The Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2021

Sustainable development at the Triglav Group

  • The Triglav Group's strategic ambitions in sustainable development (ESG) were adopted.
  • Sustainability factors are included into the investment processes of own insurance portfolio with the aim of achieving long-term profitable investments.
  • The Triglav Zeleni fund invests in shares of companies that are among the leaders in corporate social responsibility within their industry.
  • The Group’s organisational culture is more cooperative, inclusive, development-oriented, transparent, open and creative. The progress made is one of the greatest in the region. 
  • The spread of COVID-19 was curbed with a number of measures designed to protect the health of clients and employees, including by working from home and strengthening preventive health activities.
  • By upgrading mobile applications and launching new digital solutions, the Group increased the availability of its services and simplified claim settlement and asset management processes. 
  • The Group started to calculate and monitor its carbon footprint in a more comprehensive manner. As many as 95% of electricity for the parent company was obtained from renewable energy sources.
  • The Triglav Group Code was revised.

The implementation of the Group’s mission was closely linked with its pursuit of sustainability goals, with which the Group is creating a long-term stable basis for its profitable and safe operations, promoting the transition to a sustainable society and reducing its impact on climate change. In 2021, the Group upgraded its sustainability orientation in environmental, social and governance areas and adopted the Triglav Group’s strategic ambitions in sustainable development (ESG).

At Group level, sustainability-related activities are coordinated and directed by the Sustainable Development Coordinator, monitored by the Compliance and Sustainable Development Committee and decided on by the parent company's Management Board.

The ambitions regarding the ESG goals for 2025 are divided into four key areas:

  • Insurance and asset management
  • Triglav Group‘s business processes
  • Responsible stakeholder engagement
  • Effective corporate governance

Zavarovalnica Triglav became a signatory to the United Nations Principles for Sustainable Insurance (UN PSI) in February 2021, and thereby a member of the global community of banks, insurers and investors joining the United Nations Environment Programme Finance Initiative (UNEP FI). In addition, the Company joined the Partnership for Carbon Accounting Financials (PCAF). The PCAF’s mission is to enable financial institutions to measure the climate impact of their loans and investments. It also established a working group that is developing a methodology to measure insurance-related GHG emissions.

Importance of content for stakeholders and the Triglav Group

Key stakeholders are always involved in determining the content and scope of non-financial disclosures. The procedure of analysing stakeholders and the materiality of content for them was repeated in 2021. The result of the analysis and the scope of key ESG topics can be seen from the updated double materiality matrix.

Presentation of key ESG factors and main SDGs at the Triglav Group



Main SDGs 

Environmental aspect (E)

  • Energy consumption and carbon footprint
  • Paperless operations
  • Activities for a cleaner environment
  • Environmental responsibility with insurance products
  • Waste 

GRI GS 302, 305, 306, G4 FS8

SASB: FN-IN-410b.1, FN-IN-410b.2

  • More comprehensive carbon footprint monitoring within the Triglav Group. Carbon footprint per employee was 2.09 tCO2 (Scopes 1 and 2).
  • Electric vehicles account for 18% of Zavarovalnica Triglav's vehicle fleet. Employees may use company bikes and electric scooters.
  • Promoting the use of less packaging and consistent waste separation. 
  • Reduced average daily paper consumption per employee at the Triglav Group from 45 paper sheets in 2020 to 14 paper sheets per day in 2021.
  • Responsive and streamlined mass claim management using mobile applications and mobile appraisal units in the field at the time of natural disasters.
  • A free Triglav Vreme (Triglav Weather) mobile application for weather alerts.
  • Support for projects such as City as a Lab, which establishes and develops modern and environmentally friendly forms of mobility, and the Sustainable Mobility project.
  • Paperless operations at Triglav Lab. Reducing the number and scope of issues and focusing on digital forms in the preparation of marketing materials (brochures, leaflets, folders, operational printed material, etc.). 
  • Selection and purchase of products made of environmentally friendly materials for promotional purposes. 
  • A stimulative premium policy for less intensive animal production, which is more environmentally friendly.
  • Strengthening digital communication with clients.
  • Promoting a low-carbon society by providing insurance solutions that support renewable energy sources and energy efficiency (solar power plant insurance).
  • Reducing the pollution of mountains and raising awareness of responsible hiking in the hills/mountains and waste management in the mountains in the context of the Let’s Clean the Mountains drive. 
  • Promotion of mountain pasture by providing insurance of livestock during grazing on mountain pastures, which helps to preserve mountain ecosystems.


