Zavarovalnica Triglav 9M18: Profitability surged considerably in 3Q18 with Triglav now firmly on track to deliver guidance.
GWP increased by 5.5% to EUR 820.2m in 9M18 with growth still present in all markets and segments (countries and product wise). GWP is slightly above our estimate, but this was true also in 1H18 report. Even more importantly while expense ratio stagnated in non-life, claims ratios pushed combined non-life ratios lower in almost all countries and with aggregate combined ratio at 92.4%, down from 94.5%. This lower claims in 3Q18 vs 3Q17 recuperated profitability of Triglav Group. Namely now EBT stands at EUR 69.9m, up by 8.4% YoY while net profit surged by 13% YoY. Consequently, Triglav profit is now above our estimates, after trailing in our 1H18 report. We see no reason to change our forecast and consequently valuation, while share price decrease in last few months opened more upside to our target price. Recommendation buy is still valid, as our estimate for EUR 2.5 dividend to be paid next year.
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.
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