Triglav Group

Building a Safer Future.

H1 2022 Results

August 2022

Investor Presentation

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.

Agenda

H1 2022 Results Appendix

Financials & Investments

H1 2022 Highlights

Performance by Insurance Markets

Structure of Investment Portfolios by Insurance Segments

H1 2022 Highlights

TOTAL R EVEN U E			PROFIT B EFOR E TAX	COMBINED RATIO NON-LIFE&HEALTH
€861.2M			€57.5M	89.5%
Up by 11% y-o-y			Up by 2% y-o-y	89.6% in H1 2021
GWP	+9%	€797.2M	▪ Growth in business volume ▪ Negative investment returns due to challenging conditions on financial markets	▪ Improved expense ratio due to higher net premium income and lower expenses for bonuses and discounts
OTHER INSURANCE INCOME	+25%	€32.2M	▪ Traditionally prudent reserving (normalization	▪ Positive runoff
OTHER INCOME	+42%	€31.8M	of reserving in Non-life and Health, lower pressure on reserves for guarantees in Life & Pensions)

89.5%

Improved expense ratio due to higher net premium income and lower expenses for bonuses and discounts
Positive runoff

H1 2022 Key Financials

Growth in business volume and stable business results despite challenging economic situation. H1 2022 profit confirms robustness of our business model and resilience of our underwriting activities and solvency position to deteriorating economic situation.

Disciplined Capital and Risk Management

Solvency Ratio

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

H1 2022: Good capital position, within target level of 200–250%

Risk exposure (2021)

H1 2022: Risk profile does not deviate significantly compared to 2021 YE.

Profit before tax (in €M)

Gross written premium (in €M) Combined ratio NL

Annual Profit Guidance

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.

Consistent Implementation of Strategic Activities

Some development activities in H1 2022:

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

▪ Focus on high responsiveness, reliability and transparency in all communication channels with clients. High

Group member.
client satisfaction score (NPS = 76).

▪ Further digital onboarding of clients (23% increase in number of i.triglav digital office users, surpassing 72,000 users) 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 (establishment of Triglav zdravje asistenca) and new online portal www.triglavzdravje.si. In AM (mutual funds) conversion-focused website www.triglavskladi.si.

Triglav Group upgraded its strategy to 2025 to reflect goals of further growth and development and its client-centric approach. The Group's operations are planned to remain profitable and safe.

2022 AGM of Shareholders

Deloitte appointed as auditor for 2022, 2023 and 2024. Shareholders passed MB and SP dividend proposal:

Total dividends:	€ 84.1M (74% dividend payout)
DPS:	€ 3.7 gross per share
Record date*:	Tuesday, 7 June 2022
Ex dividend date:	Monday, 6 June 2022
Payment date**:	Wednesday, 8 June 2022

*Date of record in register of shareholders ** Payment via KDD-Central Security Clearing Corporation members

Gross DPS (in €) and Dividend Payout Ratio (% consolidated net profit)

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.

2022 AGM of Shareholders (as at 24 May 2022)

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:

46.6% in Non-life (+0.7 pp y-o-y) 32.3% in Life & Pensions (+1.5 pp y-o-y) 30.3% in Health (+0.1 pp y-o-y)

Others Merkur Modra zavarovalnica Vzajemna Generali Sava Insurance Group Triglav Group

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

Share Price Performance

Traded on Ljubljana SE	ISIN code SI0021111651	Ticker ZVTG	Market Maker Intercapital	Bloomberg ZVTG SV	Reuters ZVTG.LJ
------------------------	------------------------	-------------	---------------------------	-------------------	-----------------

+6%	Items (in €)	30 JUn 2022	31 Dec 2021	31 Dec 2020	31 Dec 2019
	% of free floating stock	31%	31%	31%	31%
	Closing price	35.80	36.80	30.00	33.30
-5%	Market cap (in €M)	814	837	682	757
-7%	Items (in €)	30 Jun 2022	30 Jun 2021	30 Jun 2020	30 Jun 2019
	BVPS¹	32.45	38.24	35.73	32.72
	EPS¹	1.99	2.07	1.47	1.53
	¹ Consolidated data.

