deloitte

Valuation of liabilities from insurance and reinsurance contracts Separate and Consolidate Financial Statements

Key Audit Matter

Accounting policies for description of key assumptions; methodologies and models used in the calculation of liabilities from insurance and reinsurance contracts are presented in Note. For other related disclosures please see Notes 3 Insurance business and Reinsurance business. The transition effects to the new standard are presented in the note Impacts of the transition to new accounting standards and impacts of changes accounting policies:

The implementation of the new International Financial Reporting Standard 17 Insurance Contracts (IFRS 17), effective from January 2023, has introduced significant changes to the measurement and presentation of liabilities from insurance and reinsurance contracts and related account balances and classes of transactions. This standard replaces the previous IFRS Insurance Contracts and requires insurance and reinsurance contracts that meet the scoping criteria of the standard to be valued using the General Measurement Model (GMM), the Variable Fee Approach (VFA), or the Premium Allocation Approach (PAA), all of which are used by the Company and the Group.

The measurement of liabilities from insurance and reinsurance contracts comprises the present value of expected future cash flows, including financial and non-financial risks, with particular focus on the expected margin (so-called contractual service margin (CSM)), which will be recognized during the period of contractual coverage.

The application of IFRS 17 brought various operational complexities; particularly in the valuation of insurance and reinsurance liabilities with focus on the contractual service margin. The transition process involved the estimation of the impact on shareholders' equity, as disclosed in the Note Impacts of the transition to new accounting standards and impacts of changes accounting policies. The company and the Group's estimated impact includes a positive effect on shareholders' equity in the amount of EUR 100,494,926 (the company) and EUR 104,818,141 (the group) respectively as at transition date January 2022. The company and the Group's insurance liabilities as at 31 December 2023, amount to EUR 885,673,792 (31 December 2022 EUR 583,411,267) and EUR 330,647,605 (31 December 2022).

How Our Audit Addressed the Key Audit Matter

To address the risks associated with the valuation of liabilities from insurance and reinsurance contracts identified as key audit matter, we designed audit procedures that enabled us to obtain sufficient appropriate audit evidence for our conclusion on that matter.

To address the valuation of the liabilities from insurance and reinsurance contracts identified as key audit matter, we performed the following audit procedures with the use of our own actuarial experts:

Review of IFRS 17 Adoption Process
Gaining detailed understanding of the processes to estimate the transition adjustment and obtaining an understanding of relevant controls;
Assessment of the process of the first-time adoption of IFRS 17, including the identification of group of contracts, determination of the appropriate measurement models and establishment of specific level of aggregation;
Analysis of the documentation supporting the application choices made by the Company and the Group for the identification of the Group of contracts and consequent valuation models adapted at the transition date and for the valuation of the contractual service margin at that date;
Evaluation of internal controls
Gaining an understanding of the control environment and internal controls designed by the Management in the process of.

Deloitte

EUR 2.084.328,48S| respectively. The Company and the Group reinsurance liabilities as at 31 December 2023 from insurance contracts; including the amount to EUR 0 (31 December 2022: EUR 052.3841) and EUR 6 460,600 (31 December 2022: EUR 9.465.062) respectively:

In order to meet the requirements of the new standard, significant changes have also been made to the company's and group internal systems, processes and controls; introducing a level of discretionary judgment inherent in estimating liabilities from insurance and reinsurance contracts and the contractual service margin with effect from January 2023.

Valuation of liabilities from insurance and reinsurance contracts involves significant management judgment when developing and using input data and assumptions in the actuarial calculation models; dependent on the management's assumptions about past, future, internal and external variables, the change of which can result in significant impact on the value of these liabilities. There is also a high degree of complexity due to the numerous assumptions and actuarial valuation models applied.

Some of the key assumptions include risk adjustment; discount curves; inflation forecasts; cash projection; mortality, longevity, lapse assumptions, claims cost ratios, coverage units and CSM recognition pattern.

Given the pervasive complexities introduced by IFRS 17 and the specific challenges associated with the transition, we consider the valuation of liabilities from insurance and reinsurance contracts related to the transition to IFRS 17 and year ended 31 December 2023 a key audit matter for our audit of the separate and consolidated financial statements.

Key Audit Matter

Assessment of management assumptions:

Challenging the appropriateness of key technical accounting decisions, judgments, assumptions and elections made in determining the estimate against the requirements of the standard;
Reviewing sensitivity analyses to assess the impact of changes in key assumptions on the valuation of liabilities from insurance and reinsurance contracts; emphasizing the contractual service margin;
Testing of disclosures in the separate and consolidated financial statements.

Deloitte

Evaluating the completeness and accuracy of the disclosures in the notes to the separate and consolidated financial statements with respect to the requirements of IFRS 17, IAS 8, IFRS 1

Valuation of investments in subsidiaries in separate financial statements

Key Audit Matter

How our audit addressed the key audit matter

Disclosures related to investments in the equity of subsidiaries are included in Note 2.5, 5 Investments in subsidiaries (accounting policies) and Note Investments in Subsidiaries (associates and joint ventures) (value and assumptions).

Investments in the equity of subsidiaries equal EUR 219.360.367 (2022 EUR 185.360.343) in the separate financial statements and are measured at cost less any impairments; the management assesses indications of impairment of such investments at least on an annual basis and performs impairment testing as necessary. Professional judgement and application of subjective assumptions made by the management are necessary in order to assess indications of impairment.

Investments in the equity of subsidiaries are subject to significant judgements and estimates and due to that significance of the account balances, we have considered investments in the equity of subsidiaries as a key audit matter.

Our procedures included the following:

Checking and comparing the net assets of an individual subsidiary with the value of the investment in the separate financial statements as at 31 December 2023.
Assessing the assumptions applied to calculate discount rates and their recalculation.
Reviewing the projected future cash flows used by the Company to carry out impairment tests.
Comparing the projected cash flows, including the assumptions related to revenue growth rates and operating margins, against historical performance.
Testing the accuracy of previous management estimates, and checking other assumptions and estimates included in the judgements.
Verifying the adequacy of disclosures in the separate financial statements.

An auditor's expert took part in our procedures.

Deloitte

Other Information

Management is responsible for the other information. The other information comprises the information included in the Annual report; other than the separate and consolidated financial statements and our auditor's report thereon. We obtained other information before the date of the auditor's report, except for the report of the supervisory board which will be available later.

Our opinion on the separate and consolidated financial statements does not cover the other information and we express no assurance thereon: in connection with our audit of the separate and consolidated financial statements; our responsibility is to read the other information and, doing so, assess whether the other information is materially inconsistent with the separate and consolidated financial statements; legal requirements or our knowledge obtained in the audit; or otherwise appears to be materially misstated. If based on our work performed we conclude that other information includes material misstatement we need to report such circumstances. In relation to this; and based on our procedures performed we report that:

Other information is, in all material respects, consistent with the audited separate and consolidated financial statements;
Other information is prepared in compliance with applicable law or regulation; and
Based on our knowledge and understanding of the Company and the Group, their environment obtained in the audit we did not identify any material misstatement of fact related to the other information;

Responsibilities of Management and Those Charged with Governance for the Separate and Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the separate and consolidated financial statements in accordance with IFRS and for such internal control as management determines is necessary to enable the preparation of separate and consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate and consolidated financial statements of the Company and the Group; management is responsible for assessing their ability to continue as going concern; disclosing matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company and the Group or to cease operations or has no realistic alternative but to do so.

Those charged with Governance are responsible for overseeing the Company and the Group financial reporting process;

Deloitte

Auditor's Responsibilities for the Audit of the Separate and Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error; and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance; but it is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect material misstatement when it exists. Misstatements can arise from fraud or error and are considered material individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate and consolidated financial statements.

As part of an audit in accordance with International Standards on Auditing and EU Regulation, we exercise professional judgment and maintain professional skepticism throughout the audit; we also:

Identify and assess the risks of material misstatement of the separate and consolidated financial statements, whether due to fraud or error; design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting material misstatement resulting from fraud rather than from error, is fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the auditing in order to design audit procedures that are appropriate to the circumstances; but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained; whether material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the separate and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company or the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure, and content of the separate and consolidated financial statements, including the disclosures, and whether the separate and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence; and where applicable, action taken to eliminate threats or safeguards applied.

Deloitte

From the matters communicated with those charged with governance, "we determine those matters that were of most significance in the audit of the separate and consolidated financial statements of the current period, and are therefore the judicious matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter when, in extremely rare circumstances; we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication;

Report on Other Legal and Regulatory Requirements

Report on the requirements of the Regulation (EU) No 537/2014 of the European Parliament and the Council (Regulation EU 537/2014)

Confirmation to the Audit Committee

We confirm that our audit opinion on the separate and consolidated financial statements expressed herein is consistent with the additional report to the Audit Committee in accordance with Article 11 of Regulation (EU) No 537/2014 of the European Parliament and the Council:

Prohibited Services

We confirm that no services referred to in Article 5(1) of Regulation (EU) No. 537/2014 of the European Parliament and the Council were provided and that the audit company fulfilled independence requirements:

Other Services Provided by the Audit Company

There are no services, in addition to the statutory audit, which the audit company provided to the Company and its controlled undertakings and which have not been disclosed in the Annual Report:

Deloitte revizija d.o.o., appointed the statutory auditor of the Company and the Group on General Shareholders' Meeting held on 24 May 2022 while the president of the Supervisory Board signed the audit contract on 26 May 2022. The audit contract was signed for 5 years. Our total uninterrupted engagement as statutory auditors has lasted since 21 June 2019.

Engagement partner responsible for the audit on behalf of Deloitte revizija d.o.o. is Barbara Zibret Kralj.

Auditor's Report on Compliance of Financial Statements

Electronic Form with the Commission Delegated Regulation (EU) No 2019/815 on European Single Electronic Format (ESEF)

We undertook a reasonable assurance engagement whether the separate and consolidated financial statements of the Company and the Group for the year ended 31 December 2023 (hereinafter "audited separate and consolidated financial statements") are prepared taking into consideration the Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the single electronic reporting format; valid for the year 2023 (hereinafter 'Delegated Regulation).

Management is responsible for the preparation and correct presentation of audited separate and consolidated financial statements in electronic form in accordance with the requirements of the Delegated Regulation and for internal control as determined necessary by the management;

Deloitte

enable the preparation of separate and consolidated financial statements in electronic form that are free from material misstatement whether due to fraud or error. Those charged with governance are responsible for overseeing the preparation of audited separate and consolidated financial statements in electronic form in accordance with the requirements of the Delegated Regulation.

Auditor's Responsibility

Our responsibility to carry out a reasonable assurance engagement and to express the conclusion on whether the audited separate and consolidated financial statements in electronic form are prepared in accordance with the requirements of the Delegated Regulation; we conducted our reasonable assurance engagement in accordance with the International Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information (ISAE 3020) published by the International Auditing and Assurance Standards Board. This standard requires that we plan and perform the engagement to obtain reasonable assurance for providing a conclusion.

We have conducted the engagement in compliance with independence and ethical requirements as provided by the Regulation EU No. 537/2014 and IESBA Code. The code is based on the principles of integrity, objectivity, professional competence and due diligence, confidentiality, and professional conduct. We are in compliance with the International Standard on Quality Management (ISQM) and accordingly maintain an overall quality management system, including documented policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and statutory requirements.

Summary of Work Performed

Within the scope of the work performed, we have carried out the following audit procedures:

We have identified and assessed the risk of material non-compliance of audited separate and consolidated financial statements misstatement with the requirements of the Delegated Regulation;
We have obtained an understanding of the internal control processes considered important for our reasonable assurance engagement in order to design appropriate procedures in given circumstances; however, not with the purpose of expressing an opinion on the effectiveness of internal control;
We have assessed whether the audited separate and consolidated financial statements satisfy the conditions of Delegated Regulations, valid on the reporting date;
We have obtained reasonable assurance that the audited separate and consolidated financial statements of the issuer are presented in the electronic XHTML format;
We have obtained reasonable assurance that the values and disclosures in the audited consolidated financial statements in the electronic XHTML format are presented correctly and in the Inline XBRL technology (iXBRL), so that their machine reading can ensure complete and correct information that is included in the audited consolidated financial statements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Deloitte

Conclusion

QuIopinion; based on the procedures performed and the evidence obtained we believe that the audited separate and consolidated financial statements of the Company and the Group for the year ended 31 December 2023 are in all material respects prepared accordance with the requirements of the Delegated Regulation.

DELOITTE REVIZIJA d.0.0

Dunajska cesta 165

1000 Ljubljana

garbara Zibret Kralj

Certified auditor

For signature please refer to the original Slovenian version:

Ljubljana; 12 March 2024

TRANSLATION ONLY, SLOVENE ORIGINAL PREVAILS

Deloitte:

DELOITTE REVIZIJA D.C.0.

Ljubljana, Slovenia

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Triglav Group

Zavarovalnica Triglav

31 December 2023

31 December 2022

2–5 Upper secondary or general education or below	2,181	2,204	746	772
6/1 First-cycle education/professional higher education	521	527	353	363
6/2 First-cycle education	824	809	479	458
7 Second-cycle education	1,552	1,530	565	551
8/1 Third-cycle education/master's degree in science	218	214	92	90
8/2 Third-cycle education/doctoral degree in science	22	22	8
TOTAL	5,318	5,306	2,243	2,243

Number of employees (full time equivalent)

5,190	5,177	2,215	2,213

2.1.4 About the Triglav Group

Zavarovalnica Triglav is the controlling company of the Triglav Group (hereinafter: the Group), therefore, in addition to the separate financial statements of the Company, it also compiles the consolidated financial statements of the Group. The Group’s two key strategic business segments are insurance and asset management. 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.

ADDRESS	TAX RATE (in %)	ACTIVITY	EQUITY STAKE (in %)	SHARE OF VOTING RIGHTS (in %)	2023	2022
Pozavarovalnica Triglav RE, d.d. Miklošičeva cesta 19, Ljubljana, Slovenija	19	Reinsurance	100.00	100.00	100.00	100.00
Triglav, Zdravstvena zavarovalnica, d.d. Dunajska cesta 22, Ljubljana, Slovenija	19	Insurance	100.00	100.00	100.00	100.00
Triglav Osiguranje, d.d., Zagreb Antuna Heinza 4, Zagreb, Hrvaška	18	Insurance	100.00	100.00	100.00	100.00
Triglav Osiguranje, d.d., Sarajevo Dolina 8, Sarajevo, Bosna in Hercegovina	10	Insurance	97.78	97.78	98.87	98.87
Lovćen Osiguranje, a.d., Podgorica Ulica slobode 13a, Podgorica, Črna gora	9-15	Insurance	99.07	99.07	99.07	99.07
Lovćen življenjska zavarovalnica, a.d., Podgorica Ulica Marka Miljanova 29/III, Podgorica, Črna gora	9-15	Insurance	99.07	99.07	99.07	99.07
Triglav Osiguranje, a.d.o., Beograd Milutina Milankovića 7a, Beograd, Srbija	15	Insurance	100.00	100.00	100.00	100.00
Triglav Osiguranje, a.d., Banja Luka Ulica Prvog krajiškog korpusa 29, Banja Luka, Bosna in Hercegovina	10	Insurance	97.78	100.00	100.00	100.00
Triglav Osiguruvanje, a.d., Skopje Bulevar 8-mi Septemvri 16, Skopje, Severna Makedonija	10	Insurance	82.01	81.69	82.01	81.69
Triglav Osiguruvanje Život, a.d., Skopje Bulevar 8-mi Septemvri 18, Skopje, Severna Makedonija	10	Insurance	97.43	97.38	97.43	97.38
Triglav penzisko društvo, a.d., Skopje Bulevar 8-mi septemvri 18, Skopje, Severna Makedonija	10	Fund management	100.00	100.00	100.00	100.00
Triglav, pokojninska družba, d.d. Dunajska cesta 22, Ljubljana, Slovenija	0	Fund management	100.00	100.00	100.00	100.00
Triglav INT, d.o.o. Dunajska cesta 22, Ljubljana, Slovenija	19	Holding company	100.00	100.00	100.00	100.00
Triglav Skladi, d.o.o. Dunajska cesta 20, Ljubljana, Slovenija	19	Fund management	100.00	100.00	100.00	100.00
Triglav Avtoservis, d.o.o. Verovškova 60b, Ljubljana, Slovenija	19	Maintenance and repair of motor vehicles	100.00	100.00	100.00	100.00
Triglav Svetovanje, d.o.o. Ljubljanska cesta 86, Domžale, Slovenija	19	Insurance agency	100.00	100.00	100.00	100.00
Triglav, Upravljanje nepremičnin, d.o.o. Dunajska cesta 22, Ljubljana, Slovenija	19	Real estate management	100.00	100.00	100.00	100.00
Triglav Savjetovanje, d.o.o., Sarajevo Dolina 8, Sarajevo, Bosna in Hercegovina	10	Insurance agency	97.78	97.78	98.87	98.87
Triglav Savjetovanje, d.o.o., Zagreb Sarajevska cesta 60, Zagreb, Hrvaška	18	Insurance	100.00	100.00	100.00	100.00
Triglav Savetovanje, d.o.o., Beograd Zelengorska 1g, Beograd, Srbija	15	Insurance agency	100.00	100.00	100.00	100.00
Autocentar BH, d.o.o. Džemala Bijedića 165b, Sarajevo, Bosna in Hercegovina	10	Maintenance and repair of motor vehicles	97.78	97.78	98.87	98.87
Sarajevostan, d.o.o. Džemala Bijedića 147, Sarajevo, Bosna in Hercegovina	10	Real estate management	90.95	90.95	91.97	91.97
Lovćen auto, d.o.o., Podgorica Novaka Miloševa 6/2, Podgorica, Črna gora	9-15	Maintenance and repair of motor vehicle	99.07	99.07	99.07	99.07
Triglav upravljanje nekretninama, d.o.o., Zagreb Ulica Josipa Marohnića 1/1, Zagreb, Hrvaška	18	Real estate management	100.00	100.00	100.00	100.00
Triglav upravljanje nekretninama, d.o.o., Podgorica Džordža Vašingtona 44, Podgorica, Črna gora	9-15	Real estate management	100.00	100.00	100.00	100.00
Triglav upravljanje nekretninama, d.o.o., Sarajevo Dolina 8, Sarajevo, Bosna in Hercegovina	10	Real estate management	100.00	100.00	100.00	100.00
TRIGLAV upravuvanje so nedvižen imot DOOEL, Skopje Dame Gruev št.8, Skopje, Severna Makedonija	10	Real estate management	100.00	-	100.00	-
Triglav Fondovi, d.o.o., Sarajevo Ulica Mehmed-paše Sokolovića 15, Sarajevo, Bosna in Hercegovina	10	Fund management	62.54	62.54	62.54	62.54
Triglav zdravje asistenca, d.o.o., Ljubljana Dunajska cesta 22, Ljubljana, Slovenija	19	Other human health activities	100.00	100.00	100.00	100.00
Zavod Vse bo v redu Miklošičeva cesta 19, Ljubljana, Slovenija	19	Corporate Social Responsibility Institute	100.00	100.00	100.00	100.00

COMPANY	ASSETS 2023	ASSETS 2022 adjusted*	LIABILITIES 2023	LIABILITIES 2022 adjusted*	EQUITY 2023	EQUITY 2022 adjusted*	INCOME 2023	INCOME 2022 adjusted*	NET PROFIT/LOSS 2023	NET PROFIT/LOSS 2022
Pozavarovalnica Triglav Re, d.d., Ljubljana	410,277,992	282,130,250	311,869,723	189,080,421	98,408,269	93,049,829	439,210,534	249,980,810	5,063,016	6,943,222
Triglav, Zdravstvena zavarovalnica, d.d., Ljubljana	79,728,538	86,327,285	40,187,489	49,682,106	39,541,049	36,645,178	213,523,824	206,099,017	-24,444,673	-2,585,365
Triglav Osiguranje, d.d., Zagreb	190,787,223	172,100,828	148,449,013	134,993,977	42,338,210	37,106,851	106,955,946	103,781,919	-3,858,646	-1,288,501
Triglav Osiguranje, d.d., Sarajevo	83,912,383	74,739,851	57,836,201	48,161,294	26,076,182	26,578,557	33,085,377	26,118,319	1,118,581	912,122
Lovćen Osiguranje, a.d., Podgorica	52,294,433	48,021,698	31,236,313	30,744,165	21,058,120	17,277,533	38,602,238	40,108,683	2,347,486	3,646,277
Lovćen životna osiguranja, a.d., Podgorica	9,446,837	7,825,978	5,258,146	3,506,413	4,188,691	4,319,565	4,039,491	4,454,307	-513,512	318,002
Triglav Osiguranje, a.d.o., Beograd	88,533,209	73,084,005	58,802,788	45,467,739	29,730,421	27,616,266	107,330,259	84,300,667	1,799,380	4,267,246
Triglav Osiguranje, a.d., Banja Luka	14,680,050	12,992,268	9,757,036	7,839,361	4,923,014	5,152,907	8,772,472	7,226,135	174,676	63,918
Triglav Osiguruvanje, a.d., Skopje	42,735,186	33,906,018	28,093,194	20,012,037	14,641,992	13,893,981	34,797,946	17,650,515	884,217	581,293
Triglav Osiguruvanje Život, a.d., Skopje	14,700,851	10,682,151	8,131,485	4,276,898	6,569,366	6,405,253	3,513,193	1,782,931	88,221	433,795
Triglav penzisko društvo, a.d., Skopje	3,938,167	3,337,877	192,283	158,530	3,745,884	3,179,347	914,821	519,140	-426,828	-658,779
Triglav, pokojninska družba, d.d., Ljubljana	482,831,854	444,936,402	419,510,811	387,175,730	63,321,043	57,760,672	9,586,894	5,259,683	4,599,439	-4,665,374
Triglav INT, d.o.o., Ljubljana	78,123,520	67,880,648	41,280	23,949	78,082,240	67,856,699	118,977,783	-274,458	-13,237,778
Triglav Skladi, d.o.o., Ljubljana	61,691,354	66,882,379	8,213,384	6,968,200	53,477,970	59,914,179	34,354,497	30,861,198	8,538,042	2,469,356
Triglav Avtoservis, d.o.o., Ljubljana	1,752,461	1,280,682	1,570,356	1,129,953	182,105	150,729	4,352,568	3,145,332	35,097	9,836
Triglav Svetovanje, d.o.o., Domžale	2,303,025	1,899,366	1,743,216	1,467,292	559,809	432,074	6,609,337	5,704,023	133,639	105,395
Triglav, Upravljanje nepremičnin, d.o.o., Ljubljana	29,406,171	29,055,430	2,585,145	3,442,253	26,821,026	25,613,177	4,815,090	15,994,113	1,214,903	10,527,056
Triglav Savjetovanje, d.o.o., Sarajevo	259,436	268,101	239,082	258,193	20,354	9,908	659,640	695,683	10,445	7,213
Triglav Savjetovanje, d.o.o., Zagreb	99,470	54,413	15,130	91,441	84,340	-37,028	373,596	370,325	-67,811	-126,524
Triglav Savetovanje, d.o.o., Beograd	85,345	91,746	56,631	95,375	28,714	-3,629	656,700	688,402	-4,296	-37,822
Autocentar BH, d.o.o., Sarajevo	2,833,784	2,574,025	769,430	530,336	2,064,354	2,043,689	1,760,693	1,764,978	71,795	82,924
Sarajevostan, d.o.o., Sarajevo	1,891,436	1,890,500	634,805	709,063	1,256,631	1,181,437	2,012,082	1,913,453	75,198	223,607
Lovćen auto, d.o.o., Podgorica	5,009,689	4,824,902	1,585,356	1,439,562	3,424,333	3,385,340	2,433,506	2,325,018	38,993	94,833
Triglav upravljanje nekretninama, d.o.o., Zagreb	523,837	456,763	731	728	523,106	456,035	123,473	1,048	67,074	-834
Triglav upravljanje nekretninama, d.o.o., Podgorica	619,201	790,983	80,022	194,397	539,179	596,586	26,866	12,248	-57,408	-116,225
Triglav upravljanje nekretninama, d.o.o., Sarajevo	1,255,589	990,356	300,675	5,169	954,914	985,187	77,346	8,397	-30,270	-13,521
TRIGLAV upravuvanje so nedvižen imot DOOEL, Skopje	3,194	-0	-	3,194	-	0	-	-1,800	-
Triglav Fondovi, d.o.o., Sarajevo	4,156,529	4,181,525	72,903	20,242	4,083,626	4,161,283	520,201	144,563	-77,658	-786,808
Triglav zdravje asistenca, d.o.o., Ljubljana	3,714,997	6,100	1,169,220	599	2,545,777	5,501	1,069,490	2,455	47,777	-1,998
Zavod Vse bo v redu	240,727	98,730	10,593	0	230,135	98,730	182,256	364,907	131,405	-44,898

* The data for the comparative period are adjusted in accordance with the two new accounting standards, as described in Section 2.6. The table shows the data before the elimination of intercompany transactions and other consolidation adjustments.

Triglav Osiguruvanje, a.d., Skopje

Triglav Fondovi, d.o.o., Sarajevo

31 December 2023

31 December 2022 adjusted*

CONDENSED BALANCE SHEET	2023	2022 adjusted*
Current assets	2,549,100	2,304,680	245,596	218,933
Current liabilities	2,018,497	2,102,737	72,823	19,044
Net current assets/liabilities	530,603	201,943	172,773	199,889
Non-current assets	40,186,086	31,601,338	3,910,933	3,962,592
Non-current liabilities	26,074,697	17,909,300	80	1,198
Net non-current assets/liabilities	14,111,389	13,692,038	3,910,853	3,961,394
Net assets	14,641,992	13,893,981	4,083,626	4,161,283

2023

2022 adjusted*

CONDENSED COMPREHENSIVE INCOME	Net profit or loss for the year	Other comprehensive income	Total comprehensive income
884,217	581,293	-77,658	-786,808	748,005
-1,727,181	-77,658	-786,808

COMPANY NON-CONTROLLING INTEREST IN CAPITAL (in %)

VOTING RIGHTS OF NON-CONTROLLING INTERESTS (in %)	NET PROFIT OR LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST HOLDERS (in EUR)	RETAINED EARNINGS ATTRIBUTABLE TO NON-CONTROLLING INTEREST HOLDERS (in EUR)
2023	2022	2023	2022 adjusted*
		Triglav Osiguranje, d.d., Sarajevo	2.22	2.22	1.13	1.13	26,536	19,309	414,294	447,531
			Triglav Osiguruvanje, a.d., Skopje	17.99	18.31	17.99	18.31	159,072	106,457	1,407,360	1,325,064
		Lovćen Osiguranje, a.d., Podgorica	0.93	0.93	0.93	0.93	21,832	33,910	572,076	536,916
			Lovćen životna osiguranja, a.d., Podgorica	0.93	0.93	0.93	0.93	-4,776	2,957	85,452	86,668
		Triglav Osiguranje, a.d., Banja Luka	2.22	-	-	-	-3,878	-	3,836
			Triglav Savjetovanje, d.o.o., Sarajevo	2.22	2.22	1.13	1.13	232	160	-19,230	-19,462
Autocentar BH, d.o.o., Sarajevo	2.22	2.22	1.13	1.13	1,594	816	-142,651	-143,109
		Lovćen auto, d.o.o., Podgorica	0.93	0.93	0.93	0.93	363	882	-398,132	-398,495
Triglav Osiguruvanje Život, a.d., Skopje	2.57	2.62	2.57	2.62	2,268	11,353	-5,769	-10,296
		Sarajevostan, d.o.o., Sarajevo	9.05	9.05	8.03	8.03	6,801	-16,063	237,293	230,492
			Triglav Fondovi, d.o.o., Sarajevo	37.46	37.46	37.46	37.46	-29,090	-294,728	1,529,724	1,558,817
		TOTAL	188,710	-134,947	3,684,253	3,614,126

* Opening balances are recalculated in accordance with the two new accounting standards, as described in Section 2.6.

Triglav Group

Zavarovalnica Triglav

COMPANY	SHARE IN CAPITAL (in %)	VOTING RIGHTS (in %)	INVESTMENT VALUE (in EUR)	VOTING RIGHTS (in %)	SHARE IN CAPITAL (in %)	INVESTMENT VALUE (in EUR)
Nama, d.d.	39.15	39.15	4,648,981	39.07	39.07	4,496,424
Triglavko, d.o.o.	38.47	38.47	18,509	38.47	38.47	18,560
TRIGAL, upravljanje naložb in svetovanje, d.o.o.	49.90	49.90	10,925,240	49.90	49.90	10,925,240
Društvo za upravljanje EDPF, a.d.	34.00	34.00	489,221	0.00	0.00	0
Diagnostični center Bled, d.o.o.	50.00	50.00	21,560,000	50.00	50.00	21,856,110
Alifenet, d.o.o.	23.58	23.58	66,111	23.58	23.58	73,202

TOTAL

	2023	2022
ASSETS	37,708,062	37,810,184
LIABILITIES	37,218,841	37,369,536

COMPANY

COMPANY	ASSETS	LIABILITIES	EQUITY	REVENUES	PROFIT/LOSS
Nama, d.d. *	13,526,992	13,319,084	1,904,376	11,622,617	475,421
Triglavko, d.o.o.	130,831	144,424	44,901	85,930	2,609
TRIGAL, upravljanje naložb in svetovanje, d.o.o.	23,869,050	23,607,734	1,080,653	22,788,397	-197,760
Društvo za upravljanje EDPF, a.d.	1,473,860	1,308,881	52,182	1,421,679	142,863
Diagnostični center Bled, d.o.o.*	53,009,611	46,359,219	20,190,187	32,819,424	3,957,023

Diagnostični center Bled d.o.o.

NAMA, d.d.

TRIGAL, d.o.o.

31 December 2023

31 December 2022

	Current assets	Current liabilities	Net current assets/liabilities	Non-current assets	Non-current liabilities	Net non-current assets/liabilities	Net assets
31 December 2023	7,379,416	7,414,397	-34,981	45,630,195	12,775,790	32,854,405	32,819,424
31 December 2022	9,055,669	6,757,176	2,298,493	37,303,550	10,734,719	26,568,831	28,867,324
31 December 2023	7,263,214	1,467,430	5,795,784	6,263,778	436,946	5,826,832	11,622,616
31 December 2022	6,557,127	1,384,924	5,172,203	6,761,957	698,476	6,063,482	11,235,685
31 December 2023	2,945,650	344,565	2,601,085	20,923,400	736,088	20,187,312	22,788,397
31 December 2022	4,608,767	283,850	4,324,917	18,998,967	990,438	18,008,529	22,333,446

CONDENSED COMPREHENSIVE INCOME

	Net profit or loss for the year	Other comprehensive income	Total comprehensive income	Dividends from associates for the year
2023	3,957,023	0	3,957,023	0
2022	2,737,150	0	2,737,150	0
2023	475,421	73,644	549,065	63,345
2022	459,994	-74,031	385,963	63,345
2023	-197,760	0	-197,760	0
2022	442,652	0	442,652	0

NO_CONTENT_HERE

Triglav Group Reclassification under IFRS 9 as at 1 Jan 2022

Classification of financial investments under IAS 39	Value under IAS 39 as at 31 Dec 2021	Reclassification	Revaluation	ECL	Value under IFRS 9 as at 1 Jan 2022
FVTPL	FVOCI	AC	FVTPL	FVTPL for trading	to FVTPL	to FVOCI	to AC	HTM and L\&R	FVTPL	FVOCI	AC
HTM and L\&R	231,033,030	-2,359,312	5,503,964	0	223,169,754	802,165	-1,622,348	5,952,000	0	222,389,210
FVTPL and FVTPL for trading	1,175,293,820	-623,666,083	551,627,738	0	0	0	0	551,627,650	1,959,630,084	0
AFS	2,137,650,428	0	178,014,857	1,959,635,571	0	0	177,558,590	0	0
Total	3,543,977,278	-626,025,394	735,146,559	1,959,635,571	223,169,754	802,165	-1,622,348	735,138,240	1,959,630,084	222,389,210

Zavarovalnica Triglav Reclassification under IFRS 9 as at 1 Jan 2022

Classification of financial investments under IAS 39	Value under IAS 39 as at 31 Dec 2021	Reclassification	Revaluation	ECL	Value under IFRS 9 as at 1 Jan 2022
FVTPL	FVOCI	AC	FVTPL	FVTPL for trading	to FVTPL	to FVOCI	to AC	HTM and L\&R	FVTPL	FVOCI	AC
	HTM and L\&R	173,451,841	-1,697,486	5,991,639	0	165,762,716	-60,950	-184,184	5,952,000	0	165,556,736
FVTPL and FVTPL for trading	746,239,932	-245,306,210	500,933,722	0	0	0	0	500,933,722	0	0
	AFS	1,588,390,263	0	130,247,315	1,458,142,948	0	0	130,247,315	1,458,144,468	0
Total	2,508,082,036	-247,003,696	637,172,676	1,458,142,948	165,762,716	-60,950	-184,184	637,133,037	1,458,144,468	165,556,736

NO_CONTENT_HERE

Triglav Group Zavarovalnica Triglav

	2023	2022	2023	2022
Health insurance	221,773,969	213,451,784	187,168	628,294
Income protection insurance	77,737,291	73,102,572	58,142,101	55,006,963
Motor vehicle liability insurance	181,146,680	163,096,807	100,595,568	91,514,325
Other motor vehicle insurance	171,824,106	151,000,086	137,279,638	120,593,818
Marine, aircraft and transport insurance	36,478,796	30,012,198	17,318,228	14,561,493
Fire and other damage to property insurance	233,539,195	212,611,602	109,099,495	102,949,142
General liability insurance	36,714,756	34,999,982	31,015,799	28,713,042
Credit and suretyship insurance	28,323,615	23,108,329	21,434,610	17,574,051
Legal expenses insurance	503,488	530,256	449,208	483,008
Assistance insurance	29,692,788	23,089,588	23,516,521	18,134,527
Financial loss insurance	3,812,697	2,569,488	2,391,247	1,383,030
Non-proportional health reinsurance	160,112	180,778	0	0
Non-proportional liability reinsurance	3,496,061	1,834,594	-43,392	-12,110
Non-proportional marine, aircraft and transport reinsurance	1,953,430	3,325,984	240,704	205,446
Non-proportional non-life reinsurance	22,605,748	25,228,880	2,182,752	5,551,584
TOTAL	1,049,762,730	958,142,926	503,809,648	457,286,611

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.

