Zavarovalnica Triglav d.d. (ZVTG) Q4 2024 earnings summary

Executive summary

• Achieved strong EBT growth in 2024, well above target, with robust performance across all segments and some one-offs, especially in Health.

• Total business volume reached €1.72B, exceeding the target of €1.60B, and EBT was €159.0M, surpassing the €130M–150M guidance.

• Maintained robust financial stability and solvency within target range, with high credit ratings and a positive outlook.

• Implemented restructuring in the Health segment and continued strategic initiatives, including sustainability and digital transformation.

Financial highlights

• Total business volume: €1,717.6M (down 1% YoY, up 11% on comparable basis excluding supplemental health insurance effect).

• EBT: €159.0M (up from €21.1M in 2023), with strong profitability in Non-Life, Life, and Asset Management.

• Combined ratio NL & Health: 93.6% (improved from 101.9% in 2023).

• Net earnings: €131.4M (up from €16.3M in 2023).

• ROE: 14.0% (up from 1.8% in 2023).

Outlook and guidance

• 2025 targets: Total business volume >€1.8B, EBT €130M–€150M, combined ratio NL & Health below 95%.

• Strategy to 2030 aims for EBT of €250–300M, above-average growth outside Slovenia, and ambitious AUM expansion.