Zavarovalnica Triglav

Investor Presentation • Apr 1, 2022

Triglav Group

Building a Safer Future.

2021 Results

31 March 2022

Investor Presentation

Agenda

2022 Outlook Strategy Update 2022- 2025

2021 Results

Financials & Investments

2021 Highlights

2021 Highlights

In 2021 Record Results and Increased Volume of Business

▪ Strong underwriting profitability of Non-life

▪ Less reserve build-ups in Life & Pensions ▪ Continuousnegativeimpact oflowinterestrates ▪ Strong AM business profitability

91.2% in 2020

88.9%

• Lower net claims and expense ratios
• Continuous prudency in underwriting
• Lower frequency of claims
• Positive run-off effect

Up by 46% y-o-y

Agenda: 2021 Highlights/ 2021 Results / Outlook & Strategy

5

Implementation of Strategic Guidelines

2018
Rating A/Stable	Rating A/Stable	Rating A/Stable
ROE 10.8 %	ROE 10.9 %	ROE 8.9 % ¹
CoR NL 91.8 %	CoR NL 91.5 %	CoR NL 91.2 %
GWP +7 % AUM (mutual funds) -10.9%	GWP +11 % AUM (mutual funds) +68%	GWP +4 %
Market leader in Adria region (20.0% m.share)	Market leader in Adria region (19.9% m.share)
% GWP outside SLO 17.9%	% GWP outside SLO 18.1%

¹ Lower due to lower profit, higher retained earnings and increased fair value reserve.

Long-term stable and profitable operations & increased value of Triglav. Client focus and development of related services. Developing even more cooperative and agile organisation and culture.

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:

7

Implementation of Dividend Policy

Gross DPS (in €) and Pay-out Ratio (% consolidated net profit) in last 10 years

0

0,5

1

1,5

2

2,5

3

3,5

4

40%

50%

60%

70%

80%

90%

In 2022* : MB and SB proposal of EUR 3.7 DPS (74% dividend payout). AGM scheduled to take place on 24 May 2022.

In 2021: Triglav met regulator's requirements for dividend payment related to uncertainties in markets due to pandemic. AGM confirmed MB and SB proposal of EUR 1.7 DPS (53% dividend payout).

In 2020: Regulator's call upon insurance companies in Slovenia to suspend payout of dividends.

Disciplined Capital Management

> 250%	Surplus capital adequacy	Possibility of a more aggressive growth of business volume, assessment of potential changes in the 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 and emphasized monitoring of risks
130 - 150%	Warning level of capital adequacy	Implementation of measures to improve capital adequacy
< 130%	Insufficient capital adequacy

Solvency Ratio of Triglav Group

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

Agenda: 2021 Highlights/ 2021 Results / Outlook & Strategy

Disciplined Capital Management

• Risk of other companies
• Risk of companies from other financial sectors
• Operational risk
• Credit risk
• Market risk
• Underwring risk

Risk exposure in line with the defined risk appetite

Agenda: 2021 Highlights/ 2021 Results / Outlook & Strategy

Sustainability – our E, S & G

Sustainability is integrated into our operations and expressed in our mission of building a safer future. We aim to play leading role in our region in integrating the best global ESG practices into our operations.

In 2022:

• Signature of UN PSI and membership of UNEP FI.
• Joined Partnership for Carbon Accounting Financials (PCAF) initiative
• In addition to long-term application of GRI also disclosures according to SASB.

In 2021:

• Adoption of sustainable (ESG) ambitions by 2025.
• Publication of Sustainability aspect of remuneration policy and investment policy (SFDR (EU) 2019/2088).
• Continuation of process of integrating sustainability risks and opportunities into Triglav' business. High level of Group's organisational culture. Upgrade on ESG reporting.

11

Share Price Performance

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

Items (in €)	31 Dec 2021	31 Dec 2020	31 Dec 2019
Closing price	36.80	30.00	33.30
BVPS¹	40.93	38.16	34.73
EPS¹	4.97	3.24	3.69
Market cap (in €M)	837	682	757
% of free floating stock	31%	31%	31%
¹ Consolidated data.

The fourth largest Slovenian listed company and one of the most liquid shares on Ljubljana SE. In 2021 no major changes in shareholder structure.

2021 Results Financials & Investments

13

2021 Performance at a Glance

	In € million
	2021	2020	2019	Index 2021/2020	Index 2021/2019
Total revenues	1,455.1	1,318.4	1,260.9	110	115
Gross written premium	1,353.0	1,233.8	1,184.2	110	114
Net premium income	1,119.8	1,066.8	1,027.6	105	109
Gross claims paid	736.6	697.4	716.7	106	103
Net claims incurred	715.0	683.6	684.1	105	105
Gross operating costs	333.4	306.7	305.3	109	109
Profit before tax	132.6	90.9	100.9	146	131
Net profit	113.0	73.7	83.9	153	135
Gross insurance technical provisions	3,198.7	3,033.2	2,878.9	105	111
Total equity	933.0	870.2	792.0	107	118
Number of employees	5,264	5,316	5,281	99	100
Expense ratio NL	27.5%	28.1%	28.3%
Net claims ratioNL	61.4%	63.1%	63.2%
Combined ratio NL	88.9%	91.2%	91.5%

