September 7 (SeeNews) - Standard and Poor's (S&P) has confirmed the “A” long-term credit rating and financial strength rating of the Triglav Group, its parent company Zavarovalnica Triglav and subsidiary Pozavarovalnica Triglav Re, with a stable medium-term outlook, Slovenia's biggest insurer said.
The credit rating is a reflection of the very strong capitalisation of the Triglav Group and its profitable operations on account of its underwriting discipline, effective reinsurance protection, a high level of digitalisation, and benefits from economies of scale and other advantages of its leading market position in the region and Slovenia according to S&P, Triglav said in a Ljubljana bourse filing on Tuesday.
S&P assessed the Triglav Group’s business risk profile as strong, as the group uses its advantages arising from the leading market position in the Slovenian market and the region, its strong brand, well-diversified range of products and services, extensive sales network, and the achieved level of business digitalisation, Triglav said.
According to S&P, the group’s operations are resilient enough to maintain cost-effectiveness and an appropriate pricing policy, increase volume and, on these bases, achieve stable and strong earnings even during high inflation and this year’s normalisation in claims frequency following the end of the COVID-19 pandemic-related restrictions.
With regard to sustainable development (ESG) factors, S&P assesses their impact on credit ratings as neutral, Triglav noted.
S&P assessed the Triglav Group’ financial risk profile as very strong. Furthermore, due to the conservative investment portfolio and the high-quality capital structure, this year’s capital market volatility has not significantly impacted the Group’s financial strength.
The medium-term outlook reflects S&P’s expectations that Triglav will continue to effectively implement its business strategy at least over the next two years, focusing on profitable operations, growth, digitalisation and further diversifying its range of products and income.
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