Zavarovalnica Triglav d.d. (ZVTG) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in EBT (+9% YoY to €174.1M) and total business volume (+49% YoY to €2,561M), with organic growth across all segments and significant expansion in Italy.

• Maintained robust financial stability, with solvency within target range and upgraded credit ratings (S&P A+/Stable, AM Best A/Stable).

• Delivered on strategic ambitions: further internationalization, high client satisfaction (NPS 77), digital transformation, and ESG progress.

Financial highlights

• Net earnings rose 4% YoY to €136.7M; EBT growth driven by insurance business (+26% YoY), especially non-life (+36% YoY).

• Gross written premium increased 53% YoY to €2,475M; AUM up 6% to €6,271M.

• Combined ratio NL & Health improved to 93.2% (-0.4pp YoY); expense ratio decreased as revenue growth outpaced costs.

• Market capitalization exceeded €1.3bn at year-end; dividend proposal of €3.00 per share.

Outlook and guidance

• 2026 plan targets EBT of €170–190M, total business volume above €2.4B, and combined ratio NL & Health at 95%.

• Strategic ambition for 2030: EBT €250–300M, AUM €10B+, ROE 12–13%, and continued international growth.