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Zavarovalnica Triglav
Earnings Release • Apr 2, 2024
1989_rns_2024-04-02_2bd878ef-791f-4bed-aed6-cd26d83afc61.pdf
Earnings Release
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Building a Safer Future
Triglav Group 2023 Results
Investor Presentation
triglav.eu March 2024
Disclaimer
Information in this presentation is based on the unaudited financial statements prepared in accordance with the new IFRS 9 and IFRS 17 standards effective from 1 January 2023. The data for the comparative periods were adjusted to reflect the implementation of the specified new standards from 1 January 2022 onwards.
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.
Agenda
2023 Results
2023 Highlights
Highlights
Robust financial stability and capitalisation at appropriate levels
In 2024 normalization of Triglav Group's operations in line with strategic guidelines
2023 Key Financials and KPIs
Robust Financial Stability and Strong Capital Base
High ″A″ Credit Ratings/Stable
Triglav Group's standalone credit profile (S&P*):
Business risk profile – strong
Financial risk profile – very strong
Stable and solid reinsurance protection
| Year | Credit rating | Medium-term outlook | Rating Agency | |
|---|---|---|---|---|
| 2023 | 2023 | A | Stable | AM Best S&P Global Ratings* |
| 2016 | 2022 | A | Stable | AM Best S&P Global Ratings |
| 2021 | A | Stable | AM Best S&P Global Ratings |
|
| 2020 | A | Stable | AM Best S&P Global Ratings |
|
| 2019 | A | Stable | AM Best S&P Global Ratings |
|
| 2018 | A | Stable | AM Best S&P Global Ratings |
|
| 2017 | A | Stable | AM Best S&P Global Ratings |
|
| 2016 | A | Stable | AM Best S&P Global Ratings |
|
| 2015 | A- | Positive | AM Best S&P Global Ratings |
|
| 2014 | A- | Positive | AM Best | |
| A- | Stable | S&P Global Ratings | ||
| 2013 | A- | Stable | S&P Global Ratings | |
| A- | Stable | AM Best | ||
| BBB+ | Positive | S&P Global Ratings | ||
| 2012 | A- | Negative | S&P Global | |
| 2011 | A | Negative | S&P Global | |
| 2010 | A | Stable | S&P Global | |
| 2009 | A | Stable | S&P Global | |
| 2008 | 2008 | A | Stable | S&P Global |
In 2023 Dividend Paid in line with Dividend Policy. 7% Dividend Yield.
In 2024 AGM on 4 June 2024 Dividend Proposal: € 1.75
Dividend policy:
Minimum dividend pay-out is set to 50% of consolidated net profit for previous year. Triglav will strive not to reduce its dividend payment below level of previous year.
Dividend policy is subordinated to achieving medium-term sustainable target capital adequacy of Triglav Group.
Leading Market Position in Adria Region
1st rank
2023 Results
Financials & Investments
Results in Line With Mid-Year Estimate
*In 2022 high results from non-insurance due to realised one-off gains on sale of investment property.
**Under IFRS 17 and IFRS 9, 2022 results are significantly lower than under previously applicable IFRS 4 and IAS 39 mainly due to differences in measurement of insurance technical provisions and recognition of effects of revaluation of financial investments. 2022 results in accordance with IFRS 17 are negatively affected by prudential additional reserving due to sharp rise in inflation, whereas – unlike under IFRS 4 – result was not positively affected by effects of release of provisions from past periods.
EBT by Business Segments
Key Performance Indicators
Financial Position Indicators
Growth in Total Business Volume
GWP by Markets
Claims Intensive Year
Segment: Non-Life
Segment: Life & Pensions
Segment: Health
Segment: AM and Other Non-Insurance
Financial Investments
Portfolio (without UL and financial contracts - structure below): €2,207.6M Portfolio (with UL and financial contracts): €3,398.5M Total (with mutual funds): €4,851.4M
Return on Financial Investments of Insurance Portfolios Asset Allocation
| (in €M) | 2023 | 2022 |
|---|---|---|
| Interest income¹ | 35.1 | 26.7 |
| Dividend income | 2.7 | 4.7 |
| Net gains/losses on fin. assets at FVTPL | 9.4 | -11.9 |
| Net gains/losses on fin. assets at AC | 0.0 | 0.0 |
| Net gains/losses on fin. assets at FVOCI | -9.3 | -23.9 |
| Net impairment/reversal of impairment of fin. assets | 2.3 | -7.5 |
| Other investment income/expenses | -2.7 | 0.4 |
| Total return on fin.investments² (a) | -11.6 | |
| Gains/losses and impairments of investments in associates (b) | 0.0 | 1.8 |
| Total (a+b) | 37.4 | -9.7 |
| Return on investment² | 1.8% | -0.4% |
| ¹Calculated using effective interest method |
²Unit-linked life insurance assets excluded
2024 Outlook
2024 Outlook
Continued focus on growth, development activities and improved client-centric approach.
Group expects macroeconomic situation to improve in 2024. Its performance will depend on financial market trend, impact of termination of supplemental health insurance, reinsurance coverage and market potential of its markets.
For more information, please contact
Investor Relations Department Helena Ulaga Kitek, Director of IR Email: [email protected] Website: www.triglav.eu
2024 Financial Calendar
| Planned date¹ | Time¹ | Type of announcement |
|---|---|---|
| Wednesday, 6 March 2024 |
8:30 | Preliminary key figures 2023 |
| Friday, 29 March 2024 | 8:30 | Audited annual report for 2023 |
| Friday, 26 April 2024 | Convocation Notice of General Meeting of Shareholders on distribution of profit |
|
| Wednesday, 22 May 2024 | 8:30 | January – March 2024 Results |
| Tuesday, 4 June 2024 | General Meeting of Shareholders and notice of its resolutions | |
| Thursday, 22 August 2024 | 8:30 | January – June 2024 Interim Report |
| Wednesday, 20 November 2024 |
8:30 | January – September 2024 Results |
¹ Central European Time. Dates and times are provisional and are subject to change.
Triglav is the highest mountain in Slovenia and the highest peak of the Julian Alps (2,864 meters/9,396 ft)