The group around insurer Zavarovalnica Triglav reported on Tuesday a EUR 34.7 million net profit for the first half of 2019, a 16% year-on-year increase. Consolidated gross premiums were up 10% to EUR 630 million and net premium income by 6% to EUR 491.8 million. Triglav said premium growth was recorded on most of the group’s markets and at levels mostly above the growth of the whole market.
Premium growth was recorded in all three insurance segments; the non-life insurance segment grew by 10%, the health insurance segment by 21% and the life and pension insurance segment by less than 1%.
Gross claims paid by the group amounted to EUR 335 million, 2% more year-on-year, while major disaster events are estimated at EUR 4.9 million. The combined ratio of the group was at 93.2%, which Triglav said was a favourable value attributable mostly to the improved claims ratio.
The Triglav group posted a pre-tax profit of EUR 41.7 million in the first half of the year, or 17% more than in the same period last year. The company attributes this to the higher growth of net premiums earned compared to the growth of net claims incurred in non-life insurance and to the higher realised return on financial investments.
The group’s investment portfolio is worth EUR 3.2 billion. Triglav says “investments are managed relatively conservatively and with the aim of maintaining a high overall credit rating”.
In Slovenia, where Triglav Group collects 76% of consolidated premiums, average premium growth stood at 8% (market growth was 7%), while it was 10% in the markets outside of Slovenia.