During the changed way of doing business due to the pandemic, the Triglav Group achieved premium growth in most of its markets and in all three insurance segments, and calculated 10 percent more consolidated gross insurance premiums (EUR 348.9 million) than in the same period last year.
The quarterly profit before taxes in the amount of 26.4 million euros was 12 percent lower than a year ago, which is primarily a consequence of numerous harmful events in the first quarter (earthquake in Zagreb and storms with the hail in Slovenia). The combined ratio was a favorable 93.9 percent. Conditions in the business environment due to the pandemic caused a decline in the value of financial investments but did not significantly affect the Group’s business results in the first quarter of the year. Based on the analysis of the scenario, the Group estimates that the planned annual business categories may decrease in the rest of the year and predicts that it can have a more reliable assessment of this after six months. It is currently estimated that its insurance and investment portfolio is sufficiently resilient, and that its capital position is adequate and that it can successfully deal with the increased risks arising from the current situation. The Group remains committed to its vision of dynamically developing new ways of doing business, which are the foundation of responsible long-term development of the Group, while operating profitably and safely. Triglav osiguranje/Insurance Belgrade, part of the Triglav Group, in the first quarter of 2020 achieved an increase in total insurance premiums of 19% (calculated in euros) compared to the same period last year.
In Q1 2020, Triglav Osiguranje Beograd continues the practice from 2019 and records a double-digit growth in the calculated gross insurance premium (non-life insurance 16%, life insurance 62%) compared to the same period last year. Due to the faster growth of the Company in relation to the market, the Company continues the trend of increasing market share, both in total and in almost all types of insurance, where double-digit growth was recorded in the first quarter. At the end of 2019, the share in the insurance market in the Republic of Serbia according to the criterion of invoiced premium is 6.4% (growth of 0.6 percentage points).
»Although we will feel the consequences of the COVID 19 virus pandemic throughout the year, which will undoubtedly be very challenging for business both locally and globally, we plan to continue the trend of good business from the first quarter by further increasing focus on customers and their needs, boosting productivity employees and cost optimization “, points out Dragan Markovic, President of the Executive Board of Triglav osiguranje a.d.o. Belgrade.