Zavarovalnica Triglav

Investor Presentation • Nov 23, 2022

Building a Safer Future.

9M 2022 Results

Investor Presentation

22 November 2022

Agenda

9M 2022 Results

Financials & Investments

Appendix

9M 2022 Performance by Markets

2023 Outlook

About Triglav Group

9M 2022 Results Financials & Investments

▪ Growth in business volume. Higher frequency and severity of claims.

▪ Negative investment returns due to challenging conditions on financial markets.

▪ Traditionally prudent reserving. Favourable development of claims provisions created in

89.3% in 9M 2021

89.5%

• Effects of higher frequency of claims and inflation compensated by positive run-off of reserves.
• Expense ratio: 27.8% (down by 1.0 pp y-o-y)
• Claims ratio: 61.8% (up by 1.2 pp y-o-y)

Down by 3% y-o-y

9M 2022 Results Confirm Robustness and Resilience of Our Business Model

Profit Guidance for 2022 Confirmed

Profit before tax (in €M)

© Triglav Group Investor Presentation / 9M 2022 Results

Agenda: 9M 2022 Results / 2023 Outlook / Appendix / About Triglav Group

We estimate that 2022 annual profit will be within initially planned range; however, we stress that risks related to realisation of target profit have increased significantly due to negative influences from business environment.

Total revenue development from 9M 2021 to 9M 2022 (in €M)

Components (in €; as at 9M 2022, growth y-o-y)

GWP	1,147.7	(+9%)
Other insurance income	46.1	(+21%)
Other income	47.3	(+35%)
Total revenues	1,241.1	(+10%)

Total Revenue Growth

GWP growth. Realized gains in Group´s realestate portfolios and results of AM (€22.9M of income from AM of mutual funds, up by 6% y-o-y) are major drivers of other income growth.

GWP Growth In All Insurance Segments

GWP development from 9M 2021 to 9M 2022 (in €M) GWP growth by insurance segments

GWP Growth In All Markets

Structure of GWP by markets

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(outside Adria region)

Consistently increasing share of GWP in Adria region outside Slovenia, in 9M 2022 +0.6 pp y-o-y to 19.7%

Agenda: 9M 2022 Results / 2023 Outlook / Appendix / About Triglav Group

© Triglav Group Investor Presentation / 9M 2022 Results

9M 2022 GWP by markets (GWP in €M; GWP growth y-o-y in %)

Well Balanced GWP Structure

Well balanced structure of GWP

Constant upgrading product /service mix

Omni-channel sales approach

Own sales network 64.6% (no Δ)

Data for 9M 2022, change y-o-y

Agenda: 9M 2022 Results / 2023 Outlook / Appendix / About Triglav Group

Leading Insurance /Financial Group in Adria Region

¹ Adria region: Slovenia, Croatia, Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia

Triglav´ s market share by insurance segments:

46.7% in Non-life (+0.4 pp y-o-y) 32.3% in Life & Pensions (+1.7 pp y-o-y) 30.4% in Health (+0.1 pp y-o-y)

Others Merkur Modra zavarovalnica Vzajemna Generali Sava Insurance Group Triglav Group

3

9.3%

Position by Adria Region Markets (as at 9M 2022)

Agenda: 9M 2022 Results / 2023 Outlook / Appendix / About Triglav Group

Claims Experience Under Influence of Higher Frequency & Inflation

Gross Claims Paid Development from 9M 2021 to 9M 2022 (in €M) 9M 2022 Gross Claims Paid

12

Insurance Segment	Gross claims paid (in €; growth y-o-y)
Non – life	333.4 (+23%)
Life & Pensions	138.5 (+1%)
Health	132.1 (+15%)
GWP TOTAL	604.0 (+16%)

Claims experience influenced by GWP growth, end of last year's pandemic-related restrictions, higher prices of materials and services and major CAT loss events.

