Last week, Triglav held its Investor Day, where it presented detailed guidelines on how it plans to achieve its ambitious 2030 strategy across key segments such as Finance, Marketing and Sales, Cost Structure, Strategy, and Health. By 2030, the Group aims to double its EBT to between EUR 250m and EUR 300m, targeting a CAGR of 11% in total business volume, representing an increase in business volume to approximately EUR 3bn. Moreover, the Company proposed a dividend of EUR 2.8 per share, implying a 5.97% dividend yield.
Triglav’s main strategic pillars include maintaining its leading position in Slovenia while expanding its footprint in other regional markets. Serbia and Croatia are expected to become key contributors to Group results. Triglav intends to complement organic growth with targeted M&As, focusing primarily on its core markets within the Adriatic region.
The Group is also open to seizing cross-border growth opportunities in markets such as Poland and Greece by leveraging the EU’s Freedom of Services model. This framework enables insurers to offer products and services directly to customers in other EU countries without the need to establish a physical presence or legal entity.
Another strategic avenue includes the use of the Managing General Agent (MGA) model, which allows (re)insurers to access new markets or niche segments without significant internal investment. MGAs serve as specialized, outsourced underwriting partners, enhancing an insurer’s market reach and product offering. While Triglav’s core business model does not typically involve partnering with MGAs in its primary markets, it has selectively entered such arrangements for strategic purposes. A notable example is its 2022 agreement with Rokstone, an international specialty (re)insurance MGA. Under this agreement, Triglav provided a EUR 1m line for facultative property coverage worldwide – marking its first global property binder with an international MGA. This collaboration underscores Triglav’s selective and strategic approach to leveraging MGA partnerships to access specialized markets and improve underwriting capabilities.
Another crucial pillar of Triglav’s growth strategy is the deployment of technology. The number of employees in its IT and Digitalization Department is increasing, and the share of IT expenditure within the expense ratios is expected to rise in the short term. Over the long term, these investments are projected to enhance operational efficiency, reduce the expense ratio, and improve profitability. The expense ratio is viewed as a key lever for boosting profitability, in contrast to the loss ratio, which remains less controllable due to the inevitability of insured events. As a result, the Group aims to maintain a combined ratio below 95% by 2030.
Triglav has also identified a growing demand for private healthcare services amid increasing pressure on public healthcare financing models. In response, the Group is committed to offering customers complementary healthcare solutions in partnership with external providers. It aims to address varying customer needs and position itself as the market leader in the health insurance segment in Slovenia.
Moreover, Triglav proposed a gross dividend of EUR 2.8 per share, which implies a dividend yield of 5.97%. The total dividend payout of EUR 63.7m represents a 60% YoY increase, reflecting the Group’s strong performance in 2024. The Management and Supervisory Board will propose this payout at the upcoming GSM, scheduled for 3 June, ex-date set for 16.6.2025. The payment date is 18.6.2025.
Following a subdued dividend in 2023 – impacted by CAT claims and regulatory developments – the rebound in 2024 was driven by a combination of strong organic performance and one-off effects, lifting net profit to EUR 131.4m and pre-tax earnings to EUR 159m. The proposed dividend represents approximately 50% of consolidated net profit, in line with Triglav’s dividend policy and capital management strategy.
Last but not least, the Group has retained its “A” credit rating with a positive outlook, underscoring its financial strength and prudent risk management. The proposed dividend strikes a balance between delivering attractive shareholder returns and preserving capital adequacy, which remains at target levels despite growing capital requirements.
Triglav continues to position itself as a stable, profitable, and defensive investment within the regional insurance sector, with clear upside potential through both organic and inorganic growth initiatives.
Dividend per Share (EUR) and Dividend Yield (%) (2014 – 2025)
Source: Triglav, InterCapital Research