	2023	2022	2023	2022
Claims ratio	76.3%	74.6%	70.2%	73.3%
Expense ratio	25.3%	25.1%	29.0%	28.5%
Impact of 5% higher expense ratio on profit or loss	-4,401,017	-8,868,944	-2,804,668	-7,702,673
Impact of 5% lower expense ratio on profit or loss	1,410,584	4,220,987	792,841	3,667,383

Triglav Group

Zavarovalnica Triglav

31 December 2023

31 December 2022

Health insurance	19,944,079	16,698,280	1,945	6,637
Income protection insurance	33,558,484	33,615,001	27,945,722	28,413,226
Motor vehicle liability insurance	135,709,857	125,624,717	83,587,087	79,299,163
Other motor vehicle insurance	35,045,795	22,362,383	27,410,442	15,715,895
Marine, aircraft and transport insurance	35,846,486	26,713,088	19,635,840	16,792,738
Fire and other damage to property insurance	119,065,370	80,882,782	54,901,325	36,524,981
General liability insurance	54,290,226	42,394,370	47,717,372	36,025,823
Credit and suretyship insurance	2,683,595	4,022,500	1,188,365	115,113
Legal expenses insurance	106,747	105,746	105,476	79,321
Assistance insurance	4,555,262	3,002,118	3,242,310	2,159,662
Financial loss insurance	4,016,021	9,298,020	1,183,498	804,317
Non-proportional health reinsurance	134,892	71,052	0	0
Non-proportional liability reinsurance	1,472,733	1,071,985	25,051	38,406
Non-proportional marine, aircraft and transport reinsurance	1,983,027	2,194,674	0	0
Non-proportional non-life reinsurance	30,162,288	9,142,769	6,040,207	284,975
TOTAL	478,574,863	377,199,487	272,984,640	216,260,259

The table shows the claims provisions under Solvency II valuation and also include liabilities payable as annuities. These provisions are part of liabilities for incurred claims in accordance with IFRS 17. In addition to exposures, the assessment of the risk of liabilities for incurred claims is affected by volatility, which varies by insurance group.

In 2023, an increase in the ratio of the exposure of insurance segments with high volatility compared to the exposure of insurance segments with low volatility, mainly as a result of extreme weather events in the reporting year. Insurance segments with low volatility include motor vehicle liability insurance, other motor vehicle insurance and legal expenses insurance. The remaining insurance segments are characterised by higher volatility, with the highest volatility in the credit and suretyship insurance segment.

Exposure of non-life insurance contracts to catastrophe risk: Catastrophe risk at Group level is the highest where the insurance business is concentrated in a particular geographical area or sector/industry by individual insurance peril.

Triglav Group

Financial Overview

	2023	2022	2023	2022
Slovenia	989,115,289	940,289,206	642,741,545	630,924,681
Serbia	115,929,526	82,763,928	14,252,139
Croatia	106,062,592	105,156,975	7,288,979	1,490,593
Montenegro	45,285,103	40,263,778	3,961,948
Bosnia and Herzegovina	43,689,980	32,976,062	5,107,547
Germany	31,372,947	17,792,110	21,834,448	9,407,127
Poland	30,795,406	14,334,156	29,608,634	13,504,826
North Macedonia	30,146,357	28,061,259	2,877,798
Greece	29,925,349	17,666,412	28,256,416	16,210,392
Other	183,480,949	126,640,408	54,529,728	30,675,736
TOTAL	1,605,803,498	1,405,944,294	810,459,182	702,213,355

Segment Diversification of Non-Life Insurance Exposure

	Triglav Group		2023	2023
Health insurance	225,426,715	218,514,811	1,172,737	1,024,280
Income protection insurance	86,734,853	80,147,182	62,719,995	57,472,357
Motor vehicle liability insurance	275,324,337	220,735,227	149,688,381	118,439,403
Other motor vehicle insurance	222,616,881	186,403,637	168,312,309	141,285,272
Marine, aircraft and transport insurance	88,244,978	67,981,280	61,787,322	40,617,419
Fire and other damage to property insurance	454,265,931	406,357,760	226,434,466	213,975,034
General liability insurance	70,403,385	67,927,270	50,508,080	48,609,941
Credit and suretyship insurance	47,931,095	51,998,957	28,484,795	31,473,917
Legal expenses insurance	758,810	703,587	654,715	610,916
Assistance insurance	38,618,946	28,940,181	30,364,587	22,415,889
Financial loss insurance	11,035,960	10,150,387	4,356,555	3,664,110
Non-proportional health reinsurance	263,190	250,495	0	0
Non-proportional liability reinsurance	7,084,828	5,742,693	35,255	58,996
Non-proportional marine, aircraft and transport reinsurance	3,301,497	4,281,597	140,908	299,072
Non-proportional non-life reinsurance	73,792,094	55,809,229	25,799,077	22,266,748
TOTAL	1,605,803,498	1,405,944,294	810,459,182	702,213,355

Catastrophe Events

In 2023, seven events were recorded that were defined as catastrophe events; six were hailstorms and one was a flood storm. 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 2022 and 2023, the Company did not record any events from non-modelled perils.

Modelled perils

Non-modelled perils

	31 December 2023	31 December 2022	31 December 2023	31 December 2022
Gross financial impact (EUR million)	162.6	21.3	0.0	0.0
Net financial impact (EUR million)	56.4	16.6	0.0	0.0

Also includes claims development and an estimate by the end of the year. 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.

Probable maximum loss (PML) for a 200-year return period by peril*

at Zavarovalnica Triglav

Modelled peril (EUR million)	31 December 2022
Hail	102.8
Storm	40.3
Flood	55.2

In the case of availability of several models, the average of modelled results was taken into account.

Non-life insurance risk concentration

The fire and natural disaster insurance portfolio includes the largest number of individual large perils, which is also exposed to catastrophe perils; therefore, the greatest need for reinsurance coverage is related thereto. Compared to the preceding year, the Group's reinsurance coverage did not change significantly.

With regard to regulating the reinsurance coverage in the Triglav Group, Pozavarovalnica Triglav Re plays an important role as it assumes underwriting risks based on reinsurance agreements with individual Group companies. Triglav Re concludes outward reinsurance agreements (retrocession agreements) for a portion of the risks it reinsures in order to better control its exposure and to protect its own assets, while indirectly protecting the assets of the Group.

The Group's largest retention amounts to EUR 12.1 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 29 years, and by a low or null correlation with other contingent liabilities. 93 SASB: FN-IN-450a.1

Assumed capacity in EUR	2023	2022
Zavarovalnica Triglav, d.d.	10,000,000	10,000,000
Pozavarovalnica Triglav Re, d.d.	4,500,000	3,000,000
Triglav Osiguranje, d.d., Zagreb	1,000,000	1,000,000
Total after the event	15,500,000	14,000,000

As part of the own risk and solvency assessment process, the impact of a 200-year flood in Slovenia was reassessed in 2023, where according to stress scenario calculations the estimated financial impact would amount to EUR 20 million (the stress scenario as at 30 September 2023).

Management of non-life underwriting risks in 2023

The non-life underwriting risk profile changed the most in 2023 due to extreme weather events in Slovenia and the termination of supplemental health insurance. As a result of unfavourable claims development, provision risks increased in 2023 and, although they decreased by the end of the year, they remained high. Reinsurance protection is the most important element of the Group's underwriting risk management and proved to be effective in 2023. The same prudence was applied to the design of reinsurance protection for 2024.

At Group level, Zavarovalnica Triglav underwrites the bulk of non-life underwriting risks, while Pozavarovalnica Triglav Re underwrites the majority of inward reinsurance underwriting risks. Compared to 2022, the share of health insurance risks decreased significantly due to the termination of supplemental health insurance contracts underwritten by Triglav, zdravstvena zavarovalnica. Thus, as at 31 December 2023, the parent company held the highest proportion of health insurance risks within the Group.

2.8.1.2 Life underwriting risks

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:

supplemental voluntary pension insurance products in the accumulation phase are classified as financial contracts for financial reporting purposes and are not subject to IFRS17, whereas for solvency reporting purposes they are valued as part of life insurance;
only attributable costs are taken into account in calculating the present value of future cashflows for financial reporting purposes, whereas for solvency reporting purposes the total cost of life insurance is taken into account;
the solvency calculation of future cash flows takes into account contract boundaries for complementary insurance in line with Solvency II.

Life underwriting risks also include pension annuity insurance.

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

Triglav Group

31 December 2023

31 December 2022

	Amount	% of economic capital	Amount	% of economic capital
	Mortality risk	12,058,728	1.3%	9,503,224	1.0%
Longevity risk	10,399,792	1.1%	9,401,208	1.0%
Disability and morbidity risk	351,233	0.0%	227,188	0.0%
	Lapse risk	35,825,410	3.8%	32,033,952	3.4%
	Expense risk	18,422,470	2.0%	18,687,866	2.0%
Audit risk	1,193,587	0.1%	1,151,479	0.1%
	Life insurance catastrophe risk	7,143,657	0.8%	6,763,167	0.7%
	Diversification	-12,520,918	-1.3%	-7,184,145	-0.8%
Regulatory assessment of life underwriting risks	72,873,959	7.7%	70,583,939	7.6%

Zavarovalnica Triglav

31 December 2023

31 December 2022

			Amount	% of economic capital
Mortality risk	8,744,157	0.9%	6,117,596	0.7%
Longevity risk	10,316,914	1.1%	9,339,742	1.0%
Disability and morbidity risk	187,489	0.0%	138,073	0.0%
Lapse risk	29,470,421	3.1%	26,520,821	2.8%
Expense risk	16,352,885	1.7%	16,710,571	1.8%
Audit risk	1,148,870	0.1%	1,093,130	0.1%
Life insurance catastrophe risk	5,163,581	0.5%	4,610,073	0.5%
Diversification	-7,473,438	-0.8%	-2,074,014	-0.2%
Regulatory assessment of life underwriting risks	63,910,878	6.6%	62,455,992	6.7%

Exposure Sensitivity

31 December 2023

in EUR	Present value of future cash flows	Contractual service margin	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	983,548	-3,883,810
			Costs +10%	9,506,879	-7,145,218	2,361,661	111,869,048	-3,303,443	941,782
Unit-linked insurance	-66,957,688	102,584,175	Lapse rate +50%	23,781,715	-22,391,143	1,390,572	80,193,032	-1,390,572	0
			Costs +10%	8,596,779	-7,076,350	1,520,429	95,507,825	-1,520,429	0

31 December 2022

Present value of future cash flows	Contractual service margin	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	607,820,796	97,954,578	Lapse rate +50%	10,713,179	-9,207,940	1,505,239	88,746,638	1,468,788	-2,974,026
		Costs +10%	8,295,136	-6,025,006	2,270,130	91,929,572	-3,867,133	1,597,004
Unit-linked insurance	-41,763,845	72,183,684	Lapse rate +50%	16,426,849	-15,123,948	1,302,901	57,059,736	-1,302,901	0
		Costs +10%	7,709,245	-5,802,451	1,906,794	66,381,233	-1,906,794	0

Sensitivity of net insurance contract liabilities of the Company to parameter changes

31 December 2023

in EUR	Present value of future cash flows	Contractual service margin	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	-2,600,743
			Costs +10%	8,014,595	-6,696,861	1,317,734	101,529,774	-2,309,570	991,835
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	0
			Costs +10%	8,017,179	-6,703,865	1,313,314	94,711,799	-1,313,314	0

Exposure Sensitivity 31 December 2022

in EUR	Present value of future cash flows	Contractual service margin	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	535,643,431	89,680,078	Lapse rate +50%	8,843,944	-7,686,988	1,156,956	81,993,090	1,199,628	-2,356,583
	Costs +10%	6,883,426	-4,771,141	2,112,285	84,908,937	-3,599,053	1,486,768
Unit-linked insurance	-59,402,924	70,604,075	Lapse rate +50%	15,765,920	-14,674,036	1,091,885	55,930,040	-1,091,885	0
	Costs +10%	7,170,849	-5,506,414	1,664,435	65,097,662	-1,664,435	0

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 a special guarantee for the return arise from the supplemental voluntary pension insurance policies during the accumulation phase. In 2022, due to the rapid rise in interest rates and the resulting required returns on debt investments, the risk of failing to achieve the guaranteed return materialised in supplemental voluntary pension insurance. As a result, additional provisions were made for not achieving the guaranteed return at the end of 2022. During 2023, these provisions were almost fully released due to favourable returns.

Life insurance concentration risk

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 minor concentration risk in the portfolio is reduced by transferring a portion of the risks to reinsurers based on the reinsurance programme. The sum insured in the event of death is less than EUR 60,000 for 82.4% of the whole life insurance portfolio. The sum insured of 98.7% of complementary accidental death insurance is lower than EUR 50,000, while the sum insured of 99.1% of complementary accidental disability insurance is lower than EUR 100,000. The abovementioned sums insured represent retention stipulated by a contract in line with the reinsurance contract for most insurance policies.

Management of life underwriting risks in 2023

The life underwriting risk profile did not change significantly in the reporting year. The biggest risk continues to be lapse risk, which increased minimally in 2023. This is followed by expense risk, which did not change significantly in the reporting year.

NO_CONTENT_HERE

Triglav Group

Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Index

Interest rate risk	5,418,512	21,213,611	26	5,928,971	7,918,398	75
Equity risk	33,663,939	36,731,603	92	144,576,665	140,525,478	103
Property risk	52,535,620	52,145,127	101	35,579,269	34,979,977	102
Spread risk	59,393,574	70,453,620	84	36,332,136	45,775,498	79
Currency risk	33,437,667	50,175,402	67	10,318,760	15,512,370	67
Market concentration risk	37,153,148	46,065,254	81	55,988,732	56,334,672	99
Diversification	-56,260,907	-88,047,582	64	-54,471,070	-66,170,250	82
Total market risks*	165,341,553	188,737,036	88	234,253,462	234,876,143	100

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 Group's market risk as at 31 December 2023 decreased by 12% year-on-year, while that of the Company remained unchanged. The changes are explained in greater detail in the sections below.

Exposure to interest rate risk of the Group and the Company

The Group's interest rate sensitivity dropped by 74.5%. Interest rates, which had experienced a sharp increase in 2022, stabilised in 2023 and showed a lower degree of volatility. The euro risk-free interest rate curve took on a less characteristic inverted shape, with peak interest rate levels at the short end of the curve. The Company adapted the interest rate sensitivity of its investment portfolios to market conditions and the portfolio of insurance liabilities.

The duration of the Group's interest rate-sensitive investment portfolio decreased by 0.1 year overall, while the duration of the investment portfolios backing long-term insurance liabilities increased (around 0.5 year), while the duration of the investment portfolios backing shorter maturities and excess, i.e. own funds, shortened. This allowed the Company 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 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 61.9 million, which would be reflected in other comprehensive income, and an

additional EUR 1.0 million in profit or loss. A parallel fall in interest rates of 100 basis points would have a positive impact of EUR 70.2 million in comprehensive income and EUR 1.1 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.

in EUR

Triglav Group

Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Equity investments	9,854,613	23,289,583	7,436,024	20,553,995
Communications	33,366	438,154	0	415,313
Cyclical sectors	2,207,134	1,966,016	2,080,901	1,845,037
Non-cyclical sectors	961,770	12,644,238	610,305	11,953,119
Finance	2,839,773	4,049,358	1,041,532	2,228,148
Industry	1,016,750	1,017,537	1,010,000	1,010,000
Technology	93,250	62,615	0	0
Public goods	2,641,391	3,102,229	2,641,391	3,102,229
Other	61,181	9,436	51,895	149
Public collective investment undertakings	46,177,391	85,607,611	0	23,992,361
Equity funds	3,767,867	40,801,101	0	10,326,995
Bond funds	39,142,674	41,606,930	0	13,665,366
Money market funds	3,150,687	2,833,327	0	0
Asset allocation funds	116,162	366,253	0	0
Private collective investment undertakings	112,648,193	90,923,485	111,327,945	89,713,879
Equity funds	24,595,393	24,341,114	24,534,960	24,279,081
Bond funds	28,830,644	11,284,728	28,830,644	11,284,728
Infrastructure funds	34,878,186	31,939,682	34,878,186	31,939,682
Real estate funds	17,641,074	17,051,263	16,381,259	15,903,691
Other	6,702,896	6,306,697	6,702,896	6,306,697

Total assets exposed to equity risk

168,680,196

199,820,678

118,763,969

134,260,236

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 5.2 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 property risk of the Group and the Company 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.

Exposure to spread risk of the Group and the Company The Group's exposure to spread risk is an important source of investment return generated by the Group's management of the debt portion of the investment portfolio. Credit spreads in 2023 on average showed significantly lower volatility than in the previous year. On average, they closed slightly. The Group proactively manages spread risk in line with their investment policies.

in EUR

Triglav Group

Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Government debt securities	1,199,254,862	1,135,125,961	734,645,565	755,555,413
AAA	406,759,440	412,917,252	248,650,933	303,547,279
AA	237,082,341	191,704,530	183,588,815	164,224,477
A	216,807,741	139,143,616	183,822,567	110,359,754
BBB	201,076,501	261,977,218	109,179,368	158,470,806
Below BBB	133,216,091	126,462,964	7,136,483	17,471,185
Not rated	4,312,748	2,920,381	2,267,400	1,481,912
Corporate debt securities	660,790,040	666,530,213	510,450,952	522,750,934
AAA	11,430,045	12,608,849	10,327,440	10,145,518
AA	70,457,675	69,974,852	58,650,231	63,168,975
A	269,934,941	262,244,076	205,720,829	211,773,808
BBB	265,202,398	265,377,264	202,355,550	192,567,322
Below BBB	18,922,792	28,172,596	17,009,161	25,925,669
Not rated	24,842,189	28,152,576	16,387,742	19,169,641
Total debt securities and other fixed-income securities	1,860,044,901	1,801,656,173	1,245,096,517	1,278,306,347

The table includes debt securities measured at fair value. Financial contract assets and unit-linked insurance assets are excluded. Investments in debt securities measured at amortised cost reduce the impact of the change in credit spreads on profit or loss and other comprehensive income. Investments in debt securities measured at amortised cost represent 8.4% of total debt securities at 31 December 2023 (31 December 2022: 8.6%).

Exposure to currency rate risk of the Group and the Company

The Group's currency risk arises predominantly from subsidiaries not operating in the euro area. These companies conduct most of their transactions in the local currency, thus being exposed to currency risk relating to the euro and other currencies to a lesser extent. In addition to the local currencies of the countries in which the Group operates, other currencies are also present, to a lesser extent, in the investment portfolio of the Group. These are mainly due to the currency matching of assets and liabilities, primarily in the part of the investment portfolio backing reinsurance liabilities. The Group is also exposed to foreign currencies through its investments in collective investment undertakings. The Group does not currently use derivatives to manage currency risk.

NO_CONTENT_HERE

Triglav Group

	31 Dec 2023	31 Dec 2022
Germany	252,626,510	225,051,224
Transnational organisations	139,831,347	178,181,659
Slovenia	104,591,751	106,569,327
Croatia	88,586,259	98,003,629
Italy	62,834,327	60,146,452
Other countries	550,784,668	467,173,669
TOTAL GOVERNMENT DEBT SECURITIES	1,199,254,862	1,135,125,961

Zavarovalnica Triglav

	31 Dec 2023	31 Dec 2022
Germany	128,393,296	156,692,275
Transnational organisations	108,990,137	143,702,042
Slovenia	79,512,257	80,640,000
Spain	58,127,722	55,339,091
Italy	50,179,805	47,487,994
Other countries	309,442,349	271,694,011
TOTAL GOVERNMENT DEBT SECURITIES	734,645,565	755,555,413

Management of market risks in 2023

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.

2.8.1.4 Credit risk

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.

in EUR

Triglav Group

Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Assets exposed to risks from expected payments under insurance contracts	296,123,546	261,532,022	161,964,700	148,742,329
Assets exposed to risks from expected payments under reinsurance contracts	365,577,477	169,368,833	327,428,753	146,454,319
Assets exposed to risks from cooperation with banks	108,370,575	99,704,424	35,364,447	23,065,241
Total assets exposed to credit risk	770,071,598	530,605,279	524,757,900	318,261,889

Exposure from cooperation with banks does not include financial contract assets and unit-linked insurance assets.

Concentration risk in the context of credit risk 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.

Triglav Group Zavarovalnica Triglav

Expected premium payments

	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
Expected premium payments	241,074,293	201,117,331	107,381,641	90,974,819
Expected subrogation payments	55,049,253	60,414,691	54,583,059	57,767,510
TOTAL	296,123,546	261,532,022	161,964,700	148,742,329

Age structure of expected premium payments

	Gross expected payments	Triglav Group	31 Dec 2023	31 Dec 2022
Not due	190,188,030	146,818,952	82,628,472	65,991,779
Overdue up to 30 days	11,175,004	14,978,433	5,725,457	6,493,281
Overdue from 31 to 60 days	7,456,574	7,764,784	2,477,180	2,264,794
Overdue from 61 to 90 days	5,971,365	5,986,190	1,501,774	1,077,440
Overdue over 90 days	26,283,320	25,568,972	15,048,758	15,147,525
TOTAL EXPECTED PAYMENTS	241,074,293	201,117,331	107,381,641	90,974,819

Age structure of expected subrogation payments

	Gross expected payments	Triglav Group	31 Dec 2023	31 Dec 2022
Not due	199,246	679,516	193,883	231,574
Overdue up to 30 days	365,952	690,762	365,321	672,197
Overdue from 31 to 60 days	698,555	908,532	685,616	707,514
Overdue from 61 to 90 days	1,151,802	1,383,874	1,151,134	1,251,707
Overdue over 90 days	52,633,698	56,752,007	52,187,105	54,904,518
TOTAL EXPECTED PAYMENTS	55,049,253	60,414,691	54,583,059	57,767,510

Exposure of the Group and the Company to credit risk from expected payments under reinsurance contracts

Exposure to reinsurance partners by credit rating	Triglav Group	Zavarovalnica Triglav		31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
				AAA	0.0%	0.0%	0.0%	0.0%
					AA to BBB	85.0%	73.5%	87.0%	77.6%
					Below BBB	3.5%	7.8%	4.5%	6.9%
Not rated	11.6%	18.7%	8.5%	15.5%
				Average credit rating	BBB	BBB	BBB	BBB

NO_CONTENT_HERE

Statement of financial position 31 December 2023

	NON-LIFE	LIFE	HEALTH	OTHER	TOTAL (before eliminations)	ELIMINATIONS	TOTAL (after eliminations)
ASSETS	2,102,753,151	2,252,821,244	75,026,842	197,667,205	4,628,268,442	-530,623,871	4,097,644,571
Property, plant and equipment	92,100,097	9,677,819	243,629	4,807,264	106,828,809	0	106,828,809
Investment property	46,631,837	1,313,861	0	20,008,075	67,953,773	0	67,953,773
Right-of-use assets	10,553,722	649,911	456,897	4,010,629	15,671,159	-4,557,710	11,113,449
Intangible assets and goodwill	27,861,086	6,546,623	160,130	20,582,946	55,150,785	-494,479	54,656,306
Deferred tax assets	13,173,005	3,083,875	6,278,596	89,386	22,624,862	-657,314	21,967,548
Investments in subsidiaries	207,752,086	20,376,561	2,500,000	76,847,618	307,476,265	-307,476,265	0
Investments in associates and joint ventures	37,218,841	489,221	0	0	37,708,062	0	37,708,062
Financial investments	1,049,619,772	1,491,593,857	62,593,300	40,603,620	2,644,410,549	-1,569,779	2,642,840,770
– at fair value through other comprehensive income	923,192,895	684,743,887	62,593,300	2,436,850	1,672,966,932	0	1,672,966,932
– at amortised cost	34,231,570	194,125,613	0	2,772,323	231,129,506	-1,569,779	229,559,727
– at fair value through profit or loss	92,195,307	612,724,357	0	35,394,447	740,314,111	0	740,314,111
Financial contract assets	0	674,115,145	0	0	674,115,145	0	674,115,145
– investments at amortised cost	0	283,215,425	0	0	283,215,425	0	283,215,425
– investments at fair value through profit or loss	0	366,826,746	0	0	366,826,746	0	366,826,746
– receivables from financial contracts	0	123,066	0	0	123,066	0	123,066
– cash from financial contracts	0	23,949,908	0	0	23,949,908	0	23,949,908
Insurance contract assets	2,586,908	10,236,542	900	0	12,824,350	-730,472	12,093,878
Reinsurance contract assets	522,995,008	387,756	959,820	0	524,342,584	-196,609,429	327,733,155
Non-current assets held for sale	0	0	1,141,578	1,988,131	3,129,709	0	3,129,709
Current corporate income tax assets	9,935,445	215	0	78,705	10,014,365	-1,522,841	8,491,524
Other receivables	40,917,376	2,219,989	401,435	9,726,657	53,265,457	-17,005,582	36,259,875
Cash and cash equivalents	34,716,464	31,457,653	224,810	18,021,740	84,420,667	0	84,420,667
Other assets	6,691,504	672,216	65,747	902,434	8,331,901	0	8,331,901

EQUITY AND LIABILITIES

	NON-LIFE	LIFE	HEALTH	OTHER	TOTAL (before eliminations)	ELIMINATIONS	TOTAL (after eliminations)
Equity	2,102,753,165	2,252,821,246	75,026,842	197,667,199	4,628,268,452	-530,623,881	4,097,644,571
Controlling interests	752,719,489	232,341,849	34,956,137	178,397,556	1,198,415,031	-307,315,048	891,099,983
– share capital	139,925,767	77,182,266	43,322,167	107,457,354	367,887,554	-294,186,162	73,701,392
– share premium	43,441,236	39,662,781	0	44,333,234

Statement of Financial Position

31 December 2022 adjusted

NON-LIFE	LIFE	HEALTH	OTHER	TOTAL (before eliminations)	ELIMINATIONS	TOTAL (after eliminations)
127,437,251	-77,114,672	50,322,579	– reserves from profit	449,300,501	47,822,211	1,853,961
13,720,624	512,697,297	-7,594,315	505,102,982	– treasury share reserves	0	0
0	364,680	364,680	0	364,680	– treasury shares	0
0	-364,680	-364,680	0	-364,680	– accumulated other comprehensive income	-26,586,470
-8,724,369	-475,182	169,960	-35,616,061	-1,799,922	-37,415,983	– retained earnings from previous years
144,119,733	50,435,241	14,515,917	7,712,179	216,783,070	89,308,878	306,091,948
– net profit or loss for the year	4,451,867	26,729,485	-24,260,726	5,019,015	11,939,641	-19,132,179
-7,192,538	– translation differences	-1,933,145	-765,766	0	-14,810	-2,713,721
-480,929	-3,194,650	Non-controlling interests	0	0	0	0
0	3,684,253	3,684,253	Subordinated liabilities	49,994,402	0	0
0	49,994,402	0	Deferred tax liabilities	1,479,287	707,030	0
348,513	2,534,830	-669,020	1,865,810	Financial contract liabilities	0	674,115,144
0	674,115,144	1	674,115,145	Insurance contract liabilities	1,176,337,749	1,315,876,867
34,275,747	0	2,526,490,363	-195,842,758	2,330,647,605	Reinsurance contract liabilities	8,244,374
3,246	0	0	8,247,620	-1,787,020	6,460,600	Provisions
20,039,372	6,395,711	1,699,744	2,212,658	30,347,485	0	30,347,485
Lease liabilities	11,001,645	664,258	460,757	4,262,029	16,388,689	-4,723,356
11,665,333	Other financial liabilities	1,501,620	22,281	0	709,312	2,233,213
-1,569,771	663,442	Current corporate income tax liabilities	482,098	133,981	0	1,478,317
2,094,396	-1,522,841	571,555	Other liabilities	80,953,129	22,560,879	3,634,457
10,258,814	117,407,279	-17,194,068	100,213,211	in EUR

in EUR 2023

Statement of profit or loss and other comprehensive income

				NON-LIFE	LIFE	HEALTH	OTHER	TOTAL (before eliminations)	ELIMINATIONS	TOTAL (after eliminations)
				Insurance service result	57,229,150	27,210,040	-24,902,213	0	59,536,977	0	59,536,977
					– insurance income	1,056,160,921	85,367,869	209,657,875	0	1,351,186,665	0	1,351,186,665
				– insurance service expenses	-1,028,951,009	-59,777,022	-234,528,227	0	-1,323,256,258	0	-1,323,256,258
– net reinsurance service result	30,019,238	1,619,193	-31,861	0	31,606,570	0	31,606,570
				Investment result	15,805,429	67,940,585	-2,864,610	2,740,539	83,621,943	209,244	83,831,187
– interest income calculated using the effective interest method			16,495,253	17,813,075	684,528	118,738	35,111,594	-13,297	35,098,297
					– dividend income	2,022,129	682,935	0	0	2,705,064	0	2,705,064
– net gains and losses on financial investments			-858,622	48,384,028	-3,744,177	2,624,838	46,406,067	0	46,406,067
– net impairment and reversal of impairment of financial investments	1,326,121	774,968	193,706	-3,037	2,291,758	0	2,291,758
				– other effects of investing activities	-3,179,452	285,579	1,333	0	-2,892,540	222,541	-2,669,999
Financial result from insurance contracts	-4,851,122	-64,706,573	-120,241	0	-69,677,936	0	-69,677,936
				– financial result from insurance contracts	-4,909,230	-64,713,983	-120,241	0	-69,743,454	0	-69,743,454
– financial result from reinsurance contracts		58,108	7,410	0	0	65,518	0	65,518
				Change in financial contract liabilities	0	3,985	0	0	3,985	-3,985	0
					Income from asset management	0	7,251,368	0	32,703,777	39,955,145	-269,658	39,685,487
				Non-attributable operating expenses	-44,425,374	-14,304,777	-2,225,212	-46,566,669	-107,522,032	14,353,563	-93,168,469
Net other operating income and expenses	-9,185,864	1,716,902	940,977	21,247,803	14,719,818	-13,219,271	1,500,547
					Net other financial income and expenses	-3,548,040	-54,491	14,796	-168,058	-3,755,793	64,283	-3,691,510
				Net impairment and reversal of impairment of non-financial assets	-2,501,482	-6,420	0	-7,614	-2,515,516	0	-2,515,516
Gains and losses on investments in associates	2,194,361	48,574	0	0	2,242,935	0	2,242,935
				Net other income and expenses	909,963	3,040,185	-673,921	1,174,683	4,450,910	-1,134,175	3,316,735
Profit or loss before tax	11,627,021	28,139,378	-29,830,424	11,124,461	21,060,436	1	21,060,437
				Tax expense	-3,508,613	-4,537,546	5,317,578	-2,066,661	-4,795,242	0	-4,795,242
NET PROFIT OR LOSS FOR THE PERIOD	8,118,408	23,601,832	-24,512,846	9,057,800	16,265,194	1	16,265,195
				Controlling interests	7,933,580	23,577,851	-24,512,846	9,077,900	16,076,485	0	16,076,485
Non-controlling interests		184,828	23,981	0	-20,100	188,709	0	188,709