H1 2022 Results Financials & Investments

Total revenue development from H1 2021 to H1 2022 (in €M)

Components (in €; growth y-o-y)

GWP	797.2 (+9%)
Other insurance income	32.2 (+25%)
Other income	31.8 (+42%)
Total revenues	861.2 (+11%)

Total Revenue Growth

GWP growth. Realized gains in Group´s realestate portfolios and results of AM (€15.1M of income from AM of mutual funds, up by 11% y-o-y).

GWP Growth In All Insurance Segments

GWP development from H1 2021 to H1 2022 (in €M) GWP growth by segments

GWP Growth In All Markets

H1 2022 GWP by markets (GWP in €M; GWP growth y-o-y in %) Structure of GWP by markets

Consistently increasing share of GWP in Adria region outside Slovenia, in H1 2022 +0.6 pp y-o-y to 20.2%.

Agenda: H1 2022 Highlights/ H1 2022 Results / Appendix

Well Balanced GWP Structure

Well balanced structure of GWP

Constant upgrading product /service mix

Omni-channel sales approach

Own sales network 64.9% (-0.1 pp)

Data for H1 2022, change y-o-y

Agenda: H1 2022 Highlights/ H1 2022 Results / Appendix

Claims Experience Under Influence of Higher Frequency & Inflation

Gross Claims Paid Development from H1 2021 to H1 2022 (in €M) H1 2022 Gross Claims Paid

Insurance Segment	Gross claims paid (in €; growth y-o-y)
Non – life	211.3 (+22%)
Life & Pensions	98.8 (+1%)
Health	88.0 (+15%)
GWP TOTAL	398.1 (+15%)

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 H1 2022 (estimated values):

Hailstorms in May and June in Slovenia (€16.6M), North Macedonia (€0.4M) and Montenegro (€0.3M).
Group´s reinsurance claims (€4.3M) due to February storms in Great Britain, the Benelux countries, Germany and April floods in South Africa.

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

Agenda: H1 2022 Highlights/ H1 2022 Results / Appendix

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 Jun 2022: € 2,714M (-11% compare with 2021 YE)

Total as at 30 Jun 2022: € 2,228M (-11% compare with 2021 YE)

¹ Unit-linked insurance contract investments excluded

Corporate; 18.8%

Resilience And Financial Strength

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

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

Prudent reserving. Last year´s practice positively influenced underwriting activities in H1 2022. In Life & Pensions release of part of reserves for guarantees due to rising interest rates in H1 2022.

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

H1 2022 Performance at a Glance

			In € million
	H1 2022	H1 2021	H1 2020	Index 2022/2021	Index 2022/2020
Total revenue	861.2	779.2	717.6	111	120
Gross written premium	797.2	731.1	673.4	109	118
Net premium income	573.3	544.1	523.1	105	110
Gross claims paid	398.1	347.6	330.8	115	120
Net claims incurred	368.9	351.3	338.3	105	109
Gross operating costs	181.6	163.6	148.5	111	122
Profit before tax	57.5	56.2	40.6	102	142
Net profit	45.3	47.0	33.5	96	135
Expense ratio NL	28.4%	29.5%	28.2%
Net claims ratioNL	61.1%	60.1%	64.3%
Combined ratio NL	89.5%	89.6%	92.4%
	H1 2022	2021 YE	Index Q1 2022/2021 YE
Gross insurance technical provisions	3,221.2	3,198.7	101
Total equity	739.9	933.0	79
Number of employees	5,304	5,264	101

Structure of Profit Before Tax of Triglav Group

Consolidated PBT from (in € M):	Non-life	Life & Pen.	Health	TOTAL	H1 2022 y-o-y
Underwriting activities (1)	43.8	8.6	0.8	53.3	+9%
Investment activities net of investment guarantees (2)	-0.5	-3.0	-0.7	-4.1	In H1 2021 €3.9M
INSURANCE (1+2) H1 2022 y-o-y	43.3 +2%	5.7 +13%	0.2 -97%	49.1	-7%
NON-INSURANCE (3)				8.3	+140%
TOTAL PBT (1+2+3)				57.5	+2%

Influence of repricing of reserves in in Life & Pensions, unfavourable situation in financial markets with declining values of bond and equity investments not reflected in P&L on net basis & impairment of Russian bonds.

Robust underwriting profitability. GWP growth.

Realized gains in Group´s real-estate portfolios and results of AM.