Triglav Group in the 2011-2015 Strategy Period

The Triglav Group Strategy was redrafted in order to emphasise the consolidation of the Group in the existing markets and make its approach more ambitious and proactive.

Very ambitious objectives were set to be achieved by 2015, such as a return on equity above 12% and a stable combined ratio below 95%.

The strategy gives priority to consolidating and improving the performance of the companies currently in the Triglav Group, whilst expansion on the existing markets and penetration of new ones in South-East Europe are not excluded should the opportunity arise.

Expansion on the existing markets covers:

  • expansion of the sales network and sales support of Zavarovalnica Triglav;
  • introducing life, health and pension insurance products to markets where there are currently no such products available;
  • acquisition of other insurance companies and mergers;
  • starting and developing business complementary to insurance.

The Strategy also includes the project "Introduction of IFRS 4 – Phase II" with the aim of duly preparing and compiling financial statements in accordance with the amended International Financial Reporting Standards.

The expansion of the Triglav Group to new markets in South-East Europe will take place if an exceptional opportunity arises, depending on capital strength and the situation on international financial markets. The expansion will be financed mainly through a capital increase of Triglav INT d.d., to be funded by an international institutional investors and Zavarovalnica Triglav. The Triglav Group will also require additional capital for the purpose of financial stability, in order to maintain the »A« k rating received from an established credit rating agency and to comply with potential new capital adequacy requirements in the framework of Solvency II.

The new strategy also defines the dividend policy of Zavarovalnica Triglav. A proposal to pay out a part of accumulated profits shall be made to the General Meeting of Shareholders on the condition that the available capital of Zavarovalnica Triglav left after dividend payment is sufficient for maintaining the target capital adequacy in the medium run and for the Triglav Group independently meeting the »A« rating requirements. The dividend policy of Zavarovalnica Triglav takes account of the planned growth rate and development of the Triglav Group in target markets.

Key strategic directions

The Triglav Group's key strategic directions continue to be:

  • creating an efficient Group management system;
  • optimising business processes and ensuring appropriate staffing;
  • achieving profitability of operations and increasing the total value of the Group,
  • expansion on the existing and new markets;
  • developing alternative sales channels;
  • entering new key projects with a profitability rate above the target ROE of the Group in 2015.

Strategy objectives of the Triglav Group

The previous strategy was deepened on the existing foundations, as proven by the fact that the strategy objectives on four levels remain unchanged in the revised strategy to 2015.

1. Employees, knowledge and learning

  • successful adaptation of the number and structure of employees to the demands of process and organisation reengineering;
  • increased mobility and internationalisation of human resources;
  • development and retention of key, promising employees;
  • redesign of organisational culture in line with the process reorganisation in the Group;
  • increase in the variable part of remuneration for high achievers.

2. Processes and Organisation

  • finalisation of the IT-Build and IT-Life projects, including changes in processes and organisation;
  • implementation of the data warehouse and the CRM system;
  • implementation of the business process management system;
  • implementation of the corporate governance system and key internal controls for the Group;
  • compliance of operations with Solvency II requirements.

3. Clients

  • comprehensive overview of the policyholder and an upgraded, modern credit system (policyholder card);
  • development of efficient client loyalty programmes;
  • increase in the number of active policyholders;
  • comprehensive insurance/financial services offered through modern sales channels;
  • a rank among the top 3 insurance companies in the region.

4. Finances

  • profitability and cost efficiency;
  • optimised balance sheet structure according to the requirements of Solvency II and the »A« rating from Standard & Poor's;
  • positive underwriting result of the Group;
  • efficient receivables management.

For measuring the achievement of the strategy objectives, a balanced scorecard with projections by 2015 has been developed and linked to concrete strategy activities.


Our website uses cookies for better user experience

By continuing to browse our website you agree to our use of cookies which helps us provide you with a good user experience on our website. We use Google Analytics for our own analytical purposes and it installs cookies for this purpose (delete GA cookies). More about cookies.