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Triglav Group and Zavarovalnica Triglav D.D. Annual Report 2015

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Triglav Group and Zavarovalnica Triglav D.D. Annual Report 2015 Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2015 www.triglav.eu Table of Contents link Table of Contents Chapter link Triglav Group and Zavarovalnica Triglav d.d. Audited annual report for the year ended 31 December 2015 Business Report Accounting Report The Triglav Group and Zavarovalnica Triglav in 2015 7 Statement of Management's Responsibilities 166 Adress by the President of the Management Board 18 Independent Auditor's Report 167 Report of the Supervisory Board 22 Financial Statements 168 Strategy and Plans of the Triglav Group 27 General Information 174 Corporate Governance Statement 31 Notes to the Statement of Financial Position 192 The Share and Shareholders of Zavarovalnica Triglav 39 Notes to the Income Statement 222 Performance of the Triglav Group and Zavarovalnica Triglav 45 Other Information 242 Financial Result of the Triglav Group and Appendix (ISA Scheme) 277 Zavarovalnica Triglav 69 Financial Standing of the Triglav Group and Zavarovalnica Triglav 75 GRI Table of Contents 316 Cash Flow Statement 80 Development and Sales Activities 90 Sustainable Development in the Triglav Group 97 Information on the Triglav Group as at 31 December 2015 122 Sales Network of The Triglav Group 125 Performance Indicators of Zavarovalnica Triglav 127 Risk Management Risk Management System 142 Disclosures and Risk Management 149 An international insurance company with 115 years of tradition and the leading insurer in the Adria region. Accompanying the clients everywhere their personal and business life takes them. By providing a comprehensive range of insurance products, assistance and advisory services. Safety and stability. Prudent risk management. Development of client-tailored solutions and services for a better future. The Triglav Group +4% Net profit of the Triglav Group and Zavarovalnica Triglav in 2015 +3% Gross written premium from insurance and co-insurance contracts of the Triglav Group Net profit in EUR million Gross written premium from insurance and co-insurance contracts in EUR million 90 88.9 919.1 85.7 900.9 888.2 80 850 70 69.9 700 60 58.5 605.8 592.6 586.3 50 48.3 45.6 550 40 30 400 20 250 10 0 100 2013 2014 2015 2013 2014 2015 Zavarovalnica Triglav Triglav Group Zavarovalnica Triglav Triglav Group The combined ratio in non-life insurance of the Triglav Group 82.8% -3.5 p.p. Ratio of written premiums charged in the Slovene insurance market. 100% 96.3% Strategic guideline by 2017 (95%) nd 92.8% 2 most -2.2 p.p. 90% traded share on the Ljubljana Stock Exchange in terms of liquidity and market capitalisation. 80% ZVTG share market value – closing price 2014 2015 2015 EUR 23.50 The Triglav Group and Zavarovalnica Triglav in 2015 Table of Contents link 7 Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2015 1 The Triglav Group and Zavarovalnica Triglav in 2015 The Triglav Group and Zavarovalnica Triglav d.d. (hereinafter: Zavarovalnica Triglav) maintained a high level of financial stability and recorded growth of several key indicators. The Triglav Group is the leading group in Slovenia and the Adria region and ranked sixth in Central Europe. Strengthened position on the Slovene pension insurance market, continued subsidiary ownership consolidation within the Group and disinvestment of shareholdings in the companies whose business is incompatible with the Group's strategic guidelines Financial highlights of the Triglav Group1 in EUR million 2015 2014 2013 Index 2015/2014 2014/2013 Gross written premium from insurance and co-insurance contracts 919.1 888.2 900.9 103 99 Net premium income 839.2 819.9 837.6 102 98 Gross claims paid 594.8 615.7 627.5 97 98 Net claims incurred 570.3 594.7 571.7 96 104 Gross operating expenses 297.6 295.9 302.4 101 98 Profit before tax 102.5 100.4 83.6 102 120 Net profit 88.9 85.7 69.9 104 123 Net profit attributable to the controlling company 88.8 85.4 69.5 104 123 Insurance technical provisions as at 31 December 2,600.4 2,333.7 2,261.4 111 103 Equity as at 31 December 704.0 688.1 590.5 102 117 Equity attributable to the controlling company as at 31 December 692.9 681.4 584.3 102 117 Return on equity 12.77% 13.40% 11.99% 95 112 Return on equity attributable to the controlling company 12.93% 13.49% 12.07% 96 112 Number of employees as at 31 December 5,379 5,406 5,351 100 101 Net earnings per share (in EUR) 3.91 3.77 3.07 104 123 Financial highlights of Zavarovalnica Triglav2 in EUR million 2015 2014 2013 Index 2015/2014 