Zavarovalnica Triglav d.d. (ZVTG) Q3 2024 earnings summary

Executive summary

• Strong performance across all segments in 9M 2024, with EBT reaching €124.7M and net income €106.8M, a significant turnaround from prior year losses.

• Increased annual profit guidance, with EBT expected at €130–150M, exceeding the original plan and reaffirmed by the group.

• Affirmed high 'A' credit ratings and stable outlook by S&P and AM Best.

• State compensation for supplemental health insurance price regulation and successful merger of health subsidiary.

• Ongoing implementation of sustainability and CSRD/ESRS reporting.

Financial highlights

• Total business volume €1,305.4M, down 4% year-over-year, but up 8% on a comparable basis; gross written premium €1,236.2M.

• Earnings before tax (EBT) €124.7M, a significant turnaround from €-10.1M in 9M 2023.

• Net income €106.8M, compared to €-9.6M in 9M 2023.

• Claims incurred dropped 42% to €480.7M, with major CAT event claims at €42.0M.

• Assets under management rose 16% to €5,630.1M as of 30 September 2024.

Outlook and guidance

• 2024 EBT guidance raised to €130–150M, above the initial €100–120M plan and reaffirmed by the group.

• 2025 plan targets further growth in business volume (>€1.8B) and EBT (€130–150M), with combined ratio NL & Health below 95%.

• Strategic ambition for EBT to reach €250–300M by 2030, with business volume €2.5–3.0B and AUM >€10B.

• Financial stability and capitalisation remain within the target range, supported by a recent subordinated bond issue.