Slovenian insurer Triglav's cons net profit rises in Q1

LJUBLJANA (Slovenia), May 21 (SeeNews) - Slovenia's biggest insurer Zavarovalnica Triglav [LJE:ZVTG] has recorded a consolidated net profit of 36.6 million euro ($40 million) in the first quarter of 2024, up from 16.1 million euro in the like period of last year, it said on Tuesday.

Total revenue edged down by 1% to 488.7 million euro, result from insurance operations soared to 38.3 million euro from 7.4 million euro and the group’s gross written premiums decreased by 1% to 448.7 million euro, Zavarovalnica Triglav said in a statement filed with the Ljubljana bourse.

"At the end of the first quarter, we estimate that we will achieve our planned annual result, taking into account the expected business conditions for the remainder of the year. In the first quarter of 2024, the supplemental health insurance premium in Slovenia, which accounted for 11% of the Group's total written premium in the first quarter of 2023, had already been largely offset by premium growth in other insurance classes both in the region and internationally. Our performance in the first quarter was also positively affected by less intense claim events without any major nat CAT events," the head of Zavarovalnica Triglav's management board, Andrej Slapar, said.

The group recorded gross claims paid of 130.5 million euro, down by 30%, as in the largest segment, non-life insurance, gross claims paid fell by 6% to 125.2 million euro.

"The investment part of our business showed strong performance in the first quarter, primarily driven by the growth in interest income. In the asset management segment, we have significantly increased the assets under management in mutual and pension funds, as well as discretionary mandate assets based on net inflows and capital market effects, and have delivered strong results," management board member Uros Ivanc noted.

Apart from Slovenia, the insurer is also present in Croatia, Serbia, Bosnia, Montenegro and North Macedonia.

($ = 0.92068 euro)