Slovenian insurance giant gets S&P ratings boost

Ratings agency S&P Global has confirmed the ‘A’ Long-Term Credit Rating and Financial Strength Rating of the Slovenian insurance group Triglav, and of its parent company Zavarovalnica Triglav and its subsidiary Pozavarovalnica Triglav Re.

“The reaffirmed high ratings reflect the group’s leading position both in the growing Slovene market and the region, its stable and profitable operations in recent years and a sound risk-based capital adequacy,” reads a statement from S&P.

The rating agency assessed the business risk profile of the Triglav group as ‘strong’ and the financial risk profile ‘very strong’. In fact, the group’s capital adequacy meets ‘AAA’ rating requirements, also reaffirmed by the Solvency II ratio of 222 per cent as at the 2017 year-end.

According to S&P, the group has a well-diversified investment portfolio supported by an extremely strong capital adequacy. In addition, the rating agency states in its report that the group has adequate reinsurance protection.

S&P also pointed out the notable advantages arising from the consistent strategic guidelines of the Triglav group. The emphasis on profitability and safety of its operations from the previous strategy period was preserved in the new strategy period, and the group’s operations stay focused on two business pillars: insurance and asset management.

“The greater strategic importance and development of [asset management], which is set out in the new strategy, is most welcome. S&P expressed the same positive opinion in respect of the new, particularly development-oriented components of the group’s operations, which include digitisation, integrated client management, development of new products and sales channels, which have already been assessed as favourable by the rating agency,” said Triglav in statement.

Photo: Triglav