Despite demanding circumstances, Triglav Group recorded revenue and profit growth
In the demanding circumstances of the first quarter of 2022, the Triglav Group increased its total revenues by 12% compared to the same period last year (EUR 442.9 million), and the volume of gross insurance premiums written (EUR 407.1 million) rose by 10%.
Premiums grew in all insurance segments and in all markets of the region in which it operates. Quarterly consolidated pre-tax profit of EUR 38.1 million is 20% higher than in the same period last year. We are speaking with Dr Dragan Marković, president of the Executive Board of Triglav osiguranje a.d.o. Beograd, about how the group that Triglav osiguranje Beograd belongs to has maintained its financial strength.
How do you explain the fact that, despite serious competition, the Triglav Group is gaining increasing customer trust, continuous and stable growth and market recognition?
– In the first quarter of this year, the Triglav Group achieved premium growth in all insurance segments and in all markets in which it operates, and also strengthened its position in most markets. The good results came from taking on the risk of insuring and managing clients’ assets in mutual funds and individual management. Last year, the Group received the high A rating from recognised credit rating agencies. Also, during 2021, staff and client satisfaction, which the company continuously monitors, reached the highest measured level so far. In its operations, the group focused on development and on clients, which remains one of the key directions in the revised strategy until 2025. Triglav Osiguranje Beograd also increased its total premium in the first quarter of 2022, and the company’s premium growth exceeded that of the Serbian insurance market.
The pandemic is not yet over, we are close to a raging war that could further escalate and the world is threatened by famine and an energy crisis. Does this instability make people want to insure themselves against what’s coming?
– Without a doubt. The instability that people feel due to new circumstances influences their desire to insure themselves against what is coming. The pandemic pointed out the need to expand risk coverage and the scope of coverage, both in the insurance of natural persons and in the insurance of legal entities. Expansion of coverage for natural persons is primarily related to travel health insurance, voluntary health insurance, loss of earnings, unemployment and life insurance, while for legal entities (including sole traders) in addition to employee insurance, extensions are related to business interruption due to the pandemic, insurance of claims due to economic effects on the business environment. The pandemic’s appearance also required the adjustment of business models (e.g. work from home), the improvement of services, the modification of methods of distribution and communication with clients, and the accelerated digitalisation of business processes. As a consequence, the exposure to cyber risks has increased, and the need for an additional commitment to occupational safety and staff health has arisen, especially in the post-Covid period.
Does membership of the Triglav Group, the leading insurance group in the Adria region, allow you to use experience and practises from other markets to improve services and products intended for customers?
– The Triglav Group is the leading insurance and financial group in the Adria region and, as such, transfers examples of good practice to all member states. Triglav osiguranje in Serbia continues its development in the direction of digital transformation and service-oriented business models and ecosystems, with a constant focus on the client and his needs. We have serious strategic initiatives and plans that adhere fully to our mission of creating a more secure future for all stakeholders.