Triglav Group

Building a Safer Future.

Q1 2022 Results

May 2022

Investor Presentation

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.

Agenda

Appendix

Q1 2022 Performance by Insurance Markets

Q1 2022 Results

Financials & Investments

Q1 2022 Highlights

Good results PBT up by 20% y-o-y, annual profit guidance confirmed. Q1 ²⁰²² performance in challenging business environment with unfavourable situation on financial markets, rising inflation rate and broader consequences of war in Ukraine & EU restrictive measures imposed against Russia and Belarus.

Revised strategy 2022 - 2025 Intense strategic development activities at Group level (further digital transformation, focus on client-centric approach, development of service-oriented business models & ecosystems, development of organizational culture, sustainability goals).

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

TOTAL R EVEN U E PROFIT B EFOR E TAX COMBINED RATIO NON-LIFE&HEALTH

▪ Good performance of AM arm in challenging

▪ Prudent reserving (normalization of reserving in Non-life and Health, lower pressure on reserves for guarantees in Life & Pensions)

87.9% in Q1 2021

€ 38.1M ▪ Underwriting profitability conditions on financial markets Up by 20% y-o-y

87.3%

Lower net claims ratio due to higher net premium income and effects of reserving
Continuous prudency in underwriting

€ 442.9M

Up by 12% y-o-y

GWP	+10%	€407.1
OTHER INSURANCE INCOME	+22%	€16.5M
OTHER INCOME	+81%	€19.4M

Q1 2022 Key Financials

Dividends for 2021 Declared

General Meeting of Shareholders of Zavarovalnica	Triglav
--------------------------------------------------	---------

(More info on www.triglav.eu)

Date of the AGM:	Tuesday, 24 May 2022
Total dividends declared:	€ 84,120,047.60
DPS declared:	€ 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, to establish entitlement for dividends ** Payment directly via KDD-Central Security Clearing Corporation members

0,5

1,5

2,5

3,5

10%

20%

30%

40%

50%

60%

70%

80%

90%

Gross DPS in € Payout

Gross DPS (in €) and Dividend Payout Ratio (% consolidated net profit) in last 10 years

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.

Disciplined Capital Management

Solvency Ratio

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

Q1 2022: Good capital position, within target level of 200–250%

Risk exposure (2021)

Q1 2022: Risk profile does not deviate significantly compared to 2021 YE.

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: 46.7% in Non-life (+0.3 pp y-o-y) 31.8% in Life & Pensions (+0.8 pp y-o-y) 30.1% in Health (+0.1 pp y-o-y)

Others Merkur Modra zavarovalnica Vzajemna Generali Sava Insurance Group Triglav Group

Sustainability – our E, S & G

In 2021 adoption of sustainable (ESG) ambitions by 2025 on 4 main areas:

Insurance & AM
Business processes
Responsible stakeholder engagement
Effective CG

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
Continuation of process of integrating sustainability risks and opportunities into Triglav' business
High level of Group's organisational culture

Share Price Performance

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

Items (in €) 31 Mar 2022 31 Dec 2021 31 Dec 2020 % of free floating stock 31% 31% 31% 31% Closing price 40.4 36.80 30.00 33.30 Market cap (in €M) 918 837 682 757 Items (in €) 31 Mar 2022 31 Mar 2021 31 Mar 2020 BVPS¹ 39.5 38.9 34.1 34.3 EPS¹ 1.5 1.2 1.0 1.1

¹ Consolidated data.

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%

Financial & IR 2022 Calendar

The actual dates and IR activities may differ from above stated.

Planned date	Type of announcement/IR event
25 Jan 2022	Triglav's Capital markets Day 2022 (online)
2 Mar 2022	Preliminary key figures 2021
2 Mar 2022	2021 Preliminary results Earnings Call (online)
23 Mar 2022	Ljubljana Stock Exchange Webcast
31 Mar 2022	Audited annual report for 2021
21 Apr 2022	Convocation Notice of AGM of Shareholders
19 May 2022	Q1 2022 Results
23 May 2022	Q1 2022 Results Earnings Call (online at 10:00 a.m. CET*)
24 May 2022	AGM of Shareholders and notice of its resolutions (decision on dividend)
26 May 2022	CEE Investment Opportunities by LJSE & ZSE (online; Triglav at 9:45 a.m. CET)
8 - 10 Jun 2022	WOOD EME Conference, Prague (TBC)
18 Aug 2022	H1 2022 Report
31 AUG 2022	Ljubljana Stock Exchange Webcast
17 Nov 2022	9M 2022 Results & Earnings Call (TBC)
30 Nov 2022	Investor Day by LJSE & ZSE
5 - 9 Dec 2022	WOOD Winter Wonderland EME Conference, Prague (TBC)

*For more information please contact:

Investor Relations Department, e-mail: [email protected]

Q1 2022 Results Financials & Investments

Q1 2022 Performance at a Glance

			In € million
	Q1 2022	Q1 2021	Q1 2020	Index 2022/2021	Index 2021/2019
Total revenues	442.9	396.0	370.3	112	120
Gross written premium	407.1	371.7	348.9	110	117
Net premium income	283.5	264.7	261.1	107	109
Gross claims paid	196.7	171.3	177.8	115	111
Net claims incurred	185.5	171.2	185.7	108	100
Gross operating costs	83.8	75.8	64.3	111	116
Profit before tax	38.1	31.8	26.4	120	145
Net profit	33.2	26.5	22.4	125	148
Expense ratio NL	26.3%	25.6%
Net claims ratioNL	61.0%	62.3%
Combined ratio NL	87.3%	87.9%
	Q1 2022	2021 YE	Index Q1 2022/2021 YE
Gross insurance technical provisions	3,219.5	3,198.7	101
Total equity	899.4	933.0	96
Number of employees	5,278	5,264	100

Structure of Profit Before Tax of Triglav Group

Consolidated PBT from (in € M):	Non-life	Life & Pen.	Health	TOTAL	Q1 2022 y-o-y
Underwriting activities (1)	21.6	4.7	4.4	30.6	+16%
Investment activities net of investment guarantees (2)	-1.2	2.5	-0.8	0.5	-87%
INSURANCE (1+2) Q1 2022 y-o-y	20.4 -13%	7.2 +78%	3.5 +27%	31.1	+3%
NON-INSURANCE* (3)				7.0	+335%
TOTAL PBT (1+2+3)				38.1	+20%

Influence of reserving, 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.

Strong underwriting profitability. GWP growth.

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

Resilience And Financial Strength

Equity (in €M)

Gross Technical Provisions (in €M)

Prudent reserving. Due to uncertainties related to pandemic, extra prudent reserving in Non-life and Health in Q1 2021. Last year´s practice positively influenced underwriting activities in Q1 2022. In Life & Pensions release of part of reserves for guarantees due to rising interest rates in Q1 2022.