2014/2013 Gross written premium from insurance and co-insurance contracts 586.3 592.6 605.8 99 98 Net premium income 517.0 529.7 548.6 98 97 Gross claims paid 390.6 421.1 419.4 93 100 Net claims incurred 349.6 392.0 370.7 89 106 Gross operating expenses 161.0 162.7 161.3 99 101 Profit before tax 68.4 57.5 59.6 119 96 Net profit 58.5 45.6 48.3 128 94 Insurance technical provisions as at 31 December 2,053.9 2,060.0 1,959.3 100 105 Equity as at 31 December 530.6 544.0 499.8 98 109 Number of employees as at 31 December 2,341 2,365 2,373 99 100 Return on equity 10.89% 8.74% 9.59% 125 91 Book value per share (in EUR) 23.34 23.93 21.98 98 109 Net earnings per share (in EUR) 2.57 2.01 2.12 128 94 1 GRI G4-9 2 GRI G4-9 The Triglav Group and Zavarovalnica Triglav in 2015 Table of Contents link 8 Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2015 Other economic, social and environmental impact of the Triglav Group's operations 2015 2014 2013 Index 2015/2014 2014/2013 1. Other economic impacts (in million EUR) Economic value generated* 1,224.8 1,149.2 1,106.9 107 104 Economic value distributed 1,176.8 1,084.0 1,061.3 109 102 - Net claims incurred and other insurance expenses 627.8 678.8 592.2 92 115 - Expenses from financial assets 176.8 56.2 111.0 315 51 - Other expenses 16.9 15.4 14.9 110 103 - Operating costs** 129.8 127.2 129.5 102 98 - Dividend payments 56.8 38.6 45.4 147 85 - Tax expense (income tax expense) 13.6 14.7 13.8 92 107 - Community investments (prevention activities, donations, sponsorships ) 6.7 6.0 6.7 112 89 - Employee wages, allowances and benefits 148.4 147.2 147.8 101 100 Economic value retained 48.0 65.2 45.5 74 143 2. Social impact (Zavarovalnica Triglav) Average training hours per employee 26 22 27 118 81 Number of insurance policies (products, services) sold online 13 12 12 108 100 Number of insurance products encouraging preventive actions 62 69 67 90 103 Personal data protection (number of fines received - target is zero) 0 0 0 0 0 Fair business practices (share of investigated fraud cases in %) 92 93 89 99 104 3. Impact on the environment Electricity consumption in MWh (Zavarovalnica Triglav) 5,092 5,347 5,621 95 95 Carbon footprint: - Zavarovalnica Triglav (tons of CO2 equivalent) 4,944 5,107 5,419 97 94 - Triglav Osiguranje, Sarajevo (tons of CO2 equivalent) 174 169 - 103 - Triglav Osiguranje, Belgrade (tons of CO2 equivalent) 471 421 - 112 - Lovćen Osiguranje, Podgorica (tons of CO2 equivalent) 195 165 - 118 - Triglav Osiguruvanje, Skopje (tons of CO2 equivalent) 372 159 - 234 - Zavarovalnica Triglav (tons of CO2 equivalent per employee) 2.1 2.2 2.3 95 96 Waste sorting (share of employees participating in Zavarovalnica Triglav in %) 91 91 74 100 123 * Economic value generated = net premium earned and other insurance income + income from financial assets + other income. ** Operating costs include payments to suppliers, acquisition expenses etc. Economic value distributed 13% 1% 1% 5% +8% 11% 53% Number of insurance policies, 1% sold online 15% Net claims incurred and other Tax expense insurance expenses (income tax expense) -5% Expenses from financial assets Community investments Electricity consumption (prevention activities, donations, Other expenses sponsorships) Operating costs Employee wages, allowances and benefits Dividend payments For additional information please contact:3 Zavarovalnica Triglav, d.d., Ljubljana Miklošičeva cesta 19, 1000 Ljubljana Tomaž Žust, Director of Strategic Planning and Controlling Department Phone: ++386 (1) 47 47 449 Fax: ++386 (1) 23 16 456 3 GRI G4-31, G4-3, G4-5 E-mail: [email protected] The Triglav Group and Zavarovalnica Triglav in 2015 Table of Contents link 9 Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2015 Major business events and achievements in 2015 Solvency Solvency II The development activities for implementing the Solvency II requirements were completed (for more details on II Solvency II see the Section on [DRisk Management]). High Credit Ratings High Credit In 2015, the Triglav Group remained financially stable, as confirmed by the »A–« credit ratings from Standard & Ratings Poor’s (hereinafter: S&P) and A.M. Best with a positive medium-term outlook [Dsee Section 6.7 Credit rating of the Triglav Group and Zavarovalnica Triglav for more details]. Good Good Performance The Triglav Group and the parent company again operated at a profit and surpassed the budgeted business Performance results. Dividend Dividend Payments Divided payments accounted for 67% of the net profit of the Triglav Group for 2014[ Dsee Section 6.5 Dividend Payments policy for more details].
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