H1 2025 REPORT

President: Andrej Slapar Members: Uroš Ivanc

Tadej Čoroli Marica Makoter Blaž Jakič

1

Ljubljana, 12 August 2025

1. Financial highlights in the first half of 2025 6

2. Operations of the Triglav Group and Zavarovalnica Triglav 10

3. Company governance 33
4. The share and shareholders of Zavarovalnica Triglav 35
5. Macroeconomic environment and markets trends 40
6. Risk management 43
7. Other information 44

1. Financial statements 48
2. Selected notes to the financial statements 53
3. Notes to the specific significant items in the financial statements 69
4. Other information 124

1. Glossary of terms 134

   2

2. Alternative performance measures 136

Business Report

Following another successful quarter, we delivered exceptionally strong results in the first half of the year. Earnings before tax totalled EUR 110 million (EUR 91 million in net earnings), representing a 22% increase year-on-year. Based on the currently available information and the expected business environment by the end of the year, we are raising our annual profit guidance for 2025. Initially

projected at EUR 130-150 million, earnings before tax are now expected to reach EUR 140-160 million.

The insurance part of the Non-Life segment contributed the most to this success, with increased client insurance coverage and premium growth, particularly in inward reinsurance and FOS transactions. The Life and Asset Management segments also performed well, whereas the

Health segment, as expected, recorded a loss. Results in this segment are expected to remain volatile in the future, as its business volume is still relatively small, despite high growth rates.

As before, the investment portfolio was managed conservatively, ensuring that uncertain financial market conditions had no material impact on the net investment result, although they did influence the return and value of financial investments and assets under management to a certain extent.

Compared to the same period last year, total business volume grew by 18% to EUR 1,065 million at the end of the first half of the year. This increase was primarily driven by strong premium growth across most regional markets, and particularly in the international reinsurance market and direct insurance business.

We are strategically pursuing the internationalisation of the Triglav Group and reducing the share of the Slovenian market in the premium structure. We achieved this again this year, while also improving profitability across all insurance regional markets in which we operate. The combined ratio for the Group's Non-Life and Health segments decreased to an exceptionally favourable 88.2%, supported by improvements in both the claims ratio and the expense ratio. Claims arising from major CAT events remained at the same comparable level year-on-year.

This year, we are pleased that the credit rating agency S&P Global upgraded our credit rating from "A" to "A+" with a stable medium-term outlook. The Triglav Group remains well-capitalised and performs well, while consistently pursuing its development and sustainability ambitions. All this is also reflected in the price and liquidity of its share.

I would like to thank all our Triglav employees for their dedicated work and consistent implementation of our shared strategic ambitions.

4

741.7

642.7

503.9

431.8

H1 2024 H1 2025

Triglav Group Zavarovalnica Triglav

906.1

598.7

1,065.3

723.4

89.5

66.5

109.6

79.8

H1 2024 H1 2025

Triglav Group Zavarovalnica Triglav

H1 2024 H1 2025

Triglav Group Zavarovalnica Triglav

17.3%

19.2%

90.6% 88.2%

63.4%

61.7%

H1 2024 H1 2025

H1 2024 H1 2025

5

Claims ratio Expense ratio

Credit rating of the Triglav Group

Stable medium-term outlook (S&P Global)

"A+"

Stable medium-term outlook (AM Best)

"A"

