Zavarovalnica Triglav d.d. (ZVTG) Q1 2026 earnings summary

Executive summary

• Delivered stable performance in Q1 2026 despite financial market volatility and higher natural catastrophe claims, with earnings before tax (EBT) at €49.3m, down 9% year-over-year, and net earnings at €39.8m.

• Strong business volume growth of 14% year-over-year to €633.4m, primarily driven by non-life and international insurance markets.

• AGM scheduled for June 2, 2026, with a proposed dividend per share of €3.00, up 7% year-over-year, representing 50% payout.

• Annual profit guidance for 2026 (EBT €170–190m) reaffirmed despite challenging market conditions.

Financial highlights

• Total business volume: €633.4m (+14% YoY); gross written premium: €612.1m (+15% YoY); total revenue up 55% to €555.2m.

• Combined ratio at 93.0% (up from 88.2%/88.5% YoY); expense ratio improved to 24.0%.

• Claims incurred rose 67% gross, mainly due to reinsurance and international business; Nat CAT claims totaled €7.1m.

• Net investment result declined to €7.4m from €9.2m YoY, impacted by negative equity revaluations; AUM at €6.2bn, down 2% from YE 2025.

• Equity increased to €1,104.1m (+2% vs. YE 2025); solvency ratio at 219%, within the 200–250% target range.

Outlook and guidance

• Full-year pre-tax earnings guidance confirmed at €170–190m; strategy targets EBT of €250–300m by 2030.

• Combined ratio expected to remain below 95% in line with 2030 strategy.

• Business volume planned to exceed €2.4bn in 2026 and €2.5–3.0bn by 2030.

• Continued focus on international expansion and business diversification.