Zavarovalnica Triglav and Pozavarovalnica Triglav are the core operating entities of the Triglav Group.
The medium-term outlook for both ratings remains stable, Zavarovalnica Triglav said in a bourse filing.
The ratings agency assessed the business risk profile of the Triglav Group as strong, by taking into account particularly the improved situation on the group’s largest market - Slovenia, and its strong competitive position in both Slovenia and the region. The financial risk profile of the group was assessed as very strong, the insurer said.
According to S&P Global Ratings, the Group has a well-diversified investment portfolio supported by an extremely strong capital adequacy. In addition, the rating agency states in its report that the Group has adequate reinsurance protection, Zavarovalnica Triglav said.
"The ratings agency pointed out the notable advantages arising from the consistent strategic guidelines of the Triglav Group. The emphasis on profitability and safety of its operations from the previous strategy period was preserved in the new strategy period, and the Group’s operations stay focused on two business pillars: insurance and asset management," the insurer noted.
The greater strategic importance and development of the latter, which is set out in the new strategy, is most welcome, Triglav said.
"S&P Global Ratings expressed the same positive opinion in respect of the new, particularly development-oriented components of the Group’s operations, which include digitisation, integrated client management, development of new products and sales channels, which have already been assessed as favourable by the rating agency," the company said.
The 'A' credit rating exclusively reflects the group's stand-alone credit risk profile and does not include any uplift from the insurer's status as a government-related entity. The stable medium-term outlook reflects the S&P Global Ratings’ expectations that the Triglav Group will continue to effectively implement its set strategy and sustain high earnings, growth and very strong capital adequacy over the next two years, the Slovenian company said.
Last month, Zavarovalnica Triglav said its first-half consolidated net profit climbed 6% on the year to 36.1 million euro ($43.3 million), on the back of higher returns on investments.