1. ‌Financial highlights in the first half of 2025

   1. Financial highlights of the Triglav Group

      in EUR million

      	H1 2025	H1 2024	Index
      Total business volume	1,065.3	906.1	118
      Gross written premium	1,022.6	867.8	118
      Other income	42.7	38.3	111
      Total revenue	741.7	642.7	115
      Insurance operating result	85.8	62.1	138
      Insurance revenue	699.1	604.5	116
      Claims incurred	369.6	287.3	129
      Acquisition and administrative costs including non att. costs	189.8	176.1	108
      Net reinsurance service result	-45.5	-78.8	58
      Net other insurance revenue and expenses	-8.5	-0.2	5,178
      Net investment result	20.5	20.8	98
      Investment result	0.9	98.4	1
      Financial result from insurance contracts	16.8	-84.5
      Change in provisions for not achieving the guaranteed yield	0.0	0.6	8
      Gains/losses and impairments of investments in associates	2.7	6.3	43
      Result from non-insurance operations	3.3	6.6	50
      Earnings before tax	109.6	89.5	122
      Net earnings	91.4	75.4	121
      Other comprehensive income	6.6	3.8	173
      Combined ratio Non-Life and Health	88.2%	90.6%	-2.4 p.p.
      Claims ratio Non-Life and Health	61.7%	63.4%	-1.7 p.p.
      Expense ratio Non-Life and Health	26.5%	27.3%	-0.7 p.p.
      New business margin Life	12.2%	14.1%	-1.8 p.p.
      Annualised return on equity	19.2%	17.3%	1.8 p.p.
      Return on financial investments	2.7%	3.0%	-0.3 p.p.
      Costs/insurance service expenses to gross written premium	23.5%	25.9%	-2.3 p.p.
      	30 Jun 2025	31 Dec 2024	Index
      Balance sheet total	4,636.3	4,538.3	102
      Equity	1,023.5	989.0	103
      Contractual service margin (CSM)	287.5	286.8	100
      Assets under management (AUM)	5,868.9	5,893.8	100
      Number of employees	5,144	5,204	99
      Number of employees (full-time equivalent)	5,032	5,088	99

      The breakdown of profit or loss in the Business Report (comprising insurance operating result, net investment result, result from non-insurance operations) differs from that of the statement of profit and loss in the Accounting Report (comprising insurance service result, investment result, financial result from insurance contracts and other profit or loss categories). The presentation of the insurance operating result also takes into account non-attributable costs, insurance revenue, insurance service expenses, net other insurance revenue and insurance service expenses. Furthermore, the net investment result includes the financial result from insurance contracts, change in provisions for not achieving the guaranteed yield, gains/losses on investments in associates and impairment of investments in associates, in addition to the investment result. Other categories are included in the result from non-insurance operations.

1. 1. Financial highlights of Zavarovalnica Triglav*

      in EUR million

      	H1 2025	H1 2024	Index
      Total business volume	723.4	598.7	121
      Gross written premium	716.4	587.4	122
      Other income	7.0	11.3	61
      Total revenue	503.9	431.8	117
      Insurance operating result	67.3	49.6	136
      Insurance revenue	497.0	423.7	117
      Claims incurred	269.3	176.0	153
      Acquisition and administrative costs including non att. costs	134.2	125.6	107
      Net reinsurance service result	-17.9	-72.2	25
      Net other insurance revenue and expenses	-8.3	-0.3	3,010
      Net investment result	16.1	16.1	100
      Investment result	-7.7	86.3
      Financial result from insurance contracts	21.2	-78.7
      Gains/losses and impairments of investments in associates	2.6	8.5	31
      Result from non-insurance operations	-3.6	0.8
      Earnings before tax	79.8	66.5	120
      Net earnings	66.7	56.8	117
      Other comprehensive income	3.0	-1.0
      Combined ratio	87.0%	89.6%	-2.6 p.p.
      Claims ratio	60.5%	62.0%	-1.5 p.p.
      Expense ratio	26.5%	27.6%	-1.1 p.p.
      New business margin Life	13.8%	15.3%	-1.5 p.p.
      Annualised return on equity	18.9%	16.5%	2.4 p.p.
      Return on financial investments	2.7%	2.9%	-0.2 p.p.
      Costs/insurance service expenses to gross written premium	23.6%	27.2%	-3.6 p.p.
      	30 Jun 2025	31 Dec 2024	Index
      Balance sheet total	3,324.2	3,273.8	102
      Equity	747.7	741.6	101
      Contractual service margin (CSM)	270.8	271.4	100
      Number of employees	2,167	2,223	97
      Number of employees (full-time equivalent)	2,142	2,197	97

      * Zavarovalnica Triglav's figures for H1 2024 are adjusted and include the data of the merged company Triglav, Zdravstvena zavarovalnica. The figures for the previous year presented in the Business Report of the interim financial report include data on discontinued operations. For more details on the impact of the merger, see section 4.1 of the Accounting Report.