Statement of other comprehensive income

Items that will not be reclassified to profit or loss in future periods	2,865,221	-73,268	18,566	9,075	2,819,594	0	2,819,594
– effects of equity instruments measured through other comprehensive income	4,332,776	78,671	0	0	4,411,447	0	4,411,447
– actuarial gains

Statement of profit or loss and other comprehensive income

in EUR	2022 adjusted	NON-LIFE	LIFE	HEALTH	OTHER	TOTAL (before eliminations)	ELIMINATIONS	TOTAL (after eliminations)
	Insurance service result	52,302,153	15,112,399	2,442,614	0	69,857,166	0	69,857,166
		– insurance income	923,531,228	78,086,766	204,984,870	0	1,206,602,864	0	1,206,602,864
	– insurance service expenses	-766,045,623	-63,703,911	-202,542,256	0	-1,032,291,790	0	-1,032,291,790
– net reinsurance service result	-105,183,452	729,544	0	0	-104,453,908	0	-104,453,908
	Investment result	1,517,457	-82,464,791	-954,138	-6,649,239	-88,550,711	-72,790	-88,623,501
– interest income calculated using the effective interest method	10,539,268	15,673,918	485,563	39,147	26,737,896	-62,000	26,675,896
	– dividend income	3,562,183	1,124,363	0	0	4,686,546	0	4,686,546
– net gains and losses on financial investments	-9,301,799	-96,123,407	-752,462	-6,693,199	-112,870,867	0	-112,870,867
– net impairment and reversal of impairment of financial investments	-3,774,936	-3,089,254	-681,574	0	-7,545,764	0	-7,545,764
	– other effects of investing activities	492,741	-50,411	-5,665	4,813	441,478	-10,790	430,688
Financial result from insurance contracts	-869,166	83,051,634	39,539	0	82,222,007	0	82,222,007
	– financial result from insurance contracts	140,279	83,056,538	39,539	0	83,236,356	0	83,236,356
– financial result from reinsurance contracts	-1,009,445	-4,904	0	0	-1,014,349	0	-1,014,349
	Change in financial contract liabilities	0	1	0	0	1	0	1
		Income from asset management	0	6,934,348	0	30,823,282	37,757,630	-289,136	37,468,494
	Non-attributable operating expenses	-42,956,176	-14,905,711	-2,734,100	-41,146,177	-101,742,164	12,106,751	-89,635,413
Net other operating income and expenses	-21,544,923	-8,627,976	-840,016	26,331,436	-4,681,479	-9,874,090	-14,555,569
	Net other financial income and expenses	-2,435,537	-16,122	160,651	-208,949	-2,499,957	453,844	-2,046,113
	Net impairment and reversal of impairment of non-financial assets	-818	0	0	0	-818	0	-818
		Gains and losses on investments in associates	1,841,505	678	0	0	1,842,183	0	1,842,183
Net other income and expenses	-2,157,422	-3,202,085	-1,080	1,130,189	-4,230,398	-2,324,580	-6,554,978
		Profit or loss before tax	-14,302,927	-4,117,625	-1,886,530	10,280,542	-10,026,540	-1	-10,026,541
	Tax expense	2,903,313	1,329,827	526,469	-1,705,502	3,054,107	0	3,054,107
NET PROFIT OR LOSS FOR THE PERIOD	-11,399,614	-2,787,798	-1,360,061	8,575,040	-6,972,433	-5	-6,972,438
	Controlling interests	160,426	13,560	0	-308,944	-134,958	0	-134,958
		Non-controlling interests	-11,560,040	-2,801,358	-1,360,061	8,883,984	-6,837,475	0	-6,837,475

Statement of other comprehensive income

Items that will not be reclassified to profit or loss in future periods	-7,238,881	-2,213,203	427	84,118	-9,367,539	0	-9,367,539
– effects of equity instruments measured through other comprehensive income	-10,168,151	-2,941,019	0	0	-13,109,170	0	-13,109,170
– actuarial gains and losses	1,143,828	222,221	427	84,118	1,450,594	0	1,450,594
– other net gains and losses that will not be reclassified to profit or loss in future periods	0	0	0	0	0	0	0
Tax on items that will not be reclassified to profit or loss	1,785,442	505,595	0	0	2,291,037	0	2,291,037
Items that may be reclassified to profit or loss in future periods	-31,363,408	-4,343,998	-5,739,980	-66,395	-41,513,781	0	-41,513,781
– accumulated insurance finance income and expenses	51,674,063	126,728,235	433,279	0	178,835,577	0	178,835,577
– accumulated reinsurance finance income and expenses	-6,791,054	-1,425	0	0	-6,792,479	0	-6,792,479
– effect of debt instruments measured through other comprehensive income	-84,089,659	-129,947,204	-7,519,824	-73,035	-221,629,722	0	-221,629,722
– other items	-67,105	0	0	0	-67,105	0	-67,105
Tax on items that may be reclassified to profit or loss in future periods	7,910,347	-1,123,604	1,346,565	6,640	8,139,948	0	8,139,948
Translation differences	7,543	-61,741	-1	-6,039	-60,238	1	-60,237
OTHER COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX	-38,594,746	-6,618,942	-5,739,554	11,684	-50,941,558	1	-50,941,557
Controlling interests	-435,645	82,559	0	0	-353,086	0	-353,086
Non-controlling interests	-38,159,101	-6,701,501	-5,739,554	11,684	-50,588,472	0	-50,588,472

Statement of financial position

31 December 2023

31 December 2022 adjusted

	NON-LIFE	LIFE	TOTAL	NON-LIFE	LIFE	TOTAL
ASSETS	1,369,119,087	1,586,767,950	2,955,887,037	1,258,384,787	1,483,830,122	2,742,214,910
Property, plant and equipment	60,764,599	7,844,878	68,609,478	61,139,796	7,976,101	69,115,897
Investment property	43,152,887	274,294	43,427,181	43,095,689	281,484	43,377,173
Right-of-use assets	4,356,487	0	4,356,487	3,940,725	0	3,940,725
Intangible assets and goodwill	24,441,317	6,437,832	30,879,149	23,574,598	7,343,311	30,917,910
Deferred tax assets	10,071,867	2,726,371	12,798,238	10,118,611	802,917	10,921,528
Investments in subsidiaries	200,826,677	18,533,689	219,360,367	166,826,654	18,533,689	185,360,343
Investments in associates and joint ventures	37,218,841	0	37,218,841	37,369,536	0	37,369,536
Financial investments	628,013,043	1,260,431,453	1,888,444,496	696,957,343	1,185,642,470	1,882,599,813
– at fair value through other comprehensive income	541,324,405	552,848,289	1,094,172,694	592,272,836	551,060,117	1,143,332,952
– at amortised cost	4,673,513	138,169,793	142,843,306	18,148,872	133,618,473	151,767,345
– at fair value through profit or loss	82,015,125	569,413,371	651,428,496	86,535,635	500,963,880	587,499,515
Financial contract assets	0	259,624,041	259,624,041	0	234,968,514	234,968,514
– investments at amortised cost	0	86,215,285	86,215,285	0	99,398,021	99,398,021
– investments at fair value through profit or loss	0	169,625,986	169,625,986	0	131,403,313	131,403,313
– receivables from financial contracts	0	83,130	83,130	0	398,787	398,787
– cash from financial contracts	0	3,699,640	3,699,640	0	3,768,392	3,768,392
– other assets from financial contracts	0	0	0	0	0	0
Insurance contract assets	763,841	10,194,985	10,958,826	1,323,954	6,071,526	7,395,480
Reinsurance contract assets	305,976,870	0	305,976,870	167,888,159	0	167,888,159
Non-current assets held for sale	0	0	0	0	0	0
Current corporate income tax assets	9,302,529	0	9,302,529	0	0	0
Other receivables	29,019,266	1,488,741	30,508,007	37,351,308	9,244,402	46,595,710
Cash and cash equivalents	12,536,522	19,142,923	31,679,444	6,368,612	12,928,238	19,296,850
Other assets	2,674,341	68,743	2,743,084	2,429,800	37,471	2,467,271
EQUITY AND LIABILITIES	1,369,119,086	1,586,767,952	2,955,887,038	1,258,384,787	1,483,830,122	2,742,214,910
Equity	556,994,740	112,226,378	669,221,118	568,054,385	90,894,760	658,949,145
– share capital	51,340,540	22,360,852	73,701,392	51,340,540	22,360,852	73,701,392
– share premium	40,344,978	13,067,907	53,412,884	40,344,978	13,067,907	53,412,884
– reserves from profit	438,248,752	45,513,891	483,762,643	419,248,752	45,513,891	464,762,643
– accumulated other comprehensive income	-19,849,348	-9,660,492	-29,509,840	-25,237,531	-21,071,825	-46,309,356

Balance Sheet

retained earnings from previous years	46,762,812	21,428,800	68,191,612	136,545,152	28,111,020	164,656,172
net profit or loss for the year	147,006	19,515,420	19,662,426	-54,187,505	2,912,915	-51,274,590
Subordinated liabilities	49,994,402	0	49,994,402	49,941,796	0	49,941,796
Deferred tax liabilities	0	0	0	0	0	-1
Financial contract liabilities	0	259,624,041	259,624,041	0	234,968,514	234,968,514
Insurance contract liabilities	688,581,223	1,197,092,569	1,885,673,792	551,610,694	1,136,800,573	1,688,411,267
Reinsurance contract liabilities	0	0	0	4,052,384	0	4,052,384
Provisions	11,993,826	2,329,680	14,323,506	10,456,475	6,578,617	17,035,092
Lease liabilities	4,573,011	0	4,573,011	4,054,668	0	4,054,668
Other financial liabilities	22,767	2	22,769	22,640	0	22,640
Current corporate income tax liabilities	0	0	0	9,697,471	0	9,697,471
Other liabilities	56,959,118	15,495,282	72,454,400	60,494,274	14,587,659	75,081,933

No items disclosed in the statement of financial position by business segment are offset. The amount of the balance sheet total after offsetting is shown below.

	31 December 2023	31 December 2022 adjusted
Balance sheet total (without offsetting)	2,955,887,037	2,742,214,910
Intersegment receivables and liabilities	-10,460,982	-11,440,100
Offset balance	2,945,426,055	2,730,774,810

Statement of Profit or Loss

	2023	2022 adjusted		NON-LIFE	LIFE	TOTAL
Insurance service result	37,125,732	23,968,310	61,094,042	21,160,754	15,137,828	36,298,582
– insurance income	709,194,358	66,443,013	775,637,370	628,205,422	61,998,801	690,204,222
– insurance service expenses	-711,516,271	-42,474,703	-753,990,974	-531,673,410	-46,860,972	-578,534,383
– net reinsurance service result	39,447,646	0	39,447,646	-75,371,258	0	-75,371,258
Investment result	9,428,055	60,706,670

Financial Results

Interest income calculated using the effective interest method	7,747,149	13,864,061	21,611,210	4,247,679	12,873,306	17,120,984
Dividend income	1,851,785	589,749	2,441,534	3,301,187	1,109,037	4,410,224
Net gains and losses on financial investments	-723,332	45,438,112	44,714,780	-7,816,304	-90,737,373	-98,553,677
Net impairment and reversal of impairment of financial investments	689,654	605,796	1,295,450	-4,118,800	-1,012,744	-5,131,544
Other effects of investing activities	-137,201	208,952	71,751	794,375	-250,543	543,833
Financial result from insurance contracts	-2,905,419	-59,878,679	-62,784,098	-878,996	77,888,291	77,009,295
Financial result from insurance contracts	-3,015,273	-59,878,679	-62,893,952	-48,574	77,888,291	77,839,717
Financial result from reinsurance contracts	109,854	0	109,854	-830,422	0	-830,422
Income from asset management	0	2,854,726	2,854,726	0	2,735,182	2,735,182
Non-attributable operating expenses	-29,418,654	-9,830,107	-39,248,760	-29,252,285	-10,652,466	-39,904,751
Net other operating income and expenses	-3,156,264	2,661,234	-495,030	-16,925,685	-7,832,889	-24,758,574
Net other financial income and expenses	-2,706,647	-111,431	-2,818,078	-2,355,961	-180,984	-2,536,945
Net impairment and reversal of impairment of non-financial assets	-2,496,338	-6,407	-2,502,745	-1,025,411	-2,894,788	-3,920,199
Gains and losses on investments in associates	15,179,539	3,406,222	18,585,761	30,831,080	3,712,193	34,543,272
Net other income and expenses	454,332	286,631	740,963	1,744,292	1,793,018	3,537,310
Profit or loss before tax	21,504,336	24,057,169	45,561,505	-294,076	1,687,069	1,392,992
Tax expense	-2,357,330	-4,541,749	-6,899,078	6,306,571	1,225,846	7,532,417
NET PROFIT OR LOSS FOR THE PERIOD	19,147,006	19,515,420	38,662,426	6,012,495	2,912,915	8,925,410

Statement of other comprehensive income

2023	2022 adjusted	NON-LIFE	LIFE	TOTAL
Net profit for the period after tax	19,147,006	19,515,420	38,662,426	6,012,495	2,912,915	8,925,410
Other comprehensive income after tax	17,040,524	11,406,893	28,447,417	-30,319,765	-6,192,610	-36,512,374
	Items that will not be reclassified to profit or loss in future periods	2,714,878	-151,939	2,562,939	-6,920,976	-2,056,374	-8,977,350
Accumulated insurance finance income and expenses	-1,373,424	-220,586	-1,594,009	1,196,820	222,221	1,419,041
Accumulated reinsurance finance income and expenses	4,332,776	0	4,332,776	-9,836,905	-2,784,190	-12,621,095
	Tax on items that will not be reclassified to profit or loss	-244,474	68,646	-175,828	1,719,109	505,594	2,224,703
Items that may be reclassified to profit or loss in future periods	14,325,646	11,558,832	25,884,478	-23,398,788	-4,136,235	-27,535,024
Accumulated insurance finance income and expenses	-13,877,650	-23,171,554	-37,049,204	40,127,356	110,975,156	151,102,512
	Accumulated reinsurance finance income and expenses	4,090,372	0	4,090,372	-10,002,491	0	-10,002,491
Effects of debt instruments measured through other comprehensive income	26,722,093	35,469,170	62,191,263	-59,012,259	-113,776,689	-172,788,948
Tax on items that may be reclassified to profit or loss in future periods	-2,609,168	-738,785	-3,347,953	5,488,606	-1,334,702	4,153,904
COMPREHENSIVE INCOME FOR THE PERIOD AFTER TAX	36,187,530	30,922,313	67,109,843	-24,307,270	-3,279,695	-27,586,965

NO_CONTENT_HERE

Triglav Group

Insurance premium tax

	2023	2022	2023	2022
Insurance premium tax	67,322,022	60,722,335	55,210,551	49,806,199
Fees from income of natural persons (employer's contributions and taxes)	26,816,689	26,151,952	17,041,234	16,004,255
Corporate income tax	23,713,935	25,465,708	19,388,729	20,633,936
Fire fee	8,430,325	5,619,234	7,867,386	5,043,587
Value added tax	5,195,391	5,966,859	2,046,545	1,269,293
Fee for the use of building land	972,013	1,036,726	794,126	742,547
Financial services tax	647,883	613,045	103,385	104,215
Other fees	704,090	1,055,105	0	0
Total fees charged in the year	133,802,348	126,630,964	102,451,956	93,604,032

Minimum Tax Act

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 tax is to ensure a global minimum taxation of the profits of multinational enterprises (MNEs) and domestic groups with a 15% minimum tax rate. The first top-up tax return and information return for 2024 will have to be submitted by the Company within 18 months after the end of the 2024 calendar year, i.e. by 30 June 2026. The impact of the ZMD on the tax policy and tax liabilities of the Group and the Company is still being assessed.

The impact of new or amended standards on the preparation of financial statements

The accounting policies used in the preparation of the consolidated and separate financial statements are consistent with those of the consolidated and separate financial statements of Zavarovalnica Triglav for the financial year ended 31 December 2022. Except for the new or amended standards and interpretations effective for annual periods beginning on or after 1 January 2023, which are presented below.

Amendments to existing standards effective for the current reporting period

The following amendments to existing standards issued by the International Accounting Standards Board (IASB) and adopted by the EU are effective for the current reporting period:

New IFRS 17 Insurance Contracts

The IASB published the new standard on 18 May 2017. Amendments to IFRS 17 Insurance Contracts issued by the IASB on 25 June 2020 defer the date of initial application of IFRS 17 by two years to annual periods beginning on or after 1 January 2023. Additionally, amendments issued on 25 June 2020 introduced simplifications and clarifications of some requirements in the standard and provided additional reliefs in the first-time application of IFRS 17.

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31 December 2022

1 year	5 years	10 years	20 years	30 years	Life
Risk free yield	Illiquidity Premium
3.18%	0.06%-0.26%
3.13%	0.06%-0.26%
3.09%	0.07%-0.27%
2.77%	0.06%-0.26%
2.73%	0.05%-0.21%

1 year	5 years	10 years	20 years	30 years	Non-Life
Risk free yield	Illiquidity Premium
3.18%	0.19%
3.13%	0.19%
3.09%	0.19%
2.77%	0.19%
2.73%	0.16%

31 December 2023

1 year	5 years	10 years	20 years	30 years	Life
Risk free yield	Illiquidity Premium
3.36%	0.08%-0.33%
2.32%	0.08%-0.33%
2.39%	0.08%-0.33%
2.41%	0.09%-0.35%
2.53%	0.08%-0.30%

1 year	5 years	10 years	20 years	30 years	Non-Life
Risk free yield	Illiquidity Premium
3.36%	0.20%
2.32%	0.20%
2.39%	0.20%
2.41%	0.20%
2.53%	0.17%

Risk free yield curves are used for all non-life assets and obligations across the Group except for Triglav Insurance Company’s obligations which are paid out as annuities. They are significant enough in Triglav Insurance Company’s non-life obligations to merit a separate consideration. Such obligations use 100 % illiquidity premium which corresponds to EIOPA’s published risk free rate curves with volatility adjustment.

Estimates of future cash flows to fulfil insurance contracts. All the future cash flows within the boundary of each group of contracts are included in the measurement model of each group of contracts in the scope of IFRS 17. The projection of cash flows, which is used to calculate the best estimate for life and non-life insurance assets and 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 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.

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INSURANCE CONTRACT ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023

	NON-LIFE	LIFE	HEALTH	TOTAL
General model (BBA)	0	1,858,818	1,858,818	10,234,160
Premium allocation approach (PAA)	0	0	0	10,234,160
Total	0	900	900	12,093,878
Assets for remaining coverage	0	3,635,220	3,635,220	17,456,327
Assets for incurred claims	0	-1,776,402	-1,776,402	-7,222,167
Insurance contract liabilities	49,731,393	930,853,323	980,584,716	2,330,647,604
Liabilities for remaining coverage	49,746,334	136,365,752	186,112,086	1,478,812,845
Liabilities for incurred claims	-14,941	794,487,571	794,472,630	30,103,701
Total net insurance contract liabilities	49,731,393	928,994,505	978,725,898	2,318,553,726

INSURANCE CONTRACT ASSETS AND LIABILITIES AS AT 31 DECEMBER 2022

	NON-LIFE	LIFE	HEALTH	TOTAL
General model (BBA)	0	6,975,879	6,975,879	6,158,015
Premium allocation approach (PAA)	0	0	0	6,161,845
Total	0	0	0	13,137,724
Assets for remaining coverage	0	9,053,491	9,053,491	11,775,262
Assets for incurred claims	0	-2,077,612	-2,077,612	-5,613,417
Insurance contract liabilities	49,817,786	751,515,500	801,333,286	2,084,328,485
Liabilities for remaining coverage	50,923,974	136,243,498	187,167,472	1,416,682,524
Liabilities for incurred claims	-1,106,188	615,272,002	614,165,814	26,956,421
Total net insurance contract liabilities	49,817,786	744,539,621	794,357,407	2,071,190,761

INSURANCE CONTRACT ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023

	NON-LIFE			LIFE			HEALTH			TOTAL
	General model(BBA)	Premium allocation approach (PAA)	Total	General model(BBA)	Variable fee approach (VFA)	Premium allocation approach (PAA)	Total	General model(BBA)	Premium allocation approach (PAA)	Total
Insurance contract assets	0	1,858,818	1,858,818	10,234,160	0	0	10,234,160	0	900	900
Estimates of the present value of the future cash flows	0	1,938,268	1,938,268	91,500,121	0	0	91,500,121	0	1,264	1,264
Risk adjustment for non-financial risk	0	-79,450	-79,450	-10,966,798	0	0	-10,966,798	0	-364	-364
Contractual service margin	0	0	0	-70,299,163	0	0	-70,299,163	0	0	0
Insurance contract liabilities	49,731,393	930,853,323	980,584,716	759,807,417	556,131,832	1,098	1,315,940,348	3,431,906	30,690,635	34,122,541
Estimates of the present value of the future cash flows	29,505,731	883,939,792	913,445,523	698,960,899	443,299,649	1,099	1,142,261,647	2,127,826	26,346,725	28,474,551
Risk adjustment for non-financial risk	3,528,310	46,913,531	50,441,841	9,405,727	12,915,268	0	22,320,995	1,211,419	4,343,910	5,555,329
Contractual service margin	16,697,355	0	16,697,355	51,440,791	99,916,915	0	151,357,706	92,661	0	92,661
Total net insurance contract liabilities	49,731,393	928,994,505	978,725,898	749,573,257	556,131,832	1,098	1,305,706,188	3,431,906	30,689,735	34,121,641
Net liabilities from expected future cash flows	29,505,731	882,001,524	911,507,255	607,460,778	443,299,649	1,099	1,050,761,526	2,127,826	26,345,461	28,473,287
Net liabilities from risk adjustment for non-financial risk	3,528,310	46,992,981	50,521,291	20,372,525	12,915,268	0	33,287,793	1,211,419	4,344,274	5,555,693
Net liabilities from contractual service margin	16,697,355	0	16,697,355	121,739,954	99,916,915	0	221,656,869	92,661	0	92,661

INSURANCE CONTRACT ASSETS AND LIABILITIES AS AT 31 DECEMBER 2022

	NON-LIFE			LIFE			HEALTH			TOTAL
	General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Premium allocation approach (PAA)	Total	General model (BBA)	Premium allocation approach (PAA)	Total
Insurance contract assets	0	6,975,879	6,975,879	6,158,015	3,830	0	6,161,845	0	0	0
Estimates of the present value of the future cash flows	0	7,102,274	7,102,274	61,419,381	38,686	0	61,458,067	0	0	0
Risk adjustment for non-financial risk	0	-126,395	-126,395	-6,668,450	-15,617	0	-6,684,067	0	0	0
Contractual service margin	0	0	0	-48,592,916	-19,239	0	-48,612,155	0	0	0
Insurance contract liabilities	49,817,786	751,515,500	801,333,286	759,358,382	480,181,126	1,198	1,239,540,706	17,709,186	25,745,307	43,454,493
Estimates of the present value of the future cash flows	27,876,324	699,587,722	727,464,046	697,329,004	401,274,871	1,198	1,098,605,073	16,624,193	22,898,394	39,522,587
Risk adjustment for non-financial risk	5,736,862	51,927,778	57,664,640	10,393,700	9,020,721	0	19,414,421	991,675	2,846,913	3,838,588
Contractual service margin	16,204,601	0	16,204,601	51,635,678	69,885,534	0	121,521,212	93,318	0	93,318
Total net insurance contract liabilities	49,817,786	744,539,621	794,357,407	753,200,367	480,177,296	1,198	1,233,378,861	17,709,186	25,745,307	43,454,493
Net liabilities from expected future cash flows	27,876,324	692,485,448	720,361,772	635,909,623	401,236,185	1,198	1,037,147,006	16,624,193	22,898,394	39,522,587
Net liabilities from risk adjustment for non-financial risk	5,736,862	52,054,173	57,791,035	17,062,150	9,036,338	0	26,098,488	991,675	2,846,913	3,838,588
Net liabilities from contractual service margin	16,204,601	0	16,204,601	100,228,594	69,904,773	0	170,133,367	93,318	0	93,318

INSURANCE CONTRACT ASSETS AND LIABILITIES

NON-LIFE

LIFE

TOTAL AS AT 31 DECEMBER 2023

	General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Total
Insurance contract assets	0	763,841	763,841	10,194,985	0	10,194,985
Assets for remaining coverage	0	1,646,202	1,646,202	17,409,858	0	17,409,858
Assets for incurred claims	0	-882,361	-882,361	-7,214,873	0	-7,214,873
Insurance contract liabilities	46,899,751	641,681,473	688,581,223	665,247,135	531,845,434	1,197,092,569
Liabilities for remaining coverage	46,930,431	122,949,760	169,880,191	651,205,674	521,653,352	1,172,859,026
Liabilities for incurred claims	-30,680	518,731,713	518,701,033	14,041,461	10,192,082	24,233,543
Total net insurance contract liabilities	46,899,751	640,917,632	687,817,382	655,052,150	531,845,434	1,186,897,584
Net liabilities for remaining coverage	46,930,431	121,303,558	168,233,989	633,795,816	521,653,352	1,155,449,168
Net liabilities for incurred claims	-30,680	519,614,074	519,583,394	21,256,334	10,192,082	31,448,416
	551,031,810

INSURANCE CONTRACT ASSETS AND LIABILITIES

NON-LIFE

LIFE

TOTAL AS AT 31 DECEMBER 2022

	General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Total
Insurance contract assets	0	1,323,954	1,323,954	6,071,526	0	6,071,526
Assets for remaining coverage	0	6,312,256	6,312,256	11,591,499	0	11,591,499
Assets for incurred claims	0	-4,988,302	-4,988,302	-5,519,973	0	-5,519,973
Insurance contract liabilities	46,524,097	505,086,597	551,610,694	675,841,966	460,958,607	1,136,800,573
Liabilities for remaining coverage	47,674,099	108,370,360	156,044,459	660,752,136	452,122,656	1,112,874,793
Liabilities for incurred claims	-1,150,002	396,716,237	395,566,234	15,089,830	8,835,951	23,925,781
Total net insurance contract liabilities	46,524,097	503,762,643	550,286,740	669,770,440	460,958,607	1,130,729,047
Net liabilities for remaining coverage	47,674,099	102,058,104	149,732,203	649,160,637	452,122,656	1,101,283,294
Net liabilities for incurred claims	-1,150,002	401,704,539	400,554,536	20,609,803	8,835,951	29,445,754

INSURANCE CONTRACT ASSETS AND LIABILITIES AS AT 31 DECEMBER 2023

			NON-LIFE	LIFE	TOTAL
	General model (BBA)	Premium allocation approach (PAA)	General model (BBA)	Variable fee approach (VFA)	Total
				Insurance contract assets	0	763,841	763,841	10,194,985	0	10,194,985	10,958,826
Estimates of the present value of the future cash flows	0	775,800	775,800	91,393,420	0	91,393,420	92,169,220
				Risk adjustment for non-financial risk	0	-11,959	-11,959	-10,955,818	0	-10,955,818	-10,967,777
Contractual service margin	0	0	0	-70,242,617	0	-70,242,617	-70,242,617
				Insurance contract liabilities	46,899,751	641,681,473	688,581,223	665,247,135	531,845,434	1,197,092,569	1,885,673,792
		Estimates of the present value of the future cash flows	27,750,727	615,368,010	643,118,737	616,772,681	420,738,303	1,037,510,984	1,680,629,721
Risk adjustment for non-financial risk	3,416,816	26,313,463	29,730,279	7,823,404	12,358,498	20,181,902	49,912,181
				Contractual service margin	15,732,207	0	15,732,207	40,651,050	98,748,633	139,399,683	155,131,890
		Total net insurance contract liabilities	46,899,751	640,917,632	687,817,382	655,052,150	531,845,434	1,186,897,584	1,874,714,966
Net liabilities from expected future cash flows	27,750,727	614,592,210	642,342,937	525,379,261	420,738,303	946,117,564	1,588,460,501
Net liabilities from risk adjustment for non-financial risk	3,416,816	26,325,422	29,742,238	18,779,222	12,358,498	31,137,720	60,879,958
				Net liabilities from contractual service margin	15,732,207	0	15,732,207	110,893,667	98,748,633	209,642,300	225,374,507

INSURANCE CONTRACT ASSETS AND LIABILITIES AS AT 31 DECEMBER 2022

			NON-LIFE	LIFE	TOTAL
	General model (BBA)	Premium allocation approach (PAA)	General model (BBA)	Variable fee approach (VFA)	Total
			Insurance contract assets	0	1,323,954	1,323,954	6,071,526	0	6,071,526	7,395,480
Estimates of the present value of the future cash flows	0	1,998,015	1,998,015	60,989,285	0	60,989,285	62,987,300
				Risk adjustment for non-financial risk	0	-674,061	-674,061	-6,625,874	0	-6,625,874	-7,299,935
Contractual service margin	0	0	0	-48,291,885	0	-48,291,885	-48,291,885
			Insurance contract liabilities	46,524,097	505,086,597	551,610,694	675,841,966	460,958,607	1,136,800,573	1,688,411,267
		Estimates of the present value of the future cash flows	25,573,799	472,864,224	498,438,023	623,125,921	384,147,781	1,007,273,702	1,505,711,725
Risk adjustment for non-financial risk	5,589,997	32,222,373	37,812,370	9,048,978	8,485,625	17,534,603	55,346,973
				Contractual service margin	15,360,300	0	15,360,300	43,667,068	68,325,201	111,992,268	127,352,569
		Total net insurance contract liabilities	46,524,097	503,762,643	550,286,740	669,770,440	460,958,607	1,130,729,047	1,681,015,787
Net liabilities from expected future cash flows	25,573,799	470,866,209	496,440,008	562,136,636	384,147,781	946,284,417	1,442,724,425
Net liabilities from risk adjustment for non-financial risk	5,589,997	32,896,434	38,486,431	15,674,852	8,485,625	24,160,477	62,646,908
			Net liabilities from contractual service margin	15,360,300	0	15,360,300	91,958,953	68,325,201	160,284,153	175,644,454

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2023

in EUR		NON-LIFE	LIFE	HEALTH	TOTAL
		General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Premium allocation approach (PAA)	Total	General model (BBA)	Premium allocation approach (PAA)
	Insurance revenue recognised in profit or loss	27,508,215	0	27,508,215	42,647,161	19,715,979	0	62,363,140	2,319,006	0	2,319,006	92,190,361
Expected cash flows from claims and other insurance services		14,390,842	0	14,390,842	21,837,544	7,076,811	0	28,914,355	1,859,896	0	1,859,896	45,165,093
	Contractual service margin recognised in profit or loss to reflect the transfer of services	10,299,188	0	10,299,188	18,676,371	10,753,517	0	29,429,888	65,279	0	65,279	39,794,355
	Release of the risk adjustment for non-financial risk for the risk expired	2,818,185	0	2,818,185	2,075,356	1,328,144	0	3,403,500	393,831	0	393,831	6,615,516
Other	0	0	0	57,890	557,507	0	615,397	0	0	0	615,397
		Premium income relating to the recovery of insurance acquisition cash flows	6,634,435	0	6,634,435	13,555,252	9,448,127	0	23,003,379	296,626	0	296,626	29,934,440
	Income recognised under the PAA approach	0	1,022,018,270	1,022,018,270	0	0	1,349	1,349	0	207,042,244	207,042,244	1,229,061,863
Total insurance revenue recognised in profit or loss	34,142,652	1,022,018,270	1,056,160,922	56,202,414	29,164,106	1,349	85,367,869	2,615,631	207,042,244	209,657,875	1,351,186,666
Insurance service expenses recognised in profit and loss		Incurred claims and other insurance service expenses	-6,766,534	-778,783,519	-785,550,053	-22,472,543	-5,546,346	0	-28,018,889	-2,300,092	-226,228,354	-228,528,446	-1,042,097,388
		Insurance service operating expenses	-9,458,717	-233,942,240	-243,400,957	-18,986,252	-12,771,349	-811	-31,758,412	14,500,751	-20,500,534	-5,999,783	-281,159,152
	Acquisition costs	-6,634,435	-165,715,773	-172,350,208	-13,555,252	-9,448,127	-642	-23,004,021	-296,626	-4,533,743	-4,830,369	-200,184,598
	Losses/reversal of losses on onerous contracts	-292,825	6,094,076	5,801,251	1,079,123	1,336,310	0	2,415,433	15,106,353	-2,472,905	12,633,448	20,850,132
Administration costs	-2,531,457	-74,320,543	-76,852,000	-6,510,123	-4,659,532	-169	-11,169,824	-308,976	-13,493,886	-13,802,862	-101,824,686
Other insurance service operating expenses		0	0	0	0	0	0	0	0	0	0	0
	Total insurance service expenses recognised in profit or loss	-16,225,250	-1,012,725,760	-1,028,951,010	-41,458,794	-18,317,695	-811	-59,777,300	12,200,660	-246,728,888	-234,528,228	-1,323,256,538
Net insurance revenue/insurance service expenses recognised in profit or loss	17,917,402	9,292,510	27,209,912	14,743,620	10,846,411	538	25,590,569	14,816,291	-39,686,644	-24,870,353	27,930,128
Insurance finance income/expenses	Effect of changes in interest rates and other financial assumptions	-1,500,669	-19,268,945	-20,769,614	-21,911,860	0	0	-21,911,860	-261,984	-20,434	-282,418	-42,963,892
Interest accreted using current financial assumptions	0	0	0	-3,638,454	0	0	-3,638,454	0	0	0	-3,638,454
	Interest accreted at the locked-in interest rate	-98,685	-4,810,544	-4,909,229	-16,284,719	-137,177	0	-16,421,896	-25,744	-94,497	-120,241	-21,451,366
Changes in the fair value of the portfolio of insurance contracts with direct participation features		0	0	0	0	-50,356,979	0	-50,356,979	0	0	0	-50,356,979
Total net insurance finance income/expenses	-1,599,354	-24,079,489	-25,678,843	-41,835,033	-50,494,156	0	-92,329,189	-287,728	-114,931	-402,659	-118,410,691

