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Zavarovalnica Triglav
Investor Presentation • Aug 21, 2025
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Investor Presentation
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Building a Safer Future
Triglav Group H1 2025 Results
Investor Presentation
triglav.eu August 2025
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 here in 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.
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H1 2025 Results 2
1 H1 2025 Highlights
H1 2025 Highlights
Highlights
▪ 2025 EBT forecast raised: €140–160m (prev. €130–150m) ▪ 2025 TBV expected to be around one-third above target due to new business in Italy.
▪ S&P Global upgraded rating to A+ with stable outlook.
▪ Entered the Italian motor insurance market with partners.
H1 2025 Key Financials and KPIs
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EARNINGS BEFORE TAX
€ 109.6M
- Strong profitability in NL and Life.
- In Health high volatility due to low volume & fast growth.
- Solid profitability in AM (higher fees & volume). Negative effect of adverse conditions in financial markets on segment's proprietary investment
Robust Financial Stability and Strong Capital Base
SLOVENIA
MONTENEGRO
CROATIA
BOSNIA & HERZEGOVINA
SERBIA
NORTH MACEDONIA
43.7% (+2.5 p.p.) Market Share
1st rank
4.6% (+0.0 p.p.) Market Share 8th rank
33.9% (-1.8 p.p.)
Market Share
1st rank
7.7% (-1.3 p.p.)
Market Share
5th rank
8.3% (Q1 2025) Market Share
5th rank
14.1% (Q1 2025) Market Share
3 rd rank
ADRIA REGION Market leader 20.6% Market Share (2024 YE)
Leading Market Position in Adria Region
By Segments:
Non-life 48.9%
Health 34.0%
Life 30.7%
*Data as of H1 2025
H1 2025 Results
Strong EBT Growth
EBT Bridge
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| (in €M) | |||
|---|---|---|---|
| -8.3 | -0.3 | -3.3 | 109.6 |
| Net other insurance revenue and expenses |
Net investment result |
Result from non-insurance operations |
EBT H1 2025 |
Strong Key Performance Indicators
Strong Financial Position Indicators
Robust financial stability and adequate capitalisation. AUM affected by adverse conditions in financial markets.
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High Growth in Total Business Volume
TBV growth in all segments.
© Triglav Group: H1 2025 Results Investor Presentation _ August 2025
Triglav Markets
Improved profitability across all insurance markets. Increased share of TBV from outside Slovenia in line with strategic goals.
Well Balanced GWP Structure
Structure by GWP non-consolidated, RE not included
Further diversification and internationalization of business.
Q1 2023 Q1 2024 Q1 2023 Q1 2024 By Segments (consol.) By Markets (consol.) By Type of Clients By Sales Channels 52% Adria region without Slovenia Int. Insurance & RE 58% 21% 22% H1 2024 H1 2025 79% 21% Own network External 77% 23% H1 2024 H1 2025 49% 51% Corporate clients Retail clients 44% 56% H1 2024 H1 2025
© Triglav Group: H1 2025 Results Investor Presentation _ August 2025
Incurred Claims
In H1 2024, part of flood-related claims reserves from 2023 were released (mostly reinsured, so no P&L impact in 2024); in H1 2025, reserves increased due to portfolio growth and higher claims activity.
Financial Investments of Insurance Portfolios
Portfolio structure (Insurance portfolios, Unit-linked portfolios and Assets from financial contracts)
| Instruments (in €M) | 31 Jun 2025 |
31 Dec 2024 |
Index |
|---|---|---|---|
| Investment property | 69.5 | 70.4 | 99 |
| Investments in associates and joint ventures |
38.0 | 55.6 | 68 |
| Shares and other variable-income securities |
238.4 | 200.7 | 119 |
| Debt and other fixed-income securities |
2,056.6 | 2,092.6 | 98 |
| Loans given | 12.0 | 6.6 | 182 |
| Bank deposits | 62.2 | 60.8 | 102 |
| Other financial instruments | 1.5 | 0.9 | 162 |
| Total (1) | 2,478.2 | 2,487.7 | 100 |
| Unit-linked life insurance contract investments (2) |
670.8 | 678.9 | 99 |
| Financial investments from financial contracts (3) |
745.2 | 739.5 | 101 |
| Total (1+2+3) | 3,894.2 | 3,906.1 | 100 |
Return on financial investments
(Unit-linked assets excluded)
| Return on financial investments (in €M) | H1 2025 | H1 2024 |
|---|---|---|
| Interest income* | 26.4 | 21.8 |
| Dividend income | 1.3 | 0.9 |
| Net gains/losses on financial assets at FVTPL | 1.8 | 4.4 |
| Net gains/losses on financial assets at AC | 0.0 | 0.0 |
| Net gains/losses on financial assets at FVOCI | 0.1 | -1.8 |
| Net impairment/reversal of impairment of financial assets | 0.2 | -0.2 |
| Other investment income/expenses | -0.6 | 0.1 |
| Total return on financial investments (1) | 29.2 | 25.1 |
| Gains/losses and impairments ofinvestments in associates (2) | 2.7 | 6.3 |
| Total (1+2) | 31.9 | 31.4 |
| Rate of return on investment | 2.7% | 3.0% |
| *Calculated using effective interest method |
High Quality Investment Portfolio
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Development of CSM
Segment: Non-Life
Strong 36% YoY EBT growth, driven by excellent insurance operating performance. Investment result remained at last year's level.
