We will develop our business in SEE through Euroins Bulgaria

Despite the conflict in Ukraine, the sale of our business in Russia and Belarus, as well as the cease of our operations in the volatile and crisis-ridden Romanian motor insurance market, our group continues to be very well positioned in the region. All other units within our structure are performing well and developing their business steadily. This trend has been confirmed by the leading rating agency, Fitch Ratings, which in August affirmed the ‘B+’ Insurer Financial Strength Rating with stable outlook of Euroins Bulgaria, the group’s largest subsidiary. The rating agency’s assessment is that the business of the group’s entities remains stable even after our withdrawal from the Romanian motor insurance market. Fitch also affirmed the same ratings of the holding company.


Interest in voluntary insurance likely to grow as risk awareness rises

We have always focused on providing quality products and services at the right price, bringing continuity to our customers’ lives in a simple and predictable way. In other words, we focused on being that partner that people need to live their lives confidently. All of this, together with a high-performing team and a strong brand, determined our success. We achieved very good results across all business lines and recorded double-digit increases, both in the Auto or Non-Auto sectors. We continued to consolidate these results throughout this year as well. Furthermore, Groupama now has a significantly enhanced presence in the RCA sector (civil liability car insurance), a position undertaken and built on the principle of delivering quality at a fair price.


Top SEE insurers’ premium growth slows down

The gross written premiums (GWP) of the top insurers in Southeast Europe continued to expand, though at a slower pace than a year earlier amid high inflation, a slowdown in economic activity and geopolitical uncertainties. Profit growth too decelerated, following a robust double-digit increase a year earlier. Nevertheless, the sector remained stable and resilient.

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SEE top insurers book double-digit growth in profit, GWP

The top one hundred insurers in Southeastern Europe (SEE) saw both their net profit and gross written premiums (GWP) grow in double digits in 2021, despite persisting challenges related to the coronavirus crisis and low interest rates. Their combined net profit rose by 26% to 599 million euro in 2021, from 475 million euro in 2020 and 497 million euro in 2019, outpacing the increase in GWP. Only eight of the top insurers closed the year in the red, while 38 recorded a decline in profits. In 2021, SEE’s biggest insurers registered 9.675 billion euro in GWP, 11.65% higher on the year and above the 8.8 billion-euro levels registered by the entrants in the ranking in 2019. Just nine insurers reported a decline in their GWPs in 2021.


We will transition to service-oriented business model

Based on strategic starting points and last year’s macroeconomic forecasts for 2022, the Triglav Group plans a profit before tax of 120–130 million euro and an increase in total written premium to more than 1.4 billion euro; however, due to the growth of the insurance portfolio and other factors, we also expect an increased volume of claims paid. The combined ratio is expected to remain favourable below 93%. Due to the low interest rates at which our investments were reinvested in the previous financial year, we anticipated a further decline in rates of return on investment, excluding unit-linked assets. We estimate that the planned annual profit will be achieved; however, it should be stressed that the risks related to the realisation of target profit increased significantly due to negative influences from the business environment.