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2023

Type	NON-LIFE	LIFE	HEALTH	TOTAL
General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Premium allocation approach (PAA)	General model (BBA)	Premium allocation approach (PAA)	Total
Net insurance finance income/expenses	-98,686	-4,810,544	-4,909,230	-14,219,827	-50,494,156	0	-64,713,983	-25,744	-94,497	-120,241	-69,743,454
Net insurance finance income/expenses recognised in other comprehensive income	-1,500,670	-19,268,943	-20,769,613	-27,615,206	0	0	-27,615,206	-261,983	-20,431	-282,414	-48,667,233
Total net insurance finance income/expenses	-1,599,354	-24,079,489	-25,678,843	-41,835,033	-50,494,156	0	-92,329,189	-287,728	-114,931	-402,659	-118,410,691

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2022

in EUR		NON-LIFE	LIFE	HEALTH	TOTAL
		General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Premium allocation approach (PAA)	Total	General model (BBA)	Premium allocation approach (PAA)
	Insurance revenue recognised in profit or loss	24,635,253	0	24,635,253	39,551,414	16,308,259	0	55,859,673	2,193,264	0	2,193,264
Amounts relating to changes in liabilities for the remaining coverage		14,229,385	0	14,229,385	22,115,222	6,382,724	0	28,497,946	1,764,227	0	1,764,227
		Contractual service margin recognised in profit or loss to reflect the transfer of services	7,732,466	0	7,732,466	16,502,653	8,379,024	0	24,881,677	25,207	0	25,207
	Release of the risk adjustment for non-financial risk for the risk expired	2,673,402	0	2,673,402	2,142,785	1,353,792	0	3,496,577	403,830	0	403,830
Other	0	0	0	-1,209,246	192,719	0	-1,016,527	0	0	-1,016,527
Premium income relating to the recovery of insurance acquisition cash flows		5,295,818	0	5,295,818	12,560,819	9,664,794	0	22,225,613	251,992	0	251,992
	Income recognised under the PAA approach	0	893,600,158	893,600,158	0	0	1,479	1,479	0	202,539,614	202,539,614
Total insurance revenue recognised in profit or loss	29,931,070	893,600,158	923,531,228	52,112,234	25,973,053	1,479	78,086,766	2,445,256	202,539,614	204,984,870
Insurance service expenses recognised in profit and loss	Incurred claims and other insurance service expenses	-2,137,964	-545,106,200	-547,244,164	-22,046,261	-4,309,951	-28,482	-26,384,694	-2,172,715	-192,347,283	-194,519,998	-768,148,856
		Insurance service operating expenses	-8,353,107	-210,448,355	-218,801,462	-21,820,206	-15,495,737	-17,536	-37,333,479	8,358,454	-16,380,710	-8,022,256	-264,157,197
		Acquisition costs	-5,295,818	-145,905,233	-151,201,051	-12,560,819	-9,664,794	-4,154	-22,229,767	-251,992	-4,768,963	-5,020,955	-178,451,773
	Losses/reversal of losses on onerous contracts	-714,684	-4,389,211	-5,103,895	-2,667,007	-1,999,728	0	-4,666,735	8,887,274	1,276,807	10,164,081	393,451
Administration costs	-2,342,605	-60,153,911	-62,496,516	-6,592,380	-3,831,215	-13,382	-10,436,977	-276,828	-12,888,554	-13,165,382	-86,098,875
Other insurance service operating expenses		0	0	0	0	0	0	0	0	0	0
	Total insurance service expenses recognised in profit or loss	-10,491,071	-755,554,558	-766,045,629	-43,866,465	-19,805,688	-46,018	-63,718,171	6,185,738	-208,727,994	-202,542,256	-1,032,306,056
Net insurance revenue/insurance service expenses recognised in profit or loss	19,439,999	138,045,600	157,485,599	8,245,769	6,167,365	-44,539	14,368,595	8,630,994	-6,188,380	2,442,614	174,296,808
Insurance finance income/expenses	Effect of changes in interest rates and other financial assumptions	2,899,267	48,776,243	51,675,510	87,603,230	1	0	87,603,231	417,597	15,683	433,280	139,712,021
Interest accreted using current financial assumptions	0	0	0	12,065,846	0	0	12,065,846	0	0	0	12,065,846
	Interest accreted at the locked-in interest rate	-55,573	195,852	140,279	31,366,819	122,808	0	31,489,627	23,654	15,885	39,539	31,669,445
Changes in the fair value of the portfolio of insurance contracts with direct participation features		0	0	0	0	78,627,342	0	78,627,342	0	0	0	78,627,342
Total net insurance finance income/expenses	2,843,694	48,972,095	51,815,789	131,035,895	78,750,151	0	209,786,046	441,251	31,568	472,819	262,074,654

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2022

Type	NON-LIFE	LIFE	HEALTH	TOTAL
General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Premium allocation approach (PAA)	Total	General model (BBA)	Premium allocation approach (PAA)	Total
Net insurance finance income/expenses	-55,573	195,852	140,279	4,306,387	78,750,151	0	83,056,538	23,654	15,885	39,539	83,236,356
Net insurance finance income/expenses recognised in other comprehensive income	2,899,280	48,776,230	51,675,510	126,729,508	0	0	126,729,508	417,597	15,681	433,278	178,838,296
Total net insurance finance income/expenses	2,843,694	48,972,095	51,815,789	131,035,895	78,750,151	0	209,786,046	441,251	31,568	472,819	262,074,654

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2023

in EUR		NON-LIFE	LIFE	TOTAL
	General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Total
Insurance revenue recognised in profit or loss	26,785,407	0	26,785,407	30,424,967	18,988,199	49,413,166	76,198,573
Amounts relating to changes in liabilities for the remaining coverage			14,000,618	0	14,000,618	12,761,768	6,667,170	19,428,938	33,429,557
		Contractual service margin recognised in profit or loss to reflect the transfer of services	9,993,499	0	9,993,499	15,410,353	10,602,928	26,013,281	36,006,780
		Release of the risk adjustment for non-financial risk for the risk expired	2,791,290	0	2,791,290	1,782,110	1,253,659	3,035,769	5,827,059
			Other	0	0	0	470,735	464,442	935,177	935,177
	Premium income relating to the recovery of insurance acquisition cash flows	5,544,132	0	5,544,132	7,967,872	9,061,975	17,029,847	22,573,979
Income recognised under the PAA approach	0	676,864,819	676,864,819	0	0	0	676,864,819
		Total insurance revenue recognised in profit or loss	32,329,539	676,864,819	709,194,358	38,392,839	28,050,173	66,443,013	775,637,370
	Insurance service expenses recognised in profit and loss		Incurred claims and other insurance service expenses	-6,496,589	-539,291,899	-545,788,488	-13,754,753	-5,217,847	-18,972,600	-564,761,089
	Insurance service operating expenses	-8,096,330	-157,631,453	-165,727,783	-10,835,244	-12,666,859	-23,502,103	-189,229,885
Acquisition costs	-5,544,132	-108,668,783	-114,212,914	-7,967,872	-9,061,975	-17,029,847	-131,242,761
			Losses/reversal of losses on onerous contracts	-151,260	8,546,662	8,395,402	1,441,836	771,338	2,213,174	10,608,576
Administration costs	-2,400,938	-57,509,332	-59,910,271	-4,309,208	-4,376,222	-8,685,430	-68,595,700
			Other insurance service operating expenses	0	0	0	0	0	0	0
Total insurance service expenses recognised in profit or loss		-14,592,919	-696,923,352	-711,516,271	-24,589,997	-17,884,706	-42,474,703	-753,990,974
Net insurance revenue/insurance service expenses recognised in profit or loss	17,736,620	-20,058,533	-2,321,913	13,802,842	10,165,467	23,968,310	21,646,396
Insurance finance income/expenses	Effect of changes in interest rates and other financial assumptions	-1,370,610	-12,507,040	-13,877,650	-18,207,027	0	-18,207,027	-32,084,678
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	-84,698	-2,930,574	-3,015,273	-14,652,674	-134,223	-14,786,897	-17,802,170
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 net insurance finance income/expenses	-1,455,308	-15,437,615	-16,892,923	-36,498,155	-46,552,077	-83,050,233	-99,943,156

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2023

in EUR	NON-LIFE	LIFE	TOTAL
General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Total
Net insurance finance income/expenses	–84,698	–2,930,574	–3,015,273	–13,326,601	–46,552,077	–59,878,679	–62,893,952
	Net insurance finance income/expenses recognised in profit or loss	–1,455,308	–15,437,615	–16,892,923	–36,498,155	–46,552,077	–83,050,233	–99,943,156
Net insurance finance income/expenses recognised in other comprehensive income	–1,370,610	–12,507,040	–13,877,650	–23,171,554	0	–23,171,554	–37,049,204
Total net insurance finance income/expenses	–1,455,308	–15,437,615	–16,892,923	–36,498,155	–46,552,077	–83,050,233	–99,943,156

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2022

in EUR			NON-LIFE	LIFE	TOTAL
General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Total
Insurance revenue recognised in profit or loss	Amounts relating to changes in liabilities for the remaining coverage	23,536,971	0	23,536,971	28,841,325	15,641,636	44,482,961	68,019,932
				Expected cash flows from claims and other insurance services	13,426,263	0	13,426,263	12,952,236	60,143,307	18,966,544	32,392,807
			Contractual service margin recognised in profit or loss to reflect the transfer of services	7,480,577	0	7,480,577	13,903,253	8,179,049	22,082,302	29,562,880
			Release of the risk adjustment for non-financial risk for the risk expired	2,630,131	0	2,630,131	1,823,682	1,256,012	3,079,694	5,709,825
					Other	0	0	0	162,153	192,267	354,420	354,420
		Premium income relating to the recovery of insurance acquisition cash flows		4,267,610	0	4,267,610	8,237,724	9,278,116	17,515,840	21,783,450
Income recognised under the PAA approach	0	600,400,841	600,400,841	0	0	0	600,400,841
			Total insurance revenue recognised in profit or loss	27,804,581	600,400,841	628,205,422	37,079,049	24,919,752	61,998,801	690,204,222

Insurance service expenses recognised in profit and loss

Incurred claims and other insurance service expenses	–1,678,365	–378,878,691	–380,557,056	–13,202,458	–4,319,271	–17,521,729	–398,078,786
Insurance service operating expenses	–7,074,942	–144,041,412	–151,116,354	–15,278,140	–14,061,103	–29,339,243	–180,455,597
Acquisition costs	–4,267,610	–96,468,571	–100,736,181	–8,237,724	–9,278,116	–17,515,840	–118,252,021
Losses/reversal of losses on onerous contracts	–714,693	–3,532,781	–4,247,474	–2,439,338	–1,268,270	–3,707,608	–7,955,082
Administration costs	–2,092,640	–44,040,059	–46,132,699	–4,601,079	–3,514,717	–8,115,795	–54,248,494
Other insurance service operating expenses	0	0	0	0	0	0	0
Total insurance service expenses recognised in profit or loss	–8,753,307	–522,920,103	–531,673,410	–28,480,598	–18,380,374	–46,860,972	–578,534,383

Net insurance revenue/insurance service expenses recognised in profit or loss

19,051,274	77,480,738	96,532,012	8,598,450	6,539,378	15,137,828	111,669,840

Insurance finance income/expenses

Effect of changes in interest rates and other financial assumptions	2,663,138	37,464,219	40,127,356	74,877,516	0	74,877,516	115,004,872
Interest accreted using current financial assumptions	0	0	0	12,065,846	0	12,065,846
Interest accreted at the locked-in interest rate	–61,961	13,387	–48,574	27,982,371	116,843	28,099,214	28,050,640
Changes in the fair value of the portfolio of insurance contracts with direct participation features	0	0	0	0	73,820,870	73,820,870	73,820,870
Total net insurance finance income/expenses	2,601,177	37,477,605	40,078,782	114,925,733	73,937,714	188,863,446	228,942,229

BREAKDOWN OF INSURANCE REVENUE AND INSURANCE SERVICE EXPENSES FOR 2022

in EUR	NON-LIFE	LIFE	Total
General model (BBA)	Premium allocation approach (PAA)	Total	General model (BBA)	Variable fee approach (VFA)	Total
Net insurance finance income/expenses	-61,960	13,387	-48,574	3,950,577	73,937,714	77,888,291	77,839,717
Net insurance finance income/expenses recognised in profit or loss	2,663,138	37,464,219	40,127,356	110,975,156	0	110,975,156	151,102,512
Total net insurance finance income/expenses	2,601,177	37,477,605	40,078,782	114,925,733	73,937,714	188,863,446	228,942,229

General model (BBA) NON-LIFE

Remaining coverage	Incurred claims TOTAL	Excluding the loss component	Loss component	Opening balance of net insurance contract assets/liabilities as at 1 January 2023
-48,942,758	-1,981,216	1,106,188	-49,817,786
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-48,942,758	-1,981,216	1,106,188	-49,817,786

Changes in profit or loss and/or other comprehensive income

25,765,927	-339,047	-9,108,835	16,318,045

Insurance revenue

Contracts under the modified retrospective approach	949,044	949,044
Contracts under the fair value approach	0	0
Other contracts	33,193,608	33,193,608
Total insurance revenue	34,142,652	34,142,652

Insurance service expenses

Incurred claims	0	1,205,188	-9,297,990	-8,092,802
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	1,205,188	-15,576,559	-14,371,371
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	6,278,569	6,278,569
Insurance service operating expenses	-6,634,435	-1,498,013	0	-8,132,448
Amortisation of insurance acquisition cash flows	-6,634,435	0	0	-6,634,435
Changes that relate to future service (i.e. losses on onerous contracts)	0	-1,498,013	0	-1,498,013
Total insurance service expenses	-6,634,435	-292,825	-9,297,990	-16,225,250

Investment components excluded from insurance revenue and insurance service expenses

0	0	0	0

Insurance service result

27,508,217	-292,825	-9,297,990	17,917,402

Net insurance finance income/expenses

-1,742,290	-46,222	189,158	-1,599,354

Effect of exchange rate differences

0	0	-3	-3

Cash flows

-24,249,240	0	8,017,588	-16,231,652

Premiums received for insurance contracts issued

-30,795,207	0	0	-30,795,207

Claims and other insurance service expenses paid, including investment components

0	0	8,017,588	8,017,588

Insurance acquisition cash flows

6,545,967	0	0	6,545,967

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

-47,426,071	-2,320,263	14,941	-49,731,393

Insurance contract assets

0	0	0	0

Insurance contract liabilities

-47,426,071	-2,320,263	14,941	-49,731,395

General model (BBA) NON-LIFE

Remaining coverage	Incurred claims TOTAL	Excluding the loss component	Loss component	Opening balance of net insurance contract assets/liabilities as at 1 January 2022
-48,802,136	-1,254,416	-1,134,197	-51,190,749
Insurance contract assets	0	0	0
Insurance contract liabilities	-48,802,136	-1,254,416	-1,134,197	-51,190,749

Changes in profit or loss and/or other comprehensive income

	27,851,834	-726,800	22,292,159
Insurance revenue	Contracts under the modified retrospective approach	1,348,112	0
Contracts under the fair value approach	0	0
Other contracts	28,582,958	0
Total insurance revenue	29,931,070	0	29,931,070

Insurance service expenses

Incurred claims	0	813,065	-4,480,569	-3,667,504
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	813,065	-12,862,511	-12,049,446
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	8,381,942	8,381,942
Insurance service operating expenses	-5,295,818	-1,527,749	0	-6,823,567
Amortisation of insurance acquisition cash flows	-5,295,818	0	0	-5,295,818
Changes that relate to future service (i.e. losses on onerous contracts)	0	-1,527,749	0	-1,527,749
Total insurance service expenses	-5,295,818	-714,684	-4,480,569	-10,491,071

Investment components excluded from insurance revenue and insurance service expenses

0	0	0	0

Insurance service result

24,635,252	-714,684	-4,480,569	19,439,999

Net insurance finance income/expenses

3,208,325	-12,116	-352,515	2,843,694

Effect of exchange rate differences

8,257	0	2098,466

Cash flows

-27,992,456	0	7,073,260	-20,919,196

Premiums received for insurance contracts issued

-35,129,867	0	0	-35,129,867

Claims and other insurance service expenses paid, including investment components

0	0	7,073,260	7,073,260

Insurance acquisition cash flows

7,137,411	0	0	7,137,411

Closing balance of net insurance contract assets/liabilities as at 31 December 2022

			-48,942,758	-1,981,216	1,106,188	-49,817,786
Insurance contract assets	0	0	0
Insurance contract liabilities	-48,942,758	-1,981,216	1,106,188	-49,817,786

General model (BBA)

LIFE

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-701,327,835	-28,845,103	-23,027,430	-753,200,368
Insurance contract assets	11,814,766	-43,334	-5,613,417	6,158,015
Insurance contract liabilities	-713,142,601	-28,801,769	-17,414,013	-759,358,383

Changes in profit or loss and/or other comprehensive income

	Insurance revenue
Contracts under the modified retrospective approach	10,741,743
Contracts under the fair value approach	5,408,533
Other contracts	40,052,138
Total insurance revenue	56,202,414

Insurance service expenses

Incurred claims	0	2,782,389	-28,982,664	-26,200,275
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	2,782,389	-28,899,078	-26,116,689
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	-83,586	-83,586
Insurance service operating expenses	-13,555,253	-1,703,266	0	-15,258,519
Amortisation of insurance acquisition cash flows	-13,555,253	0	0	-13,555,253
Changes that relate to future service (i.e. losses on onerous contracts)	0	-1,703,266	0	-1,703,266
Total insurance service expenses	-13,555,253	1,079,123	-28,982,664	-41,458,794

Investment components excluded from insurance revenue and insurance service expenses

102,846,524	0	-102,846,526	-2

Insurance service result

145,493,685	1,079,123	-131,829,190	14,743,618

Net insurance finance income/expenses

-41,310,062	-269,807	-255,164	-41,835,033

Effect of exchange rate differences

10,090	1,977	188	12,255

Cash flows

-100,399,871	0	30,735,169
Premiums received for insurance contracts issued	-118,856,139	0	-118,856,139
Claims and other insurance service expenses paid, including investment components	0	131,135,040	131,135,040
Insurance acquisition cash flows	18,456,268	0	18,456,268

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

-697,562,891	-28,033,810	-23,976,556	-749,573,257
Insurance contract assets	17,629,498	-173,171	-7,222,167	10,234,160
Insurance contract liabilities	-715,192,389	-27,860,639	-16,754,389	-759,807,417

General model (BBA)

Remaining coverage

Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-859,575,880	-26,047,523	-23,314,653	-908,938,056
Insurance contract assets	19,255,526	-23,041	-4,667,362	14,565,123
Insurance contract liabilities	-878,831,406	-26,024,482	-18,647,291	-923,503,179

Changes in profit or loss and/or other comprehensive income

	260,300,173	-2,797,580	-118,089,148	139,413,445

Insurance revenue

Contracts under the modified retrospective approach	12,641,785	12,641,785
Contracts under the fair value approach	5,014,135	5,014,135
Other contracts	34,456,314	34,456,314
Total insurance revenue	52,112,234	52,112,234

Insurance service expenses

Incurred claims	0	2,504,568	-28,638,640	-26,134,072
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	2,504,568	-29,130,689	-26,626,121
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	492,049	492,049
Insurance service operating expenses	-12,560,819	-5,171,574	0	-17,732,393
Amortisation of insurance acquisition cash flows	-12,560,819	0	0	-12,560,819
Changes that relate to future service (i.e. losses on onerous contracts)	0	-5,171,574	0	-5,171,574
Total insurance service expenses	-12,560,819	-2,667,006	-28,638,640	-43,866,465

Investment components excluded from insurance revenue and insurance service expenses

90,009,641	0	-90,009,642	-1

Insurance service result

129,561,056	-2,667,006	-118,648,282	8,245,768

Net insurance finance income/expenses

130,607,938	-129,019	556,976	131,035,895

Effect of exchange rate differences

133,818	-1,555	2,158	134,421

Cash flows

-102,052,130	0	118,376,371	16,324,241
Premiums received for insurance contracts issued	-119,344,294	0	0	-119,344,294
Claims and other insurance service expenses paid, including investment components	0	0	118,376,371	118,376,371
Insurance acquisition cash flows	17,292,164	0	0	17,292,164
Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-701,327,834	-28,845,103	-23,027,430	-753,200,367
Insurance contract assets	11,814,766	-43,334	-5,613,417	6,158,015
Insurance contract liabilities	-713,142,600	-28,801,769	-17,414,013	-759,358,382

General model (BBA)

HEALTH

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component	Opening balance of net insurance contract assets/liabilities as at 1 January 2023
336,806	-17,711,764	-334,228	-17,709,186	Insurance contract assets	0
0	0	0	0	Insurance contract liabilities	336,806
-17,711,764	-334,228	-17,709,186

Changes in profit or loss and/or other comprehensive income

Insurance revenue	Contracts under the modified retrospective approach	Contracts under the fair value approach	Other contracts	Total insurance revenue
2,051,826	0	0	2,615,631	2,615,631

Insurance service expenses

Incurred claims	Incurred claims (excluding investment components) and other incurred insurance service expenses	Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	Insurance service operating expenses	Amortisation of insurance acquisition cash flows	Changes that relate to future service (i.e. losses on onerous contracts)	Total insurance service expenses
0	15,847,762	0	-296,626	-296,626	0	-296,626
-2,609,067	13,238,695	16,598	-741,409	0	-741,409	15,106,353

Investment components excluded from insurance revenue and insurance service expenses

Insurance service result	Net insurance finance income/expenses	Effect of exchange rate differences	Cash flows
2,319,005	-267,180	-21,212	1
0	664	-287,728	-2,644,213
Premiums received for insurance contracts issued	Claims and other insurance service expenses paid, including investment components	Insurance acquisition cash flows	Closing balance of net insurance contract assets/liabilities as at 31 December 2023
-2,846,690	0	202,477	-255,581
0	2,392,930	0	-2,626,624
2,392,930	0	0	-549,701
			-3,431,906

General model (BBA)

HEALTH

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component
-192,222	-26,669,634	-3,671,872	-30,533,728
Insurance contract assets	99,798	-3	-14,956	84,839
Insurance contract liabilities	-292,020	-26,669,631	-3,656,916	-30,618,567

Changes in profit or loss and/or other comprehensive income

	2,539,467	9,072,244
Insurance revenue	Contracts under the modified retrospective approach	0
Contracts under the fair value approach	0	0
Other contracts	2,445,256	2,445,256
Total insurance revenue	2,445,256	2,445,256

Insurance service expenses

Incurred claims	0	23,245,696	-2,449,544	20,796,152
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	23,245,696	-5,812,109	17,433,587
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	3,362,565	3,362,565
Insurance service operating expenses	-251,992	-14,358,422	0	-14,610,414
Amortisation of insurance acquisition cash flows	-251,992	0	0	-251,992
Changes that relate to future service (i.e. losses on onerous contracts)	0	-14,358,422	0	-14,358,422
Total insurance service expenses	-251,992	8,887,274	-2,449,544	6,185,738

Investment components excluded from insurance revenue and insurance service expenses

0	0	0	0

Insurance service result

2,193,264	8,887,274	-2,449,544	8,630,994

Net insurance finance income/expenses

346,205	70,595	24,451	441,251

Effect of exchange rate differences

-2	1	0	-1

Cash flows

-2,010,439	0	3,752,298
Premiums received for insurance contracts issued	-2,281,496	-2,281,496
Claims and other insurance service expenses paid, including investment components	0	5,762,737	5,762,737
Insurance acquisition cash flows	271,057	0	271,057

Closing balance of net insurance contract assets/liabilities as at 31 December 2022

336,806	-17,711,764	-334,228	-17,709,186
			Insurance contract assets	0	0	0	0
			Insurance contract liabilities	336,806	-17,711,764	-334,228	-17,709,186

PREMIUM ALLOCATION APPROACH (PAA) NON-LIFE

			Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk
				Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-115,907,607	-11,282,398	-565,295,441	-52,054,173	-744,539,619
		Insurance contract assets	9,069,865	-16,373	-1,951,167	-126,445	6,975,880
				Insurance contract liabilities	-124,977,472	-11,266,025	-563,344,274	-51,927,728	-751,515,499
			Changes in profit or loss and/or other comprehensive income	859,503,948	6,094,285	-885,385,920	5,061,191	-14,726,496
				Insurance revenue	1,022,018,270	0	0	0	1,022,018,270
	Insurance service expenses	Incurred claims	0	0	-860,276,387	7,172,324	-853,104,063
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	0	-849,240,206	-23,754,219	-872,994,425
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	-11,036,181	30,926,543	19,890,362
		Insurance service operating expenses	-165,715,772	6,094,075	0	0	-159,621,697
				Amortisation of insurance acquisition cash flows	-165,715,772	0	0	0	-165,715,772
		Changes that relate to future service (i.e. losses on onerous contracts)	0	6,094,075	0	0	6,094,075
				Total insurance service expenses	-165,715,772	6,094,075	-860,276,387	7,172,324	-1,012,725,760
Investment components excluded from insurance revenue and insurance service expenses				3,183,018	0	-3,183,018	0	0
Insurance service result	856,302,498	6,094,075	-860,276,387	7,172,324	9,292,510
			Net insurance finance income/expenses	0	0	-21,966,527	-2,112,962	-24,079,489
				Effect of exchange rate differences	3,201,450	210	-3,143,006	1,829	60,483
Cash flows	-871,138,760	0	701,410,372	0	-169,728,388
			Premiums received for insurance contracts issued	-1,044,184,874	0	0	0	-1,044,184,874
Claims and other insurance service expenses paid, including investment components	0	0	701,410,372	0	701,410,372
				Insurance acquisition cash flows	173,046,114	0	0	0	173,046,114
Closing balance of net insurance contract assets/liabilities as at 31 December 2023			-127,542,419	-5,188,113	-749,270,991	-46,992,982	-928,994,505
				Insurance contract assets	3,628,359	6,861	-1,696,902	-79,500	1,858,818
Insurance contract liabilities		-131,170,778	-5,194,974	-747,574,089	-46,913,482	-930,853,323

PREMIUM ALLOCATION APPROACH (PAA) NON-LIFE

		Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk
			Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-102,857,115	-6,894,658	-527,836,219	-46,826,925	-684,414,917
		Insurance contract assets	2,663,887	-2,713	-334,569	-2,814	2,323,791
			Insurance contract liabilities	-105,521,002	-6,891,945	-527,501,650	-46,824,111	-686,738,708
		Changes in profit or loss and/or other comprehensive income	750,636,293	-4,387,740	-553,863,169	-5,227,248	187,158,136
			Insurance revenue	893,600,158	0	0	0	893,600,158
	Insurance service expenses	Incurred claims	0	0	-597,000,015	-8,260,099	-605,260,114
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	0	-569,776,068	-23,451,591	-593,227,659
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	-27,223,947	15,191,492	-12,032,455
		Insurance service operating expenses	-145,905,236	-4,389,208	0	0	-150,294,444
			Amortisation of insurance acquisition cashflows	-145,905,236	0	0	0	-145,905,236
		Changes that relate to future service (i.e. losses on onerous contracts)	0	-4,389,208	0	0	-4,389,208
			Total insurance service expenses	-145,905,236	-4,389,208	-597,000,015	-8,260,099	-755,554,558
		Investment components excluded from insurance revenue and insurance service expenses	2,918,597	0	-2,918,597	0	0
Insurance service result	747,694,922	-4,389,208	-597,000,015	-8,260,099	138,045,600
		Net insurance finance income/expenses	0	0	45,956,805	3,015,290	48,972,095
			Effect of exchange rate differences	2,941,371	1,468	-2,819,959	17,561	140,441
	Cash flows	-763,686,787	0	516,403,919	0	-247,282,868
			Premiums received for insurance contracts issued	-915,119,086	0	0	0	-915,119,086
Claims and other insurance service expenses paid, including investment components	0	0	516,403,919	0	516,403,919
			Insurance acquisition cash flows	151,432,299	0	0	0	151,432,299
Closing balance of net insurance contract assets/liabilities as at 31 December 2022		-115,907,609	-11,282,398	-565,295,441	-52,054,173	-744,539,621
			Insurance contract assets	9,069,864	-16,373	-1,951,217	-126,395	6,975,879
	Insurance contract liabilities	-124,977,473	-11,266,025	-563,344,224	-51,927,778	-751,515,500

PREMIUM ALLOCATION APPROACH (PAA) HEALTH

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk
Opening balance of net insurance contract assets/liabilities as at 1 January 2023	1,062,050	-185,164	-23,775,280	-2,846,913	-25,745,307
Insurance contract assets	0	0	0	0	0
Insurance contract liabilities	1,062,050	-185,164	-23,775,280	-2,846,913	-25,745,307
Changes in profit or loss and/or other comprehensive income	202,508,503	-2,472,904	-238,339,811	-1,497,362	-39,801,574
Insurance revenue	207,042,244	0	0	0	207,042,244
Insurance service expenses	Incurred claims	0	0	-238,236,180	-1,486,060	-239,722,240
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	0	-238,593,199	-4,324,870	-242,918,069
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	357,019	2,838,810	3,195,829
Insurance service operating expenses	-4,533,743	-2,472,905	0	0	-7,006,648
Amortisation of insurance acquisition cash flows	-4,533,743	0	0	0	-4,533,743
Changes that relate to future service (i.e. losses on onerous contracts)	0	-2,472,905	0	0	-2,472,905
Total insurance service expenses	-4,533,743	-2,472,905	-238,236,180	-1,486,060	-246,728,888
Investment components excluded from insurance revenue and insurance service expenses	0	0	0	0	0
Insurance service result	202,508,501	-2,472,905	-238,236,180	-1,486,060	-39,686,644
Net insurance finance income/expenses	0	0	-103,630	-11,301	-114,931
Effect of exchange rate differences	2	1	-1	-11
Cash flows	-202,047,226	0	236,904,370	0	34,857,144
Premiums received for insurance contracts issued	-206,339,951	0	0	0	-206,339,951
Claims and other insurance service expenses paid, including investment components	0	0	236,904,370	0	236,904,370
Insurance acquisition cash flows	4,292,725	0	0	0	4,292,725
Closing balance of net insurance contract assets/liabilities as at 31 December 2023	1,523,327	-2,658,068	-25,210,719	-4,344,275	-30,689,735
Insurance contract assets	1,894	0	-630	-364	900
Insurance contract liabilities	1,521,433	-2,658,068	-25,210,089	-4,343,911	-30,690,635

PREMIUM ALLOCATION APPROACH (PAA) HEALTH

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows
Opening balance of net insurance contract assets/liabilities as at 1 January 2022	1,898,193	-1,461,971	-18,453,543	-2,489,256	-20,506,577
Insurance contract assets	4,4970	-2,631	-132	1,734
Insurance contract liabilities	1,893,696	-1,461,971	-18,450,912	-2,489,124	-20,508,311

