Upcoming Dividend • Jun 08
Upcoming dividend of €3.00 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 17 June 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Slovenian dividend payers (4.8%). Lower than average of industry peers (4.9%). Reported Earnings • May 21
First quarter 2026 earnings released: EPS: €1.75 (vs €2.01 in 1Q 2025) First quarter 2026 results: EPS: €1.75 (down from €2.01 in 1Q 2025). Revenue: €539.6m (up 47% from 1Q 2025). Net income: €39.8m (down 13% from 1Q 2025). Profit margin: 7.4% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Zavarovalnica Triglav, d.d., Annual General Meeting, Jun 02, 2026 Zavarovalnica Triglav, d.d., Annual General Meeting, Jun 02, 2026, at 10:00 Central European Standard Time. Declared Dividend • Apr 01
Dividend increased to €3.00 Dividend of €3.00 is 7.1% higher than last year. Ex-date: 15th June 2026 Payment date: 17th June 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.4%. Sustainability & Growth The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Mar 09
Full year 2025 earnings released Full year 2025 results: Revenue: €1.63b (up 17% from FY 2024). Net income: €136.7m (up 19% from FY 2024). Profit margin: 8.4% (up from 8.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 5.4% growth forecast for the Insurance industry in Europe. Buy Or Sell Opportunity • Oct 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.0% to €58.00. The fair value is estimated to be €48.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 48%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Announcement • Oct 03
Erste Group Bank AG (WBAG:EBS) agreed to acquire an additional 5.40% stake in ERSTE d.o.o. - drustvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima from Zavarovalnica Triglav, d.d. (LJSE:ZVTG). Erste Group Bank AG (WBAG:EBS) agreed to acquire an additional 5.40% stake in ERSTE d.o.o. - drustvo za upravljanje obveznim i dobrovoljnim mirovinskim fondovima from Zavarovalnica Triglav, d.d. (LJSE:ZVTG) on October 1, 2025. The deal will lift Erste Group Bank AG's direct and indirect holding in ERSTE d.o.o. to 50.6%, making it the majority shareholder through its Erste&Steiermaerkische Bank and Steiermaerkische Bank und Sparkassen AG. ERSTE d.o.o. has more than 550,000 members.
The deal is subject to regulatory approvals. Buy Or Sell Opportunity • Oct 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.4% to €58.00. The fair value is estimated to be €48.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 48%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Buy Or Sell Opportunity • Sep 04
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.9% to €58.60. The fair value is estimated to be €48.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has declined by 3.5%. For the next 3 years, revenue is forecast to grow by 10.0% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Jul 28
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to €60.80. The fair value is estimated to be €49.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has declined by 3.5%. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Slovenian stocks, typically moving 4.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.0% average weekly change). Upcoming Dividend • Jun 09
Upcoming dividend of €2.80 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 18 June 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Slovenian dividend payers (4.4%). Higher than average of industry peers (4.2%). Major Estimate Revision • Jun 06
Consensus revenue estimates increase by 29% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from €1.33b to €1.72b. EPS estimate increased from €5.40 to €5.81 per share. Net income forecast to grow 15% next year vs 14% growth forecast for Insurance industry in Europe. Consensus price target up from €46.00 to €62.00. Share price rose 9.6% to €53.80 over the past week. Announcement • Apr 25
Zavarovalnica Triglav, d.d., Annual General Meeting, Jun 03, 2025 Zavarovalnica Triglav, d.d., Annual General Meeting, Jun 03, 2025. Reported Earnings • Apr 06
Full year 2024 earnings released: EPS: €5.05 (vs €1.69 in FY 2023) Full year 2024 results: EPS: €5.05 (up from €1.69 in FY 2023). Revenue: €1.39b (up 14% from FY 2023). Net income: €114.7m (up 199% from FY 2023). Profit margin: 8.3% (up from 3.2% in FY 2023). The increase in margin was driven by higher revenue. Combined ratio: 93.6% (down from 101.9% in FY 2023). Revenue is forecast to stay flat during the next 2 years compared to a 5.8% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Declared Dividend • Apr 02
Dividend increased to €2.80 Dividend of €2.80 is 60% higher than last year. Ex-date: 16th June 2025 Payment date: 18th June 2025 Dividend yield will be 6.1%, which is higher than the industry average of 3.4%. Sustainability & Growth The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Mar 07
