The TRIGLAV Group exits the Czech insurance market and focuses on strengthening its operations in the South-East Europe target markets

TRIGLAV Group exits the Czech market by selling its local subsidiary TRIGLAV pojistovna, Brno to VIGO Finance, part of VIGO Investments Group. The sale is expected to be completed by May 2015. The decision on the sale is in line with the TRIGLAV Group Strategy, focused on increasing the value of the Group and effectively managing the TRIGLAV Group's subsidiaries. Zavarovalnica TRIGLAV estimates that the sale of the subsidiary will have no major impact on the Group's performance.

In the previous period, Zavarovalnica TRIGLAV assessed its continued presence on the Czech market in terms of the significance of that market for the TRIGLAV Group and for the achievement of its strategic objectives on that market. The decision to sell TRIGLAV pojistovna, Brno was made on the basis of a careful assessment and by taking into account the TRIGLAV Group Strategy, which clearly defines the target profitability and expected market shares, places focus of the Group's operations on the core insurance business and requires effective management of all subsidiaries within the TRIGLAV Group.

"In line with the revised strategy until 2017, the TRIGLAV Group focuses its operations on the South-East Europe target markets, where further growth and development are planned. The opportunities provided by individual insurance markets in this region will be taken into account and the possibilities examined for continued market share growth, both organically and through potential takeovers of selected competitors. The Group will continue to consistently implement its business optimisation activities, to work towards greater homogeneity of the Group and to actively seek to increase its value," explained Andrej Slapar, President of the Management Board of Zavarovalnica TRIGLAV.

TRIGLAV pojistovna, Brno is a small non-life insurance company in the Czech Republic, fully owned by the holding company TRIGLAV INT (which is fully owned by Zavarovalnica TRIGLAV), and is one of the current nine insurance or reinsurance subsidiaries of the TRIGLAV Group. The said company's share in the capital and total assets of the TRIGLAV Group amounts to less than 1.5%. As at 30 June 2014, TRIGLAV pojistovna reached 1.1% market share and ranked 11th among the non-life insurance companies in the Czech insurance market. Last year, the gross written premiums in the Czech Republic accounted for 3.3% of the TRIGLAV Group's total gross written premiums. Zavarovalnica TRIGLAV estimates that the sale of TRIGLAV pojistovna, Brno, will have no major impact on the Group's performance.

"The Czech insurance market is well developed and very competitive, as 29 insurance companies operated in the market in 2013. By selling the Czech subsidiary, the Company pursues its guidelines to consolidate its operations, while maintaining its focus on South-East Europe. Our goal is to achieve at least a 10% market share in individual target markets of the region in the period until 2017. By taking into account our strategy, the sale of the subsidiary is a reasonable step towards further strengthening of the Group's role in its key markets," added Benjamin Josar, Member of the Management Board of Zavarovalnica TRIGLAV and President of the Management Board of TRIGLAV INT.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

VIG Group's Czech companies won multiple awards

Vienna Insurance Group's (VIG) companies Kooperativa and Ceska podnikatelska pojistovna (CPP) led the way in the Association of Czech Insurance Brokers' "Insurer of the Year" survey, taking the top two spots in all four of the main categories.



AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.


ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.



Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.


Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all