Strategy and Plans of the Triglav Group

• The client-centric approach is at the forefront of the revised Strategy of the Triglav Group for the period to 2022, adopted in December 2018.
• The Triglav Group is developing into a modern, innovative and dynamic insurance/financial group, firmly rooted as the leader both in Slovenia and the wider region.
• Profit earned in 2018 was above the budgeted level.
• In 2019, profit before tax of the Triglav Group is planned between EUR 90 million and EUR 100 million, whilst gross written premium is set to reach approximately EUR 1.1 billion.

In December 2018, the Triglav Group adopted the revised strategy for the period to 2022 and preserved its existing main elements. The vision remained client-centric and the values of the Group were updated. According to this clear vision a path was set out for Triglav to become a modern, innovative and dynamic insurance/financial group, which will firmly remain the leader both in Slovenia and the wider region. 

Strategic objectives

Strategic objectives were classified into four balanced scorecard strategy levels:

Financial operations	Clients
Profitable operations Growth in the volume of operations (in terms of written premium, the Triglav Group remains the largest insurance company in South-East Europe) Maintaining the “A” credit ratings Capital adequacy and optimal capital allocation by segment/subsidiary of the Group Comprehensive risk management	Comprehensive and responsible client relationship management and omni-channel communication with clients Satisfied and loyal clients Growth in the number of active clients, their understanding of the Group’s services and higher insurance coverage of individual clients Insurance products with a high degree of related services New business models
Processes and organisation	Employees, competences and learning
A high degree of automation, optimisation and cost-effectiveness of business processes Digital business Developed multi-matrix organisation and business productivity growth Efficient use of data (internal and external) so as to make the right business decisions Innovation Exploitation of synergies within the Group	Redesigned organisational culture An appropriate number, structure and commitment of employees to renewed and optimised processes Adequate competences and digital skills of employees Stability and appropriate structure of key promising employees Employee mobility

Implementation of the Triglav Group Strategy 2018

The set strategy and strategic guidelines were effectively implemented, while continuing to pursue the planned activities. The activities, tasks, projects and processes were undertaken within the framework of the following five strategic guidelines: (1) profitable operations and greater value of the Triglav Group, (2) efficient asset management, (3) comprehensive client relationships, (4) business transformation and (5) development of a modern culture and engaged employees. The implementation of the strategy was periodically checked. Activities were dynamically adapted to the changes in both the internal and external environment, as provided for by the latest strategic management guidelines. 

Profitable operations and greater value of the Triglav Group	The Triglav Group generated a profit before tax of EUR 97.5 million in 2018. An increase in the volume of operations in all insurance business segments of the Group. The strengthening of the core activities (insurance and asset management), the market position, the shares in the existing markets, as well as seeking and exploiting opportunities in new target markets. The “A” rating was retained; the market value of the parent company was increased, while financial stability and capital adequacy were maintained.  Building new partnerships and establishing active cooperation with start-ups and accelerators.  The implementation of numerous activities with the aim of achieving synergies at the Group level and improving the competitive position of each individual subsidiary of the Group. Achieving cost optimisation and ensuring an effective risk management system.
Efficient asset management	The strengthening of asset management as a core business activity of the Group, while implementing its development vision.  The upgrade of the implementation process and IT support so as to ensure more effective management of capital and assets and liabilities at the Group level. Continued gradual centralisation of asset management at the Group level and its cost effectiveness.  The development of the regional platform for alternative investments (Trigal), while upgrading the processes for investing in alternative investments.
Comprehensive client relationships	The adaptation of management and development of all business segments of the Group (non-life, life, health and pension insurance, reinsurance and asset management) to market needs and technological capabilities. Further development of the online and mobile sales as well as other alternative sales channels, with the aim of taking advantage of the technological potential and strengthening (long-term) client relationships. Making improvements to client satisfaction and loyalty measurement, while conducting in-depth analyses of clients and their expectations.  The upgrade of the existing range and the development of new, more flexible and understandable products. Further upgrade of products with assistance services which improve user experience. The introduction of paperless, mobile and simple business operations with clients and partners as well as business process digitalisation so as to facilitate day-to-day operations and work.  The transfer of business solutions and best practices adapted to the specificities of each market and client focused to the Group members. The development of business models for the digital entry of the Group to the selected new target markets.
Business transformation	The implementation of numerous business transformation activities by changing the existing methods and implementing the latest best practices. Continued development of the central business data warehouse at the Group level, with a view to ensuring maximum transparency of operations and utilising information for making more effective operational and strategic decisions.  The development and upgrade of business processes aimed at achieving paperless operations, faster data processing, and a higher level of standardisation and automation of procedures and processes.  The centralisation and unification of IT support so as to achieve the desired level of its maturity (technical, management, security). The development of efficient and coherent functions at the Group level by setting minimum and expected business standards as well as by transferring proven business practices.
Development of a modern culture and engaged employees	The implementation of a number of activities to promote the Group’s values and achieve the target organisational culture within the Group. The development of own model of employee skills (competences) aimed at improving the established management-by-objectives system as the key management tool. The implementation of the coaching system for seeking and strengthening employees’ natural talents.  Dissemination of employee knowledge and experiences and their adaptation to both the existing and future needs of the environment as well as to trends. The development of the existing key posts and those that will be established in the near future (new business models, the increasingly digitised environment).  The promotion of intergenerational cooperation and diversity, consideration of employees’ needs and wishes, and increasing the awareness of a healthy lifestyle and work practices.

Financial highlights of the Triglav Group business plan for 2019 (in EUR million)

				in EUR million
	2016	2017	2018	2019 plan
Profit/loss before tax	95.1	84.4	97.5	90–100
Gross written premiums from insurance, co-insurance and reinsurance contracts	936.0	999.9	1,068.4	around 1,100
Combined ratio	92.9%	93.1%	91.8%	around 95%

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