Full year 2024 earnings released Full year 2024 results: Revenue: €1.33b (down 5.4% from FY 2023). Net income: €131.4m (up €115.3m from FY 2023). Profit margin: 9.9% (up from 1.1% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Insurance industry in Europe. Buy Or Sell Opportunity • Dec 16
Now 20% undervalued Over the last 90 days, the stock has risen 5.8% to €40.20. The fair value is estimated to be €50.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 9.7%. Reported Earnings • Nov 22
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €1.40. Revenue: €310.5m (down 18% from 3Q 2023). Net income: €31.7m (up €52.6m from 3Q 2023). Profit margin: 10% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Slovenian stocks, typically moving 2.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 13% per year over the past 5 years. High level of non-cash earnings (94% accrual ratio). Minor Risks Dividend is not well covered by cash flows (353% cash payout ratio). Share price has been volatile over the past 3 months (2.9% average weekly change). Reported Earnings • Aug 24
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €292.2m (down 16% from 2Q 2023). Net income: €38.5m (up €45.0m from 2Q 2023). Profit margin: 13% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Slovenian stocks, typically moving 3.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 246% Paying a dividend despite having no free cash flows. Earnings have declined by 7.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (3.7% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Upcoming Dividend • Jun 10
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 19 June 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.9%. Lower than top quartile of Slovenian dividend payers (6.5%). In line with average of industry peers (5.0%). Reported Earnings • May 22
First quarter 2024 earnings released First quarter 2024 results: EPS: €1.61. Revenue: €348.2m (down 7.4% from 1Q 2023). Net income: €36.6m (up 127% from 1Q 2023). Profit margin: 11% (up from 4.3% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 0.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (275% cash payout ratio). Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Mar 07
Full year 2023 earnings released Full year 2023 results: Revenue: €1.34b (up 14% from FY 2022). Net income: €742.3m (up €631.8m from FY 2022). Profit margin: 55% (up from 9.3% in FY 2022). The increase in margin was primarily driven by lower expenses. New Risk • Aug 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Slovenian stocks, typically moving 3.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.1% average weekly change). Upcoming Dividend • Jun 12
Upcoming dividend of €2.50 per share at 6.8% yield Eligible shareholders must have bought the stock before 19 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 6.8%. Lower than top quartile of Slovenian dividend payers (8.1%). Higher than average of industry peers (5.3%). Reported Earnings • May 31
First quarter 2023 earnings released: EPS: €0.71 (vs €1.46 in 1Q 2022) First quarter 2023 results: EPS: €0.71 (down from €1.46 in 1Q 2022). Revenue: €355.4m (up 37% from 1Q 2022). Net income: €16.1m (down 52% from 1Q 2022). Profit margin: 4.5% (down from 13% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 30
Upcoming dividend of €3.70 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 08 June 2022. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 9.2%. Within top quartile of Slovenian dividend payers (7.1%). Higher than average of industry peers (5.4%). Reported Earnings • May 25
First quarter 2022 earnings released: EPS: €1.46 (vs €1.17 in 1Q 2021) First quarter 2022 results: EPS: €1.46 (up from €1.17 in 1Q 2021). Revenue: €334.1m (up 1.1% from 1Q 2021). Net income: €33.3m (up 25% from 1Q 2021). Profit margin: 10.0% (up from 8.1% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Announcement • Apr 24
Zavarovalnica Triglav, d.d., Annual General Meeting, May 24, 2022 Zavarovalnica Triglav, d.d., Annual General Meeting, May 24, 2022, at 10:00 Central European Standard Time. Location: in the White Hall of the Grand Hotel Union, Miklosiceva cesta 1 Ljublijana Slovenia Agenda: To consider the presentation of the Annual Report of the Triglav Group and Zavarovalnica Triglav, d.d. for 2021 accompanied by the independent auditor's report, and the Annual Report on internal auditing for 2021, and the Report of the Supervisory Board of Zavarovalnica Triglav, d.d. on the verification of the Annual Report of the Triglav Group and Zavarovalnica Triglav, d.d. for 2021, and the Opinion of the Supervisory Board of Zavarovalnica Triglav, d.d. on the Annual Report of the Internal Audit Department of Zavarovalnica Triglav, d.d. on internal auditing for 2021; to consider the presentation of the Remuneration Policy of company; to consider the Presentation of the remuneration Report of company for the financial year 2021; to consider the distribution of accumulated profit for 2021, granting discharge to the management Board and the supervisory board; to consider the appointment of the auditor for financial years 2022, 2023 and 2024; and to consider the other matters. Reported Earnings • Apr 04
