Zavarovalnica Triglav d.d. (ZVTG) investor relations material

Executive summary

• Total business volume rose 13% year-over-year to EUR 1,198.7 million, with premium growth across all regional markets and strongest gains in Italy.

• Earnings before tax reached EUR 105.2 million, down 4% from H1 2025; net earnings were EUR 85.7 million, down 6%.

• Combined ratio increased to 93.9% from 88.2% due to higher claims, especially from natural CAT events.

• Over half of business volume now comes from outside Slovenia, supporting strategic internationalisation and diversification.

• Net investment result increased 40% year-on-year, aided by strong financial markets and higher assets under management.

Financial highlights

• Gross written premium grew 13% to EUR 1,155.1 million.

• Net investment result improved 40% to EUR 28.7 million.

• Claims incurred rose 79% to EUR 662.0 million, driven by higher natural CAT claims.

• Annualised ROE was 16.5%, down from 19.2% year-over-year.

• Assets under management increased 8% to EUR 6.8 billion.

Outlook and guidance

• Full-year 2026 earnings before tax expected in the EUR 170–190 million range.

• Combined ratio targeted at around 95% for 2026 and below 95% through 2030.

• Strategic ambitions for 2030 include doubling profit, business volume >EUR 4.8 billion, and AuM >EUR 10 billion.