LJUBLJANA (Slovenia), December 20 (SeeNews) – Slovenia's biggest insurer, Zavarovalnica Triglav [LJE:ZVTG], said on Friday it plans to generate a consolidated pre-tax profit of 95 to 105 million euro ($106 million - 117 million) in 2020, up from 90-100 million euro expected in 2019.
The group expects written premiums of over 1.2 billion euro next year, up from 1.1 billion projected in 2019, Triglav said in a Ljubljana bourse filing.
The combined ratio of the group is projected below 95%, Triglav added.
"We assessed that the insurance markets in the region will continue to grow next year, however we expect the situation to be somewhat more challenging due to the slight deterioration in economic growth outlook. We also expect that the historic low interest rate environment will continue," Andrej Slapar, president of the management board of Zavarovalnica Triglav, said. "This has been duly taken into account in our plans, as has the consistency of the implementation of our planned development activities in 2020."
The group also said it will operate under difficult conditions, the insurance business will be dominated by the effects of fierce competition, whilst the investment business will be affected by the unfavourable financial environment.
On Thursday, Zavarovalnica Triglav said asset management company Triglav Skladi, a Triglav Group member, is merging into itself its local subsidiary ALTA Skladi.
Through the acquisition, Triglav Skladi increased the volume of assets under management in mutual funds by 40% to 1.0 billion euro, Triglav said in a Ljubljana bourse filing.
($=0.89882 euro)
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