Full year 2021 earnings released: EPS: €4.97 (vs €3.23 in FY 2020) Full year 2021 results: EPS: €4.97 (up from €3.23 in FY 2020). Revenue: €1.34b (up 9.3% from FY 2020). Net income: €112.8m (up 53% from FY 2020). Profit margin: 8.4% (up from 6.0% in FY 2020). The increase in margin was driven by higher revenue. Combined ratio: 88.9% (down from 91.2% in FY 2020). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €4.97 (up from €3.23 in FY 2020). Revenue: €1.12b (down 9.2% from FY 2020). Net income: €113.0m (up 54% from FY 2020). Profit margin: 10% (up from 6.0% in FY 2020). The increase in margin was driven by lower expenses. Combined ratio: 88.9% (down from 91.2% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS €1.25 (vs €0.76 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: €313.7m (down 3.4% from 3Q 2020). Net income: €28.0m (up 64% from 3Q 2020). Profit margin: 8.9% (up from 5.3% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS €0.90 (vs €0.48 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: €334.3m (down 7.5% from 2Q 2020). Net income: €20.4m (up 85% from 2Q 2020). Profit margin: 6.1% (up from 3.0% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Executive Departure • Jun 15
Independent Vice Chairman of the Supervisory Board Milan Tomazevic has left the company On the 13th of June, Milan Tomazevic's tenure as Independent Vice Chairman of the Supervisory Board ended after 4.0 years in the role. As of March 2021, Milan still personally held 4.00k shares (€105k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 6.92 years. Executive Departure • Jun 15
Independent Member of the Supervisory Board Ziga Skerjanec has left the company On the 13th of June, Ziga Skerjanec's tenure as Independent Member of the Supervisory Board ended after 4.0 years in the role. We don't have any record of a personal shareholding under Ziga's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 6.92 years. Executive Departure • Jun 15
Independent Member of the Supervisory Board Mario Gobbo has left the company On the 13th of June, Mario Gobbo's tenure as Independent Member of the Supervisory Board ended after 8.0 years in the role. We don't have any record of a personal shareholding under Mario's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 6.92 years. Upcoming Dividend • Jun 01
Upcoming dividend of €1.70 per share Eligible shareholders must have bought the stock before 08 June 2021. Payment date: 10 June 2021. Trailing yield: 4.9%. Lower than top quartile of Slovenian dividend payers (6.0%). In line with average of industry peers (4.7%). Reported Earnings • May 22
First quarter 2021 earnings released: EPS €1.17 (vs €0.99 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: €340.9m (up 70% from 1Q 2020). Net income: €26.6m (up 19% from 1Q 2020). Profit margin: 7.8% (down from 11% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS €3.23 (vs €3.68 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.23b (down 2.6% from FY 2019). Net income: €73.5m (down 12% from FY 2019). Profit margin: 6.0% (down from 6.6% in FY 2019). The decrease in margin was driven by lower revenue. Combined ratio: 91.2% (down from 91.5% in FY 2019). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS €3.24 (vs €3.69 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: €1.07b (down 16% from FY 2019). Net income: €73.7m (down 12% from FY 2019). Profit margin: 6.9% (up from 6.6% in FY 2019). The increase in margin was driven by lower expenses. Combined ratio: 91.2% (down from 91.5% in FY 2019). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Jan 08
New 90-day high: €30.80 The company is up 11% from its price of €27.70 on 09 October 2020. The Slovenian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 19
New 90-day high: €29.90 The company is up 7.0% from its price of €27.90 on 18 September 2020. The Slovenian market is also up 7.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Insurance industry, which is up 10.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS €0.76 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: €324.9m (up 5.9% from 3Q 2019). Net income: €17.1m (down 30% from 3Q 2019). Profit margin: 5.3% (down from 7.9% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Announcement • Sep 18
3 Companies Interested In Bulgaria's Municipal Insurance Zavarovalnica Triglav D.d., L.M Impex Ltd. and Magazini Evropa are interested in acquiring a 65.55% stake in Obshtinska Zastrahovatelna Kompania, and have bought the tender papers for the same, the Municipal Privatization Agency of Sofia said. The deadline for tabling the bid is November 5. The Privatization Agency will hold on November 6 a tender for the 65.55% stake at a call price of BGN 9.6 million. The stake is presently held by Sofia municipality and two municipal companies. Kovachki has a stake of around 20% in the insurer. 
