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Slovenian insurer Triglav says AM Best affirms its rating at 'A', outlook stable

Author Radomir Ralev
Slovenian insurer Triglav says AM Best affirms its rating at 'A', outlook stable Author: Radomir Ralev

LJUBLJANA (Slovenia), October 15 (SeeNews) - US-headquartered credit rating agency AM Best affirmed the financial strength rating of both Slovenian insurer Zavarovalnica Triglav [LJE:ZVTG] and its subsidiary, Pozavarovalnica Triglav Re, at 'A' (excellent) and their long-term issuer ratings at 'a', Triglav said.

"Both credit ratings have a stable medium-term outlook, which reflects the agency's expectations that 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.

The rating agency assesses 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 majority holding on the credit rating as neutral, and enterprise risk management as appropriate given the complexity and scope of its operations as well as the Group’s chosen risk profile.

"By affirming the high credit rating of the subsidiary Pozavarovalnica Triglav Re, AM Best highlighted its strategic importance as the reinsurer of all Triglav Group members and its strong integration into the Group," the statement reads.

AM Best also believes that the group's very strong balance sheet is underpinned by its risk-adjusted capitalisation at the highest level. In life insurance, Triglav is reducing its exposure to products with a guaranteed return and has improved its asset and liability management.

Outside Slovenia, the insurer is present in Croatia, Serbia, Bosnia, Montenegro and North Macedonia.

Triglav Osiguranje AD is among the biggest insurers in SEE, for more reference take a look at Top 100 insurers
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