Zavarovalnica Triglav 1Q18: Strong start of the year with EUR 23.3m of profit.
GWP increased by 4.3% YoY in 1Q18 as well as NPE. More importantly strong growth dynamic is still present across all segments and countries, life in Slovenia and Montegnegro being an exception. On the other hand net claims increased by 2.3%, therefore claims ratio significantly improved vs 1Q17, namely by 3.6 p.p. Combined ratio (non-life) is at 88.5%. Net profit surged by 5.3% YoY to EUR 23.3m while solvency ratio remains strong with groups at 222%. For now we are sticking with our valuation of EUR 36 per share, albeit some upside risk has emerged due to 1Q18 earnings beat. Upside narrowed and seems limited, but note the management proposal of EUR 2.5 per share (yielding 7.2% gross). Consequently for now buy recommendation remains intact.
Zavarovalnica Triglav DD. Zavarovalnica Triglav dd is Slovenian-based company principally engaged in the insurance and financial services. Zavarovalnica Triglav dd is the controlling company of the Triglav Group which offers insurance, asset management and banking services. Zavarovalnica Triglav dd, Zdrastvena zavarovalnica dd and Pozavarovalnica Triglav Re dd provide wealth, life, voluntary additional pension and health insurances. The insurance sector of the Company also operates in the Czech Republic, Croatia, Bosnia and Hercegovina, Montenegro, Serbia and Macedonia. Through Triglav DZU ddo, Triglav Nalozbe financna druzba dd and Triglav nepremicnine dd the Company provides investment fund management, real estate and banking services. As of June 22, 2012, the Company acquired a 100% stake in Investicijsko podjetje, Trgovanje z lastnimi nepremicninami doo from Sava dd.
ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.
Our trading advantage is our execution of large trading blocks with low impact on the market. We offer trading on several platforms on numerous markets, with a wide variety of financial instruments. Our advantage is also a research department, which is both sell side and buy side and has the far most extensive and regular coverage of domestic companies. We cover 9 companies on Ljubljana Stock Exchange, which is around 90% of Mcap on LJSE – and here we are practically the only local broker providing this kind of extensive and regular coverage for Slovenian companies.
A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.