Social aspect (S)

  • Preventive activities aimed at reducing risks in the social environment 
  • Responsibility to clients
  • Employee safety, health and satisfaction
  • Responsibility to suppliers and contractors
  • Investing in the local community and supporting sports, culture, education and health
  • Diversity and equal opportunity

GRI GS 203, 204, 401–405, 413, 414, 417, 418, G4 FS7, FS13, FS14 

SASB: FN-IN-270a.4, FN-AC-270a.3

  • 140 speed display signs and light signalling systems installed on dangerous road and railway sections, co-financed by Zavarovalnica Triglav. 
  • The DRAJV application and driving simulator to promote safe driving.
  • Global client assistance 24/7, free mobile applications for claim reporting and ordering assistance services. Alternative sales channels such as the sale of insurance products via banks and leasing companies.
  • Promotion of investing in pension funds, health insurance and health systems.
  • Points of sale equipped with aids for partially sighted and hard of hearing, most points of sale also provide independent access to people with different types of disabilities.
  • Microhealth insurance that facilitates access to medical advice and a comprehensive range of health and life insurance services and products.
  • Improved net promoter score (NPS).
  • The Young Hopes project to support young talented athletes and artists.
  • Improved organisational climate.
  • A total of 1,600 motorcyclists attended safe driving workshops at the AMZS Safe Driving Centre in Vransko over eight years. Two free workshops were held in 2021. Planned employee training. Gaining knowledge about information security, personal data protection and the prevention of money laundering and terrorist financing through online training.
  • The women employees to total employees ratio at the Group is 53.9%. Equal remuneration of employees for equal work regardless of gender.
  • Full Family-Friendly Enterprise Certificate at Zavarovalnica Triglav.
  • Active identification, reduction and management of risks in occupational health and safety. A programme for raising employees’ awareness about a healthy lifestyle is carried out and preventive health examinations are provided.
  • Partnerships with local suppliers in the Adria region. 
  • A wide range of insurance products for micro, small and medium-sized enterprises.
  • A stimulative premium policy for young farmers, which contributes to the promotion of young farmers setting up an agricultural holding, the preservation of settlement and larger land cultivation in the countryside. 
  • Agricultural insurance products with municipal and state premium co-financing are available to a broad range of farmers.
  • Development partnerships with the start-up environment and entrepreneurs.
  • Increasing the level of insurance coverage in the emerging insurance markets in the Adria region.

Governance aspect (G)

  • Stable and profitable operations
  • High standards of corporate governance
  • Diversity and sustainability aspect of remuneration policy
  • Effective risk management
  • Active investor relations policy
  • Fair business practices
  • Non-discrimination and respect for human rights in operations


GRI GS 201, 202, 205, 206, 406, 412, 419 

SASB: FN-IN-270a.2

  • The governance system and policy of Zavarovalnica Triglav and the governance policy of the Triglav Group’s subsidiaries.
  • The diversity policy, which ensures gender balance and representation of various age groups in the Management Board, in addition to appropriate qualifications, experience and know-how.
  • The sustainability aspect of remuneration policy at Zavarovalnica Triglav serves as a foundation for implementing a robust and reliable governance system and ensures business integrity and transparency.
  • Corporate Governance Code for Companies with Capital Assets of the State.
  • Consistent implementation of the anti-corruption policy and the revised Triglav Group Code in order to implement the principles of fair and ethical conduct, prevent corrupt practices, manage conflicts of interest and insurance fraud, prevent money laundering and terrorist financing, and ensure consumer protection and competition.
  • Transparent, active, equal and open cooperation with investors at events held for institutional investors in Europe and the US, meetings, conference calls and other contacts.