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Business Report for 2018 Pozavarovalnica Triglav Re, d.d. SUMMARY OF THE ANNUAL REPORT 2018 TRIGLAV RE / Business Report 2018 TABLE OF CONTENTS STATEMENT OF MANAGEMENT’S RESPONSIBILITIES 5 1. OPERATING PERFORMANCE AND EVENTS IN 2018 8 1.1. FINANCIAL HIGHLIGHTS OF TRIGLAV RE, D.D. 8 1.2. SIGNIFICANT EVENTS IN 2018 8 1.3. SIGNIFICANT EVENTS AFTER THE END OF 2018 9 1.4. ADDRESS BY THE PRESIDENT OF THE MANAGEMENT BOARD 10 2. REPORT OF THE SUPERVISORY BOARD 13 3. GENERAL INFORMATION ON TRIGLAV RE, D.D. 20 3.1. COMPANY PROFILE 20 3 3.2. BASIC DATA ON TRIGLAV RE, D.D. 20 3.3. TRIGLAV GROUP 22 3.4. SHAREHOLDERS’ EQUITY AND SHAREHOLDERS OF TRIGLAV RE, D.D. 23 3.5. CREDIT RATING OF TRIGLAV RE, D.D. 23 4. DECLARATION OF THE COMPANY MANAGEMENT 25 4.1. GOVERNANCE POLICY 25 4.2. STATEMENT OF COMPLIANCE WITH THE CORPORATE GOVERNANCE 25 CODE OF THE COMPANIES WITH THE STATE CAPITAL INVESTMENT AND COMMITMENT TO THE OTHER CODES 5. GENERAL ECONOMIC ENVIRONMENT IN 2018 28 5.1. ECONOMIC ENVIRONMENT 28 5.2. CAPITAL MARKETS 30 5.3.. INSURANCE MARKET 31 5.4. INSURANCE MARKET IN SLOVENIA 32 6. RISK MANAGEMENT 35 6.1. RISK MANAGEMENT SYSTEM 36 6.2. PROCESS OF RISK MANAGEMENT 39 6.3. OWN RISK AND SOLVENCY ASSESSMENT (ORSA) 40 6.4. CAPITAL MANAGEMENT 41 6.5. TYPES OF RISKS AND THEIR MANAGEMENT SYSTEM 42 6.6. FUTURE CHALLENGES IN RISK MANAGEMENT 59 TRIGLAV RE / Business Report 2018 7. FINANCIAL RESULTS 61 7.1. REINSURANCE PREMIUMS 61 7.2. REINSURANCE CLAIMS 63 7.3. GROSS LOSS RATIO 64 7.4. COMMISSION INCOME AND EXPENSES 64 7.5. FINANCIAL INCOME AND EXPENSES 64 7.6. OPERATING EXPENSES 66 7.7. FINANCIAL RESULT INDICATORS 66 8. FINANCIAL POSITION 68 8.1. FINANCIAL ASSETS 68 8.2. FINANCIAL LIABILITIES 68 4 8.3. FINANCIAL POSITION INDICATORS 69 9. SIGNIFICANT EVENTS AFTER THE END OF ACCOUNTING PERIOD AND TRANSPARENCY OF FINANCIAL RELATIONS 71 9.1. SIGNIFICANT EVENTS AFTER THE END OF ACCOUNTING PERIOD 71 9.2. TRANSPARENCY OF FINANCIAL RELATIONS 71 10. FINANCIAL STATEMENTS AND EXPLANATORY NOTES 73 10.1. STATEMENT OF FINANCIAL POSITION 74 10.2. INCOME STATEMENT 75 10.3. STATEMENT OF COMPREHENSIVE INCOME 76 10.4. CASH FLOW STATEMENT 77 10.5 STATEMENT OF CHANGES IN EQUITY 78 TRIGLAV RE / Business Report 2018 STATEMENT OF MANAGEMENT’S RESPONSIBILITIES The Management Board hereby confirms that the Annual Report of Triglav Re, d.d. with all its integral parts is written in accordance with the Companies Act and the International Financial Reporting Standards. The Management is responsible for preparing the annual report so that it gives a true and fair view of the Company’s financial position and its operating results for the year ended 31 December 2018. The Management Board also confirms that the appropriate accounting policies have been consistently applied and that the accounting estimates have been prepared with due care and 5 diligence. Furthermore, the Management Board affirms that the financial statements together with related notes have been prepared on the basis of the assumption on further operating activities of the Company and in accordance with the applicable law and International Accounting Standards. The Management is also responsible for keeping proper and adequate accounting, for taking reasonable asset protection measures and the measures for prevention and detection of fraud and irregularities. The tax authorities may at any time within five (5) years from the date on which the tax was charged, check the Company’s operations, which may result in additional tax liabilities, interest on arrears, penalties from the corporate income tax or other taxes and duties. The Management Board further states that they are not aware of any circumstances that may give rise to any potential material liability in this respect. Ljubljana, 27 March 2019 TRIGLAV RE / Business Report 2018 6 United Nations A/C.2/72/L.32 General Assembly Distr.: Limited 18 October 2017 Original: English Seventy-second session Second Committee Agenda item 19 Sustainable development Albania, Argentina, Armenia, Australia, Austria, Bangladesh, Bhutan, Bosnia and Herzegovina, Burkina Faso, Canada, Chile, Colombia, Costa Rica, Croatia, Cuba, Finland, Georgia, Greece, Guatemala, Honduras, Hungary, India, Iraq, Ireland, Israel, Italy, Japan, Kazakhstan, Liechtenstein, Luxembourg, Malaysia, Malta, Monaco, Montenegro, New Zealand, Norway, Panama, Paraguay, Poland, Portugal, Republic of Moldova, Romania, Russian Federation, Serbia, Seychelles, Singapore, Slovakia, Slovenia, Spain, Sri Lanka, Thailand, the Former Yugoslav Republic of Macedonia, Turkey, Ukraine and Viet Nam: draft resolution World Bee Day The General Assembly, Reaffirming its resolution 70/1 of 25 September 2015, entitled “Transforming our world: the 2030 Agenda for Sustainable Development”, in which it adopted a comprehensive, far-reaching and people-centred set of universal and transformative Sustainable Development Goals and targets, its commitment to working tirelessly for the full implementation of this Agenda