Yesterday, both Slovenian insurers on LJSE went ex-date. When comparing it to the closing price yesterday, Triglav decreased by 4.3%, which is fairly lower than the DY of 6.3%, while Sava Re decreased by 5.4%, which is also lower than the DY of 6.4%.

Taking a look at Triglav, this refers to EUR 2.5 DPS, which implied a DY of 6.3% at the price before the proposal. The total amount of dividends of EUR 56.8m will slightly exceed 50% of the Company’s consolidated net profit of the previous year. We note that the company has been a consistent dividend payer prior to the pandemic, paying out EUR 2.5 per share for 5 consecutive years (as visible on the graph below).

In the graph below, we are bringing you a historical overview of the company’s dividend per share and dividend yield. Note that the yields were calculated based on the closing price the day before the initial dividend proposal.

Dividend per Share (EUR) and Dividend Yield (%) (2014 – 2023)

Source: LJSE, InterCapital Research

Regarding Sava Re, this ex-date refers to a EUR 1.6 DPS, which implied a DY of 6.4% compared to the share price before the dividend proposal. Below we provide you with the historical dividends per share and dividend yields of the Company.

Sava Re dividends per share (EUR) and dividend yields (%) (2014 – 2023)

Source: Sava Re, InterCapital Research

Finally, we note that both Slovenian insurers were consistent dividend payers prior to the pandemic with only 2020 being an exception due to Government regulation.