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Slovenia's Triglav confirms 2019 profit guidance as H1 profit rises

Slovenia's Triglav confirms 2019 profit guidance as H1 profit rises Author: Triglav. License: All rights reserved.

LJUBLJANA (Slovenia), August 21 (SeeNews) – Slovenia's biggest insurer Zavarovalnica Triglav [LJE:ZVTG] said it confirmed its 2019 profit guidance after the first-half unaudited pre-tax profit rose 17% on the year to 41.7 million euro ($33.6 million).

“We are pleased with the results achieved. Taking into account the business conditions anticipated until the end of the year, we confirm our annual profit guidance,” Andrej Slapar, president of the management board of Zavarovalnica Triglav, said in filing to the Ljubljana Stock Exchange late on Tuesday.

The group said in December it expects to make profit before tax of 90 to 100 million euro in 2019, with gross consolidated written premium forecast at 1.1 billion euro.

The group’s consolidated gross written insurance, co-insurance and reinsurance premiums increased 10% on the year to 630 million euro in the January-June period of 2019, Triglav said.

Net premium income rose to 491.8 million euro from 465.9 million euro. Net claims incurred expanded 2% to 330.1 million euro.

Premium growth was recorded in almost all markets of the group.

The average premium growth in the Slovene market was 8% and above the market growth rate of around 10% in non-Slovene markets.

Premium growth was also recorded in all three insurance segments: non-life premiums increased by 10%, in the health insurance segment premiums rose by 21% and in the life and pension insurance segment they increased by less than 1%.

Triglav's shares closed unchanged at 31.9 euro on Tuesday on the LJSE, bourse data showed. The stock didn't trade by 1000 CET on Wednesday.

Triglav Group employed 5,212 at the end of June.

($=0.89097 euro)