Zavarovalnica Triglav d.d. (ZVTG) Q2 2025 earnings summary

Executive summary

• Total business volume grew 18% year-over-year to €1,065.3M, with strong growth across all segments and international markets.

• Earnings before tax (EBT) increased 22% year-over-year to €109.6M, driven by robust insurance operations and improved profitability.

• S&P Global upgraded the credit rating to A+ with a stable outlook, reflecting strong solvency and capital position.

• Entered the Italian motor insurance market, supporting international expansion and diversification.

• Non-Life insurance drove growth, with strong premium increases, especially in international reinsurance and FOS transactions.

Financial highlights

• Net earnings rose 21% year-over-year to €91.4M.

• Gross written premium increased 18% year-over-year to €1,022.6M.

• Combined ratio (Non-Life & Health) improved to 88.2% from 90.6% year-over-year.

• Insurance operating result grew 38% to €85.8M.

• Return on equity (ROE) annualized at 19.2%, up 1.8 percentage points year-over-year.

Outlook and guidance

• 2025 EBT guidance raised to €140–160M, reflecting strong H1 performance and positive business environment expectations.

• Total business volume for 2025 expected to be about one-third above €1.8B plan, driven by new business in Italy.

• Combined ratio (Non-Life & Health) for 2025 expected to remain below 95%.

• Strategic focus remains on internationalisation, digital transformation, and cost optimisation.