- The Group's operations were negatively impacted by one-off events, in particular regulated prices of supplemental health insurance and extreme CAT events.
- The Group consistently carried out its strategic activities for further growth and development and achieved its sustainability-related ambitions.
- The Group not only increased its business volume but also maintained its financial strength and high "A" credit ratings with a stable medium-term outlook.
- Its leading position in the insurance sector was strengthened both in Slovenia and the Adria region.
Financial highlights of the Triglav Group*
in EUR million | ||||||
| 2023 | 2022 | Index | |||
Total business volume | 1,780.2 | 1,594,3 | 112 | |||
Gross written premium | 1,653.7 | 1,479.6 | 112 | |||
Other income | 126.5 | 114.8 | 110 | |||
Total revenue | 1,425.2 | 1,279.3 | 111 | |||
Insurance operating result | -9.4 | -12.6 |
| |||
Insurance revenue | 1,351.2 | 1,206.6 | 112 | |||
Claims incurred | 1,021.2 | 767.7 | 133 | |||
Acquisition and administrative costs including non att. costs | 363.0 | 325.1 | 112 | |||
Net reinsurance service result | 31.6 | -104.5 |
| |||
Net other insurance revenue and expenses | -7.9 | -21.9 |
| |||
Net investment result | 22.0 | -14.3 |
| |||
Investment result | 83.6 | -88.6 |
| |||
Financial result from insurance contracts | -69.7 | 82.2 |
| |||
Change in provisions for not achieving the guaranteed yield | 8.1 | -9.8 |
| |||
Gains/losses and impairments of investments in associates | 0.0 | 1.8 | ||||
Result from non-insurance operations | 8.4 | 16.9 | 50 | |||
Earnings before tax | 21.1 | -10.0 |
| |||
Net earnings | 16.3 | -7.0 |
| |||
Other comprehensive income | 34.7 | -50.9 |
| |||
Combined ratio Non-Life and Health | 101.6% | 99.7% | 1.9 p.p. | |||
Claims ratio Non-Life and Health | 76.3% | 74.6% | 1.7 p.p. | |||
Expense ratio Non-Life and Health | 25.3% | 25.1% | 0.2 p.p. | |||
New business margin Life and Pension | 14.6% | 11.4% | 3.2 p.p. | |||
Return on equity | 1.8% | -0.7% | 2.5 p.p. | |||
Return on financial investments | 1.8% | -0.4% | 2.2 p.p. | |||
| 31 December 2023 | 31 December 2022 | Index | |||
Balance sheet total | 4,099.0 | 3,802.3 | 108 | |||
Equity | 891.1 | 897.0 | 99 | |||
Contractual service margin (CSM) | 238.4 | 186.4 | 128 | |||
Assets under management (AUM) | 4,851.4 | 4,379.8 | 111 | |||
Number of employees | 5,318 | 5,306 | 100 | |||
Number of employees (full-time equivalent) | 5,190 | 5,177 | 100 | |||
* Notes on the effects of the transition to IFRS 17 and IFRS 9 are provided in Section 2.6 of the Accounting Report.
The breakdown of profit or loss in the Business Report (comprising insurance operating result, net investment result, result from non-insurance operations) differs from that of the statement of profit and loss in the Accounting Report (comprising insurance service result, investment result, financial result from insurance contracts and other profit or loss categories). This is primarily because the Business Report also takes into account non-attributable costs, insurance revenue, insurance service expenses and net other insurance revenue and insurance service expenses in the presentation of the insurance operating result. Meanwhile, the net investment result includes the financial result from insurance contracts, change in provisions for not achieving the guaranteed yield and gains/losses on and impairments of investments in associates, in addition to the investment result. Other categories are included in the result from non-insurance operations. For a more detailed description of the categories shown, see Glossary of terms.
Financial highlights of Zavarovalnica Triglav*
in EUR million | |||
| 2023 | 2022 | Index |
Total business volume | 1,060.7 | 934.8 | 113 |
Gross written premium | 982.8 | 868.9 | 113 |
Other income | 78.0 | 66.0 | 118 |
Total revenue | 794.7 | 708.0 | 112 |
Insurance operating result | 17.6 | -20.0 |
|
Insurance revenue | 775.6 | 690.2 | 112 |
Claims incurred | 554.2 | 406.0 | 136 |
Acquisition and administrative costs incl. non att. costs | 239.1 | 212.4 | 113 |
Net reinsurance service result | 39.4 | -75.4 |
|
Net other insurance revenue and expenses | -4.3 | -16.4 |
|
Net investment result | 28.0 | 21.4 | 131 |
Investment result | 70.1 | -81.6 |
|
Financial result from insurance contracts | -62.8 | 77.0 |
|
Change in provisions for not achieving the guaranteed yield | 4.3 | -4.6 |
|
Gains/losses and impairments of investments in associates | 16.3 | 30.6 | 53 |
Earnings before tax | 45.6 | 1.4 | 3,271 |
Net earnings | 38.7 | 8.9 | 433 |
| Other comprehensive income | 28.4 | -36.5 | |
Combine ratio Non-Life | 99.2% | 101.8% | -2.6 p.p. |
Claims ratio Non-Life | 70.2% | 73.3% | -3.0 p.p. |
Expense ratio Non-Life | 29.0% | 28.5% | 0.5 p.p. |
New business margin Life and Pension | 13.9% | 13.2% | 0.7 p.p. |
Return on equity | 5.8% | 1.2% | 4.6 p.p. |
Return on financial investments | 2.4% | 1.4% | 1.0 p.p. |
| 31 December 2023 | 31 December 2022 | Index |
Balance sheet total | 2,945.4 | 2,730.8 | 108 |
Equity | 669.2 | 658.9 | 102 |
Contractual service margin (CSM) | 225.4 | 175.6 | 128 |
Number of employees | 2,243 | 2,243 | 100 |
Number of employees (full-time equivalent) | 2,215 | 2,213 | 100 |
* Notes on the effects of the transition to IFRS 17 and IFRS 9 are provided in Section 2.6 of the Accounting Report.