Structure of 2021 Profit Before Tax of Triglav Group

Consolidated PBT from (in € M):	Non-life	Life & Pen.	Health	TOTAL	2021 y-o-y
						Strong underwriting profitability. Revenue growth. Lower frequency
Underwriting activities (1)	79.7	13.5	7.2	100.4	+31%	of claims. Positive run-off effect.
Investment activities* (2)	17.5	6.2	0.8	24.5	+88%	Less additional provisions in Life & Pensions y-o-y. Lower regular interest income and realized capital gains.
INSURANCE (1+2)	97.2	19.6	8.0	124.9	+40%
2021 y-o-y	+23%	+533%	+9%
AM & OTHER (3)				7.8	+445%	Strong growth of AUM and fees.
TOTAL PBT (1+2+3)				132.6	+46%

* Net of investment guarantees in Life & Pensions

Resilience and Financial Strength

Gross Technical Provisions (in €M) Rating A/Stable (2016 – 2021)

84% of risks retained within own capacities. Prudent reserving.

Total revenue development from 2020 to 2021 (in €M) Total revenue by components

16

Components (in €; growth y-o-y) GWP 1,353.0 (+10%) Other insurance income 48.8 (+19%) Other income 53.3 (+22%) Total revenues 1,455.1 (+10%) Majority from asset management arm. Up by 27% to €30.2M.

Total Revenue Growth in Insurance and AM

GWP Growth In All Insurance Segments

Insurance Segment	GWP (in €; growth y-o-y)
Non – life	904.5	(+12%)
Life & Pensions	250.2	(+8%)
Health	198.3	(+1%)
GWP TOTAL	1,353.0	(+10%)

17

classes except in accident insurance (down by 1% to € 37.8M).

GWP Growth In All Markets

*Inward reinsurance premium and premium written in international market based on principle of free movement of services (FOS).

Agenda: 2021 Highlights/ 2021 Results / Outlook & Strategy

Well Balanced GWP Structure

Well balanced structure of GWP.

Constant upgrading product /service mix.

Omni-channel sales approach.

31.9% (+3.7 pp)

Own sales network 63.8% (+1.2 pp)

Data for 2021, change y-o-y

Agenda: 2021 Highlights/ 2021 Results / Outlook & Strategy

Claims Experience Distorted by COVID-19 Pandemic

Gross Claims Paid Development from 2020 to 2021 (in €M) 2021 Gross Claims Paid

		+6%
697.4	12.4	12.8	13.9	736.6
2020	Non-life	Life & Pensions	Health	2021

Insurance Segment	Gross claims paid (in €; growth y-o-y)
Non – life	393.3	(+3%)
Life & Pensions	185.7	(+7%)
Health	157.6	(+10%)
GWP TOTAL	736.6	(+6%)

Claims continued to be affected by COVID-19 pandemic (lower frequency of claims in some insurance classes, increased volume in others due to last year's disruption in some services).

Not Extreme CAT Loss Events

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

2021 major CAT events (estimated value):

• Frost, storm, hail and flood storms in Slovenia (€ 15.3M),
• Reinsurance claims: Frost, hailstorms and floods in some European countries, China and India (total € 8.2M).

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

Continued Underwriting Discipline

Triglav Group Combined Ratio Non-life & Health (CoR NL & Health) 29.2% 28.8% 29.3% 30.0% 30.3% 30.9% 29.0% 29.3% 28.3% 28.1% 27.5% 61.0% 60.9% 61.7% 66.2% 62.5% 62.0% 64.0% 62.5% 63.2% 63.1% 61.4% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 90.1% 89.6% 91.0% 96.3% 92.8% 92.9% 93.1% 91.8% 91.5% 91.2% 88.9%

Triglav Group Combined Ratio NL & Health by markets

Market share 4 th rank

8.6%

Market share

1 st rank

13.2%

39.0% M O N T E N E G R O Market share 1 st rank (+0.3 pp y-o-y)

*Data for Q3 2021

(0.0 pp y-o-y) (+0.3 pp y-o-y)

Position by Markets

Agenda: 2021 Highlights/ 2021 Results / Outlook & Strategy

24

High-Quality Investment Portfolio

Asset Allocation¹: Debt Instruments¹ by Rating and by Type of Issuer :

Total as at 31 Dec 2021: € 3,049M (+2% y-o-y)

Total as at 31 Dec 2021: € 2,513M (-2% y-o-y)

Corporate 16.8%

¹ Unit-linked insurance contract investments excluded.

2022 Outlook Update on Strategy 2022- 2025

Focus on long term profitability and safety of operations.

Profit before tax (in €M)

Gross written premium (in €M)

Planned figures for 2022 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.

2022 Outlook

Revised Strategy to 2025

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

10%

Agenda: 2021 Highlights/ 2021 Results / Outlook & Strategy

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

Disclaimer

The information, statements or data contained herein has 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.