Business News

Insurer Triglav's net profit up 1% in first nine months

Ljubljana, 14 November (STA) - Zavarovalnica Triglav, Slovenia's largest insurer, posted group net profit of EUR 59.1 million for January-September, a 1% year-on-year increase. Gross written premiums rose by a tenth to EUR 905.5 million, the company said on Thursday.

Premium growth was recorded in all three insurance segments and in most group markets, with non-life insurance premiums up by 11% and health insurance premiums rising by 22%. Life and pension insurance premiums grew by a more modest 2%.

While premiums continued to grow, claims payouts remained constrained, rising by just 2% year-on-year to EUR 505.5 million.

The combined ratio of the group, a key insurance industry benchmark, was at 91.3%, slightly down from 92.4% in the same period last year.

The group's financial investments totalled EUR 3.3 billion, up 6%, with debt securities, which are mostly invested in the euro area, accounting for 73.1% of the total.

At group level Triglav managed assets of EUR 1.05 billion, of which EUR 976 million in mutual funds and EUR 78 million in discretionary mandate assets.

The total assets of the group's clients were 61% higher than at the end of 2018, largely due to the impact of this year's acquisition of the asset manager Alta Skladi, which has given Triglav a 34% share of the mutual fund market in Slovenia.

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