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Category: Inside information
Published on: SEOnet
Published at:  01.08.2019 08:45
Published document ID: INI-553/19


S&P affirms high “A” credit ratings with a stable medium-term outlook

In accordance with the Ljubljana Stock Exchange Rules and the applicable legislation, ZAVAROVALNICA TRIGLAV d.d. hereby publishes the following notice:

On 31 July 2019, S&P Global Ratings (hereinafter: S&P) reaffirmed the “A” Long-Term Credit Rating and Financial Strength Rating of Triglav Group and thereby of its parent company Zavarovalnica Triglav d.d. and its subsidiary Pozavarovalnica Triglav Re. Both ratings have a stable medium-term outlook. According to S&P, the reaffirmed high ratings reflect Triglav Group’s leading position in the Slovene insurance and asset management market, its position and strengthening in the markets of the region. Furthermore, S&P emphasizes the Triglav’s stable and profitable operations, adequate risk profile and strong capital adequacy.

The “A” credit rating exclusively reflects the Group's stand-alone credit risk profile and does not include any uplift from the insurer's status as a government-related entity. According to S&P, the assessment is based on the Group’s leading position both in Slovenia and the region, its well-diversified insurance portfolio enhanced by a large sales network and strong brand recognition. S&P assessed the business risk profile of Triglav Group as strong and its financial risk profile as very strong. The Group’s investment portfolio consists of high-quality investments broadly diversified mainly across the eurozone. The Group has a conservative reinsurance protection and a solid risk profile.

All this enables the Group to generate stable and profitable performance, which S&P expects to continue in the future. Furthermore, S&P expects that the Group’s development activities will continue as planned in its strategy, which includes further development of segmented product range, geographic diversification of income by increasing its premium share in the markets outside of Slovenia, and the strengthening of its asset management activity. The Group’s growth and development is supported by its existing strong capital base, which is expected to remain at least in the “AA” range.

The stable medium-term outlook reflects S&P’s expectations that Triglav Group will continue to effectively implement its business strategy, focus on growth and further diversifying its operations, sustaining very strong capital adequacy, and posting solid and stable earnings over the next two years.

This information will be published on the website of Zavarovalnica Triglav d.d. at www.triglav.eu as of 1 August 2019 and will remain available on the Company's public website for a period of at least five years.

Management Board of Zavarovalnica Triglav d.d.
Date: 02.08.2019