Environmental, social and governance (ESG) aspects of the Triglav Group's operations
| 2023 | 2022 | Index |
1. Environmental aspects |
|
|
|
Carbon footprint (tonnes of CO2 equivalent)* | 8,131 | 8,649 | 94 |
Scope 1 and 2 carbon footprint per employee (tonnes of CO2 equivalent)* | 1.54 | 1.63 | 94 |
Electricity consumption (MWh) | 10,342 | 11,015 | 94 |
Share of electricity consumption from renewable sources (%) | 61.6 | 59.0 | 104 |
Total quantity of waste at the Triglav Group per employee (kg) | 118 | 125 | 94 |
Average daily consumption of office paper per employee** | 13 | 19 | 68 |
Written premium from products promoting social and environmental benefits (EUR million) | 24.8 | 20.8 | 119 |
Assets under management in funds that incorporate sustainability aspects (EUR million) | 1,139.0 | 49.2 | 2,313 |
Investments in social impact, green and sustainable bonds (EUR million) | 262.5 | 222.9 | 118 |
2. Social aspects |
|
|
|
Employee satisfaction (ORVI) | 3.94 | 4.00 | 99 |
Average employee age | 45.1 | 44.8 | 101 |
Women employees to total employees ratio (%) | 55.0 | 54.7 | 101 |
Proportion of women at first and second management levels under the management board (%) | 42.6 | 41.2 | 103 |
Employee turnover (number of leavers/average number of employees; %) | 12.0 | 11.6 | 103 |
Average number of training hours per employee | 32 | 33 | 96 |
Lost time incident rate – LTIR (number of work-related incidents/total number of hours of all employees x 200,000) | 0.38 | 0.37 | 101 |
Client satisfaction of Triglav Group (NPS)*** | 73 | 77 | 95 |
Number of insurance products and services sold online | 23 | 22 | 105 |
Number of insurance products promoting prevention | 62 | 62 | 100 |
Proportion of employees allowed to work from home (%) | 36 | 33 | 110 |
Number of suppliers checked against ESG criteria | 865 | 419 | 206 |
Investments into the community (prevention, donations, sponsorships) (EUR million) | 8.9 | 10.2 | 87 |
3. Governance aspects |
|
|
|
Proportion of women in the management board/supervisory board in parent company (%) | 20.0/25.0 | 25.0/0 |
|
Proportion of women at the first management level under the management board (%) | 46.5 | 45.1 | 103 |
Proportion of women in management and supervisory bodies (%) | 25.5 | 23.6 | 108 |
Average age of Zavarovalnica Triglav Management Board members | 47.8 | 48.5 | 99 |
Independence of Zavarovalnica Triglav Supervisory Board members, shareholder representatives (% of members) | 100 | 78 | 129 |
President of the Management Board salary to the average employee salary ratio (factor x)**** | 5 | 5 | 100 |
Term of office of the current President of the Management Board (years) | 10 | 9 | 111 |
Policies adopted: equal opportunities policy, anti-corruption policy, employee protection/whistleblower protection policy | YES | YES |
|
Fair business practices (number of fraud cases investigated) | 1,771 | 1,651 | 107 |
Internationally renowned audit firm (Big 4) | YES | YES |
|
Period of cooperation with the existing auditor (years) | 5 | 4 | 125 |
Investor relations when publishing results | YES | YES |
|
Economic value generated (EUR million) | 1,642.4 | 1,318.9 | 125 |
Economic value distributed (EUR million) | 1,682.9 | 1,409.9 | 119 |
Economic value retained (EUR million) | -40.5 | -91.0 |
|
* Includes Scope 1 and 2 emissions under the location-based method. A more detailed calculation of Scope 1, 2 and 3 GHG emissions is shown in Section 11.2.2 of the Annual Report.
** Includes A4 and A3 paper consumption for internal purposes.
*** NPS shows the share of promoters who would recommend the Company to their acquaintances and friends based on experience.
**** Pursuant to the ZPPOGD, the base salary of the President of the Management Board is determined in relation to the average gross salary in the Group members which are headquartered in Slovenia and whose data are included in the consolidated annual report in the previous financial year.