Changes in profit or loss and/or other comprehensive income

				Insurance revenue	Insurance service expenses	Incurred claims	Incurred claims (excluding investment components) and other incurred insurance service expenses	Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)
197,770,650	202,539,614	0	0	-204,874,462	-361,376	-205,235,838
0	0	0		-205,872,701	-2,647,695	-208,520,396
0	0	998,239	2,286,319	3,284,558
-4,768,963	1,276,807	0	0	-3,492,156
-4,768,963	0	0	0	-4,768,963
0	1,276,807	0	0	1,276,807
Investment components excluded from insurance revenue and insurance service expenses				0	0	0	0	0
		Insurance service result	197,770,651	1,276,807	-204,874,462	-361,376	-6,188,380

Net insurance finance income/expenses

	Effect of exchange rate differences	Cash flows
0	-10	1	2	2
-198,606,793	0	199,524,874	0	918,081
Premiums received for insurance contracts issued	-203,100,498	0	0	0	-203,100,498
Claims and other insurance service expenses paid, including investment components	0	0	199,524,874	0	199,524,874
Insurance acquisition cash flows	4,493,705	0	0	0	4,493,705

Closing balance of net insurance contract assets/liabilities as at 31 December 2022

		Insurance contract assets	Insurance contract liabilities
			1,062,050	-185,164	-23,775,280	-2,846,913	-25,745,307
			0	0	0	0	0

VARIABLE FEE APPROACH (VFA) LIFE

Remaining coverage	Incurred claims	TOTAL
Excluding the loss component	Loss component	Opening balance of net insurance contract assets/liabilities as at 1 January 2023
-468,769,964	-2,297,618	-9,109,713	-480,177,295
Insurance contract assets	17,472	-13,642	0	3,830
Insurance contract liabilities	-468,787,436	-2,283,976	-9,109,713	-480,181,125

Changes in profit or loss and/or other comprehensive income

Insurance revenue	Contracts under the modified retrospective approach	Contracts under the fair value approach	Other contracts	Total insurance revenue
28,772,418	8,395,738	1,196,176	19,572,192	29,164,106

Insurance service expenses

Incurred claims	Incurred claims (excluding investment components) and other incurred insurance service expenses	Changes that relate to past service	Insurance service operating expenses	Amortisation of insurance acquisition cash flows	Changes that relate to future service	Total insurance service expenses
0	163,452	0	-9,448,127	-9,448,127	0	-9,448,127
-10,205,879	-10,873,854	667,975	1,172,859	0	1,172,859	-18,317,695

Investment components excluded from insurance revenue and insurance service expenses

Insurance service result	Net insurance finance income/expenses	Effect of exchange rate differences	Cash flows
79,126,747	-50,356,979	2,650	-104,668,950
1,336,311	0	10	0
-69,616,647	-137,177	2	68,359,496
10,846,411	-50,494,156	2,662	-36,309,454

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

Insurance contract assets	Insurance contract liabilities
0	-544,666,496
0	-961,297
0	-10,504,041
0	-556,131,834

VARIABLE FEE APPROACH (VFA) LIFE

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-522,549,932	-297,865	-9,363,656	-532,211,453
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-522,549,932	-297,865	-9,363,656	-532,211,453
Changes in profit or loss and/or other comprehensive income	146,623,580	-1,999,754	-59,649,137	84,974,689
Insurance revenue	Contracts under the modified retrospective approach	9,049,671	0	0
	Contracts under the fair value approach	786,497	0	0
	Other contracts	16,136,885	0	0
Total insurance revenue	25,973,053	0	0	25,973,053
Insurance service expenses	Incurred claims	0	378,007	-8,141,166
	Incurred claims (excluding investment components) and other incurred insurance service expenses	0	378,007	-9,208,120
	Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	1,066,954
Insurance service operating expenses	-9,664,794	-2,377,735	0	-12,042,529
	Amortisation of insurance acquisition cash flows	-9,664,794	0	0
	Changes that relate to future service (i.e. losses on onerous contracts)	0	-2,377,735	0
Total insurance service expenses	-9,664,794	-1,999,728	-8,141,166	-19,805,688
Investment components excluded from insurance revenue and insurance service expenses	51,631,979	0	-51,631,979	0
Insurance service result	67,940,238	-1,999,728	-59,773,145	6,167,365
Net insurance finance income/expenses	78,627,342	0	122,809	78,750,151
Effect of exchange rate differences	56,000	-26	1,198	57,172
Cash flows	-92,843,613	0	59,903,081	-32,940,532
Premiums received for insurance contracts issued	-106,892,379	0	0	-106,892,379
Claims and other insurance service expenses paid, including investment components	0	0	59,903,081	59,903,081
Insurance acquisition cash flows	14,048,766	0	0	14,048,766
Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-468,769,965	-2,297,619	-9,109,712	-480,177,296
Insurance contract assets	17,472	-13,642	0	3,830
Insurance contract liabilities	-468,787,437	-2,283,977	-9,109,712	-480,181,126

General model (BBA) NON-LIFE

Remaining coverage	Incurred claims TOTAL	Excluding the loss component	Loss component	Opening balance of net insurance contract assets/liabilities as at 1 January 2023
-45,692,874	-1,981,225	1,150,002	-46,524,097
Insurance contract assets	0	0	0
Insurance contract liabilities	-45,692,874	-1,981,225	1,150,002	-46,524,097

Changes in profit or loss and/or other comprehensive income

	25,186,880	-197,482	-8,708,087	16,281,311

Insurance revenue

Contracts under the modified retrospective approach	949,050	949,050
Contracts under the fair value approach	0
Other contracts	31,380,488	31,380,488
Total insurance revenue	32,329,539	32,329,539

Insurance service expenses

Incurred claims	0	1,101,210	-8,897,528	-7,796,317
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	1,101,210	-15,208,167	-14,106,956
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	6,310,639	6,310,639
Insurance service operating expenses	-5,544,132	-1,252,470	0	-6,796,602
Amortisation of insurance acquisition cash flows	-5,544,132	0	0	-5,544,132
Changes that relate to future service (i.e. losses on onerous contracts)	0	-1,252,470	0	-1,252,470
Total insurance service expenses	-5,544,132	-151,260	-8,897,528	-14,592,919

Investment components excluded from insurance revenue and insurance service expenses

0	0	0	0

Insurance service result

26,785,407	-151,260	-8,897,528	17,736,620

Net insurance finance income/expenses

-1,598,527	-46,222	189,441	-1,455,308

Cash flows

-24,245,730	0	7,588,765	-16,656,965

Premiums received for insurance contracts issued

-30,104,974	0	0	-30,104,974

Claims and other insurance service expenses paid, including investment components

0	0	7,588,765	7,588,765

Insurance acquisition cash flows

5,859,244	0	0	5,859,244

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

	-44,751,725	-2,178,707	30,680	-46,899,751
		Insurance contract assets	0	0	0
		Insurance contract liabilities	-44,751,725	-2,178,707	30,680	-46,899,751

General model (BBA) NON-LIFE

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-45,511,981	-1,254,416	-1,051,896	-47,818,293
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-45,511,981	-1,254,416	-1,051,896	-47,818,293
Changes in profit or loss and/or other comprehensive income	26,503,318	-726,809	-4,124,059	21,652,451
Insurance revenue	Contracts under the modified retrospective approach	1,348,121	0	0
	Contracts under the fair value approach	0	0	0
	Other contracts	26,456,460	0	26,456,460
Total insurance revenue	27,804,581	0	0	27,804,581
Insurance service expenses	Incurred claims	0	813,056	-3,771,005
	Incurred claims (excluding investment components) and other incurred insurance service expenses	0	813,056	-12,161,268
	Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	8,390,264
Insurance service operating expenses	-4,267,610	-1,527,749	0	-5,795,358
Amortisation of insurance acquisition cash flows	-4,267,610	0	0	-4,267,610
Changes that relate to future service (i.e. losses on onerous contracts)	0	-1,527,749	0	-1,527,749
Total insurance service expenses	-4,267,610	-714,693	-3,771,005	-8,753,307
Investment components excluded from insurance revenue and insurance service expenses	0	0	0	0
Insurance service result	23,536,971	-714,693	-3,771,005	19,051,274
Net insurance finance income/expenses	2,966,347	-12,116	-353,054	2,601,177
Cash flows	-26,684,212	0	6,325,957	-20,358,255
Premiums received for insurance contracts issued	-32,211,346	0	0	-32,211,346
Claims and other insurance service expenses paid, including investment components	0	0	6,325,957	6,325,957
Insurance acquisition cash flows	5,527,134	0	0	5,527,134
Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-45,692,874	-1,981,225	1,150,002	-46,524,097
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-45,692,874	-1,981,225	1,150,002	-46,524,097

General model (BBA)

LIFE

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-626,216,861	-22,943,777	-20,609,803	-669,770,440
Insurance contract assets	11,611,742	-20,243	-5,519,973	6,071,526
Insurance contract liabilities	-637,828,602	-22,923,534	-15,089,830	-675,841,966

Changes in profit or loss and/or other comprehensive income

Insurance revenue	Contracts under the modified retrospective approach	Contracts under the fair value approach	Other contracts	Total insurance revenue
86,702,093	10,741,743	4,352,602	23,298,495	38,392,839

Insurance service expenses

Incurred claims	Incurred claims (excluding investment components) and other incurred insurance service expenses	Changes that relate to past service	Insurance service operating expenses	Amortisation of insurance acquisition cash flows	Changes that relate to future service	Total insurance service expenses
0	965,172	0	-7,967,872	-7,967,872	0	-24,589,997
-18,063,961	-19,431,700	1,367,740	476,664	0	476,664

Investment components excluded from insurance revenue and insurance service expenses

Insurance service result	Net insurance finance income/expenses	Cash flows
122,756,460	-36,054,367	-72,583,628
1,441,836	-195,480	0
-110,395,454	-248,308	109,997,231
13,802,842	-36,498,155	37,413,603

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

Insurance contract assets	Insurance contract liabilities
17,580,116	-629,678,511
-170,258	-21,527,162
-7,214,873	-14,041,461
10,194,985	-665,247,135

General model (BBA)

Remaining coverage

Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-776,898,225	-20,376,116	-21,020,082	-818,294,423
Insurance contract assets	18,938,073	-23,019	-4,639,654	14,275,401
Insurance contract liabilities	-795,836,298	-20,353,097	-16,380,429	-832,569,824

Changes in profit or loss and/or other comprehensive income

	225,003,379	-2,567,661	-98,911,535	123,524,183

Insurance revenue

Contracts under the modified retrospective approach	12,641,784	12,641,784
Contracts under the fair value approach	3,909,170	3,909,170
Other contracts	20,528,094	20,528,094
Total insurance revenue	37,079,049	37,079,049

Insurance service expenses

Incurred claims	0	932,710	-17,803,537	-16,870,827
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	932,710	-19,558,471	-18,625,761
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	1,754,934	1,754,934
Insurance service operating expenses	-8,237,724	-3,372,048	0	-11,609,771
Amortisation of insurance acquisition cash flows	-8,237,724	0	0	-8,237,724
Changes that relate to future service (i.e. losses on onerous contracts)	0	-3,372,048	0	-3,372,048
Total insurance service expenses	-8,237,724	-2,439,338	-17,803,537	-28,480,598

Investment components excluded from insurance revenue and insurance service expenses

81,628,347	0	-81,628,347	0

Insurance service result

110,469,671	-2,439,338	-99,431,883	8,598,450

Net insurance finance income/expenses

114,533,708	-128,323	520,348	114,925,733

Cash flows

-74,322,015	0	99,321,815	24,999,799

Premiums received for insurance contracts issued

-84,344,028	0	0	-84,344,028

Claims and other insurance service expenses paid, including investment components

0	0	99,321,815	99,321,815

Insurance acquisition cash flows

10,022,013	0	0	10,022,013

Closing balance of net insurance contract assets/liabilities as at 31 December 2022

-626,216,861	-22,943,777	-20,609,803	-669,770,440

Insurance contract assets

11,611,742	-20,243	-5,519,973	6,071,526

Insurance contract liabilities

-637,828,602	-22,923,534	-15,089,830	-675,841,966

PREMIUM ALLOCATION APPROACH (PAA) NON-LIFE

Remaining coverage

Incurred claims	TOTAL	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk
Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-91,118,923	-10,939,181	-368,808,105	-32,896,433	-503,762,643
Insurance contract assets	6,323,803	-11,548	-4,314,241	-674,061	1,323,954
Insurance contract liabilities	-97,442,727	-10,927,634	-364,493,864	-32,222,373	-505,086,597

Changes in profit or loss and/or other comprehensive income

			568,196,036	8,546,662	-618,809,858	6,571,011	-35,496,148
			Insurance revenue	676,864,819	0	0	0	676,864,819
	Insurance service expenses	Incurred claims	0	0	-604,707,530	7,906,299	-596,801,231
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	0	-612,219,939	-13,791,413	-626,011,352
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	7,512,408	21,697,712	29,210,120
		Insurance service operating expenses	-108,668,783	8,546,662	0	0	-100,122,121
			Amortisation of insurance acquisition cash flows	-108,668,783	0	0	0	-108,668,783
		Changes that relate to future service (i.e. losses on onerous contracts)	0	8,546,662	0	0	8,546,662
			Total insurance service expenses	-108,668,783	8,546,662	-604,707,530	7,906,299	-696,923,352
		Investment components excluded from insurance revenue and insurance service expenses	0	0	0	0	0
			Insurance service result	568,196,036	8,546,662	-604,707,530	7,906,299	-20,058,533
	Net insurance finance income/expenses	0	0	-14,102,328	-1,335,287	-15,437,615
			Cash flows	-595,988,152	0	494,329,311	0	-101,658,841
Premiums received for insurance contracts issued	-710,326,057	0	0	0	-710,326,057
			Claims and other insurance service expenses paid, including investment components	0	0	494,329,311	0	494,329,311
Insurance acquisition cash flows	114,337,905	0	0	0	114,337,905
			Closing balance of net insurance contract assets/liabilities as at 31 December 2023	-118,911,039	-2,392,519	-493,288,652	-26,325,422	-640,917,632
		Insurance contract assets	1,648,566	-2,364	-870,401	-11,959	763,841
			Insurance contract liabilities	-120,559,605	-2,390,155	-492,418,251	-26,313,463	-641,681,473

PREMIUM ALLOCATION APPROACH (PAA) NON-LIFE

		Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk
			Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-83,543,232	-7,406,400	-322,224,333	-26,728,761	-439,902,725
		Insurance contract assets	1,462,074	-12,767	-561,859	23,501	910,948
			Insurance contract liabilities	-85,005,305	-7,393,632	-321,662,474	-26,752,262	-440,813,673
		Changes in profit or loss and/or other comprehensive income	503,932,270	-3,532,781	-379,273,472	-6,167,673	114,958,343
			Insurance revenue	600,400,841	0	0	0	600,400,841
	Insurance service expenses	Incurred claims	0	0	-414,835,979	-8,082,772	-422,918,750
Incurred claims (excluding investment components) and other incurred insurance service expenses	0	0	-394,061,465	-15,613,765	-409,675,230
Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	-20,774,513	7,530,993	-13,243,521
		Insurance service operating expenses	-96,468,571	-3,532,781	0	0	-100,001,353
			Amortisation of insurance acquisition cash flows	-96,468,571	0	0	0	-96,468,571
		Changes that relate to future service (i.e. losses on onerous contracts)	0	-3,532,781	0	0	-3,532,781
			Total insurance service expenses	-96,468,571	-3,532,781	-414,835,979	-8,082,772	-522,920,103
		Investment components excluded from insurance revenue and insurance service expenses	0	0	0	0	0
			Insurance service result	503,932,270	-3,532,781	-414,835,979	-8,082,772	77,480,738
		Net insurance finance income/expenses	0	0	35,562,506	1,915,099	37,477,605
			Cash flows	-511,507,962	0	332,689,701	0	-178,818,261
Premiums received for insurance contracts issued		-609,741,350	0	0	0	-609,741,350
			Claims and other insurance service expenses paid, including investment components	0	0	332,689,701	0	332,689,701
	Insurance acquisition cash flows	98,233,389	0	0	0	98,233,389
Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-91,118,923	-10,939,181	-368,808,105	-32,896,433	-503,762,643
		Insurance contract assets	6,323,803	-11,548	-4,314,241	-674,061	1,323,954
			Insurance contract liabilities	-97,442,727	-10,927,634	-364,493,864	-32,222,373	-505,086,597

VARIABLE FEE APPROACH (VFA) LIFE

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-450,557,148	-1,565,508	-8,835,951	-460,958,607
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-450,557,148	-1,565,508	-8,835,951	-460,958,607
Changes in profit or loss and/or other comprehensive income	30,189,615	771,338	-67,347,564	-36,386,610
Insurance revenue	Contracts under the modified retrospective approach	8,395,737	0	0
	Contracts under the fair value approach	976,232	0	0
	Other contracts	18,678,204	0	0
Total insurance revenue	28,050,173	0	0	28,050,173
Insurance service expenses	Incurred claims	0	139,146	-9,594,070
	Incurred claims (excluding investment components) and other incurred insurance service expenses	0	139,146	-10,197,588
	Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	603,519
Insurance service operating expenses	-9,061,975	632,192	0	-8,429,783
Amortisation of insurance acquisition cash flows	-9,061,975	0	0	-9,061,975
Changes that relate to future service (i.e. losses on onerous contracts)	0	632,192	0	632,192
Total insurance service expenses	-9,061,975	771,338	-9,594,070	-17,884,706
Investment components excluded from insurance revenue and insurance service expenses	57,619,270	0	-57,619,270	0
Insurance service result	76,607,469	771,338	-67,213,340	10,165,467
Net insurance finance income/expenses	-46,417,854	0	-134,223	-46,552,077
Cash flows	-100,491,649	0	65,991,432	-34,500,217
Premiums received for insurance contracts issued	-114,614,716	0	0	-114,614,716
Claims and other insurance service expenses paid, including investment components	0	0	65,991,432	65,991,432
Insurance acquisition cash flows	14,123,067	0	0	14,123,067
Closing balance of net insurance contract assets/liabilities as at 31 December 2023	-520,859,182	-794,170	-10,192,082	-531,845,434
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-520,859,182	-794,170	-10,192,082	-531,845,434

VARIABLE FEE APPROACH (VFA) LIFE

Remaining coverage	Incurred claims	TOTAL	Excluding the loss component	Loss component
Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-500,299,268	-297,238	-8,889,611	-509,486,117
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-500,299,268	-297,238	-8,889,611	-509,486,117
Changes in profit or loss and/or other comprehensive income	139,048,207	-1,268,270	-57,302,845	80,477,091
Insurance revenue	Contracts under the modified retrospective approach	9,049,671	0	0
	Contracts under the fair value approach	599,706	0	0
	Other contracts	15,270,374	0	0
Total insurance revenue	24,919,752	0	0	24,919,752
Insurance service expenses	Incurred claims	0	252,607	-7,833,988
	Incurred claims (excluding investment components) and other incurred insurance service expenses	0	252,607	-8,689,243
	Changes that relate to past service (e.g. changes in fulfilment cash flows relating to the liability for incurred claims)	0	0	855,255
Insurance service operating expenses	-9,278,116	-1,520,877	0	-10,798,993
	Amortisation of insurance acquisition cash flows	-9,278,116	0	0
	Changes that relate to future service (i.e. losses on onerous contracts)	0	-1,520,877	0
Total insurance service expenses	-9,278,116	-1,268,270	-7,833,988	-18,380,374
Investment components excluded from insurance revenue and insurance service expenses	49,585,701	0	-49,585,701	0
Insurance service result	65,227,337	-1,268,270	-57,419,689	6,539,378
Net insurance finance income/expenses	73,820,870	0	116,843	73,937,714
Cash flows	-89,306,087	0	57,356,506	-31,949,581
Premiums received for insurance contracts issued	-102,655,230	0	0	-102,655,230
Claims and other insurance service expenses paid, including investment components	0	0	57,356,506	57,356,506
Insurance acquisition cash flows	13,349,143	0	0	13,349,143
Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-450,557,148	-1,565,508	-8,835,951	-460,958,607
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-450,557,148	-1,565,508	-8,835,951	-460,958,607

GENERAL MODEL (BBA) NON-LIFE

Contractual service margin

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	Total Contractual service margin
TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-27,876,324	-5,736,862	-617,898	-15,586,703	-16,204,601	-49,817,787
Insurance contract assets	0	0	0	0	0
Insurance contract liabilities	-27,876,324	-5,736,862	-617,898	-15,586,703	-16,204,601	-49,817,787

Changes in the statement of profit or loss and other comprehensive income

				Changes that relate to future services	Changes that relate to current services	Changes that relate to past services
Total changes					14,602,245	2,208,552	222,734	0	-715,488	-492,754	16,318,043
					Changes in estimates that adjust the contractual service margin	1,985,952	1,947,494	-86,341	0	-3,880,790	-3,967,131	-33,685
Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses					-771,225	543,231	0	0	-245,543	-245,543	-473,537
				Effects of contracts initially recognised in the period	8,105,901	-2,788,449	0	0	-6,341,064	-6,341,064	-1,023,612
Total changes that relate to future services	9,320,628	-297,724	-86,341	0	-10,467,397	-10,553,738	-1,530,834
Contractual service margin recognised in profit or loss for service provided				0	0	318,791	0	9,980,397	10,299,188	10,299,188
Release of the risk adjustment for non-financial risk	0				2,709,028	0	0	0	0	2,709,028
					Experience adjustment	161,448	0	0	0	0	0	161,448
Revenue recognised for incurred policyholder tax expenses			0	0	0	0	0	0
					Total changes that relate to current services	161,448	2,709,028	318,791	0	9,980,397	10,299,188	13,169,664
				Changes in fulfillment cash flows relating to incurred claims	6,088,639	189,930	0	0	0	0	6,278,569
					Total changes that relate to past services	6,088,639	189,930	0	0	0	0	6,278,569

Insurance service result

Insurance service result	15,570,715	2,601,234	232,450	0	-487,000	-254,550	17,917,399
	Net finance income/expenses from insurance contracts	-968,471	-392,681	-9,715	0	-228,487	-238,202	-1,599,354
Effect of exchange rate differences	1	-1	-10	-1	-2	-4
	Cash flows	-16,231,652	0	0	0	0	0	-16,231,652
	Premiums received	-30,795,207	0	0	0	0	0	-30,795,207
Claims and other insurance service expenses paid, including investment component	8,017,588	0	0	0	0	0	8,017,588
	Insurance acquisition cash flows	6,545,967	0	0	0	0	0	6,545,967

Final balance of net insurance contract assets/liabilities as at 31 December 2023

			Insurance contract assets	0	0	0	0	0	0
	Insurance contract liabilities	-29,505,731	-3,528,310	-395,164	0	-16,302,191	-16,697,355	-49,731,396

GENERAL MODEL (BBA) NON-LIFE

Contractual service margin

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	Total Contractual service margin
Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-32,270,670	-7,476,676	-786,599	-10,656,804	-11,443,403	-51,190,749
Insurance contract assets	0	0	0	0	0
Insurance contract liabilities	-32,270,670	-7,476,676	-786,599	-10,656,804	-11,443,403	-51,190,749

Changes in the statement of profit or loss and other comprehensive income

				25,313,542	1,739,814	168,701	0	-4,929,899	-4,761,198	22,292,158
		Changes that relate to future services	Changes in estimates that adjust the contractual service margin	4,334,994	-1,040,971	-213,660	0	-3,357,139	-3,570,799	-276,776
			Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses	370,732	92,192	-4,231	0	-1,187,444	-1,191,675	-728,751
		Effects of contracts initially recognised in the period	8,152,636	-954,071	0	0	-7,754,677	-7,754,677	-556,112
Total changes that relate to future services	12,858,362	-1,902,850	-217,891	0	-12,299,260	-12,517,151	-1,561,639
Changes that relate to current services	Contractual service margin recognised in profit or loss for service provided	0	0	397,209	0	7,335,257	7,732,466	7,732,466
Release of the risk adjustment for non-financial risk	0		2,567,664	0	0	0	0	2,567,664
				Experience adjustment	2,319,566	0	0	0	0	0	2,319,566
Revenue recognised for incurred policyholder tax expenses		0	0	0	0	0	0
			Total changes that relate to current services	2,319,566	2,567,664	397,209	0	7,335,257	7,732,466	12,619,696
Changes that relate to past services			Changes in fulfillment cash flows relating to incurred claims	7,813,634	568,308	0	0	0	0	8,381,942
				Total changes that relate to past services	7,813,634	568,308	0	0	0	0	8,381,942

Insurance service result

22,991,562	1,233,122	179,318	0	-4,964,003	-4,784,685	19,439,999

Net finance income/expenses from insurance contracts

2,315,708	506,238	-10,617	0	32,365	21,748	2,843,694

Effect of exchange rate differences

6,272	454	0	0	1,739	1,739	10,204

Cash flows

	-20,919,196	-20,919,196
Premiums received	-35,129,867	-35,129,867
Claims and other insurance service expenses paid, including investment component	7,073,260	7,073,260
Insurance acquisition cash flows	7,137,411	7,137,411

Final balance of net insurance contract assets/liabilities as at 31 December 2022

			-27,876,324	-5,736,862	-617,898	0	-15,586,703	-16,204,601	-49,817,787
			Insurance contract assets	0	0	0	0	0	0
	Insurance contract liabilities	-27,876,324	-5,736,862	-617,898	0	-15,586,703	-16,204,601	-49,817,787

GENERAL MODEL (BBA) LIFE

Contractual service margin

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
Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-635,909,625	-17,062,150	-25,301,114	-9,104,491	-65,822,988	-100,228,593	-753,200,368
Insurance contract assets	61,419,381	-6,668,450	-9,866,325	-9,167	-38,717,424	-48,592,916	6,158,015
Insurance contract liabilities	-697,329,006	-10,393,700	-15,434,789	-9,095,324	-27,105,564	-51,635,677	-759,358,383

Changes in the statement of profit or loss and other comprehensive income

	-2,286,322	-3,310,375	2,471,751	-972,615	-23,010,497	-21,511,361	-27,108,058
Changes that relate to future services	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
Total 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 that relate to current services

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	0	329,328
Experience adjustment	-3,391,765	0	0	0	0	0	-3,391,765
Revenue recognised for incurred policyholder tax expenses	0	0	0	0	0	0	0
Total 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

Changes that relate to past services

Changes in fulfillment cash flows relating to incurred claims	-1,748,118	1,664,532	0	0	0	0	-83,586
Total changes that relate to past services	-1,748,118	1,664,532	0	0	0	0	-83,586

Insurance service result

Insurance service result	40,780,358	-2,055,780	2,706,854	-102,579	-26,585,229	-23,980,954	14,743,624

Net finance income/expenses from insurance contracts

Net finance income/expenses from insurance contracts	-43,076,771	-1,255,125	-235,103	-870,190	3,573,251	2,467,958	-41,863,938

Effect of exchange rate differences

Effect of exchange rate differences	10,091	530	0	154	1,481	1,635	13,891

Cash flows

Cash flows	30,735,169	30,735,169
Premiums received	-118,856,139	-118,856,139
Claims and other insurance service expenses paid, including investment component	131,135,040	131,135,040
Insurance acquisition cash flows	18,456,268	18,456,268

Final balance of net insurance contract assets/liabilities as at 31 December 2023

Final balance of net insurance contract assets/liabilities as at 31 December 2023	-607,460,778	-20,372,525	-22,829,363

Insurance Contract Assets and Liabilities

-10,077,106	-88,833,485	-121,739,954	-749,573,257	Insurance contract assets	91,500,121	-10,966,798	-10,278,596	-394	-60,020,173	-70,299,163	10,234,160
Insurance contract liabilities	-698,960,899	-9,405,727	-12,550,767	-10,076,712	-28,813,312	-51,440,791	-759,807,417

GENERAL MODEL (BBA) LIFE

Contractual Service Margin

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
-810,299,870	-20,397,408	-28,535,478	0	-49,705,300	-78,240,778	-908,938,056
	Insurance contract assets	56,823,682	-6,551,755	-9,657,790	0	-26,049,014	-35,706,804	14,565,123
Insurance contract liabilities	-867,123,552	-13,845,653	-18,877,688	0	-23,656,286	-42,533,974	-923,503,179

Changes in the Statement of Profit or Loss and Other Comprehensive Income

Changes that relate to future services	Changes in estimates that adjust the contractual service margin	Changes in estimates that do not adjust the contractual service margin	Effects of contracts initially recognised in the period	Total changes that relate to future services
158,066,006	3,335,258	3,234,364	-9,104,492	-16,117,688	-21,987,816	139,413,448
-795,068	112,265	548,033	3,448,360	651,110	4,647,503	3,964,700
1,016,447	55,637	-15,220	-2,350,611	-75,582	-2,441,413	-1,369,329
11,016,917	-2,286,656	0	0	-13,132,786	-13,132,786	-4,402,525
11,238,296	-2,118,754	532,813	1,097,749	-12,557,258	-10,926,696	-1,807,154

Changes that Relate to Current Services

Contractual service margin recognised in profit or loss for service provided	Release of the risk adjustment for non-financial risk	Experience adjustment	Revenue recognised for incurred policyholder tax expenses	Total changes that relate to current services
			0	0	5,837,544	902,679	9,762,430	16,502,653	16,502,653
		0	545,527	0	0	0	0	545,527
			-7,487,308	0	0	0	0	0	-7,487,308
0	0	0	0	0	0	0
		-7,487,308	545,527	5,837,544	902,679	9,762,430	16,502,653	9,560,872

Changes that Relate to Past Services

Changes in fulfillment cash flows relating to incurred claims	Total changes that relate to past services
-1,198,404	1,690,453	0	0	0	0	492,049

Insurance Service Result

2,552,584	117,226	6,370,357	2,000,428	-2,794,828	5,575,957	8,245,767

Net Finance Income/Expenses from Insurance Contracts

155,399,666	3,216,450	-3,135,993	-11,104,873	-13,341,996	-27,582,862	131,033,254

Effect of Exchange Rate Differences

113,756	1,582	0	-47	19,136	19,089	153,516

Cash Flows

16,324,241	0	0	0	0	0	16,324,241

Claims and Other Insurance Service Expenses

-119,344,294	0	0	0	0	-119,344,294	Claims and other insurance service expenses paid, including investment component
118,376,371	0	0	0	0	0	118,376,371	Insurance acquisition cash flows
17,292,164	0	0	0	0	0	17,292,164	Final balance of net insurance contract assets/liabilities as at 31 December 2022
-635,909,623	-17,062,150	-25,301,114	-9,104,492	-65,822,988	-100,228,594	-753,200,367	Insurance contract assets
61,419,381	-6,668,450	-9,866,325	-9,167	-38,717,424	-48,592,916	6,158,015	Insurance contract liabilities
-697,329,004	-10,393,700	-15,434,789	-9,095,325	-27,105,564	-51,635,678	-759,358,382

GENERAL MODEL (BBA) HEALTH

Contractual service margin	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk	Contracts under the modified retrospective approach	Other contracts	Total Contractual service margin
TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-16,624,193	-991,675	0	-93,318	-93,318	-17,709,186
Insurance contract assets	0	0	0	0	0
	Insurance contract liabilities	-16,624,193	-991,675	0	-93,318	-93,318	-17,709,186

Changes in the Statement of Profit or Loss and Other Comprehensive Income

Changes that relate to future services	Changes in estimates that adjust the contractual service margin	Total changes that relate to future services
14,747,650	-219,744	657	657	14,528,563
14,326	-19,518	1,847	1,847	-3,345
854,377	-25,620	-37,073	-37,073	791,684
-1,008,039	-492,702	-29,007	-29,007	-1,529,748
-139,336	-537,840	-64,233	-64,233	-741,409

Changes that Relate to Current Services

Contractual service margin recognised in profit or loss for service provided	Release of the risk adjustment for non-financial risk	Experience adjustment	Total changes that relate to current services
	0	0	0	65,279	65,279	65,279
	0	320,957	0	0	0	320,957
15,154,867	0	0	0	0	15,154,867
0	0	0	0	0	0
15,154,867	320,957	0	65,279	65,279	15,541,103

Changes that Relate to Past Services

Changes in fulfillment cash flows relating to incurred claims	Total changes that relate to past services
-28,644	45,242	0	0	0	0	16,598

Insurance Service Result

Insurance service result	Net finance income/expenses from insurance contracts	Effect of exchange rate differences	Cash flows	Premiums received
		14,986,887	-171,641	0	1,046	1,046	14,816,292
-239,236	-48,103	0	0	-389	-389	-287,728
-1	0	0	0	0	0	-1
		-251,283	0	0	0	0	0	-251,283
			-2,846,690	0	0	0	0	0	-2,846,690

