Significant events after the end of the Reporting Period

After the balance sheet date there were no significant events that influenced the financial statements for 2011.

Events after the balance sheet date material to the operations in 2012 are the following:

  • In the court action of Zavarovalnica Triglav against Milan Marolt and Nadežda Klemenčič, described in detail in Section  Major pending legal disputes 8.6 of the Accounting Report, Zavarovalnica Triglav was served a decision by the court of first instance on 9 February 2012. The court had refused Zavarovalnica Triglav's claims. The Company lodged an appeal against this decision of the court of first instance on 23 February 2012.
  • In the review procedure by the Insurance Supervision Agency (ISA) pertaining to risk management, with a special emphasis on unit-linked life insurance, which is described in detail in Section 8.7.1 Of The Accounting Report. Reviews by supervisory bodies, the Insurance Supervision Agency, the ISA issued Zavarovalnica Triglav with a request for an audit with which the ISA would review the facts and evidence in this case and in the course of which a review of the operations related to the subsidiary company Vardar Osiguruvanje (Triglav Osiguruvanje a.d., Skopje) would also be conducted.
  • Due to the downgrading of Slovenia's sovereign rating in 2012, the value of holdings of government securities of the Republic of Slovenia did not change signficantly by the date of approval of financial statements.
  • On 15 March 2012, the Supervisory Board appointed the previous Executive Director of the Property Insurance Claims Department, Stanislav Vrtunski, as the new member of the Management Board for a period of five years. As Member of the Management Board, he will be in charge of life, health and accident insurance marketing, excluding key accounts. The decision on his appointment as a new member of the Management Board shall take effect as soon as the Insurance Supervision Agency issues him the authorisation to serve as a management board member.
  • On 26 March 2012, the Supervisory Board of Zavarovalnica Triglav gave approval to the continuation of procedures related to introducing a strategic partner (International Finance Corporation – IFC) into the ownership structure of the holding company Triglav INT.
  • On 26 March 2012, Zavarovalnica Triglav's Supervisory Board approved the termination of the term of office and of the employment contract of Management Board Member, Igor Stebernak. His term of office as Management Board Member shall expire by no later than 30 June 2012.

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