Zavarovalnica Triglav d.d. (ZVTG) Q2 2024 earnings summary

Executive summary

• Achieved high profit growth and strong performance across all segments in H1 2024, with robust financial stability and solvency maintained.

• Earnings before tax reached EUR 89.5 million in H1 2024, significantly above H1 2023 and ahead of annual targets; full-year EBT is now forecast at EUR 130–150 million, exceeding initial guidance.

• Profit guidance for 2024 raised, with EBT now expected at €130–150M, exceeding the original €100–120M plan.

• Dividend per share set at €1.75, representing a 5% yield.

• Strategic initiatives include new supervisory board appointments and ongoing implementation of CSRD/ESRS reporting.

Financial highlights

• Total business volume reached €942.9M, down 2% year-over-year, but up 9% on a comparable basis.

• Earnings before tax (EBT) surged to €89.5M from €12.1M in H1 2023.

• Net earnings rose to €75.4M, up from €11.4M year-over-year.

• Combined ratio for Non-Life & Health improved to 90.6% from 102.0% year-over-year.

• Annualized ROE increased to 17.3% from 2.6% year-over-year.

Outlook and guidance

• 2024 EBT guidance raised to €130–150M, reflecting strong H1 performance and anticipated operating conditions.

• Total business volume for 2024 expected to be around €1.6B.

• Continued focus on digital transformation, client-centricity, and sustainable operations.

• Further improvements in combined ratio and profitability anticipated in key markets.

• Group expects macroeconomic improvement in 2024, with performance dependent on financial markets, reinsurance, and market potential.