Pozavarovalnica Triglav Re booked a total of EUR 121.9 million in gross reinsurance premium, or 1% more than the year before (compared to 5% growth in 2010). The increase in gross reinsurance premium was generated predominantly by an 18% growth of the second highest insurance class, i.e. other damage to property insurance, and is the result of a higher gross reinsurance premium from facultative contracts with the parent company. Nominal value increase were also seen in miscellaneous financial loss insurance, general liability insurance, accident insurance, suretyship insurance, health insurance and aircraft insurance, marine insurance, credit insurance and assistance insurance. The largest class, fire and natural forces insurance, recorded a 2% drop in premium. In 2011 the business outside the Triglav Group totalled 6% less than the year before. The year-end profit in 2011 was affected by the economic and financial crisis, extreme weather conditions and frequent natural disasters.
The market position of the reinsurance company Pozavarovalnica Triglav Re was further strengthened by the confirmation of the »A« long-term rating and financial strength rating, assigned by Standard & Poor's on 21 November 2011 (see also Section Strategy and Plans of the Triglav Group). The confirmation of the financial stability of Pozavarovalnica Triglav Re's financial operations increases its potential to access reinsurance markets.
This reinsurance company provides high quality reinsurance coverage to the Triglav Group. In accordance with the Triglav Group's reinsurance scheme in Slovenia and abroad, Pozavarovalnica Triglav Re can increasingly concentrate on acquiring cedants outside the Group. Its growth will continued to be based on a conservative approach to assuming quality risks and on maintaining a stable and profitable portfolio.