Insurance Service Expenses

Expenses paid, including investment component	2,392,930	0	0	2,392,930
Insurance acquisition cash flows	202,477	0	0	202,477
Final balance of net insurance contract assets/liabilities as at 31 December 2023	-2,127,826	-1,211,419	-92,661	-92,661	-3,431,906
Insurance contract assets	0	0	0	0
Insurance contract liabilities	-2,127,826	-1,211,419	-92,661	-92,661	-3,431,906

General Model (BBA) Health

Contractual service margin	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk	Other contracts	Total Contractual service margin
TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-29,069,542	-1,115,348	-348,838	-348,838	-30,533,728
Insurance contract assets	439,690	-20,169	-334,682	-334,682	84,839
Insurance contract liabilities	-29,509,232	-1,095,179	-14,156	-14,156	-30,618,567

Changes in the Statement of Profit or Loss and Other Comprehensive Income

		Changes that relate to future services		Changes in estimates that adjust the contractual service margin	-312,858	-26,327	0	0	337,028	337,028	-2,157
Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses					-12,167,483	276,506	0	0	-42,121	-42,121	-11,933,098
Effects of contracts initially recognised in the period				-1,786,001	-570,361	0	0	-66,805	-66,805	-2,423,167
					Total changes that relate to future services	-14,266,342	-320,182	0	0	228,102	228,102	-14,358,422
		Changes that relate to current services			Contractual service margin recognised in profit or loss for service provided	0	0	0	25,207	25,207	25,207
Release of the risk adjustment for non-financial risk		0	374,089	0	0	0	0	374,089
				Experience adjustment	19,227,555	0	0	0	0	0	19,227,555
Revenue recognised for incurred policyholder tax expenses	0	0	0	0	0	0
	Total changes that relate to current services		19,227,555	374,089	0	0	25,207	25,207	19,626,851
Changes that relate to past services	Changes in fulfillment cash flows relating to incurred claims	3,334,630	27,935	0	0	0	0	3,362,565
				Total changes that relate to past services	3,334,630	27,935	0	0	0	0	3,362,565

Insurance Service Result

Insurance service result	8,295,843	81,842	253,309	253,309	8,630,994
Net finance income/expenses from insurance contracts	397,208	41,831	2,212	2,212	441,251
Effect of exchange rate differences	0	0	-1	-1	-2
Cash flows	3,752,298	0	0	0	3,752,298
Premiums received	-2,281,496	0	0	0	-2,281,496
Claims and other insurance service expenses paid, including investment component	5,762,737	0	0	0

Insurance Acquisition Cash Flows

5,762,737	Insurance acquisition cash flows	271,057	0	0	0	0	0	271,057
Final balance of net insurance contract assets/liabilities as at 31 December 2022	-16,624,193	-991,675	0	0	-93,318	-93,318	-17,709,186

Insurance Contract Assets and Liabilities

Insurance contract assets	0	0	0	0	0	0
Insurance contract liabilities	-16,624,193	-991,675	0	0	-93,318	-93,318	-17,709,186

In EUR VARIABLE FEE APPROACH (VFA)

Contractual service margin	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
TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-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 in Profit or Loss and/or Other Comprehensive Income

-5,754,011	-3,878,930	-3,526,094	-905,944	-25,580,104	-30,012,142	-39,645,083
Changes that relate to future service	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
Total changes that relate to future service	50,391,811	-5,136,567	-7,051,402	-1,114,642	-32,599,793	-40,765,837	4,489,407

Changes that Relate to Current Service

Contractual service margin recognised in profit or loss to reflect the transfer of services 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
Income related to policyholder tax expense	0	0	0	0	0	0
Total changes that relate to current service	-5,607,635	543,145	3,525,308	208,700	7,019,509	10,753,517	5,689,027

Changes that Relate to Past Service

Changes in fulfillment cash flows that relate to incurred claims	-70,058	738,033	0	0	0	0	667,975
Total changes that relate to past service	-70,058	738,033	0	0	0	0	667,975

Insurance Service Result

Insurance service result	44,714,118	-3,855,389	-3,526,094	-905,942	-25,580,284	-30,012,320	10,846,409

Net Insurance Finance Income/Expenses

Net insurance finance income/expenses	-50,470,665	-23,491	0	0	0	0	-50,494,156

Effect of Exchange Rate Differences

Effect of exchange rate differences	2,536	-50	0	-2180	178	2,842

Cash Flows

Cash flows	-36,309,454	0	0	0	0	0	-36,309,454
Premiums received for insurance contracts issued	-119,628,972	0	0	0	0	0	-119,628,972

Expenses Paid

Expenses paid, including investment components	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
Closing balance of net insurance contract assets/liabilities as at 31 December 2023	-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

Variable Fee Approach (VFA) Life

Contractual service margin	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk	Contracts under the modified retrospective approach	Other contracts	Total Contractual service margin
TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2022	-454,336,754	-9,901,958	-22,042,764	-45,929,977	-67,972,741	-532,211,453
Insurance contract assets	0	0	0	0	0	0
Insurance contract liabilities	-454,336,754	-9,901,958	-22,042,764	-45,929,977	-67,972,741	-532,211,453

Changes in Profit or Loss and/or Other Comprehensive Income

Changes that relate to future service	Changes in estimates that adjust the contractual service margin	-21,413,990	1,618,940	-265,957	2,486,337	6,770,679	8,991,059
Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses	1,154,086	2,610	0	-2,488,005	-56,128	-2,544,133	-1,387,437
Effects of contracts initially recognised in the period	18,805,811	-2,070,555	0	0	-16,762,179	-16,762,179	-26,923
Total changes that relate to future service	-1,454,093	-449,005	-265,957	-1,668	-10,047,628	-10,315,253	-12,218,351

Changes that Relate to Current Service

Contractual service margin recognised in profit or loss to reflect the transfer of services provided	0	0	3,307,415	252	5,071,358	8,379,025	8,379,025
Release of the risk adjustment for non-financial risk	0	708,556	0	0	0	0	708,556
Experience adjustment	8,231,183	0	0	0	0	0	8,231,183
Income related to policyholder tax expense	0	0	0	0	0	0	0
Total changes that relate to current service	8,231,183	708,556	3,307,415	252	5,071,358	8,379,025	17,318,764

Changes that Relate to Past Service

Changes in fulfillment cash flows that relate to incurred claims	479,116	587,838	0	0	0	0	1,066,954
Total changes that relate to past service	479,116	587,838	0	0	0	0	1,066,954

Insurance Service Result

Insurance service result	7,256,206	847,389	3,041,458	-1,416	-4,976,270	-1,936,228	6,167,367

Net Insurance Finance Income/Expenses

Net insurance finance income/expenses	78,734,221	15,930	0	0	0	0	78,750,151

Effect of Exchange Rate Differences

Effect of exchange rate differences	50,674	2,301	0	0	4,196	4,196	61,367

Cash Flows

Cash flows	-32,940,532	0	0	0	0	0	-32,940,532

Premiums

Insurance Contracts Overview

Received for insurance contracts issued	-106,892,379	0	0	0	0	-106,892,379
Claims and other insurance service expenses paid, including investment components	59,903,081	0	0	0	0	59,903,081
Insurance acquisition cash flows	14,048,766	0	0	0	0	14,048,766
Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-401,236,185	-9,036,338	-19,001,306	-1,416	-50,902,051	-69,904,773	-480,177,296
Insurance contract assets	38,686	-15,617	0	0	-19,239	-19,239	3,830
Insurance contract liabilities	-401,274,871	-9,020,721	-19,001,306	-1,416	-50,882,812	-69,885,534	-480,181,126

General Model (BBA) Non-Life

	Contractual service margin	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
TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2023	-25,573,799	-5,589,997	-617,898	0	-14,742,403	-15,360,300	-46,524,097
Insurance contract assets	0	0	0	0	0	0
	Insurance contract liabilities	-25,573,799	-5,589,997	-617,898	0	-14,742,403	-15,360,300	-46,524,097

Changes in Profit or Loss and/or Other Comprehensive Income

Changes that relate to future service	Changes in estimates that adjust the contractual service margin	Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses	Effects of contracts initially recognised in the period	Total changes that relate to future service
	14,480,037	2,173,181	222,734	0	-594,641	-371,907	16,281,311
2,016,886	1,915,250	-86,341	0	-3,846,660	-3,933,002	-866
	-771,225	543,231	0	0	0	0	-227,993
7,947,327	-2,772,427	0	0	-6,198,511	-6,198,511	-1,023,611
	9,192,988	-313,946	-86,341	0	-10,045,171	-10,131,512	-1,252,470

Changes that Relate to Current Service

Contractual service margin recognised in profit or loss to reflect the transfer of services	Release of the risk adjustment for non-financial risk		Experience adjustment	Income related to policyholder tax expense	Total changes that relate to current service
0	0		318,791	0	9,674,708	9,993,499	9,993,499
		0	2,680,374	0	0	0	0	2,680,374
			4,578	0	0	0	0	0	4,578
	0	0	0	0	0	0	0
		4,578	2,680,374	318,791	0	9,674,708	9,993,499	12,678,451

Changes that Relate to Past Service

Changes in fulfillment cash flows that relate to incurred claims	Total changes that relate to past service
6,119,880	190,759	0	0	0	0	6,310,639

Insurance Service Result

Insurance service result	15,317,446	2,557,187	232,449	0	-370,463	-138,014	17,736,620

Net Insurance Finance Income/Expenses

Net insurance finance income/expenses	-837,409	-384,006	-9,715	0	-224,178	-233,893	-1,455,308

Cash Flows

Cash flows	-16,656,965	0	0	0	0	0	-16,656,965

Premiums received for insurance contracts issued

-30,104,974	0	0	0	0	-30,104,974

Claims and other insurance service expenses paid, including investment components

7,588,765	0	0	0	0	0	7,588,765

Insurance acquisition cash flows

5,859,244	0	0	0	0	0	5,859,244

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

-27,750,727	-3,416,816	-395,164	0	-15,337,044	-15,732,207	-46,899,751

Insurance contract assets

0	0	0	0	0	0	0

Insurance contract liabilities

-27,750,727	-3,416,816	-395,164	0	-15,337,044	-15,732,207	-46,899,751

GENERAL MODEL (BBA) NON-LIFE

Contractual service margin

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
-29,774,545	-7,297,079	-786,599	0	-9,960,070	-10,746,669	-47,818,293

Changes in profit or loss and/or other comprehensive income

24,559,000	1,707,082	168,701	0	-4,782,332	-4,613,631	21,652,451

Changes that relate to future service

Changes in estimates that adjust the contractual service margin	4,330,873	-1,090,267	-213,660	0	-3,269,833	-3,483,493	-242,886
Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses	370,733	92,192	-4,231	0	-1,187,444	-1,191,675	-728,751
Effects of contracts initially recognised in the period	7,764,853	-880,737	0	0	-7,440,228	-7,440,228	-556,112

Total changes that relate to future service

12,466,459	-1,878,811	-217,891	0	-11,897,505	-12,115,396	-1,527,749

Changes that relate to current service

Contractual service margin recognised in profit or loss to reflect the transfer of services	0	0	7,480,577
Release of the risk adjustment for non-financial risk	0	2,526,702	2,526,702
Experience adjustment	2,181,479	0	2,181,479
Income related to policyholder tax expense	0	0	0

Total changes that relate to current service

2,181,479	2,526,702	397,209	0	7,083,368	7,480,577	12,188,759

Changes that relate to past service

Changes in fulfillment cash flows that relate to incurred claims	7,823,049	567,214	0	0	0	0	8,390,264

Total changes that relate to past service

7,823,049	567,214	0	0	0	0	8,390,264

Insurance service result

22,470,987	1,215,105	179,318	0	-4,814,137	-4,634,819	19,051,274

Net insurance finance income/expenses

2,088,013	491,977	-10,617	0	31,804	21,187

Cash flows

2,601,177	Cash flows	-20,358,255
-32,211,346	Premiums received for insurance contracts issued	-32,211,346
6,325,957	Claims and other insurance service expenses paid, including investment components	6,325,957
5,527,134	Insurance acquisition cash flows	5,527,134

Closing balance of net insurance contract assets/liabilities as at 31 December 2022

-25,573,799	-5,589,997	-617,898	0	-14,742,403	-15,360,300	-46,524,097
Insurance contract assets	0	0	0	0	0	0
Insurance contract liabilities	-25,573,799	-5,589,997	-617,898	0	-14,742,403	-15,360,300	-46,524,097

GENERAL MODEL (BBA) LIFE

Contractual service margin	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	-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	-623,125,921	-9,048,978	-15,434,789	-8,746,555	-19,485,723	-43,667,068	-675,841,966

Changes in profit or loss and/or other comprehensive income

-656,228	-3,104,370	2,471,751	-162,967	-21,243,498	-18,934,714	-22,695,313

Changes that relate to future service

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
Total changes that relate to future service	42,255,273	-3,574,354	-2,334,936	-922,692	-33,310,487	-36,568,116	2,112,803

Changes that relate to current service

Contractual service margin recognised in profit or loss to reflect the transfer of services	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	0	0	0	0	72,889
Experience adjustment	-5,160,943	0	0	0	0	0	-5,160,943
Income related to policyholder tax expense	0	0	0	0	0	0	0
Total changes that relate to current service	-5,160,943	72,889	5,041,790	1,454,041	8,914,523	15,410,353	10,322,299

Changes that relate to past service

Changes in fulfillment cash flows that relate to incurred claims	-209,559	1,577,299	0	0	0	0	1,367,740
Total changes that relate to past service	-209,559	1,577,299	0	0	0	0	1,367,740

Insurance service result

36,884,771

Net insurance finance income/expenses

-1,924,166	2,706,854	531,348	-24,395,965	-21,157,763	13,802,842	-37,540,999
-1,180,205	-235,102	-694,315	3,152,466	2,223,048	-36,498,155

Cash flows

37,413,603	0	37,413,603
Premiums received for insurance contracts issued	-83,173,821	-83,173,821
Claims and other insurance service expenses paid, including investment components	109,997,231	109,997,231
Insurance acquisition cash flows	10,590,192	10,590,192

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

-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

GENERAL MODEL (BBA) LIFE

Contractual service margin

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	Total Contractual service margin
TOTAL	-727,020,031	-18,577,725	-28,535,478	-44,161,189	-72,696,667	-818,294,423
Insurance contract assets	56,133,081	-6,505,990	-9,657,790	-25,693,900	-35,351,690	14,275,401
Insurance contract liabilities	-783,153,112	-12,071,735	-18,877,688	-18,467,289	-37,344,977	-832,569,824

Changes in profit or loss and/or other comprehensive income

139,883,596	2,902,873	3,234,364	-8,746,590	-13,750,059	-19,262,285	123,524,183

Changes that relate to future service

Changes in estimates that adjust the contractual service margin	-348,722	124,195	548,033	3,000,861	718,436	4,267,330	4,042,803
Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses	-664,453	-64,772	-15,220	-2,157,268	-34,892	-2,207,380	-2,936,605
Effects of contracts initially recognised in the period	10,286,053	-1,982,457	0	0	-9,575,743	-9,575,743	-1,272,147

Total changes that relate to future service

9,272,878	-1,923,034	532,813	843,593	-8,892,199	-7,515,793	-165,949

Changes that relate to current service

Contractual service margin recognised in profit or loss to reflect the transfer of services	0	0	13,903,253
Release of the risk adjustment for non-financial risk	0	265,837	265,837
Experience adjustment	-7,159,625	0	-7,159,625
Income related to policyholder tax expense	0	0	0

Total changes that relate to current service

-7,159,625	265,837	5,837,544	760,544	7,305,165	13,903,253	7,009,466

Changes that relate to past service

Changes in fulfillment cash flows that relate to

Incurred Claims

Incurred Claims	239,815	1,515,118	0	0	0	0	1,754,934
Total changes that relate to past service	239,815	1,515,118	0	0	0	0	1,754,934
Insurance service result	2,353,068	-142,078	6,370,356	1,604,137	-1,587,033	6,387,461	8,598,451
Net insurance finance income/expenses	137,530,528	3,044,951	-3,135,992	-10,350,728	-12,163,026	-25,649,746	114,925,733
Cash flows	24,999,799	0	0	0	0	0	24,999,799
Premiums received for insurance contracts issued	-84,344,028	0	0	0	0	0	-84,344,028
Claims and other insurance service expenses paid, including investment components	99,321,815	0	0	0	0	0	99,321,815
Insurance acquisition cash flows	10,022,013	0	0	0	0	0	10,022,013
Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-562,136,636	-15,674,852	-25,301,114	-8,746,590	-57,911,248	-91,958,952	-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	-623,125,921	-9,048,978	-15,434,789	-8,746,555	-19,485,723	-43,667,068	-675,841,966

In EUR VARIABLE FEE APPROACH (VFA) LIFE

				Contractual service margin	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
TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2023			-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 in profit or loss and/or other comprehensive income	-2,090,305	-3,872,873	-3,526,094	-831,308	-26,066,030	-30,423,432	-36,386,610
			Changes that relate to future service	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	-82	2,057,668
			Effects of contracts initially recognised in the period	16,052,480	-1,695,312	0	0	-14,518,820	-14,518,820	-161,652
Total changes that relate to future service	50,083,643	-5,045,170	-7,051,402	-1,027,817	-32,947,141	-41,026,360	4,012,113
Changes that relate to current service	Contractual service margin recognised in profit or loss to reflect the transfer of services 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
			Income related to policyholder tax expense	0	0	0	0	0	0
Total changes that relate to current service	-5,528,913	475,820	3,525,308	196,509

6,881,111

10,602,928

5,549,835

Changes that relate to past service

Changes in fulfillment cash flows that relate to incurred claims	-115,939	719,457	0	0	0	0	603,519
Total changes that relate to past service	-115,939	719,457	0	0	0	0	603,519

Insurance service result

44,438,791 -3,849,892 -3,526,094 -831,308 -26,066,030 -30,423,432 10,165,467

Net insurance finance income/expenses

-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 for insurance contracts issued

-114,614,716 0 0 0 0 0 -114,614,716

Claims and other insurance service expenses paid, including investment components

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

Closing balance of net insurance contract assets/liabilities as at 31 December 2023

-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

in EUR VARIABLE FEE APPROACH (VFA) LIFE

Contractual service margin

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

TOTAL Opening balance of net insurance contract assets/liabilities as at 1 January 2022

-434,183,072	-9,001,844	-22,042,764	0	-44,258,437	-66,301,201	-509,486,117
Insurance contract assets	0	0	0	0	0	0
	Insurance contract liabilities	-434,183,072	-9,001,844	-22,042,764	0	-44,258,437	-66,301,201	-509,486,117

Changes in profit or loss and/or other comprehensive income

81,984,872 516,218 3,041,458 -144 -5,065,313 -2,023,999 80,477,091

Changes that relate to future service

Changes in estimates that adjust the contractual service margin -19,358,813 1,180,246 -265,957 1,644,769 6,430,395 7,809,206 -10,369,361

Changes in estimates that do not adjust the contractual service margin, i.e. losses on groups of onerous contracts and reversals of such losses 1,155,950 -489 0 -1,644,967 -42,466 -1,687,433 -531,972

Effects of contracts initially recognised in the period 18,108,418 -1,809,620 0 0 -16,324,822 -16,324,822 -26,024

Total changes that relate to future service

-94,446 -629,863 -265,957 -198 -9,936,893 -10,203,049 -10,927,357

Changes that relate to current service

Contractual service margin recognised in profit or loss to reflect the transfer of services service provided 0 0 3,307,415 54 4,871,580 8,179,049 8,179,049

Release of the risk adjustment for non-financial risk 0 603,644 0 0 0 0 603,644

Experience adjustment 7,828,786 0 0 0 0 0 7,828,786

Income related to policyholder tax expense 0 0 0 0 0 0 0

Total changes that relate to current service

7,828,786 603,644 3,307,415 544,871,580 8,179,049 16,611,479

Changes that relate to past service

Changes in fulfillment cash flows that relate to incurred claims	327,077	528,178	0	0	0	0	855,255
Total changes that relate to past service	327,077	528,178	0	0	0	0	855,255

Insurance service result

Insurance service result	8,061,417	501,960	3,041,458	-144	-5,065,313	-2,023,999	6,539,378

Net insurance finance income/expenses

Net insurance finance income/expenses	73,923,455	14,2590	0	0	0	73,937,714

Cash flows

Cash flows	-31,949,5810	-31,949,581
Premiums received for insurance contracts issued	-102,655,230	-102,655,230
Claims and other insurance service expenses paid, including investment components	57,356,506	57,356,506
Insurance acquisition cash flows	13,349,143	13,349,143

Closing balance of net insurance contract assets/liabilities as at 31 December 2022

Closing balance of net insurance contract assets/liabilities as at 31 December 2022	-384,147,781	-8,485,625	-19,001,306	-144	-49,323,751	-68,325,201	-460,958,607

Insurance contract assets

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

in EUR GENERAL MODEL (BBA)

NON-LIFE

LIFE

HEALTH

TOTAL

Contracts issued	Contracts issued	Contracts issued	Contracts issued	Profitable	Onerous	Total	Profitable	Onerous	Total	Profitable	Onerous	Total	Profitable
	Estimates of the present value of future cash outflows	12,415,023	6,092,958	18,507,981	58,741,939	17,438,460	76,180,399	218,904	3,845,819	4,064,723	71,375,866	27,377,237	98,753,103
	Incurred claims and other incurred insurance service expenses	9,655,666	4,022,620	13,678,286	43,009,886	14,295,150	57,305,036	217,032	3,172,069	3,389,101	52,882,584	21,489,839	74,372,423
	Insurance acquisition cash flows	2,759,357	2,070,338	4,829,695	15,732,053	3,143,310	18,875,363	1,872	673,750	675,622	18,493,282	5,887,398	24,380,680
Estimates of the present value of future cash inflows	-20,702,785	-5,911,099	-26,613,884	-79,352,392	-14,407,609	-93,760,001	-277,275	-2,779,408	-3,056,683	-100,332,452	-23,098,116	-123,430,568
	Risk adjustment for non-financial risk	1,946,698	841,751	2,788,449	2,446,831	265,823	2,712,654	29,364	463,338	492,702	4,422,893	1,570,912	5,993,805
Contractual service margin	6,341,064	0	6,341,064	18,163,622	0	18,163,622	29,007	0	29,007	24,533,693	0	24,533,693
Total liability on initial recognition	0	1,023,610	1,023,610	0	3,296,674	3,296,674	0	1,529,749	1,529,749	0	5,850,033	5,850,033

in EUR VARIABLE FEE APPROACH (VFA)

LIFE

Contracts issued	Profitable	Onerous	TOTAL
Estimates of the present value of future cash outflows	101,873,430	13,484,604	115,358,034
Incurred claims and other incurred insurance service expenses	89,260,554	11,536,083	100,796,637
Insurance acquisition cash flows	12,612,876	1,948,521	14,561,397
Estimates of the present value of future cash inflows	-121,440,141	-13,429,648	-134,869,789
Risk adjustment for non-financial risk	1,765,745	67,626	1,833,371
Contractual service margin	17,800,965	0	17,800,965
Total liability on initial recognition	-1	122,582	122,581

in EUR

GENERAL MODEL (BBA)

NON-LIFE	LIFE	HEALTH	TOTAL
Contracts issued	Contracts issued	Contracts issued	Contracts issued
		Profitable	Onerous	Total	Profitable	Onerous	Total	Profitable	Onerous	Total	Profitable	Onerous	TOTAL
	Estimates of the present value of future cash outflows	39,764,905	0	39,764,905	39,405,445	6,679,369	46,084,814	166,964	4,723,523	4,890,486	79,337,313	11,402,892	90,740,205
	Incurred claims and other incurred insurance service expenses	25,190,501	0	25,190,501	28,926,216	6,422,523	35,348,738	117,137	4,089,343	4,206,480	54,233,854	10,511,866	64,745,720
	Insurance acquisition cash flows	14,574,404	0	14,574,404	10,479,229	256,847	10,736,076	49,827	634,179	684,006	25,103,460	891,026	25,994,486
Estimates of the present value of future cash inflows	-51,007,776	556,112	-50,451,664	-51,014,621	-5,568,466	-56,583,087	-244,498	-2,859,988	-3,104,486	-102,266,896	-7,872,342	-110,139,238
Risk adjustment for non-financial risk	1,433,299	0	1,433,299	1,849,306	161,244	2,010,550	10,729	559,632	570,361	3,293,334	720,876	4,014,210
Contractual service margin	9,809,573	0	9,809,573	9,759,870	0	9,759,870	66,805	0	66,805	19,636,249	0	19,636,249
	Total liability on initial recognition	0	556,112	556,112	0	1,272,147	1,272,147	0	2,423,167	2,423,167	0	4,251,426	4,251,426

VARIABLE FEE APPROACH (VFA)

LIFE

Contracts issued	Profitable	Onerous	TOTAL
Estimates of the present value of future cash outflows	119,169,078	3,968,547	123,137,625
Incurred claims and other incurred insurance service expenses	105,955,787	3,405,563	109,361,350
Insurance acquisition cash flows	13,213,291	562,984	13,776,276
Estimates of the present value of future cash inflows	-137,284,326	-3,961,717	-141,246,043
Risk adjustment for non-financial risk	1,790,426	19,193	1,809,620
Contractual service margin	16,324,822	0	16,324,822
Total liability on initial recognition	0	26,024	26,024

CONTRACTS MEASURED UNDER THE GENERAL MODEL

NON-LIFE

LIFE

TOTAL (BBA)

Contracts issued	Profitable	Onerous	Total
Contracts issued	Profitable	Onerous	Total
Estimates of the present value of future cash outflows	11,888,945	6,092,959	17,981,904
	39,894,992	6,515,898	46,410,890
	51,783,937	12,608,857	64,392,794
Incurred claims and other incurred insurance service expenses	9,394,234	4,022,620	13,416,855
	28,763,909	6,325,862	35,089,771
	38,158,143	10,348,482	48,506,625
Insurance acquisition cash flows	2,494,711	2,070,338	4,565,049
	11,131,083	190,036	11,321,119
	13,625,794	2,260,374	15,886,168
Estimates of the present value of future cash inflows	-20,018,132	-5,911,099	-25,929,230
	-54,012,004	-5,713,175	-59,725,179
	-74,030,136	-11,624,274	-85,654,410
Risk adjustment for non-financial risk	1,930,676	841,751	2,772,427
	2,176,265	156,165	2,332,430
	4,106,941	997,916	5,104,857
Contractual service margin	6,198,511	0	6,198,511
	11,940,747	0	11,940,747
	18,139,258	0	18,139,258
Total liability on initial recognition	0	1,023,611	1,023,611
	0	958,888	958,888
	0	1,982,499	1,982,499

CONTRACTS MEASURED UNDER THE VARIABLE LIFE FEE APPROACH (VFA)

Contracts issued	Profitable	Onerous	TOTAL
Estimates of the present value of future cash outflows	100,629,028	13,402,262	114,031,290
Incurred claims and other incurred insurance service expenses	88,751,160	11,459,653	100,210,813
Insurance acquisition cash flows	11,877,868	1,942,609	13,820,477
Estimates of the present value of future cash inflows	-116,775,973	-13,307,797	-130,083,770
Risk adjustment for non-financial risk	1,628,126	67,186	1,695,312
Contractual service margin	14,518,820	0	14,518,820
Total liability on initial recognition	0	161,652	161,652

CONTRACTS MEASURED UNDER THE GENERAL MODEL

NON-LIFE

Contracts issued

				Profitable	Onerous	Total
		Estimates of the present value of future cash outflows	21,334,906	0	21,334,906
	Incurred claims and other incurred insurance service expenses		15,990,325	0	15,990,325
Insurance acquisition cash flows	5,344,581	0	5,344,581
				Estimates of the present value of future cash inflows	-29,655,871	556,112	-29,099,759
			Risk adjustment for non-financial risk	880,737	0	880,737
	Contractual service margin	7,440,228	0	7,440,228
				Total liability on initial recognition	0	556,112	556,112

CONTRACTS MEASURED UNDER THE VARIABLE LIFE FEE APPROACH (VFA)

Contracts issued

			Profitable
Estimates of the present value of future cash outflows	119,169,078	3,968,547	123,137,625
Incurred claims and other incurred insurance service expenses	105,955,787	3,405,563	109,361,350
Insurance acquisition cash flows	13,213,291	562,984	13,776,276
Estimates of the present value of future cash inflows	-137,284,326	-3,961,717	-141,246,043
Risk adjustment for non-financial risk	1,790,426	19,193	1,809,620
Contractual service margin	16,324,822	0	16,324,822
Total liability on initial recognition	0	26,024	26,024

NO_CONTENT_HERE

Year of occurrence		Cumulative estimate of gross claims – at the end of year of occurrence
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
	-567,556	-58,455,843	-35,833,868	-43,927,705	-44,507,608	-172,198,265	-141,468,543	-635,574,407	-839,297,231	-1,162,941,276
			1 year after year of occurrence	-540,971	-53,589,151	-37,924,601	-44,534,436	-45,004,584	-166,087,534	-259,698,565	-671,548,403	-849,541,692
		0 – 2 years after year of occurrence	-538,139	-52,327,914	-37,415,490	-44,981,097	-45,409,491	-220,440,577	-245,066,199	-648,530,014
0 – 3 years after year of occurrence	-530,139	-52,095,752	-37,811,797	-45,365,942	-75,319,185	-211,718,805	-242,226,611
0 – 4 years after year of occurrence	-526,981	-51,893,842	-38,477,763	-65,606,209	-71,974,859	-211,496,491
		0 – 5 years after year of occurrence	-502,324	-53,332,768	-145,359,562	-64,155,918	-63,593,179
0 – 6 years after year of occurrence	-499,274	-54,055,766	-136,898,686	-67,116,491
		0 – 7 years after year of occurrence	-7,688,002	-52,550,683	-129,421,917
0 – 8 years after year of occurrence	-8,360,100	-52,244,719
	0 – 9 years after year of occurrence	-8,134,689
Cumulative payments up to the balance sheet date	-4,179,423	-47,298,780	-45,445,782	-49,976,745	-51,832,069	-167,607,021	-189,275,188	-556,193,296	-723,303,046	-695,470,155
		Gross liabilities	-3,955,266	-4,945,939	-83,976,135	-17,139,746	-11,761,110	-43,889,470	-52,951,423	-92,336,718	-126,238,646	-467,471,121
		Gross liabilities of previous years	28,486
			Discounting effect	78,283,362
Gross liabilities for incurred claims included in the financial statements	-826,353,726

Current Page Data

Year of occurrence		Cumulative estimate of net claims – at the end of year of occurrence
2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Total	-567,556	-58,455,843	-34,981,866	-43,664,638	-44,332,108	-157,657,108	-117,142,326	-556,863,069	-756,284,366	-903,896,788
0 – 1 year after year of occurrence	-540,971	-52,156,273	-35,674,949	-44,147,550	-44,851,030	-150,925,899	-197,287,681	-557,947,644	-744,288,118
	0 – 2 years after year of occurrence	-538,139	-50,992,064	-35,023,721	-44,633,667	-45,257,590	-192,669,080	-186,602,429	-546,086,949	0
0 – 3 years after year of occurrence	-530,139	-50,043,400	-35,419,021	-44,978,043	-68,537,483	-184,331,444	-175,097,058	0	0
0 – 4 years after year of occurrence	-526,981	-49,856,975	-36,084,311	-61,539,251	-65,122,709	-182,569,681	0	0	0
	0 – 5 years after year of occurrence	-502,324	-51,281,385	-140,010,238	-60,808,755	-57,187,891	0	0	0	0
0 – 6 years after year of occurrence	-499,274	-48,970,334	-132,897,016	-63,554,911	0	0	0	0	0
		0 – 7 years after year of occurrence	11,488,752	-48,203,099	-124,839,722	0	0	0	0	0	0
0 – 8 years after year of occurrence	4,826,953	-48,177,698	0	0	0	0	0	0	0
	0 – 9 years after year of occurrence	6,180,706	0	0	0	0	0	0	0	0

Cumulative payments up to the balance sheet date	Net liabilities	Net liabilities of previous years	Discounting effect	Net liabilities for incurred claims included in the financial statements
1,110,053	5,070,653	28,486	67,209,626	-507,832,384

