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Triglav Group Plans to Finish 2011 with EUR 54M in Profit

Ljubljana, 06 January (STA) - The management of insurer Zavarovalnica Triglav has set its targets for 2011, putting premiums at EUR 1.03bn and profit above EUR 54m for the group. The company plans to give out over EUR 625m net for damage claims, Triglav said on the web site of the Ljubljana Stock Exchange on Thursday.

The Triglav Group posted almost EUR 18m in profit in the first six months of 2010, which was also the first time that the group generated profit in core business.

In the first nine months of last year, net profit topped EUR 32m, which is a 14% increase year-on-year. Premiums by the end of September stood at some EUR 567m.

The company expects the index showing profitability of the core business to stand at 97.7% on 31 December 2011, while its total assets should top EUR 606m.

"The strategy of the Triglav Group by 2013 is moderate expansion of business with a highlight on profitability," Triglav CEO Matjaz Rakovec said. He underlined 10% profitability of the capital, EUR 1.1bn in premiums and profitability of all its subsidiaries as key priorities until 2013.

The group's goals for this year meanwhile include development of the main and alternative sales routes, expansion of the offering of packages and combined products, strengthening the presence in the region and boosting corporate social responsibility.

The Triglav Group is present in seven countries and on eight markets and its business is stable despite the financial and economic crisis, which was recently confirmed by rating firm Standard & Poor's Ratings Services, the company said.

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