Major CAT Loss Events

CAT losses in last 12 years (estimated values; in €M; Triglav Re's non-group CAT losses included) Major CAT events in 9M 2022 (estimated values):

• In Slovenia hailstorms in May and June and storm in August (€21.1M). Hailstorms in North Macedonia (€0.4M) and Montenegro (€0.3M).
• Group´s reinsurance claims (€7.6M) due to storms in Great Britain, the Benelux countries and Germany, floods in Australia and South Africa, hailstorms in France, drought in Croatia.

Most frequent Triglav´s CAT loss events are flood, storm, hail and frost.

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^© Triglav Group Investor Presentation / 9M 2022 Results

Continued Underwriting Discipline

Triglav Group Combined Ratio Non-life & Health

Triglav Group Combined Ratio NL & Health by Markets

High-Quality Investment Portfolio

Asset Allocation¹ Debt Instruments¹ by Rating and by Type of Issuer

Total as at 30 Sept 2022: € 2,710M (-11% compare with 2021 YE)

Total as at 30 Sept 2022: € 2,229M (-11% compare with 2021 YE)

¹ Unit-linked insurance contract investments excluded

Corporate; 19.3%

Non-life and Health Investment Portfolios (as at 9M 2022)

Life and Pensions Investment Portfolios (as at 9M 2022; Unit-Linked Investments Excluded)

Resilience And Financial Strength

Equity (in €M, change compared to 2021 YE)

Gross Technical Provisions (in €M; change compared to 2021 YE)

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Prudent reserving. Last year´s practice positively influenced underwriting activities in 9M 2022. In Life & Pensions release of part of shortfall reserves for guarantees due to rising interest rates in 9M 2022.

Total equity decrease relative to 2021 YE primarily due to lower fair value reserve and high dividend payment.

Disciplined Capital and Risk Management, Strong Capital Position

Solvency Ratio

Majority of capital is Tier 1 eligible. Capital management centralised at Group level (capital concentration at parent company).

9M 2022: Capital position within target level of 200–250%

Risk exposure (2021)

In 9M 2022 risk profile does not deviate significantly compared to 2021 YE.

9M 2022 Performance at a Glance

			In € million
	9M 2022	9M 2021	9M 2020	Index 9M 2022/9M 2021	Index 9M 2022/9M 2020
Total revenue	1,241.1	1,129.5	1,030.7	110	120
Gross written premium	1,147.7	1,056.2	960.9	109	119
Net premium income	879.6	827.5	791.1	106	111
Gross claims paid	604.0	521.6	505.0	116	120
Net claims incurred	561.9	528.1	510.6	106	110
Gross operating costs	269.1	245.4	222.3	110	121
Profit before tax	89.2	92.1	62.4	97	143
Net profit	72.1	75.2	50.8	96	142
Expense ratio NL & Health	27.8%	28.8%	27.1%
Net claims ratioNL & Health	61.8%	60.6%	64.3%
Combined ratio NL & Health	89.5%	89.3%	91.4%
	9M 2022	2021 YE	Index 9M 2022/2021 YE
Gross insurance technical provisions	3,199.9	3,198.7	100
Total equity	721.5	933.0	77
Number of employees	5,290	5,264	100

Structure of Profit Before Tax of Triglav Group

Consolidated PBT from (in € M):	Non-life	Life & Pen.	Health	TOTAL	9M 2022 y-o-y
Underwriting activities (1)	64.2	14.0	2.2	80.4	+7%
Investment activities net of investment guarantees (2)	3.6	-6.4	-0.9	-3.7	In 9M 2021 €10.6M
INSURANCE (1+2)	67.8	7.6	1.3	76.8	-10%
9M 2022 y-o-y	+3%	-24%	-86%
NON-INSURANCE (3)				12.5	+91%
TOTAL PBT (1+2+3)				89.2	-3%

• Influence of realised & unrealised investment losses through P&L, impairment of investments mostly compensated by "automatic" investment and LAT releases.
• Realized gains in Group´s real-estate portfolios and results of AM.

Robust underwriting profitability. GWP growth.

2023 Outlook PBT, GWP, CoR

Premium Growth, Favourable CoR ¹

Combined ratio NL & Health

Continued focus on growth, development activities and improved client-centric approach.