Segment: Life
Strong premium growth in UL life insurance (single premium and successful sales through banks and agencies). Premium growth across most markets. €9.4M Insurance result and €4.9M investment result.
Segment: Health
Expected volatility in business performance of Health due to low business volume and high growth rates.
Segment: Asset Management
Solid profitability (higher fees & volume) despite negative effect of adverse conditions in financial markets on segment's proprietary investment results.
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H1 2025 Performance at a Glance
| P&L Highlights (in €M) | H1 2025 | H1 2024 | Index | Financial position indicators (in €M) | 30 Jun 2025 | 31 Dec 2024 | Index |
|---|---|---|---|---|---|---|---|
| Total business volume (1+2) | 1,065.3 | 906.1 | 118 | Balance sheet total | 4,636.3 | 4,538.3 | 102 |
| Equity | 1,023.5 | 989.0 | 103 | ||||
| Gross written premium (1) | 1,022.6 | 867.8 | 118 | Asset under management (AUM) | 5,868.9 | 5,893.8 | 100 |
| Other income (2) | 42.7 | 38.3 | 111 | Contractual service margin (CSM) | 287.5 | 286.8 | 100 |
| Insurance operating result (a) | 85.8 | 62.1 | 138 | Number of employees | 5,144 | 5,204 | 99 |
| Insurance revenue | 699.1 | 604.5 | 116 | Number of employees FTE | 5,032 | 5,088 | 99 |
| Claims incurred | 369.6 | 287.3 | 129 | ||||
| Acquisition & admin.costs incl. non-attributable items |
189.8 | 176.1 | 108 | ||||
| Net reinsurance service result | -45.5 | -78.8 | 58 | Key performance indicators | H1 2025 | H1 2024 | Change |
| Net other insurance income/expenses | -8.5 | -0.2 | ROE annualized | 19.2% | 17.3% | 1.8 p.p. |
|
| Net Investment result (b) | 20.5 | 20.8 | 98 | Combined ratio NL & Health | 88.2% | 90.6% | -2.4 p.p. |
| Result from non-insurance operations (c) | 3.3 | 6.6 | 50 | Claims ratio NL & Health | 61.7% | 63.4% | -1.7 p.p. |
| Earnings before tax (a+b+c) | 109.6 | 89.5 | 122 | Expense ratio NL & Health | 26.5% | 27.3% | -0.7 p.p. |
| 91.4 | 75.4 | 121 | Non-Life: Combined ratio | 87.2% | 90.3% | -3.1 p.p. | |
| Net earnings | Health: Combined ratio | 114.8% | 99.6% | 15.2 p.p. | |||
| Other comprehensive income | 6.6 | 3.8 | 173 | Life: New business margin (NBM) | 12.2% | 14.1% | -1.8 p.p. |
Outlook
2025 Outlook
2025 profit guidance raised: €140–160m (prev. €130–150m)
Triglav Group Strategy until 2030
Strategic
ambitions
Mission We are building a safer future
We are customer centric We help our partners to grow We foster development of our employees We are profitable, stable and safe investment
Vision We are international insurancefinancial group
- Triglav is leading insurance-financial group in Adria region - we reinforce our leading position in the region.
- We are international - we are strengthening our identity and visibility as international group. Together, regional and international markets will outweigh revenues from Slovenian market.
Profitable operations creating value for shareholders. By 2030 Triglav Group EBT will reach € 250-300 M. Best customer experience. Innovative, accessible and simple solutions, reflecting customer needs and expectations. Agile and efficient organisation. Simplified processes supported by digital technologies. Attract and retain the best talent. High-performance organisational culture.
Values Responsiveness, simplicity and reliability are reflected every day in our work.
Above-average growth in markets outside Slovenia. Internationalization & diversification of profit streams. Ambitious growth of business volume and AUM. By organic growth and emerging M&A opportunities.
Strategic
ambitions
Investor Relations
Helena Ulaga Kitek, Director of IR Nika Kikovič, Specialist Officer Email: [email protected] Website: www.triglav.eu
For more information, please contact
Triglav Group Annual Report 2024
2025 Financial Calendar
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| Planned date¹ | Time¹ | Type of announcement |
|---|---|---|
| Thursday, 6 March 2025 | 8:30 | Preliminary key figures 2024 |
| Monday, 31 March 2025 | 8:30 | Audited annual report for 2024 |
| Thursday, 24 April 2025 | Convocation Notice of General Meeting of Shareholders on distribution of profit |
|
| Wednesday, 21 May 2025 | 8:30 | January – March 2025 Results |
| Tuesday, 3 June 2025 | General Meeting of Shareholders and notice of its resolutions | |
| Wednesday, 20 August 2025 | 8:30 | January – June 2025 Interim Report |
| Wednesday, 19 November 2025 | 8:30 | January – September 2025 Results |
¹ Central European Time. Dates and times are provisional and are subject to change.