The Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2023

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The Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2023

Triglav Group strategy and plans

  • Strategic risks and business opportunities are regularly assessed based on the challenges and opportunities identified in the rapidly changing business and social environments.
  • The Triglav Group's vision, aimed at creating an outstanding user experience, is implemented through development activities. The transition from an insurance-oriented to a service-oriented business model with multiple ecosystems and continued digital transformation are at the fore. 
  • The challenges of the transition to a low-carbon society are being addressed by adapting business and investment strategies, along with launching new products. 
  • The Group's performance in 2023 was significantly impacted by one-off events. 
  • The Group's operations will continue to be profitable in 2024, with further expansion of the business planned.

At the Triglav Group, stakeholder value creation relies on aligning its mission, business strategy and sustainable development policy. Integrating relevant sustainability aspects into all levels of business planning and execution is a key building block for the Group's long-term sound performance and for upgrading its risk management, as well as for the development of its internal culture and relationships with its clients and other stakeholders. 

Mission, vision and values

MissionWe build a safer future.
  • We are client-centred.
  • We support development of our partners.
  • We provide development-oriented environment for our employees.
  • We are stable, safe and profitable investment for our investors.

VisionWe set standards of outstanding client experience 
– anytime, anyplace.
Triglav Group is leading Insurance and financial group in Adria region, synonimous with the best user experience. Through our operations we are creating above-average value for our key stakeholders and promote transition to sustainable company.
simplicity and
are reflected in our day-to-day operations
Strategic activitiesInsurance
  • Non-life
  • Life
  • Pension
  • Health
  • Reinsurance
Asset management
  • Own insurance portfolio (asset backing liabilities and backing funds)
  • Mutual funds and individual asset management
  • Pension funds
Triglav Group will remain leader in all its core businesses in Adria region

Strategic guidelines

Operating safely and profitablyThe Triglav Group is an independent insurance and financial group with high credit ratings, holding a dominant market position in the Adria region. Its strategic guidelines are aimed at achieving a high profit and profitable growth.
An outstanding client experience
  • Creating a unique client experience across all channels, processes and products. 
  • A client-tailored range of insurance and financial products and services. 
  • Focusing on assistance and related services aimed at developing interrelated ecosystems.

Digital transformation

The Triglav Group continues with its digital transformation process with the aim of becoming the leading digitalised insurance and financial group in the Adria region. By developing digital services, automating processes and implementing advanced digital technologies, it will ensure the best digital user experience to its clients.
The development of service-oriented business modelsThe Triglav Group is gradually transitioning from an insurance-oriented business model to a mostly service-oriented business model and ecosystem, which address many interrelated client needs in terms of insurance products and assistance and related services.
Development of organisational cultureThe Triglav Group continues to create a highly effective and service-oriented organisational culture, which supports strategic business guidelines, and an organisational environment, which enables the Group to attract, develop and retain competent, engaged, healthy and satisfied employees.

Implementation of the Triglav Group’s business plans in 2023

In a challenging year marked by extreme CAT events, changes in the healthcare system and inflation, the Triglav Group achieved earnings before tax of EUR 21.1 million, or 80% less than planned.

Total written premium rose by 12% to EUR 1,653.7 million, exceeding the planned figures, which is slightly above the target of EUR 1.5–1.6 billion. Despite fierce competition, an increase was seen in all insurance markets, with the exception of Croatia, and in all insurance segments. Premium growth was 9% in the Slovenian market, 7% in the other markets of the Adria region and 28% in the international market. 

The Group's combined ratio in non-life and health insurance stood at 101.6%. It increased by 1.9 percentage points compared to the previous year, due to the negative effects of changes in supplemental health insurance and a deterioration in the claims ratio. 

The credit rating agencies S&P Global Ratings and AM Best re-affirmed the Group's "A" credit rating with a stable medium-term outlook, thereby confirming the Group's strong financial stability, capital adequacy and profitability. Achieving an "A" credit rating ensures an appropriate competitive position of the Group in insurance, reinsurance and financial markets as it confirms its financial strength and sound performance. 

Plans of the Triglav Group for 2024

In 2024, the Triglav Group anticipates a moderately favourable macroeconomic situation. Business operations will be influenced by financial market developments, the termination of supplemental health insurance in Slovenia, reinsurance coverage and the development of potential in the markets where the Group operates. 

Earnings before tax of EUR 100–120 million are planned, as a result of expected normalisation of business conditions compared to 2023. In the insurance business, the Group plans to operate profitably and record a total business volume of around EUR 1.6 billion, as well as achieve the combined ratio of non-life and health insurance at around 95%. In the health segment, the termination of supplemental health insurance is anticipated, while the development and provision of complementary health insurance products will continue. 

Strategic guidelines will be consistently implemented. By continuing its digital transformation and developing service-oriented business ecosystems, the Group will further pursue its main strategic objective – an outstanding and uniform client experience. As the leading insurance and financial group in Slovenia and the Adria region, the Group will further strengthen its market position, while seeking opportunities according to the principle of free movement of services and through partnerships. 

It will strive for cost optimisation and effectiveness (productivity gains, automation, digitalisation and centralisation). Priority objectives include effective risk management, maintaining financial stability and preserving high credit ratings from renowned rating agencies. The Company's dividend policy remains unchanged, and every effort will be made for the ZVTG share to remain a profitable, safe and stable investment for investors. The pursuit of the sustainable development strategy, as outlined in the Group's policies and ambitions, will remain a key focus.