Zavarovalnica Triglav d.d. (ZVTG) Q1 2025 earnings summary

Executive summary

• Achieved robust growth in Q1 2025, with total business volume up 18% year-over-year to €553.7M, driven by strong premium growth and international expansion.

• Earnings before tax (EBT) rose 25% year-over-year to €54.3M, with adjusted EBT up 39% and net earnings up 26% to €46.1M.

• Combined ratio for Non-Life and Health segments remained low at 88.5%, indicating sustained profitability.

• Confirmed annual profit guidance for 2025, targeting EBT of €130–€150M, and proposed a dividend of €2.80 per share, up 60% year-over-year.

• The Group remains well-capitalised, with solvency ratio at 219% and capitalisation within the 200–250% target range.

Financial highlights

• Gross written premium rose by 18% to €530.2M year-over-year; total business volume reached €553.7M (+18% YoY).

• Insurance operating result up 15% to €40.4M; net investment result up 78% to €9.2M.

• Claims incurred increased by 42% to €185.7M, mainly due to portfolio growth and higher CAT claims.

• Expense ratio improved to 25.0% (down 1.0 pp YoY); annualised ROE rose to 19.8% (up 2.6 pp YoY).

• Return on financial investments (excl. unit-linked) was 2.6% (up 0.6 pp YoY).

Outlook and guidance

• Annual profit guidance for 2025 reaffirmed, with planned EBT of €130–€150M and net earnings expected at €100–€120M.

• 2025 plan targets total business volume above €1.8B and combined ratio below 95%.

• Strategic ambition to double EBT to €250–€300M and TBV to €2.5–€3.0B by 2030.

• Dividend payouts of approximately €400M planned for 2025–2030.

• Focus on internationalization, diversification, and above-average growth outside Slovenia.