TRIGLAV H1 net profit up to EUR 36.1 million, whithin the FY2017 range of EUR 70-80 million
The insurer pointed out that its net profit in 2017 should be within the planned range. Previously, TRIGLAV announced it plans a pre-tax profit of EUR 70-80 million.
"We are satisfied with our performance in the first half of 2017. Taking into account the business conditions anticipated until the end of the year, we estimate that the annual profit before tax of the TRIGLAV Group will be within the planned range", said Andrej SLAPAR, President of the Management Board of Zavarovalnica TRIGLAV.
In the first six months of 2017, the Group's GWP totalled EUR 547.8 million, which is 8% more than in the respective period of 2016.
In non-life insurance segment, premium was up by 8%, while the life insurance and health insurance segments experienced a GWP increase of 6% and 14% respectively.
In the reporting period, the Group performed well on all markets. The average GWP growth on the Slovene market was 7% (to EUR 423.2 million, or 77.3% of total premiums) and on the markets outside of Slovenia it stood at 12%.
Gross claims paid totalled EUR 314.2 million (4% growth), primarily as the result of the increase in the insurance portfolio and higher claim frequency.
"The Group's performance was affected to a certain extent by mass loss events, which amounted to EUR 13.1 million. Despite the increase in the claims ratio, the Group's combined ratio reached was favourable at 95.5%, which corresponds to its average target value in the strategy period", TRIGLAV said in a press release.
Despite the challenging conditions on capital markets TRIGLAV said it managed its financial investments totalling EUR 3.1 billion "in accordance with its relatively conservative investment policy". Compared to the year before, returns on financial investments rose by 13% also as the result of some one-off events in 2016 and this year.