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Sep 13, 2023 13:19 EEST
September 13 (SeeNews) - Standard and Poor's (S&P) has confirmed the “A” 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.
Triglav's key strength is its leading market position in the region and Slovenia, with a well-diversified insurance portfolio enhanced by a large agency network and strong brand recognition, while its strong capitalisation is supported by underwriting discipline and sound reinsurance protection that limits the group's natural catastrophe losses, Triglav said in a Ljubljana bourse filing on Tuesday.
The business risk of Triglav was assessed as strong and its financial risk profile as very strong by S&P, Triglav said.
According to S&P, the sudden price cap on supplemental health insurance in Slovenia and extreme natural catastrophes in the region will have negative effects on the group's results this year, but since they are considered one-off, it is expected that the results will improve next year mainly due to a strong recovery in non-life insurance and continued stable operations in life insurance and asset management.
The medium-term outlook reflects S&P's expectations that at least over the next two years the group will continue to effectively implement its business strategy of profitable growth while further diversifying premiums and realised income streams, S&P said.
Despite the increased natural catastrophe claims, discontinuation of its health supplemental business in Slovenia and moderating macroeconomic conditions, the group is expected to maintain capitalisation at least at the "AA" range of S&P's capital model, while effectively improving its performance results.
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