by 2030, its recognition that eradicating poverty in all its forms and dimensions, including extreme poverty, is the greatest global challenge and an indispensable requirement for sustainable development, its commitment to achieving sustainable development in its three dimensions — economic, social and environmental — in a balanced and integrated manner, and to building upon the achievements of the Millennium Development Goals and seeking to address their unfinished business, WORLD Reaffirming also its resolutions 53/199 of 15 December 1998 and 61/185 of 20APPROVEDA DecemberAP 2006BEE on theDAY proclamation of international years, and Economic and Social PCouncilInP 2015PR Rthe Oresolution Republic of Slovenia,1980/67 at ofthe 25 July 1980 on international years and anniversaries,initiative particularly ofO theVV SlovenianEE paragraphs Beekeepers’ 1 to 10 of the annex thereto on the agreed Association, began proceduresDD at the criteria forFood the and proclamation Agriculture Organization of international of years, as well as paragraphs 13 and 14, in whichthe it Unitedis stated Nations that for anthe declarationinternational day or year should not be proclaimed of World Bee Day and to propose a before theresolution basic arrangements underlining the forimportance its organization and financing have been made, of bees and other pollinators. The RecognizingUnited Nations the importance General Assembly of promoting sustainable development in its three dimensionsadopted in an byinnov consensusative, acoordinated, resolution environmentally sound, open and shared declaring 20 May as World Bee Day. 17-18445 (E) 201017 *1718445* Text on graphics: after www.worldbeeday.org TRIGLAV RE / Business Report 2018 1. OPERATING PERFORMANCE AND EVENTS IN 2018 1.1. Financial highlights of Triglav Re, d.d. in EUR YEAR 2018 YEAR 2017 INDEX Gross reinsurance premium written 131,170,639 123,713,912 106 Gross claims paid 69,994,751 56,764,142 123 Gross operating expenses* 3,492,598 3,329,916 105 Return on investment 3,002,587 3,936,068 76 Technical provisions 166,335,963 163,462,462 102 Equity 79,944,828 82,693,155 97 Return on Equity 5.6% 7.7% / 8 Net profit 4,532,787 6,347,139 71 Number of employees at the year-end 50 46 109 *Gross operating expenses by functional groups 1.2. Significant events in 2018 JUNE In June 2018, the Company paid out EUR 4.4 million of dividends for the business year 2017 to its owner Zavarovalnica Triglav d.d. in compliance with the amended dividend policy. SEPTEMBER On 7 September 2018, the rating agency, Standard and Poor’s, reaffirmed the long-term credit rating and the financial strength rating “A” to the Triglav Group, and thus to the parent company Zavarovalnica Triglav, d.d. and its subsidiary Triglav Re, d.d.. Both credit ratings have a stable medium-term outlook. NOVEMBER On 29 November 2018, the 31st General Meeting of Triglav Re, d.d. took place, at which the shareholders were briefed on the resignation statement of David Benedek, a member of the Supervisory Board of Triglav Re d.d., and the Supervisory Board appointed a new member, Janko Šemrov. TRIGLAV RE / Business Report 2018 DECEMBER At a regular annual review on 3 December 2018, the rating agency A.M. Best reaffirmed the long-term credit rating and the financial strength rating “A” to the parent company Zavarovalnica Triglav, d.d. and its subsidiary Triglav Re, d.d. The credit ratings have a stable medium-term outlook. Considering a high credit rating of our company Triglav Re, d.d., the rating agency A.M. Best stressed its key reinsurance role in all the companies of Triglav Group. Triglav Re, d.d. has already started to implement the new IT system. At the end of 2018, the Company was in the follow-up phase of data migration process, and it started with the functional system testing. 1.3. Significant events after the end of 2018 After the end of 2018, there were no significant events that could affect the Company’s performance. 9 TRIGLAV RE / Business Report 2018 1.4. Address by the President of the Management Board Dear All, Despite the challenges in the field of investment returns and high expenses due to natural disasters, we can be satisfied with the results of the 2018 business year, at the end of which we celebrated the 20th anniversary of the founding of our Company. With a 6 percent growth in gross premiums written, achieved in all lines of business, we generated EUR 4.5 million of net profit with a combined ratio of 96.2 percent, which is 2 percentage points higher than the year before, due to large losses. Realised returns on investments have dropped significantly, which is also due to the considerable negative exchange rate differences in relation to transactions in Turkey, Russia and India. Capital adequacy remains at a high level and is comparable to that of 2017, which means that the risk profile has not changed significantly - this is also confirmed by the excellent (“A”) credit rating of S&P Global Ratings and A.M.
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