Current Financial Overview

Year of occurrence	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	TOTAL
Cumulative estimate of gross claims – at the end of year of occurrence			-13,258,710	-14,386,984	-21,735,265	-53,276,639	-36,435,931	-44,875,116	-58,246,631	-99,980,619	-180,350,217	-202,425,113
			1 year after year of occurrence	-13,258,710	-13,678,534	-20,280,430	-52,247,037	-34,960,623	-42,676,670	-86,120,578	-99,024,624	-179,373,218	0
		2 years after year of occurrence	-13,346,636	-13,599,658	-20,064,387	-51,805,207	-34,452,877	-76,096,393	-85,543,861	-98,642,222	0	0
	3 years after year of occurrence	-13,390,813	-13,615,224	-19,898,607	-51,736,461	-66,986,906	-75,896,050	-85,733,013	0	0	0
4 years after year of occurrence	-13,424,985	-13,608,409	-19,918,903	-97,127,331	-66,999,207	-76,125,268	0	0	0	0
		5 years after year of occurrence	-13,456,782	-13,637,568	-37,502,281	-97,111,029	-67,173,465	0	0	0	0	0
6 years after year of occurrence	-13,487,784	-30,173,319	-37,528,413	-97,158,868	0	0	0	0	0
			7 years after year of occurrence	-29,812,645	-30,173,020	-37,581,335	0	0	0	0	0	0
8 years after year of occurrence	-29,821,100	-30,205,274	0	0	0	0	0	0	0
		9 years after year of occurrence	-29,836,495	0	0	0	0	0	0	0	0
Cumulative payments up to the balance sheet date	-29,674,351	-30,020,909	-37,197,300	-96,722,022	-66,706,027	-75,413,736	-84,607,815	-96,442,842	-174,461,382	-177,939,429
			Gross liabilities	-162,144	-184,365	-384,035	-436,846	-467,438	-711,532	-1,125,198	-2,199,380	-4,911,836	-24,485,684	-35,068,458
		Gross liabilities of previous years	-236,849
			Discounting effect	824,713
			Gross liabilities for incurred claims included in the financial statements	-34,480,594

Current Financial Overview

Year of occurrence	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	TOTAL
Cumulative estimate of net claims – at the end of year of occurrence			-13,258,710	-14,386,984	-21,735,265	-53,276,639	-36,435,931	-44,717,234	-57,790,696	-98,731,174	-179,558,644	-201,333,933
			1 year after year of occurrence	-13,258,710	-13,678,534	-20,280,430	-52,247,037	-34,960,623	-42,676,670	-85,871,846	-98,240,416	-178,417,868	0
		2 years after year of occurrence	-13,346,636	-13,599,658	-20,064,387	-51,805,207	-34,452,877	-76,096,393	-85,285,704	-97,845,237	0	0
	3 years after year of occurrence	-13,390,813	-13,615,224	-19,898,607	-51,736,461	-66,986,906	-75,896,050	-85,459,365	0	0	0
4 years after year of occurrence	-13,424,985	-13,608,409	-19,918,903	-97,127,331	-66,999,207	-76,125,268	0	0	0	0
		5 years after year of occurrence	-13,456,782	-13,637,568	-37,502,281	-97,111,029	-67,173,465	0	0	0	0	0
6 years after year of occurrence	-13,487,784	-30,173,319	-37,528,413	-97,158,868	0	0	0	0	0
			7 years after year of occurrence	-29,812,645	-30,173,020	-37,581,335	0	0	0	0	0	0
8 years after year of occurrence	-29,821,100	-30,205,274	0	0	0	0	0	0	0
		9 years after year of occurrence	-29,836,495	0	0	0	0	0	0	0	0
Cumulative payments up to the balance sheet date	-29,674,351	-30,020,909	-37,197,300	-96,722,022	-66,706,027	-75,413,736	-84,344,664	-95,645,857	-173,523,799	-177,211,306
			Net liabilities	-162,144	-184,365	-384,035	-436,846	-467,438	-711,532	-1,114,701	-2,199,380	-4,894,069	-24,122,627
		Net liabilities of previous years	-236,849
			Discounting effect	820,401
			Net liabilities for incurred claims included in the financial statements	-34,093,585

Current Page

Year of occurrence	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	TOTAL
Cumulative estimate of gross claims – at the end of year of occurrence	-567,556	-1,854,864	-2,733,651	-3,151,844	-3,609,490	-4,005,585	-4,285,339	-263,906,230	-429,712,110	-654,217,821
		– 1 year after year of occurrence	-540,971	-2,002,500	-3,024,020	-4,079,514	-5,211,302	-5,887,283	-68,708,618	-287,303,682	-430,243,107	0
	– 2 years after year of occurrence	-538,139	-1,978,188	-2,920,846	-3,844,517	-4,983,052	-37,469,492	-66,265,750	-269,913,712	0	0
– 3 years after year of occurrence	-530,139	-1,902,410	-2,819,719	-3,705,027	-24,004,466	-33,716,329	-59,814,815	0	0	0
		– 4 years after year of occurrence	-526,981	-1,869,136	-2,761,587	-20,517,526	-22,131,127	-34,588,301	0	0	0	0
	– 5 years after year of occurrence	-502,324	-1,838,694	-107,573,196	-20,054,018	-14,755,413	0	0	0	0	0
		– 6 years after year of occurrence	-499,274	-1,823,988	-99,164,171	-22,685,995	0	0	0	0	0	0
	– 7 years after year of occurrence	-480,230	-1,669,520	-92,161,467	0	0	0	0	0	0	0
		– 8 years after year of occurrence	-773,718	-1,548,348	0	0	0	0	0	0	0	0
– 9 years after year of occurrence	-592,370	0	0	0	0	0	0	0	0	0
	Cumulative payments up to the balance sheet date	-601,513	-1,554,546	-10,127,110	-8,251,839	-8,138,407	-16,467,586	-38,563,719	-206,483,470	-341,404,359	-368,210,522
	Gross liabilities	9,1436,198	-82,034,357	-14,434,156	-6,617,006	-18,120,715	-21,251,096	-63,430,242	-88,838,748	-286,007,299	-580,718,279
Gross liabilities of previous years	28,486
	Discounting effect	61,106,400
		Gross liabilities for incurred claims included in the financial statements	-519,583,393

Current Page Data

Year of occurrence		Cumulative estimate of net claims – at the end of year of occurrence	Cumulative payments up to the balance sheet date	Net liabilities
2014	2015	2016	2017	2018	2019	2014	2015	2016	2017	2018	2019
0 – at the end of year of occurrence	-567,556	-1,854,864	-2,733,651	-3,151,844	-3,609,490	-4,005,585	-453,030	-1,150,741	-5,681,031	-6,803,850	-2,204,198	-3,888,698
		1 year after year of occurrence	-540,971	-2,002,500	-3,024,020	-4,079,514	-5,211,302	-5,887,283	-13,447,749	-162,321,780	-305,266,602	-305,813,692
	2 years after year of occurrence	-538,139	-1,978,188	-2,920,846	-3,844,517	-4,983,052	-24,139,739	-28,227,465	-177,896,911
3 years after year of occurrence	-530,139	-1,902,410	-2,819,719	-3,705,027	-13,913,150	-19,689,445	-23,973,843
		4 years after year of occurrence	-526,981	-1,869,136	-2,761,587	-17,617,102	-12,563,539	-20,529,873
	5 years after year of occurrence	-502,324	-1,838,694	-104,754,063	-16,853,935	-6,380,933
		6 years after year of occurrence	-499,274	243,576	-97,325,340	-20,803,393
	7 years after year of occurrence	-281,234	-321,480	-90,600,484
		8 years after year of occurrence	-442,156	-695,651
9 years after year of occurrence	796,055
	Net liabilities	1,249,086	455,090	-84,919,452	-13,999,543	-4,176,735	-16,641,175	-10,526,094	-15,575,132	-38,215,281	-116,262,726	-298,611,963
Net liabilities of previous years	8,726,131
	Discounting effect	50,733,006
		Net liabilities for incurred claims included in the financial statements	-239,152,826

Year of occurrence	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	TOTAL
			-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cumulative estimate of net claims - at the end of year of occurrence			-13,258,710	-14,386,984	-21,647,714	-52,592,395	-33,459,027	-39,599,423	-49,550,045	-87,637,062	159,785,854	-179,972,130
			1 year after year of occurrence	-13,258,710	-13,678,534	-20,232,266	-51,586,961	-32,203,398	-37,415,710	-76,465,375	-85,847,606	157,764,063	0
		2 years after year of occurrence	-13,346,636	-13,599,658	-20,022,748	-51,163,571	-31,737,178	-70,858,274	-75,807,034	-85,243,559	0	0
3 years after year of occurrence	-13,390,813	-13,615,224	-19,859,824	-51,096,161	-64,199,193	-70,646,080	-75,858,750	0	0	0
4 years after year of occurrence	-13,424,985	-13,608,409	-19,880,634	-96,446,139	-64,211,232	-70,830,437	0	0	0	0
		5 years after year of occurrence	-13,456,782	-13,637,568	-37,427,115	-96,397,582	-64,392,599	0	0	0	0	0
6 years after year of occurrence	-13,487,784	-30,139,837	-37,425,558	-96,460,959	0	0	0	0	0
		7 years after year of occurrence	-29,796,316	-30,125,684	-37,481,286	0	0	0	0	0	0
8 years after year of occurrence	-29,811,982	-30,169,037	0	0	0	0	0	0	0
		9 years after year of occurrence	-29,828,766	0	0	0	0	0	0	0	0
Cumulative payments up to the balance sheet date	-29,675,429	-30,017,834	-37,144,076	-96,058,612	-63,958,612	-70,173,594	-74,806,382	-83,192,232	153,164,749	-157,750,360
			Net liabilities	-153,337	-151,203	-337,210	-402,347	-433,987	-656,843	-1,052,367	-2,051,327	-4,599,314	-22,221,770	-32,059,706
		Net liabilities of previous years	-173,630
		Discounting effect	784,920
			Net liabilities for incurred claims included in the financial statements	-31,448,416

Premium allocation approach (PAA) 31 December 2023

	NON-LIFE	LIFE	HEALTH	TOTAL
Reinsurance contract assets	327,345,399	387,756	0	327,733,155
Assets for remaining coverage	8,580,960	2,213	0	8,583,173
Assets for incurred claims	318,764,439	385,543	0	319,149,982
Reinsurance contract liabilities	6,425,493	3,246	31,861	6,460,600
Liabilities for remaining coverage	6,182,395	4,712	31,861	6,218,968
Liabilities for incurred claims	243,098	-1,466	0	241,632
Total net reinsurance contract assets	320,919,906	384,510	-31,861	321,272,555
Net assets for remaining coverage	2,398,565	-2,499	-31,861	2,364,205
Net assets for incurred claims	318,521,341	387,009	0	318,908,350

Premium allocation approach (PAA) 31 December 2022

	NON-LIFE	LIFE	TOTAL
Reinsurance contract assets	181,443,548	7,890,550	189,334,098
Assets for remaining coverage	18,053,955	7,579,711	25,633,666
Assets for incurred claims	163,389,593	310,839	163,700,432
Reinsurance contract liabilities	9,465,063	0	9,465,063
Liabilities for remaining coverage	16,169,915	0	16,169,915
Liabilities for incurred claims	-6,704,852	0	-6,704,852
Total net reinsurance contract assets	171,978,485	7,890,550	179,869,035
Net assets for remaining coverage	1,884,040	7,579,711	9,463,751
Net assets for incurred claims	170,094,445	310,839	170,405,284

NO_CONTENT_HERE

Premium allocation approach (PAA)

Description			2023	2022
			NON-LIFE	LIFE	HEALTH	NON-LIFE	LIFE	HEALTH
Reinsurance income recognised in profit or loss			253,508,820	1,086,198	0	81,511,046	781,404	0
			Reinsurers' shares in claims and other insurance service expenses	254,595,018	82,292,450
Changes in reinsurers' shares that relate to changes in liabilities for incurred claims			21,228,667	193,618	0	22,718,424	-453,858	0
Changes in reinsurers' shares that relate to underlying onerous contracts	34,663	0	-31,861	-11,122	0	-11,122
			Total reinsurance income recognised in profit or loss	274,772,148	1,279,817	-31,861	104,218,346	327,546	0
Reinsurance service expenses recognised in profit or loss				Expected reinsurers' share in insurance income	-244,752,913	339,376	0	-209,401,834	401,998	0
			Total reinsurance service expenses recognised in profit or loss	-244,752,915	339,376	0	-209,401,834	401,998	0
Net income/expenses from reinsurance contracts	30,019,233	1,619,193	-31,861	-105,183,488	729,544	0
Finance income/expenses from reinsurance contracts	Financial effects from non-performance risk	-606,316	-968	0	-1,068,939	-162	0
			Interest accreted	664,423	8,378	0	59,491	-4,742	0
Other – effect on other comprehensive income before tax	3,590,303	1,351	0	-6,789,905	-1,426	0
				Total finance income/expenses from reinsurance contracts	3,648,410	8,761	0	-7,799,353	-6,330	0

Premium allocation approach (PAA)

	2023	2022
NON-LIFE	58,108	-1,009,445
LIFE	7,410	-4,904
HEALTH	0	0
TOTAL	65,518	-1,014,349

	2023	2022
Finance income/expenses recognised in profit or loss	3,590,307	-6,789,908
Finance income/expenses recognised in other comprehensive income	1,351	-1,426
TOTAL	3,591,658	-6,791,334

	2023	2022
Total finance income/expenses from reinsurance contracts	3,648,410	-7,799,353
	8,761	-6,330
	0	0
	3,657,171	-7,805,683

NO_CONTENT_HERE

EURNON-LIFE Premium allocation approach (PAA)

Remaining coverage

Total	Excluding the loss component		Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk
Opening balance of net reinsurance contract assets/liabilities as at 1 January 2023			1,882,869	1,172	154,897,985	15,196,460
Total	171,978,486	Reinsurance contract assets	18,052,787	1,168
		149,247,690	14,141,903	181,443,548	Reinsurance contract liabilities	-16,169,918
4	5,650,295	1,054,557	-9,465,062
Changes in profit or loss and/or other comprehensive income		-244,750,523	34,667	273,038,314	5,293,611
			33,616,069	Reinsurance income – amounts recoverable from reinsurers	Reinsurers' shares in claims	0	0
		242,806,688	10,702,131	253,508,819	Reinsurers' shares in other insurance service expenses	0
			0	0	Changes in reinsurers' shares that relate to changes in liabilities for incurred claims	0	0
		27,095,509	-5,866,843	21,228,666	Changes in reinsurers' shares that relate to underlying onerous contracts	0
			34,663	0	0	34,663	Total reinsurance income – amounts recoverable from reinsurers
		0	34,663	269,902,197	4,835,288	274,772,148
			Reinsurance service expenses – premium income ceded to reinsurers	-244,752,915	0	0	-244,752,915
	Reinsurance investment components	0	0	0	0
		Finance income/expenses from reinsurance contracts	0	3	3,795,834	458,894
			4,254,731	Financial effects from non-performance risk	0	-606,321	0
-606,321		Effect of exchange rate differences	2,392	1	-53,396
			-571	-51,574	Cash flows	245,230,380	0
			-129,905,029	0	115,325,351	Premiums paid	245,230,380
0	0		-129,905,029	0	-129,905,029
Reinsurance acquisition cash flows			0	0	0	0
Closing balance of net reinsurance contract assets/liabilities as at 31 December 2023		2,362,726	35,839	298,031,270	20,490,071
			320,919,906	Reinsurance contract assets	8,545,118	35,842	298,210,415
20,554,024	327,345,399	Reinsurance contract liabilities	-6,182,392	-3
			-179,145	-63,953	-6,425,493

EURNON-LIFE Premium allocation approach (PAA)

Remaining coverage

			Incurred claims	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk	TOTAL
				Opening balance of net reinsurance contract assets/liabilities as at 1 January 2022	15,156,782	12,294	127,725,885	12,631,115	155,526,076
		Reinsurance contract assets	19,393,064	12,063	125,772,290	12,498,679	157,676,096
				Reinsurance contract liabilities	-4,236,282	231	1,953,595	132,436	-2,150,020
Changes in profit or loss and/or other comprehensive income			-209,407,064	-11,122	93,833,240	2,565,345	-113,019,601
Reinsurance income – amounts recoverable from reinsurers	Reinsurers' shares in claims	0	0	75,886,717	5,624,327	81,511,044
				Reinsurers' shares in other insurance service expenses	0	0	0	0	0
Changes in reinsurers' shares that relate to changes in liabilities for incurred claims	0	0	25,110,269	-2,391,845	22,718,424
Changes in reinsurers' shares that relate to underlying onerous contracts	0	-11,122	0	-11,122
Total reinsurance income – amounts recoverable from reinsurers		0	-11,122	100,996,986	3,232,482	104,218,346
				Reinsurance service expenses – premium income ceded to reinsurers	-209,401,834	0	0	0	-209,401,834
	Reinsurance investment components		0	0	0	0	0
			Finance income/expenses from reinsurance contracts	0	1	-6,064,076	-666,339	-6,730,414
Financial effects from non-performance risk	0	0	-1,068,939	0	-1,068,939
			Effect of exchange rate differences	-5,230	-1	-30,731	-798	-36,760
				Cash flows	196,133,150	0	-66,661,140	0	129,472,010
				Premiums paid	196,133,150	0	0	0	196,133,150
			Reinsurance service expenses recovered for insurance contracts issued	0	0	-66,661,140	0	-66,661,140
Reinsurance acquisition cash flows				0	0	0	0	0
Closing balance of net reinsurance contract assets/liabilities as at 31 December 2022			1,882,868	1,172	154,897,985	15,196,460	171,978,485
				Reinsurance contract assets	18,052,787	1,168	149,247,690	14,141,903	181,443,548
			Reinsurance contract liabilities	-16,169,919	4	5,650,295	1,054,557	-9,465,063

EURLIFE Premium allocation approach (PAA)

Remaining coverage

		Incurred claims	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk	TOTAL
		Opening balance of net reinsurance contract assets/liabilities as at 1 January 2023	7,579,711	0	293,345	17,494	7,890,550
Reinsurance contract assets	7,579,711	0	293,345	17,494	7,890,550
		Reinsurance contract liabilities	0	0	0	0	0
Changes in profit or loss and/or other comprehensive income	339,376	0	1,284,213	4,362	1,627,951
	Reinsurance income – amounts recoverable from reinsurers	Reinsurers' shares in claims	0	0	1,065,930	20,268	1,086,198
Reinsurers' shares in other insurance service expenses		0	0	0	0	0
		Changes in reinsurers' shares that relate to changes in liabilities for incurred claims	0	0	210,073	-16,454	193,619
Changes in reinsurers' shares that relate to underlying onerous contracts		0	0	0	0	0
		Total reinsurance income – amounts recoverable from reinsurers	0	0	1,276,003	3,814	1,279,817
Reinsurance service expenses – premium income ceded to reinsurers		339,376	0	0	0	339,376
	Reinsurance investment components	0	0	0	0	0
		Finance income/expenses from reinsurance contracts	0	0	9,179	549	9,728
Financial effects from non-performance risk	0	0	-968	0	-968
	Effect of exchange rate differences	0	0	-1	-1	-2
		Cash flows	-7,921,586	0	-1,212,435	0	-9,134,021
		Premiums paid	-7,921,586	0	0	0	-7,921,586
Reinsurance service expenses recovered for insurance contracts issued	0	0	-1,212,435	0	-1,212,435
Reinsurance acquisition cash flows		0	0	0	0	0
Closing balance of net reinsurance contract assets/liabilities as at 31 December 2023	-2,499	0	365,153	21,856	384,510
		Reinsurance contract assets	2,213	0	363,770	21,773	387,756
		Reinsurance contract liabilities	-4,712	0	1,383	83	-3,246

in EUR LIFE Premium allocation approach (PAA)

		Remaining coverage	Incurred claims	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows	Risk adjustment for non-financial risk
Total		Opening balance of net reinsurance contract assets/liabilities as at 1 January 2022	4,041,339	0	816,519	48,874	4,906,732
	Reinsurance contract assets	4,041,339	0	816,519	48,874	4,906,732
		Reinsurance contract liabilities	0	0	0	0	0
Changes in profit or loss and/or other comprehensive income	401,999	0	352,596	-31,380	723,215
Reinsurance income – amounts recoverable from reinsurers		Reinsurers' shares in claims	0	0	764,470	16,934	781,404
Reinsurers' shares in other insurance service expenses			0	0	0	0	0
		Changes in reinsurers' shares that relate to changes in liabilities for incurred claims	0	0	-405,892	-47,966	-453,858
Changes in reinsurers' shares that relate to underlying onerous contracts			0	0	0	0	0
		Total reinsurance income – amounts recoverable from reinsurers	0	0	358,578	-31,032	327,546
Reinsurance service expenses – premium income ceded to reinsurers	401,998	0	0	0	401,998
		Reinsurance investment components	0	0	0	0	0
			Finance income/expenses from reinsurance contracts	0	0	-5,820	-348	-6,168
Financial effects from non-performance risk	0	0	-162	0	-162
		Effect of exchange rate differences	1	0	0	0	1
		Cash flows	3,136,373	0	-875,770	0	2,260,603
			Premiums paid	3,136,373	0	0	0	3,136,373
Reinsurance service expenses recovered for insurance contracts issued	0	0	-875,770	0	-875,770
Reinsurance acquisition cash flows			0	0	0	0	0
Closing balance of net reinsurance contract assets/liabilities as at 31 December 2022		7,579,711	0	293,345	17,494	7,890,550
		Reinsurance contract assets	7,579,711	0	293,345	17,494	7,890,550
		Reinsurance contract liabilities	0	0	0	0	0

Premium allocation approach (PAA)

Remaining coverage

		Incurred claims	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows
Risk adjustment for non-financial risk	TOTAL	Opening balance of net reinsurance contract assets/liabilities as at 1 January 2023	9,573,141	3,456	139,002,526	15,256,651	163,835,775
Reinsurance contract assets	22,119,162	3,456	131,892,269	13,873,271	167,888,159
		Reinsurance contract liabilities	-12,546,021	0	7,110,257	1,383,380	-4,052,384
Changes in profit or loss and/or other comprehensive income	-190,034,413	43,675	230,877,291	2,761,319	43,647,872
Reinsurance income – amounts recoverable from reinsurers	Reinsurers' shares in claims	0	0	209,365,580	10,519,538	219,885,118
		Reinsurers' shares in other insurance service expenses	0	0	0	0	0
Changes in reinsurers' shares that relate to changes in liabilities for incurred claims	0	0	14,457,853	-8,343,063	6,114,790
Changes in reinsurers' shares that relate to underlying onerous contracts	0	43,662	0	0	43,662
Total reinsurance income – amounts recoverable from reinsurers	0	43,662	223,823,432	2,176,476	226,043,570
		Reinsurance service expenses – premium income ceded to reinsurers	-186,595,924	0	0	0	-186,595,924
Reinsurance investment components	-3,438,489	0	3,438,489	0	0
		Finance income/expenses from reinsurance contracts	0	14	4,025,703	584,843	4,610,560
Financial effects from non-performance risk	0	0	-410,334	0	-410,334
	Cash flows	205,960,443	0	-107,467,219	0	98,493,223
		Premiums paid	205,960,443	0	0	0	205,960,443
Reinsurance service expenses recovered for insurance contracts issued	0	0	-107,467,219	0	-107,467,219
Reinsurance acquisition cash flows		0	0	0	0	0
Closing balance of net reinsurance contract assets/liabilities as at 31 December 2023	25,499,171	47,132	262,412,597	18,017,970	305,976,870
		Reinsurance contract assets	25,499,171	47,132	262,412,597	18,017,970	305,976,870
		Reinsurance contract liabilities	0	0	0	0	0

Premium allocation approach (PAA)

Remaining coverage

			Incurred claims	Excluding the loss component	Loss component	Estimates of the present value of the future cash flows
Risk adjustment for non-financial risk		TOTAL	Opening balance of net reinsurance contract assets/liabilities as at 1 January 2022	23,116,787	196	101,549,805	11,882,321	136,549,108
	Reinsurance contract assets	23,159,395	196	101,509,643	11,881,705	136,550,939
				Reinsurance contract liabilities	-42,608	0	40,162	616	-1,830
Changes in profit or loss and/or other comprehensive income		-172,303,612	3,261	82,721,849	3,374,331	-86,204,171
				Reinsurance income – amounts recoverable from reinsurers	Reinsurers' shares in claims	0	0	52,538,861	5,570,551	58,109,413
Reinsurers' shares in other insurance service expenses				0	0	0	0	0
				Changes in reinsurers' shares that relate to changes in liabilities for incurred claims	0	0	37,247,985	-1,058,505	36,189,481
			Changes in reinsurers' shares that relate to underlying onerous contracts	0	3,260	0	0	3,260
Total reinsurance income – amounts recoverable from reinsurers	0	3,260	89,786,847	4,512,046	94,302,153
			Reinsurance service expenses – premium income ceded to reinsurers	-169,673,411	0	0	0	-169,673,411
Reinsurance investment components	-2,630,201	0	2,630,201	0	0
			Finance income/expenses from reinsurance contracts	0	1	-8,608,902	-1,137,716	-9,746,617
				Financial effects from non-performance risk	0	0	-1,086,297	0	-1,086,297
	Cash flows	158,759,966	0	-45,269,128	0	113,490,838
			Premiums paid	158,759,966	0	0	0	158,759,966
				Reinsurance service expenses recovered for insurance contracts issued	0	0	-45,269,128	0	-45,269,128
Reinsurance acquisition cash flows				0	0	0	0	0
Closing balance of net reinsurance contract assets/liabilities as at 31 December 2022	9,573,141		3,456	139,002,526	15,256,651	163,835,775
			Reinsurance contract assets	22,119,162	3,456	131,892,269	13,873,271	167,888,159
				Reinsurance contract liabilities	-12,546,021	0	7,110,257	1,383,380	-4,052,384

Participating Interest, Share of Voting Rights Carrying Amount (%) (in EUR)

Company Name	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
Pozavarovalnica Triglav Re, d.d.	100.00	100.00	9,750,752	9,750,752
Triglav, Zdravstvena zavarovalnica, d.d.	100.00	100.00	26,235,909	3,735,886
Triglav INT, d.o.o.	100.00	100.00	100,270,730	89,770,730
Triglav, pokojninska družba, d.d.	100.00	100.00	52,070,000	52,070,000
Triglav, Upravljanje nepremičnin, d.o.o.	100.00	100.00	24,493,300	24,493,300
Triglav Skladi, d.o.o.	100.00	100.00	2,076,723	2,076,723
Triglav Avtoservis, d.o.o.	100.00	100.00	194,217	194,216
Triglav Svetovanje, d.o.o.	100.00	100.00	279,736	279,736
Zavod Vse bo v redu	100.00	100.00	100,000	100,000
Triglav penzisko društvo, a.d., Skopje	100.00	100.00	3,889,000	2,889,000
TOTAL	219,360,367	185,360,343

Triglav Group's Interests in Associates and Joint Ventures

Company Name	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
Nama, d.d.	39.15	39.15	4,648,981	4,496,424
Triglavko, d.o.o.	38.47	38.47	18,509	18,562
TRIGAL, upravljanje naložb in svetovanje, d.o.o.	49.90	49.90	10,925,240	10,925,240
Diagnostični center Bled d.o.o.	50.00	50.00	21,560,001	21,856,109
Alifenet, d.o.o.	23.58	23.58	66,110	73,202
Društvo za upravljanje EDPF, a.d.	34.00	34.00	489,221	440,647
TOTAL			37,708,062	37,810,184

Zavarovalnica Triglav's Interests in Associates and Joint Ventures

Company Name	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
Nama, d.d.	39.07	39.07	4,648,981	4,496,424
Triglavko, d.o.o.	38.47	38.47	18,509	18,562
TRIGAL, upravljanje naložb in svetovanje, d.o.o.	49.90	49.90	10,925,240	10,925,240
Diagnostični center Bled d.o.o.	50.00	50.00	21,560,001	21,856,109
Alifenet, d.o.o.	23.58	23.58	66,110	73,202
Društvo za upravljanje EDPF, a.d.	34.00	34.00	489,221	440,647
TOTAL			37,218,841	37,369,536

NO_CONTENT_HERE

DISPOSAL OF EQUITY SECURITIES AT FVOCI

in EUR	2023	2022	Carrying amount at disposal	Realised gains/losses
KRKG SV	13,311,813	11,525,418	24,363,857	20,191,205
LKPG SV	0	0	2,893,378	1,226,669
PETG SV	0	0	9,487,182	6,324,946
POSR SV	575,389	352,750	264,021	77,849
TLSG SV	421,634	-247,523	36,103	-55,411
TOTAL	14,308,836	11,630,646	37,044,541	27,765,259

Equity securities of Zavarovalnica Triglav Group measured at fair value through other comprehensive income

in EUR	Carrying amount 31 December 2023	Dividends in 2023	Carrying amount 31 December 2022	Dividends in 2022
ELEKTRO PRIMORSKA	2,641,391	0	3,102,229	134,880
KRKG SV	0	813,173	11,335,136	2,073,191
LKPG SV	0	0	0	129,468
PETG SV	0	0	0	704,880
POSR SV	0	38,773	1,085,616	89,285
TLSG SV	0	0	415,313	43,011
ZAVODVSEBO	100,000	0	100,000	0

DISPOSAL OF EQUITY SECURITIES AT FVOCI

TOTAL	2023	2022
Carrying amount at disposal	Realised gains/losses
KRKG SV	13,311,813	11,525,418	22,546,409	18,966,758
LKPG SV	0	0	2,893,378	1,226,669
PETG SV	0	0	9,487,182	6,324,946
POSR SV	575,389	352,750	264,021	77,849
TLSG SV	421,634	-247,523	36,103	-55,411
TOTAL	14,308,836	11,630,646	35,227,093	26,540,812

In 2023 and 2022, the Group and the Company sold part of the equity investments disclosed through other comprehensive income in order to manage market risks, primarily to reduce equity exposure in local markets. An overview of the securities sold is provided in the table above.

NO_CONTENT_HERE

in EUR

31 December 2023

31 December 2022

Gross carrying amount	ECL adjustment	Amortised cost	Gross carrying amount	ECL adjustment	Amortised cost
Debt securities at FVOCI	1,797,038,900	-6,712,145	1,790,326,755	1,827,909,430	-8,637,987	1,819,271,443
Debt securities at AC	156,437,923	-103,390	156,334,533	154,984,088	-156,319	154,827,769
Loans and deposits at AC	73,330,169	-977,389	72,352,780	86,542,236	-1,299,727	85,242,509
TOTAL	2,026,806,992	-7,792,924	2,019,014,068	2,069,435,754	-10,094,033	2,059,341,721

NO_CONTENT_HERE

in EUR

31 December 2023

31 December 2022

Gross carrying amount	ECL adjustment	Amortised cost	Gross carrying amount	ECL adjustment	Amortised cost
Debt securities at FVOCI	1,197,292,484	-4,216,660	1,193,075,824	1,296,546,271	-5,415,829	1,291,130,443
Debt securities at AC	131,171,044	-87,740	131,083,304	128,009,473	-141,002	127,868,471
Loans and deposits at AC	11,764,380	-4,378	11,760,003	23,946,271	-47,397	23,898,875
TOTAL	1,340,227,907	-4,308,778	1,335,919,130	1,448,502,015	-5,604,227	1,442,897,788

in EUR

Debt securities at FVOCI

	Level 1	Level 2	Level 3	TOTAL
Gross carrying amount as at 1 January 2022	1,383,286,851	2,308,995	0	1,385,595,847
Acquisitions	415,387,077	0	0	415,387,077
Disposals, maturities	-512,298,298	-1,699,338	-106,375	-514,104,011
Interest	9,484,075	84,942	92,911	9,661,928
Transfer to Level 1	-10,825,309	5,943,332	4,881,977	0
Transfer to Level 2	3,888,621	-3,888,621	0	0
Other changes	5,430	0	0	5,430

Gross carrying amount as at 31 December 2022 = 1 January 2023

Acquisitions	214,544,134	0	0	214,544,134
Disposals, maturities	-327,687,415	-104,875	-106,375	-327,898,665
Interest	13,940,746	106,342	52,477	14,099,565
Transfer to Level 1	-1,579,655	1,579,655	0	0
Transfer to Level 2	1,994,910	-1,994,910	0	0
Other changes	1,178	0	0	1,178
Gross carrying amount as at 31 December 2023	1,190,142,345	2,335,524	4,814,615	1,197,292,484

in EUR

Debt securities at FVOCI	Level 1	Level 2	Level 3	TOTAL
ECL adjustment as at 1 January 2022	-266,530	-23,399	0	-289,929
Acquisitions	-743,860	-3,800	0	-747,660
Disposals, maturities	486,281	597	0	486,878
Change in ECL adjustment	-2,282,581	-202,520	-2,380,019	-4,865,120
Transfer to Level 2	57,518	-57,518	0	0
Transfer to Level 3	2,135	0	-2,135	0
Other changes	2	0	0	2
ECL adjustment as at 31 December 2022 = 1 January 2023	-2,747,036	-286,640	-2,382,153	-5,415,829
Disposals, maturities	145,457	0	0	145,457
Change in ECL adjustment	770,737	54,754	228,221	1,053,712
Transfer to Level 1	2,549	-2,549	0	0
Transfer to Level 2	-203,451	203,451	0	0
Other changes	-1	0	0	-1
ECL adjustment as at 31 December 2023	-2,031,744	-30,984	-2,153,932	-4,216,660

NO_CONTENT_HERE

in EUR

31 December 2023

Gross	ECL adjustment	Carrying amount
Debt securities at AC	283,524,818	-309,392	283,215,426
	Gross	ECL adjustment	Carrying amount
Debt securities at AC	302,008,147	-619,341	301,388,806
Deposits at AC	0	0	0
	20,471,189	-4	20,471,185
Total	283,524,818	-309,392	283,215,426
	322,479,336	-619,345	321,859,991

All financial investments from financial contracts are classified in Level 1. The movements in gross carrying amount and ECL adjustments are shown in the tables below.

in EUR

31 December 2023

31 December 2022

Debt securities at AC	Gross	ECL adjustment	Carrying amount
	86,359,301	-144,016	86,215,285
	99,647,104	-249,082	99,398,021
TOTAL	86,359,301	-144,016	86,215,285
	99,647,104	-249,082	99,398,021

All financial investments from financial contracts are classified in Level 1.

