Annual ranking of the biggest companies in Southeast Europe
by Siana Mishkova Supported by a robust macroeconomic environment, stable fiscal conditions and buoyant consumption, Southeast Europe’s (SEE) insurance industry remained resilient to pressure stemming from the persistent record low interest rate environm ...
Southeast Europe’s return to steady growth, though slow to affect the insurers in the region, is eventually showing in their balance sheets.
Slovenian insurance company Zavarovalnica Trigla, set up in 1990, is the controlling company of Triglav Group. Triglav Group posted a consolidated net profit of 88.9 million euro in 2015, up 4% from a year earlier.
The insurance companies operating in Southeast Europe (SEE) had to cope with a restrained economic momentum in the region in 2014 when the effects of the financial crisis continued to dampen the recovery of consumer spending and overall business activity.
Slovenian insurance company Zavarovalnica Triglav, set up in 1990, is the controlling company of Triglav Group. Triglav Group posted a consolidated net profit of 85.7 million euro in 2014, up 23% from a year earlier.
The patchy performance of the economies of the countries in Southeast Europe (SEE) proved a drag on the region’s insurance industry in 2013, leading to a drop of 2.0% to 6.2 billion euro in the combined gross written premiums (GWP) of the entrants in the 2013 edition of the SEE TOP 100 insurers ranking compared to the companies that made the 2012 cut.
The performance of SEE’s TOP 100 insurers in 2012 is something of a feat. Judging by the overall figures, insurance companies may have finally glimpsed the proverbial light at the end of the tunnel given expectations for a return to GDP growth (albeit very modest) in the region.
The net profit of Triglav Group, active on seven markets across Southeast Europe as well as in the Czech Republic, rose 78% to 47.5 million euro in 2011. Return on equity at both Triglav Group and its parent company, Zavarovalnica Triglav, improved dramatically, moving closer to 12% − the target value for 2015. The combined ratio in 2011 was 90.1% at the group level. Last year saw the beginning of talks on the entry of a strategic partner, the International Finance Corporation, into the Triglav Group through the company Triglav INT, a process that was formally finalised this year.
By Georgi Georgiev Matjaz Rakovec, President of the Management Board, Zavarovalnica Triglav Steering into a new direction a business organisation with over 5,100 staff strewn across 31 subsidiaries in eight Southeast European countries re ...