Zavarovalnica Triglav

Investor Presentation • Mar 3, 2022

Triglav Group

Building a Safer Future.

2021 Unaudited Results

2 March 2022

Investor Presentation

Agenda

2021 Highlights Outlook 2022

Strategy Update 2022- 2025

2021 Unaudited Results

Financials & Investments

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.

2021 Highlights

5

2021 Unaudited results: Highlights/Financials & Investments/Outlook & Strategy

€ 132.6M

▪ Strong underwriting profitability of Non-life

- and Health

-

▪ 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

© Triglav Group: 2021 Unaudited Results Investor Presentation

Up by 46% y-o-y

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.

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Implementation of Dividend Policy

34%

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

In 2020: Regulator's call upon insurance companies in Slovenia to suspend payout of dividends. Accumulated profit at 2019 YE remained undistributed.

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

Proposal of MB and SB to AGM for distribution of accumulated profit at 2021 YE will be published at end of March 2022.

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.

Sustainability – our E, S & G

Sustainability is integrated into our operations and expressed in our mission of building a safer future. By pursuing sustainable development, Triglav Group is creating long-term stable basis for its profitable and safe operations, promoting transition to sustainable society and reducing its impact on climate change. We aim to play leading role in our region in integrating the best global ESG practices into our operations.

In 2022:

• Signature of UN Principles for Sustainable Insurance (UN PSI) and membership of UN Environment Programme Finance Initiative (UNEP FI).
• Joined Partnership for Carbon Accounting Financials (PCAF) initiative, which aims to ensure that financial industry's policies are in line with Paris Agreement targets.
• In addition to long-term application of Global Reporting Initiative criteria and standard (GRI) also disclosures according to Sustainability Accounting Standards Board (SASB).

In 2021:

• Adoption of sustainable (ESG) ambitions by 2025.
• Publication of Sustainability aspect of remuneration policy and Sustainability aspect of investment policy (In compliance with 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.

2021 Unaudited Results Financials & Investments

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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 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 &
INSURANCE (1+2)	97.2	19.6	8.0	124.9	+40%	Pensions y-o-y. Lower regular interest income and realized capital gains.
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%

© Triglav Group: 2021 Unaudited Results Investor Presentation

* Net of investment guarantees in Life & Pensions

Resilience and Financial Strength

Gross Technical Provisions (in €M)

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84% of risks retained within own capacities. Prudent reserving (provisions by type y-o-y):

• Mathematical provisions up by 4% to €2,055M (increased provisions for unit-linked life insurance contracts by 22% to € 622M),
• Gross claims provisions increased by 8% to €694M,
• Gross unearned premium up by 7% to €370M (in line with movement and duration of GWP and nature of underwritten risks),
• Provisions for bonuses and discounts down by 3% to €27M,
• Other provisions down by 8% to €52M (mainly in Life).

© Triglav Group: 2021 Unaudited Results Investor Presentation

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

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 management of clients´ assets in mutual funds. 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%)

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

GWP Growth In All Markets

2021 GWP by markets (GWP in €M; GWP growth y-o-y in %)

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

Well Balanced GWP Structure

Well balanced structure of GWP.

Constant upgrading product /service mix.

Omni-channel sales approach.

Own sales network 63.8% (+1.2 pp)

Data for 2021, change y-o-y

© Triglav Group: 2021 Unaudited Results Investor Presentation 17

Claims Experience Distorted by COVID-19 Pandemic

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

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

© Triglav Group: 2021 Unaudited Results Investor Presentation

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:

© Triglav Group: 2021 Unaudited Results Investor Presentation

Market share 4 th rank

Market share 1 st rank

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

Position by Markets

© Triglav Group: 2021 Unaudited Results Investor Presentation

High-Quality Investment Portfolio

Asset Allocation (Unit-linked insurance contract investments excluded):

Relatively conservative investment policy.

Asset allocation subject to ALM on portfolio basis and ERM principles. Key objective is to maintain high overall rating of whole investment portfolio.

2021:

No significant changes in portfolio structure compare to 2020 YE. Changed share of bonds and equities in total portfolio predominantly due to rising interest rates in 2021 and growth of equity.

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

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Bond Portfolio

Bond portfolio's investments are globally diversified and of high quality - 91% with investment grade credit rating

Debt instruments by rating and by type of issuer (Unit-linked insurance contract investments data excluded) Total as at 31 Dec 2021: € 2,513M (-2% y-o-y)

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

© Triglav Group: 2021 Unaudited Results Investor Presentation

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%

© Triglav Group: 2021 Unaudited Results Investor Presentation 27

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