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Slovenian insurer Zavarovalnica Triglav says S&P affirms it at 'A', outlook stable

Author Radomir Ralev
Slovenian insurer Zavarovalnica Triglav says S&P affirms it at 'A', outlook stable Author: Triglav. License: All rights reserved.

LJUBLJANA (Slovenia), September 15 (SeeNews) - S&P Global Ratings affirmed the 'A' long-term credit rating and financial strength rating with a stable medium-term outlook of Slovenia's Triglav Group, its parent Zavarovalnica Triglav [LJE:ZVTG], and its subsidiary reinsurer Triglav Re, Zavarovalnica Triglav said.

"The high ratings reflect the Group’s very strong capitalisation and its stable, strong earnings, supported by underwriting discipline, sound reinsurance protection and economies of scale and other advantages of its dominant market position in the region and Slovenia," Zavarovalnica Triglav said in a statement on Tuesday.

S&P affirmed the rating on September 13, following a regular annual revision, Zavarovalnica Triglav said.

"The leading position in the Slovenian market enables the Group to implement economies of scale, which it complements with its strong brand, diversified product range and regionally diversified sales network. By maintaining its client-centric approach, the Group ensures profitable operations in both activities, insurance and asset management," the company quoted the S&P as saying.

According to S&P, underwriting discipline was key for the Group’s sound performance in the challenging conditions due to the pandemic in 2020 and the first half of 2021.

Zavarovalnica Triglav's shares closed 1.17% lower at 33.70 euro ($32.90) on Tuesday on the Ljubljana bourse.