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Slovenian insurer Triglav's H1 cons net profit falls 4% y/y

Author Radomir Ralev
Slovenian insurer Triglav's H1 cons net profit falls 4% y/y Author: Radomir Ralev

LJUBLJANA (Slovenia), August 19 (SeeNews) - Slovenia's biggest insurer Zavarovalnica Triglav [LJE:ZVTG] said its consolidated net profit fell by 4% year-on-year to 45.3 million euro ($45.6 million) in the first half of 2022.

"We estimate that 2022 annual profit will be within the initially planned range; however, it should be recognised that the risks related to the realisation of target annual profit have increased significantly due to negative influences from the business environment," the head of Zavarovalnica Triglav's management board, Andrej Slapar, said in a statement filed with the Ljubljana bourse on Thursday.

The volume of gross written premium rose by 9% to 797.2 million euro, with growth recorded in all insurance segments and all markets of the region where Zavarovalnica Triglav operates, the company said.

Net claims incurred increased by 5% and amounted to 368.9 million euro, while net premium income also went up 5% to 573.3 million euro.

"The half-year results confirm the robustness of our business model and the resilience of our underwriting activities and the Group’s solvency position in the face of a deteriorating economic situation," Slapar noted.

Apart from Slovenia, the insurer is also present in Croatia, Serbia, Bosnia, Montenegro and North Macedonia

($ = 0.99246 euro)

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