LJUBLJANA (Slovenia), December 3 (SeeNews) – Slovenian insurer Zavarovalnica Triglav [LJE:ZVTG] said on Monday A.M. Best credit rating agency has affirmed the financial strength rating of 'A' (Excellent) and the long-term issuer credit ratings of 'a' (Excellent) of both the holding company and its subsidiary Pozavarovalnica Triglav.
The ratings of both companies have a stable medium-term outlook, Triglav said in a filing to the Ljubljana bourse.
“The affirmation of the high credit rating reflects Triglav Group's strong operating performance, very strong balance sheet and appropriate enterprise risk management,” Triglav quoted the rating agency as saying.
A.M. Best has estimated that the group’s balance sheet strength is underpinned by strong capitalisation, prudent reserving approach and good financial flexibility.
“Its operating performance over the recent years has been assessed as strong, even though it continues to be impacted by the low interest rate environment, the situation in the life insurance segment and intense competitive conditions on the markets.”
A.M. Best pointed out the advantages of the group’s dominant position both in the Slovene market and the region, Triglav said.
Moreover, outside of Slovenia the group continues to demonstrate improvement in earnings, primarily by achieving additional scale and actively seeking alternative lower cost distribution channels, A.M. said, as quoted by Triglav.
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