© Triglav Group Investor Presentation / 9M 2022 Results

¹ Planned figures for 2023 have been prepared in accordance with current applicable IFRS. Transition effects of IFRS 9/17 not included.

Planned figures for 2023 are based on outlook, expectations about events and circumstances, and forecasts available to the Company at time of drafting plan. Actual results, performance and events may significantly deviate from those taken into account in plan.

Profitable and Safe Operations

Profit before tax (in €M)

¹ 2022: As at 9M 2022 profit guidance confirmed, however risks related to realisation of target profit have increased significantly due to negative influences from business environment.

² 2023: in challenging situation Triglav's planned operations will remain profitable and safe.

Planned figures for 2023 have been prepared in accordance with current applicable IFRS.

Planned figures for 2023 are based on outlook, expectations about events and circumstances, and forecasts available to Company at time of drafting plan. Actual results, performance and events may significantly deviate from those taken into account in plan.

© Triglav Group Investor Presentation / 9M 2022 Results

Appendix

Performance by Insurance Markets

Insurance penetration by Triglav's markets in 2021 (Premium share in GDP)	Correlation between GWP and GDP
---------------------------------------------------------------------------------	---------------------------------

Source: Sigma (Swiss RE), IMF, local regulators

GDP Growth and Low Insurance Density Key Growth Drivers

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Insurance density by Triglav's markets in 2021 (GWP per capita, in €)

EU	SLO	CRO	MN	SER	BiH	NMK
7.4%	5.0%	2.7%	2.0%	1.9%	2.2%	1.6%

NON-LIFE & HEALTH LIFE & PENSIONS

NON-LIFE & HEALTH LIFE

GWP growth in line with market growth. Stable market position. Performance indicators influenced by lose of one big client.

NON-LIFE & HEALTH LIFE

Strong GWP growth in Non-life. Normalization of MTPL sales & distribution.

NON-LIFE & HEALTH LIFE

NON-LIFE & HEALTH LIFE & PENSIONS

31

Agenda: 9M 2022 Results / 2023 Outlook / Appendix / About Triglav Group

NON-LIFE & HEALTH LIFE & PENSIONS

32

About Triglav Group

Profitability Client-centric approach New ways of doing business 2017-2022

2010 - 2017 Profitability Selective expansion

Fast growth in the markets outside Slovenia

2000

Leading position in Slovenia, expansion started

1900

2008 Listing on the Ljubljana SE

Established in Austro-Hungarian Empire as the first Slovenian insurance company founded with domestic capital

1990

Transformation into a public limited company Expansion of business

Triglav Story

2022-2025 Key strategic guidelines unchanged. Outstanding client experince, digital transformation, service-oreiented business models.

Triglav Group

53 companies, parent company founded in 1900

Market leader in Adria region¹ and Slovenia, internationally present through reinsurance & FOS

˃ 5.200 employees

Balance Sheet (9M 2022): € 4.2Bn

Rating A/Stable outlook

Auditor Deloitte

¹ Slovenia, Croatia, Serbia, Bosnia and Herzegovina, Montenegro, North Macedonia

GWP (2021): € 1,353M

• ▪Non-life
• ▪Life
• ▪Pensions
• ▪Health
• ▪Reinsurance

Triglav Group Core business Shareholders

ASSET MANAGEMENT (9M 2022):

Insurance portfolios & own funds: AUM € 2,710M

Investment funds & discretionary mandate assets: AUM € 1,362

ZPIZ (35%) and SDH (28%) predominant shareholders

37% free float

16% international share

≈ 8,200 shareholders

GWP Diversification (9M 2022) High quality investment portfolio (9M ²⁰²²; (Unit-linked ins. contracts excluded)

Strategy Upgraded to 2025

Some development activities in 2022:

-

-

▪ Activities aimed at achieving synergy effects at Group level and strengthening competitive position of each Group member.

▪ Focus on high responsiveness, reliability and transparency in all communication channels with clients. High client satisfaction score (NPS = 76).

