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Sep 20, 2023 10:14 EEST
September 20 (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) of Slovenian insurer Zavarovalnica Triglav [LJE:ZVTG] and its subsidiary, Pozavarovalnica Triglav Re, Triglav said.
Both credit ratings have a stable medium-term outlook, AM Best said, as quoted in a statement by Triglav with the Ljubljana bourse last week.
"The agency again assessed Triglav's balance sheet as very strong and its operating performance as strong. The impact of both the business profile and the state's majority holding on the Company's credit rating was assessed as neutral," the insurer said.
Triglav's risk-adjusted capitalisation is at the strongest level, while the group's reserving and good financial flexibility are considered to be prudent. Triglav has steadily reduced its exposure to products with guarantees in its life insurance portfolio in recent years and their impact is also mitigated by increased investment yield, driven by the rise in interest rates, AM Best said, according to Triglav.
"AM Best expects the Triglav Group's full-year results to be impacted by loss in the health insurance segment driven by a price cap on supplemental health insurance in Slovenia and natural catastrophe events (particularly the floods in Slovenia); however, these losses are expected to be within the Group's risk tolerances," Triglav added.
Outside Slovenia, the insurer is present in Croatia, Serbia, Bosnia, Montenegro and North Macedonia.
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