September 30 (SeeNews) - US-headquartered credit rating agency AM Best re-affirmed the Financial Strength Rating of 'A' (Excellent) and the Long-Term Issuer Credit Ratings of 'a' (Excellent) óf Slovenian insurer Zavarovalnica Triglav [LJE:ZVTG] and its subsidiary, Pozavarovalnica Triglav Re, Triglav said.
"Both credit ratings have a stable medium-term outlook, which reflects the agency's expectations that the Triglav Group will maintain strong operating performance in the medium term, a very strong balance sheet and its dominant market position in Slovenia and the broader region," AM Best said, as quoted in a statement by Triglav with the Ljubljana bourse on Thursday.
AM Best rated all individual elements of the overall credit rating as high as the year before and substantiated them in a similar way, Trigav said.
"The Triglav Group’s balance sheet strength was assessed as very strong and its operating performance as strong, the impact of both the business profile and the state’s majority holding on the credit rating as neutral, and enterprise risk management as appropriate given the scope of its operations as well as the Group’s chosen risk profile," the statement reads.
The assessment of a very strong balance sheet is based on the Group’s risk-adjusted capitalisation, which is at its strongest level, its prudent reserving approach and good financial flexibility with access to equity and bond markets. Furthermore, in its life insurance portfolio, the Group has been constantly reducing its exposure to products with a guaranteed return in recent years, AM Best said, according to Triglav.
Outside Slovenia, the insurer is present in Croatia, Serbia, Bosnia, Montenegro and North Macedonia.
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