The movements in gross carrying amount and ECL adjustments are shown in the tables below.

Triglav Group

Zavarovalnica Triglav

Liabilities as of 31 Dec 2023 and 31 Dec 2022

Liabilities to PDPZ	31 Dec 2023	31 Dec 2022	Liabilities to PDPZ	31 Dec 2023	31 Dec 2022
Zajamčeni fund members	520,589,186	503,435,563	Zajamčeni fund members	193,561,131	188,171,802
Zmerni, Mešani fund members	74,253,819	57,046,617	Zmerni, Mešani fund members	31,243,232	23,385,516
Drzni, Delniški fund members	77,077,607	51,223,462	Drzni, Delniški fund members	34,174,144	22,897,307
Other financial contract liabilities	2,194,534	2,113,004	Other financial contract liabilities	645,535	513,889
TOTAL	674,115,146	613,818,646	TOTAL	259,624,041	234,968,514

The guaranteed amount of the Triglav Group's liabilities to PDPZ Zajamčeni fund members as at 31 December 2023 was EUR 510,158,978 (31 December 2022: EUR 503,333,819), and the guaranteed amount of Zavarovalnica Triglav's liabilities to PDPZ Zajamčeni fund members as at 31 December 2023 was EUR 185,011,650 (31 December 2022: EUR 183,701,150).

NO_CONTENT_HERE

Triglav Group Zavarovalnica Triglav

	2023	2022	2023	2022
Lease income	7,441,237	9,106,100	6,195,418	6,116,290
Depreciation of investment property	-1,434,129	-1,430,563	-972,822	-966,800
Maintenance costs and other expenses related to income-generating real property	-2,349,341	-3,242,060	-2,945,673	-3,760,676
Maintenance costs and other expenses related to non-income-generating real property	-81,176	-100,392	-75,372	-99,740

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 December 2023	31 December 2022	31 December 2023	31 December 2022
Expected lease payments in year 1	5,999,327	6,296,386	3,559,799	4,163,238
Expected lease payments in year 2	4,324,247	5,079,823	3,137,038	3,640,923
Expected lease payments in year 3	3,894,731	3,527,026	2,893,114	3,174,424
Expected lease payments in year 4	858,445	3,199,416	199,854	2,893,336
Expected lease payments in year 5	626,503	432,008	197,574	217,600
Expected lease payments later than 5 years	414,745	320,280	76,375	284,142
TOTAL	16,117,998	18,854,939	10,063,754	14,373,663

NO_CONTENT_HERE

Triglav Group Zavarovalnica Triglav

31 December 2023

31 December 2022

Right of use assets	11,113,449	10,192,925	4,356,487	3,940,725
Lease financial liabilities	-11,665,333	-10,593,326	-4,573,011	-4,054,668

To calculate the net present value of future cash flows from leases, discount rates were used that were determined at the level of the interest rate for risk-free government bonds, increased by the credit spread of an individual Group member. When valuing assets and liabilities from contracts concluded for an indefinite term, there were no changes in the estimated term of contracts in 2023.

Expected Cash Flows

	in EUR	Triglav Group	Zavarovalnica Triglav	31 Dec 2023
Expected cash flows in less than 1 year	4,539,979	3,985,292	1,155,871	1,052,085
Expected cash flows in 1–2 years	4,431,734	3,656,537	1,189,495	902,108
Expected cash flows in 2–3 years	3,126,865	3,270,835	956,894	830,129
Expected cash flows in 3–4 years	2,277,307	2,572,670	518,289	629,924
Expected cash flows in 4–5 years	859,384	1,021,086	263,377	164,015
Expected cash flows over 5 years	1,153,420	676,036	489,085	476,407

Lease Liabilities

Lease liabilities	16,388,689	15,182,456	4,573,011	4,054,668
Elimination of intercompany transactions	-4,723,356	-4,589,130	0	0
TOTAL	11,665,333	10,593,326	4,573,011	4,054,668

Expected Undiscounted Cash Flows

	in EUR	Triglav Group	Zavarovalnica Triglav	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
Expected cash flows in less than 1 year	5,564,080	5,224,055	1,379,134	1,068,318
		Expected cash flows in 1–2 years	5,028,385	4,817,885	1,257,926	1,057,896
Expected cash flows in 2–3 years	3,878,895	4,311,277	990,223	936,109
		Expected cash flows in 3–4 years	2,440,864	3,168,977	521,975	668,405
			Expected cash flows in 4–5 years	945,515	1,423,056	283,194	200,158
Expected cash flows over 5 years	1,619,749	1,712,302	539,490	555,445
			Total expected undiscounted cash flows	19,477,488	20,657,552	4,971,942	4,486,331

Triglav Group

Expenses related to right-of-use assets

	2023	2022	2023	2022
Depreciation/amortisation costs of leased assets	-5,101,715	-3,472,998	-1,262,808	-1,213,932
Interest expenses from leased assets	-901,232	-489,303	-153,630	-79,806
Other expenses from leased assets	-126,504	-6,951	0	0
Other lease-related costs and expenses
Expenses for short-term leases	-806,975	-125,836	-42,496	-49,092
Expenses for low-value leases	-525,068	-563,829	-442,246	-426,719
Expenses related to variable lease payments	-150,812	0	0	0
Payments for right-of-use assets in the year	5,878,787	4,227,582	1,317,713	1,245,256

3.7.4 Intangible assets and goodwill

Movement in intangible assets of the Triglav Group

	Goodwill	Licenses and software	Intangible assets in acquisition	Long-term deferred items	TOTAL
COST	As at 1 January 2022	10,413,312	101,682,341	3,512,789	630,596	116,239,038
Transfer to use	0	2,361,862	-2,361,862	0	0
Acquisitions and other increases	0	6,230,090	6,156,020	0	12,386,110
Disposals	0	-3,076,870	27,181	0	-3,049,689

Other changes

	0	-1,386,350	13,766	-386,412	-1,758,996
As at 31 December 2022 = 1	10,413,312	105,811,073	7,347,894	244,184	123,816,463
January 2023	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 December 2023	10,413,312	113,978,505	10,902,263	158,360	135,452,440

ACCUMULATED DEPRECIATION

As at 1 January 2022	0	-61,990,754	0	-61,990,754
Depreciation	0	-12,772,548	0	-12,772,548
Disposals	0	3,298,009	0	3,298,009
Other changes	0	1,369,089	0	1,369,089
As at 31 December 2022 = 1	0	-70,096,204	0	-70,096,204
January 2023	Depreciation	0	-11,696,494	0	-11,696,494
Disposals	0	367,575	0	367,575
Other changes	0	628,989	0	628,989
As at 31 December 2023	0	-80,796,134	0	-80,796,134

CARRYING AMOUNT

As at 1 January 2022	10,413,312	39,691,587	3,512,789	630,596	54,248,284
As at 31 December 2022	10,413,312	35,714,869	7,347,894	244,184	53,720,259
As at 31 December 2023	10,413,312	33,182,371	10,902,263	158,360	54,656,306

Goodwill arises from the merger of Alta Skladi, d.d., to Triglav Skladi, družba za upravljanje, d.o.o.in 2019.

NO_CONTENT_HERE

Triglav Group Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Land	223,869	22,815
Buildings	2,522,482	1,778,648
Investment property	383,358	383,358
TOTAL	3,129,709	2,184,821

3.7.7 Other receivables

in EUR	Triglav Group	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
Non-attributable receivables from insurance operations	16,333,461	23,531,256	15,505,994	22,700,850
		Other receivables	21,310,542	26,947,081	4,541,031	12,454,760
Trade receivables	8,700,903	8,479,314	0	0
Overpayments and prepayments	3,802,918	3,306,261	2,788,279	2,375,066
		Other short-term operating receivables	5,745,201	3,524,567	925,934	1,586,982
Receivables from financing	967,993	8,687,488	176,245	7,866,826
	Other	2,093,527	2,949,451	650,573	625,886
TOTAL	37,644,003	50,478,337	20,047,025	35,155,610

Impairment of non-attributable receivables from insurance operations

Non-attributable receivables from insurance operations are receivables that relate to insurance business but are not attributable to individual insurance contracts. These are mainly receivables from points of sale and foreign intermediaries, receivables for card payments, receivables for overpaid benefits and similar. As at 31 December 2023 and 31 December 2022, 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.

in EUR

			31 December 2023	31 December 2022	Tax jurisdiction	Deferred tax assets	Deferred tax liabilities	Total deferred tax
			Slovenia	21,175,326	376,288	20,799,038	14,008,968	470,579	13,538,389
			Croatia	821,654	0	821,654	321,345	0	321,345
Montenegro	76,460	1,345,139	-1,268,679	5,065	1,152,653	-1,147,588
			Bosnia and Herzegovina	0	597,131	-597,131	0	852,578	-852,578
			North Macedonia	128,997	0	128,997	127,825	0	127,825
	Serbia	217,859	0	217,859	0	50,860	-50,860
TOTAL DEFERRED TAX	22,420,296	2,318,558	20,101,738	14,463,203	2,526,670	11,936,533

Total deferred tax assets

21,967,548

Total deferred tax liabilities

-1,865,810

-2,051,026

3.7.8 Cash and cash equivalents in EUR

	Triglav Group	Zavarovalnica Triglav	31 Dec 2023	31 Dec 2022	31 Dec 2023
Cash in bank accounts	76,387,728	70,315,328	31,664,807	19,282,511
Call account	7,570,804	5,180,907	0	0
	Cash on hand and other cash	462,135	570,044	14,637	14,338
TOTAL	84,420,667	76,066,279	31,679,444	19,296,850

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 15,158,808 (2022: EUR 9,078,017) for the Triglav Group and in the amount of EUR 14,286,647 (2022: EUR 7,960,931) for Zavarovalnica Triglav.

3.7.9 Other assets in EUR

	Triglav Group	Zavarovalnica Triglav	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
			Inventories	520,289	505,099	182,835	225,649
Deferred expenses and accrued income	7,712,503	4,273,425	2,462,227	2,029,561
		Other assets	99,109	182,405	98,022	212,061
TOTAL	8,331,901	4,960,929	2,743,084	2,467,271

NO_CONTENT_HERE

Triglav Group Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Amortised cost	49,994,402	49,941,796	49,994,402	49,941,796
Fair value	53,087,374	41,987,521	53,087,374	41,987,521

Subordinated bond with the ISIN code XS1980276858 was issued on 24 April 2019 in the amount of EUR 50 million (500 denominations of EUR 100,000). The final maturity date of said bond is 22 October 2049 and the first call date is 22 October 2029. Until the first call, interest is paid annually at the fixed interest rate of 4.375%. Thereafter, the interest rate is variable, i.e. 3-month Euribor + 4.845%, and interest is paid quarterly. The bond is valued at amortised cost in the financial statements. The bond was listed on the Luxembourg Stock Exchange on 30 April 2019 (ISIN code XS1980276858). The bond is subordinated (Tier 2) and issued in line with the Solvency II regulations. Issued bond is disclosed at amortised cost. When calculating the fair value, the price according to the valuation model is taken into account, as there are very few transactions on the stock exchange. The price of the bond was 105.338 % as at 31 December 2023 (vs. 83.118 % as at 31 December 2022). In the event of the Company’s bankruptcy or liquidation, liabilities from the above-mentioned bond issues are subordinated to net debt instruments and are paid only when all non-subordinated liabilities to ordinary creditors have been paid. The holders of bonds do not have the right to early redemption before the maturity date set by the amortisation schedule. Bonds are not convertible to equity or any other liability.

3.7.12 Provisions in EUR

Triglav Group Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Employee benefits	19,665,677	17,711,009	14,045,516	12,381,473
Provisions for retirement benefits	11,353,153	10,112,571	7,522,356	6,415,477
Provisions for jubilee payments	2,431,226	2,284,282	1,960,567	1,842,765
Provisions for unused leave	5,881,298	5,314,156	4,562,593	4,123,232
Other provisions and long-term deferred items	10,681,808	15,573,693	277,990	4,653,618
TOTAL	30,347,485	33,284,702	14,323,506	17,035,092

NO_CONTENT_HERE

Parameter Changes in EUR

2023 vs 2022

Parameter	Parameter Change	2023	2022
Interest rate	shift in the discount curve by +0.25%	-271,626	238,036
	shift in the discount curve by -0.25%	280,948	740,213
Wage growth	change in annual wage growth by +0.5%	444,173	881,583
	change in annual wage growth by -0.5%	-395,910	130,401
Mortality rate	constant increase in mortality by +20%	-98,727	394,419
	constant increase in mortality by -20%	101,112	576,876
Early employment termination	shift in the expense curve by +20%	-472,652	108,901
	shift in the expense curve by -20%	512,279	898,052

Zavarovalnica Triglav in EUR

Parameter Changes

Parameter	Parameter Change	2023	2022
Interest rate	shift in the discount curve by +0.25%	-163,619	-135,334
	shift in the discount curve by -0.25%	169,940	140,435
Wage growth	change in annual wage growth by +0.5%	323,319	258,816
	change in annual wage growth by -0.5%	-288,602	-230,782
Mortality rate	constant increase in mortality by +20%	-71,069	-58,971
	constant increase in mortality by -20%	72,023	59,746
Early employment termination	shift in the expense curve by +20%	-313,179	-261,064
	shift in the expense curve by -20%	333,403	277,580

Triglav Group

Zavarovalnica Triglav

Liabilities as of 31 Dec 2023 and 31 Dec 2022

Liabilities	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
Liabilities for labour costs	31,260,501	34,747,418	26,363,762	29,963,307
Accrued costs and expenses and short-term deferred income	17,009,906	11,720,684	5,507,356	4,595,251
Non-attributable liabilities from insurance operations	21,316,579	16,302,428	10,283,796	10,012,249
Liabilities for overpayments and prepayments	5,720,365	5,828,437	4,865,652	5,088,921
Trade payables	14,014,947	14,051,577	10,204,290	10,190,980
Other current liabilities	12,275,041	10,537,687	4,768,562	3,791,125
TOTAL	101,597,339	93,188,231	61,993,418	63,641,833

As at 31 December 2023, the Company's liabilities related to labour costs include EUR 3,054,636 of provisions for the reorganisation of the work process (31 December 2022: EUR 1,820,200).

Triglav Group

Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Lease income	7,441,237	9,106,100	6,195,418	6,116,290
Non-attributable insurance revenue	8,640,465	5,093,266	7,389,289	3,156,989
Other operating income	11,201,871	16,592,852	1,476,136	1,435,786
Non-attributable insurance service expenses	-13,623,501	-18,242,735	-6,352,077	-11,497,804
Investment property expenses	-4,094,708	-4,924,178	-4,166,588	-5,008,119
Other operating expenses	-8,064,817	-22,180,874	-5,037,208	-18,961,716
TOTAL	1,500,547	-14,555,569	-495,030	-24,758,574

3.7.15 Gains and losses on investments in associates

In 2023, the Triglav Group recognised gains of EUR 2,242,935 (2022: EUR 1,842,183) and losses of EUR 2,281,711 (2022: 0) on investments in associates measured under the equity method. In 2023, Zavarovalnica Triglav Group recognised gains of EUR 2,194,361 (2022: EUR 1,841,505) and losses of EUR 2,281,711 (2022: 0) on investments in associates measured under the equity method.

3.7.16 Income tax expense

Tax expense in profit or loss in EUR	Triglav Group	Zavarovalnica Triglav
			2023	2022	2023	2022
Current tax expense	-14,792,092	-25,148,410	-10,092,384	-20,633,936
Deferred tax expense	9,996,850	28,202,517	3,193,305	28,166,353
TOTAL TAX EXPENSE IN PROFIT OR LOSS	-4,795,242	3,054,107	-6,899,079	7,532,417

Current Financial Overview

Triglav Group

in EUR	2023	2022
Before tax	4,536,173	81,752,210	-49,101,049	3,668,513
Tax	-722,319	-10,636,023	7,403,718	-1,132,642
After tax	3,813,854	71,116,187	-41,697,331	2,535,871
Gains or losses arising from changes in the fair value of equity securities	4,536,173	-220,547,205	38,871,226	-181,675,979
Gains or losses arising from changes in the fair value of debt securities	81,752,210	-10,636,023	71,116,187	-13,591,543
Gains or losses on the valuation of insurance contracts	-49,101,049	7,403,718	-41,697,331	178,590,119
Gains or losses on the valuation of reinsurance contracts	3,668,513	-1,132,642	2,535,871	-6,768,332
Actuarial gains/losses	-1,521,911	525,039	-996,872	1,451,192
Translation differences	0	0	-20,065	0
Other	0	0	-74,181	0
TOTAL OTHER COMPREHENSIVE INCOME	39,333,936	-4,562,227	34,677,463	-60,865,769

Zavarovalnica Triglav

in EUR	2023	2022
Before tax	4,332,776	62,191,263	-37,049,204	4,090,372
Tax	-696,820	-7,515,178	4,919,871	-752,647
After tax	3,635,956	54,676,086	-32,129,333	3,337,725
Gains or losses arising from changes in the fair value of equity securities	4,332,776	-12,621,095	2,398,008	-10,223,007
Gains or losses arising from changes in the fair value of debt securities	62,191,263	-7,515,178	54,676,086	-172,788,949
Gains or losses on the valuation of insurance contracts	-37,049,204	4,919,871	-32,129,333	151,102,512
Gains or losses on the valuation of reinsurance contracts	4,090,372	-752,647	3,337,725	-10,002,491
Actuarial gains/losses	-1,594,009	520,991	-1,090,273	1,419,041
TOTAL OTHER COMPREHENSIVE INCOME	31,971,198	-3,523,783	28,430,161	-42,890,982

In accordance with the Corporate Income Tax Act (ZDDPO-2), the applicable tax rate in Slovenia was 19% in 2023, 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.

Triglav Group Zavarovalnica Triglav

	2023	2022
Accounting profit before tax	134,540,230	140,357,864
Impact of the transition to new accounting standards	-144,566,771	-138,964,872
Accounting profit before tax after transition	-10,026,541	1,392,992
Tax for 2022:
Tax expense at domestic rates applied to profits in the relevant countries	-24,762,510	-26,667,994
Tax effect of adjustments in tax returns for non-taxable income and non-deductible expenses	-1,471,277	7,629,420
Tax expense	-26,233,787	-19,038,574
Tax for 2023:
Accounting profit before tax in 2023	21,060,437	45,561,505
Tax expense at domestic rates applied to profits in the relevant countries for 2023 (only for the companies that have made a profit and without taking into account consolidation adjustments)	-13,000,659	-8,656,686
Tax effect of adjustments in tax returns for non-taxable income and non-deductible expenses, including the effects of the transition to new standards	-1,791,433	-1,435,698
Tax expense	-14,792,092	-10,092,384
Deferred tax expense	9,996,850	3,193,306
Total tax expense	-4,795,242	-6,899,078
Effective tax rate	22.77%	15.14%

The impact of the transition to new accounting standards, which has affected the level of adjustments in the tax return for 2023 amounted to EUR -14,081,800 for the Group and EUR –18,545,121 for the Company. 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 2023 amounted to EUR 8,491,524 (31 December 2022: EUR 482,983) and the Group's current tax liabilities as at 31 December 2023 amounted to EUR 571,555 (31 December 2022: EUR 7,232,517). The Company's current tax assets and liabilities are netted. The Company's current tax assets as at 31 December 2023 amounted to EUR 9,302,529 and its current tax liabilities as at 31 December 2023 amounted to EUR 9,697,471. The Company has no unused tax losses; at the Group level they amounted to EUR 58,940,281 as at 31 December 2023 (compared to EUR 25,026,939 as at 31 December 2022).

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in EUR

31 December 2023

31 December 2022

Carrying amount	Level 1	Level 2	Level 3	Total fair value
ASSETS - MEASURED AT FAIR VALUE
Financial investments at fair value through other comprehensive income	1,672,966,932	313,309,159	1,355,631,285	4,026,488
	1,672,966,932
Debt and other fixed-return securities	1,668,940,444	313,309,159	1,355,631,285	0
	1,668,940,444
Equity securities	4,026,488	0	0	4,026,488
	4,026,488
Financial investments at fair value through profit or loss	740,314,111	592,633,465	32,240,449	115,440,197
	740,314,111
Debt and other fixed-return securities	34,769,923	3,918,016	30,851,907	0
	34,769,923
Equity securities	705,544,188	588,715,449	1,388,542	115,440,197
	705,544,188
Financial investments from financial contracts at fair value through profit or loss	366,826,746	170,115,240	177,124,372	19,587,134
	366,826,746
Debt and other fixed-return securities	214,934,774	37,810,402	177,124,372	0
	214,934,774
Equity securities	151,891,972	132,304,838	0	19,587,134
	151,891,972
ASSETS FOR WHICH FAIR VALUE IS DISCLOSED
Financial investments at amortised cost	229,559,727	25,639,253	210,538,007	0
	236,177,260			245,356,401
Debt and other fixed-return securities	156,334,533	25,321,845	136,803,226	0
	162,125,071			159,342,122
Deposits with banks	65,794,876	18,269	65,467,051	0
	65,485,320			79,176,822
Loans given	6,557,904	299,139	7,651,660	0
	7,950,799			5,902,322
Other financial investments	872,414	0	616,070	0
	616,070			935,135
Financial investments from financial contracts at amortised cost	283,215,425	56,843,688	216,323,532	0
	273,167,220			298,992,759
Debt and other fixed-return securities	283,215,425	56,843,688	216,323,532	0
	273,167,220
Bank deposits	0	0	0	0
	0			20,471,189
Investment property using the cost model	67,953,773	0	0	86,515,708
	86,515,708			85,298,690
Subordinated debt at amortised cost	49,994,402	0	53,087,374	0
	53,087,374			41,978,521

in EUR

31 December 2023

31 December 2022

Carrying amount	Level 1	Level 2	Level 3	Total fair value
ASSETS - MEASURED AT FAIR VALUE
Financial investments at fair value through other comprehensive income	1,094,172,694	215,494,579	876,036,724	2,641,391
	1,143,332,952	256,905,327	883,325,397	3,102,229
Debt and other fixed-return securities	1,091,531,303	215,494,579	876,036,724	0
	1,127,394,658	244,069,262	883,325,397	0
Equity securities	2,641,391	0	0	2,641,391
	2,641,391	15,938,294	12,836,065	0
Financial investments at fair value through profit or loss	651,428,496	516,893,782	20,634,448	113,900,267
	651,428,496	587,499,515	475,801,551	19,362,509
Debt and other fixed-return securities	22,481,910	1,847,463	20,634,448	0
	22,481,910	23,043,218	3,680,709	19,362,509
Equity securities	628,946,586	515,046,319	0	113,900,267
	628,946,586	564,456,297	472,120,842	0
Financial investments from financial contracts at fair value through profit or loss	169,625,986	89,298,067	72,480,834	7,847,086
	169,625,986	131,403,313	55,370,830	72,422,943
	3,609,540	131,403,313	Debt and other fixed-return securities	96,181,144
	23,700,309	72,480,834	0	96,181,144
Equity securities	73,444,843	65,597,757	0	7,847,086
	73,444,843	56,928,180	53,318,640	0
ASSETS FOR WHICH FAIR VALUE IS DISCLOSED
Financial investments at amortised cost	142,843,306	20,840,645	129,203,850	0
	150,044,495	151,767,345	20,127,395	136,311,217
Debt and other fixed-return securities	131,083,304	20,840,645	117,765,696	0
	138,606,341	127,868,471	20,127,395	112,984,054
Deposits with banks	7,212,364	0	7,073,871	0
	7,073,871	19,489,668	0	19,116,835
Loans given	4,547,639	0	4,364,283	0
	4,364,283	4,409,207	0	4,210,329
Financial investments from financial contracts at amortised cost	86,215,285	18,046,757	66,982,354	0
	85,029,111	99,398,021	21,401,058	72,323,790
Investment property using the cost model	43,427,181	0	0	59,495,267
	59,495,267	43,377,173	0	58,524,955
Subordinated debt at amortised cost	49,994,402	0	53,087,374	0
	53,087,374	49,941,796	0	41,978,521

Triglav Group Zavarovalnica Triglav

Financial investments

Financial investments from financial contracts

	As at 1 January 2022	Acquisitions	Disposals	Revaluation of instruments through profit or loss	Revaluation of instruments through other comprehensive income	Reclassification between levels	As at 31 December 2022 = 1 January 2023
in EUR	85,138,950	9,740,264	-3,487,156	7,392,972	-284,516	78,734	98,579,248
	8,614,677	1,328,167	0	258,362	0	1,009,954	11,211,160
	82,198,621	9,667,419	-3,487,156	7,384,759	-325,959	0	95,437,684
	2,883,308	698,623	0	27,609	0	0	3,609,540

	Acquisitions	Revaluation of instruments through profit or loss	Revaluation of instruments through other comprehensive income	Exchange rate differences	As at 31 December 2023
in EUR	19,047,448	2,262,044	-422,254	199	119,466,685
	8,094,848	281,126	0	0	19,587,134
	19,064,412	2,500,186	-460,838	214	116,541,658
	4,269,554	-32,008	0	0	7,847,086

The value of financial investments classified into Level 3 increased in 2023 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 2023, there were no disposals of financial investments classified in Level 3 of the fair value hierarchy either in the Group or the Company. In 2022, 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.

Sensitivity analysis of non-marketable securities

Sensitivity analysis of financial investments classified in Level 3 is disclosed below. The sensitivity analysis shows how much the fair values of these financial investments would increase or decrease in the case of differently applied assumptions that are not based on observable market data. The sensitivity analysis considered a median scenario of value estimates.

in EUR	Triglav Group	Zavarovalnica Triglav
31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022
		Non-marketable assets (Level 3)	139,053,819	109,790,408	124,388,744	99,047,224
Estimated value deviation	-33,756,788/14,202,985	-26,121,887/12,748,545	-30,464,312/12,519,336	-23,899,552/10,599,161

With regard to investments valued using model-based valuation techniques, the value deviation is determined in the

Valuation Process

Valuation process with adjustments made to key assumptions (price of invested capital, growth rate). For non-valued investments, ±15% of the change in investment value is taken into account in calculating the deviation and asymmetric –25 and +10% of the change in investment value for alternative investment funds.

Financial Investments

in EUR

	2023	2022	Reclassification from Level 2 to Level 1	Reclassification from Level 1 to Level 3
Debt and other fixed-return securities	217,059,836	112,772,641	238,129,678	163,179,532
Equity securities	0	0	0	78,671
TOTAL	217,059,836	112,772,641	238,129,678	163,179,532

in EUR

	2023	2022	Reclassification from Level 1 to Level 2	Reclassification from Level 2 to Level 1	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	48,325,659	49,016,213	25,581,794	18,009,471	0
Equity securities	0	0	0	0	1,009,955
TOTAL	48,325,659	49,016,213	25,581,794	18,009,471	1,009,955

Reclassification of Financial Investments of Zavarovalnica Triglav among Levels

in EUR

	2023	2022	Reclassification from Level 1 to Level 2	Reclassification from Level 2 to Level 1
Financial investments	Debt and other fixed-return securities	174,352,425	102,067,457	182,677,420	154,496,899
TOTAL	174,352,425	102,067,457	182,677,420	154,496,899

in EUR

	2023	2022	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	7,667,349	21,044,425	17,365,606	9,844,640
TOTAL	7,667,349	21,044,425	17,365,606	9,844,640

4.3 Government grants

The following are government grants received by the Company in the form of:

reimbursements of labour costs by the state
government grants received as part of aid measures in response to unfavourable developments in the economy (primarily rising energy prices);
incentives for the employment of specific categories of workers;
funds obtained through public tenders, both for co-financing costs and for the purchase of specific assets;

	Triglav Group	Zavarovalnica Triglav	2023	2022	2023	2022
		Reimbursements of labour costs by the state	2,939,619	2,713,394	2,460,583	2,525,437
Government grants received in the framework of aid measures	0	215,909	0	191,008
		Government incentives for the employment of specific categories of workers	231,202	165,222	153,058	158,179
Funds obtained in public tenders for co-financing of costs	163,572	37,007	0	5,337
		Funds obtained in public tenders for the acquisition of assets	145,453	0	140,138	0
		Other government grants	29,970	6,929	0	0
TOTAL	3,509,816	3,138,461	2,753,779	2,879,961

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.

4.4 Related party transactions

Related party transactions are disclosed separately for the Triglav Group and Zavarovalnica Triglav:

transactions with shareholders and shareholder-related companies;
transactions with subsidiaries are disclosed only at Company level and include transactions with entities in which the Company has a dominant influence; at Group level, these transactions are eliminated in the consolidation processes;
transactions with associates in which the Group or the Company have significant influence;
transactions with the management which is represented by the members of the Management Board and the Supervisory Board.

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Triglav Group

Zavarovalnica Triglav

31 Dec 2023

31 Dec 2022

Contingent assets	31 Dec 2023	31 Dec 2022
Uncollected subrogation receivables	62,762,435	59,667,216
Alternative investments	106,998,447	29,683,598
	105,529,254	28,029,100
Contingent receivables	34,067,804	2,963,368
	2,704,509	2,706,002
Assets under management	1,699,308,044	1,389,467,297
Approved undrawn loans	0	0
	1,300,000	1,300,000

Contingent liabilities

Bonds, guarantees and other sureties issued	31 Dec 2023	31 Dec 2022
	168,691,733	156,044,753
	18,533,410	218,509,153
Other contingent liabilities	1,636,870	2,282,607
	0	0

Contingent liabilities by maturity – Triglav Group

	Not defined	Less than 1 year	1-5 years	5-10 years	TOTAL
Bonds, guarantees and other sureties issued	513,361	12,133,619	154,194,550	1,850,203	168,691,733
Other contingent liabilities	1,366,471	270,399	0	0	1,636,870
TOTAL	3,179,832	12,404,018	154,194,550	1,850,203	171,628,603

Bonds, guarantees and other sureties issued

	31 December 2023	31 December 2022			TOTAL
Bonds, guarantees and other sureties issued	513,361	6,241,593	11,778,456	18,533,410
Other contingent liabilities	2,282,607	0	0	2,282,607
TOTAL	4,095,968	6,241,593	11,778,456		22,116,017

Contingent liabilities by maturity – Zavarovalnica Triglav

	Not defined	Less than 1 year	1-5 years	5-10 years	Over 10 years	TOTAL
Bonds, guarantees and other sureties issued	0	88,130,963	66,063,588	1,850,203	0	156,044,753

Contingent liabilities by maturity – Zavarovalnica Triglav

	Not defined	Less than 1 year	1-5 years	5-10 years	Over 10 years	TOTAL
Bonds, guarantees and other sureties issued	0	134,806,473	62,408,020	21,294,659	0	218,509,153

Major legal and arbitration disputes

As at 31 December 2023, the Group and the Company were not a party to any legal dispute that would result in material actual or contingent liabilities.

AI Terminal

Zavarovalnica Triglav

Zavarovalnica Triglav d.d.

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Insurance

Asset Management

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Mission

Vision

Values

Strategic Activities

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Corporate governance of the Triglav Group's subsidiaries

Zavarovalnica Triglav

Corporate Governance

Subsidiaries

Management System

Management of the subsidiaries.

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ICO

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