▪ Further digital onboarding of clients and incorporation of digital identity into Triglav komplet client loyalty bonus system.

▪ Redesign of existing insurance products and development of new ones (non-life, life and health insurance policies focused on digitalisation, flexibility and accessibility).

▪ In Health upgraded client assistance model and new online portal www.triglavzdravje.si. In AM (mutual funds) conversion-focused website www.triglavskladi.si.

© Triglav Group Investor Presentation / 9M 2022 Results 36

Triglav Financial security

The central point for planning and creating a person's financial security in all their stages of life – from saving to pension, access to (financial, tax) advisers or the use of various payment instruments

Triglav Zdravje (Health) Connecting partners in providing comprehensive healthcare services, which ensure an outstanding client experience in different stages of life.

Triglav Male živali (Pets) For the wellbeing of pets, assistance in their acute health problems and insurance of the owner's personal liability caused by their pet

Triglav Mobilnost (Mobility) The provision of various forms of safe and sustainability-oriented mobility

Triglav Dom (Home)

The ecosystem of assistance services in eliminating damages, access to the services of verified providers and to solutions and systems for assistance and remote monitoring and security of your home

A shared platform

Client data management, provision of security, personalised offering, a loyalty programme, assessment of providers, gamification, joint digital tehnologies (e.g. Image and speech recognitions, AI/ML, bots, geolocation services, AR)

37

Building Triglav´s Ecosystem Platform as One of Development Activities

Strategic Focus on Profitable and Safe Operations

High profit and profitable growth Disciplined capital management

> 250%	Surplus capital adequacy	Possibility of more aggressive growth of business volume, assessment of potential changes in business strategy.
200 - 250%	Target capital adequacy	Regular performance of risk management activities.
150 - 200%	Sub-optimum level of capital adequacy	Analyzing possible medium and long-term measures to improve capital adequacy. Emphasized monitoring of risks.
130 - 150%	Warning level of capital adequacy	Implementation of measures to improve capital adequacy.
Rating A/Stable (2016 – 2022)

Independent insurance group with dominant in Adria region	and market	financial position
Insurance markets internationally through	in Adria reinsurance:	region,	Total revenues € 1.3 B
As at 9M 2022	Market share	Market position
Slovenia	39.3%	st 1
Croatia	5.9%	th 7
Serbia (H1 2022)	7.5%	th 5	ROE
Montenegro	38.4%	st 1	10.8%10.9%
Bosnia and Herz.	9.3%	rd 3	8.9%
North Macedonia	15.6%	nd 2
Adria Region (2021)	21.6%	st 1

Attractive & Sustainable Dividend Policy

Gross DPS in €

In 2020: Regulator's call upon insurance companies in Slovenia to suspend payout of dividends. In 2021: Triglav met regulator's requirements for dividend payment related to uncertainties in markets due to pandemic. In 2022: Several aspects and circumstances of recent years also taken into account.

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

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

Three objectives are followed in a balanced manner:

• to ensure prudent capital management of Triglav Group and its financial stability,
• to reinvest net profit in the implementation of the strategy of growth and development of Triglav Group and
• to pay out attractive dividends to the shareholders.

Sustainability – our E, S & G

Triglav aims to play the leading role in integrating the best global ESG practices into its operations in Adria region.

Our sustainable (ESG) ambitions for 2025 are divided into four key areas:

• insurance and AM
• business processes
• responsible stakeholder engagement
• effective CG

More information available on our website (2021 Sustainable business report https://www.triglav.eu/en/sustainable-development/sustainable-business)

In 2022 continuation of process of integrating sustainability risks and opportunities into Triglav' business (e.g. a further increase in sustainable fixedincome investments in Group's investment portfolio) and participation in several international initiatives in the field of sustainable development and disclosure (UN PSI, UNEP FI, PCAF, CDP).

Sustainable (ESG) ambitions of Triglav Memberships and ESG disclosure standards

Disclaimer

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

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

For more information please contact: Investor Relations Department Helena Ulaga Kitek, Head of IR

E-mail: investor.relations@triglav.si

Website: www.triglav.eu