Zavarovalnica Triglav d.d. (ZVTG) Q3 2025 earnings summary

Executive summary

• Total business volume rose 36% year-over-year to €1,769.8M, driven by strong growth in non-life and international insurance and reinsurance, especially in Italy.

• Earnings before tax increased 15% year-over-year to €143.1M; net earnings reached €118.9M, up 11% year-over-year.

• Robust solvency ratio at 219%, with equity up 7% to €1,055.4M; S&P Global upgraded credit rating to A+/Stable.

• Entered the Italian motor insurance market, contributing €308.4M in new premiums, and continued international expansion.

• Profit guidance for 2025 raised mid-year to €140–160M EBT, with 2026 EBT targeted at €170–190M.

Financial highlights

• Gross written premium increased 38% year-over-year to €1,703.6M; total revenue up 16% to €1,175.1M.

• Claims incurred rose 34% to €643M, mainly due to natural catastrophe losses and international business growth.

• Combined ratio (Non-Life & Health) improved to 91.3% from 92.5% year-over-year; expense ratio decreased by 1.5 percentage points.

• Return on equity (ROE) annualized at 15.8%; return on financial investments at 2.7%.

• Assets under management (AUM) increased 6% to €6,266.8M.

Outlook and guidance

• 2025 EBT guidance raised to ~€160M, with total business volume expected to exceed €1.8B.

• 2026 plan targets EBT of €170–190M and total business volume above €2.4B.

• Strategic ambitions for 2030 include EBT of €250–300M, total business volume of €2.5–3.0B, and AUM over €10B.

• Dividend per share set at €2.80, with €400M planned to be returned to shareholders by 2030.

• Combined ratio (Non-Life & Health) expected around 95% in 2026.