Zavarovalnica Triglav

Investor Presentation • May 31, 2023

Building a Safer Future.

Q1 2023 Results

Investor Presentation

May 2023

• Increased total business volume, sound investment result, stable CSM and favorable CoR confirm robust profitability of our business
• PBT lower on y-o-y due to inflationary pressures, higher claim intensity and effects of methodological decisions (IFRS 17¹)
  -
  -
  -
• ¹With transition to IFRS 17, result is affected by, among others, chosen methodology regarding the recognition of insurance contracts, amount of risk adjustment with

Key Messages

impact on loss of onerous contracts, amount of provisions for major CAT events and approach used for claims handling expenses.

Q1 2023 Results¹ Confirm Resilience of Our Business Model

¹This presentation includes data, based on Triglav Group unaudited performance data in Q1 2023 (with comparable data from corresponding previous period) in compliance with IFRS 9 and IFRS 17. Information does not contain elimination of intercompany transactions except for information on total business volume. Explanations of new financial categories are at the end of this presentation.

4

Attractive & Sustainable Dividend Policy

5

Financial Strength with Solid Capital Position

Disciplined Risk and Capital Management

• Risk of non-finacial companies
• Risk of comapnies from other financial sectors
• Operational risk
• Credit risk
• Market risk
• Underwriting risk

In Q1 2023 no major changes. Further increase of underwriting risk (higher volume of business), decrease of market risk (also due to lower currency risk as result of Croatia adopting euro in early 2023), slightly increased credit risk (higher investments in cash). Risk regarding operations of Triglav health insurance company.

8

Market Position by Adria Region Markets (as at Q1 2023)

In Q1 2023 Profitable Operations in Challenging Business Conditions

Q1 2023:

▪ Growth in business volume

▪ Sound investment result

▪ Increased expenses and claim intensity in Non-life and Health due to inflation

▪ Negative impact of post covid measures to stabilize public health system and wind down of supplementary health insurance Covid surplus reserves

▪ Effects of selected methodological approaches in transition to IFRS 17

PBT from Insurance Affected by Increased Business Volume, Claims Intensity and Inflation

Increased Total Business Volume

* Includes GWP, Insurance income and Other income.

Insurance revenue	(in €; as at Q1 2023; growth y-o-y)		Insurance service expenses	growth y-o-y)	(in €; as at Q1 2023;
Non – life	260.0	+19%	Non – life	211.9	+24%
Life & Pensions	19.4	+4%	Life & Pensions	16.8	+14%
Health	51.7	+2%	Health	51.1	+10%
TOTAL:	331.1	+15%	TOTAL:	279.8	+21%

Stable CSM and Favourable CoR Confirm Robust Profitability of Our Business Model

Claims Experience Under Influence of Higher Frequency & Inflation. No major CAT events.

Insurance Segments	(in €; as at Q1 2023; growth y-o-y)
Non – life¹	141.8	+40%
Life & Pensions	57.5	+3%
Health	53.0	+26%
TOTAL:	252.3	+27%

*Data does not contain elimination of intercompany transactions.

Major CAT loss events in Q1 2023:

Reinsurance claims due to earthquake in Turkey (€2.7 M)

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

¹ Gross claims paid growth under additional influence by number of higher single claims with low self retention for Group

Expenses Under Influence of Inflation

13

Insurance Gross Operating Expenses by Insurance Segments		(in €; as at Q1 2023; growth y-o-y)
	Non – life	69.0	+15%	Insurance gross operating expenses
	Life & Pensions	13.1	+5%	increased predominantly due to higher
	Health	5.6	+25%	acquisition costs and labour costs
TOTAL:		87.6	+14%

High-Quality Investment Portfolio

Asset Allocation¹ Debt Instruments¹

Total as at Q1 2023: € 2,221 M (+1% compare with 2022 YE) Total as at Q1 2023: € 1,859 M (+3% compare with 2022 YE)

¹Assets from united-linked products and financial contracts excluded

Outlook

Planned figures for 2023 have been prepared in accordance with current applicable IFRS.

2023 Outlook:

Planned 2023 PBT may decrease by around 25 - 40% due to loss in Health insurance resulting from Decree of Slovenian Government on setting maximum price of supplemental health insurance premium, adopted in April this year, and uncertainty as to when this type of insurance will be abolished by law.

Triglav Group supports abolition of existing supplemental health insurance system ASAP and is taking all necessary steps to protect interests of its stakeholders, along with dialogue with Slovenian Government and regulator.

Sustainability – our E, S & G

Sustainable development milestones of Triglav Group

Triglav aims to play leading role in integrating best global ESG practices into its operations in Adria region .

Our sustainable ambitions for 2025 are divided into four key areas :

• insurance and AM
• business processes
• stakeholder engagement
• effective CG

More information on our website https://www.triglav.eu/en/

Financial & IR 2023 Calendar

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

Planned date	Type of announcement/IR event
3 Mar 2023	Preliminary key figures 2022
6 Mar 2023	2022 Triglav's Earnings Call (online)
22 Mar 2023	Ljubljana Stock Exchange Webinar: Slovenian Listed Companies Online
31 Mar 2023	Audited annual report for 2022
21 Apr 2023	Convocation Notice of Gen. Meeting of Shareholders on distribution of profit
30 May 2023	Ljubljana Stock Exchange Conference for retail investors: Trade on the Stock Exchange
30 May 2023	Q1 2023 Results & Earnings Call (online)
1 Jun 2023	CEE Investment Opportunities by LJSE & ZSE (Zagreb)
6 Jun 2023	General Meeting of Shareholders and notice of its resolutions
31 Aug 2023	H1 2023 Report & Earnings Call (TBC)
5 Sept 2023	H1 2023 Ljubljana Stock Exchange Webinar: Slovenian Listed Companies Online
24 Oct 2023	Ljubljana Stock Exchange Conference for reatil investors: Trade on Stock Exchange Vol.2
30 Nov 2023	9M 2023 Results & Earnings Call (TBC)
5 Dec 2023	CEE Investment Opportunities by LJSE & ZSE (Ljubljana)

Explanation of New Financial Categories Used in Q1 2023 Presentation

Total business volume. The value includes gross written insurance, coinsurance and reinsurance premiums, other insurance income and other income. The elimination of intercompany transactions is taken into account.

Contractual service margin (CSM). It includes the unearned profit that the Company expects to earn from insurance contracts. It is calculated based on expected future cash flows (inflows and outflows), taking into account the time value of money and risk adjustment.

Combined ratio in non-life and health insurance. The ratio's calculation according to IFRS 17 was changed compared to IFRS 4; see the following formulas for the claims ratio and the expense ratio.

Claims ratio = (insurance expenses (claims, change in FCF, changes in experience correction, loss of oneroues contracts, allocation to onerous contracts) – reinsurance result) / insurance service income.

Expense ratio = (insurance expenses – acquisition costs, other expenses) / insurance service income.

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

For more information please contact: Investor Relations Department

Helena Ulaga Kitek, Head of IR E-mail: investor.relations@triglav.si

Website: www.triglav.eu

Disclaimer

The information, statements or data contained herein 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.