   2. Significant events in the reporting period

      • The regular annual General Meeting of Shareholders reappointed Andrej Andoljšek as a Supervisory Board member - shareholder representative, and Barbara Cerovšek Zupančič as a new Supervisory Board member - shareholder representative. Janja Strmljan Čevnja and Aleš Košiček, Supervisory Board members - employee representatives, tendered their resignations in March 2025. See section 3.3 Composition of the Supervisory Board for more information.

      • At the June General Meeting of Shareholders, the shareholders also adopted the resolution proposed by the Management Board and the Supervisory Board to pay a dividend of EUR

        2.80 gross per share or EUR 63.7 million in total, representing a 5.6% dividend yield. See sections 3.1 General Meeting of Shareholders and 4.5 Dividends for more details.

      • In order to simplify and optimise the Triglav Group's operations, the decision was taken to transfer the entire supplemental voluntary pension insurance business related to the accumulation phase, along with the management of guarantee funds, from the parent company to the specialised subsidiary Triglav, pokojninska družba. The proposed spin-off through a takeover was also approved by the General Meeting of Shareholders.

      • In June, S&P Global Ratings upgraded the Group's financial strength and issuer credit rating from "A" to "A+" (see also section 4.4 Credit rating).

      • In June, in partnership with the Italian insurance agency company Prima Assicurazioni and the reinsurer Ageas Re, the Triglav Group launched operations in the Italian motor insurance market. Entry into the Italian market is in line with the Group's strategic ambition to internationally diversify its profitability and business volume. The impact of new business will significantly increase the Triglav Group's total business volume on an annual basis. Detailed information is available on the Company's website at https://www.triglav.eu/en/investors/actual/announcements.

        Events after the end of the accounting period are described in section 4.5 Events after the reporting period of the Accounting Report.

   3. The Triglav Group Strategy and its implementation

      At the end of 2024, the Triglav Group upgraded its business strategy to 2030 and continues to remain committed to its mission of "Building a safer future" through the implementation of its strategy. The Group aims to strengthen its identity as an international insurance and financial group in line with its new vision by capitalising on growth opportunities in international markets, while maintaining its dominant market position in Slovenia and the Adria region. By 2030, the Group aims to double its earnings before tax and increase its business volume and assets under management, while remaining a profitable, stable and safe investment for investors.

      Client-centricity remains at the core of all activities, with a focus on providing innovative insurance and investment solutions and delivering a consistently high-quality experience at every point of contact. Further investments in talent, digital transformation as well as maintaining a focus on process and cost-effectiveness will enable the Group to operate as an agile organisation, adapting effectively to challenges and changes in the environment.

      
      
      

      The most important initiatives supporting the Group's strategic ambitions are sales channel efficiency, the Healthcare Ecosystem, internationalisation, digital transformation, and cost and process optimisation.

      Implementation of the Triglav Group Strategy in the first half of 2025

      The Group operated profitably and safely in the first half of 2025, maintaining financial stability and adequate capital adequacy. In line with its upgraded business strategy to 2030, it has launched or continued a series of activities aimed at achieving its strategic ambitions.

      In line with the strategic ambition to greatly diversify its operations internationally, both in terms of business volume and sources of profitability, in June 2025 the Group entered the Italian motor insurance market in partnership with Prima Assicurazioni and Ageas Re. This partnership also complements the Group's strategic focus on digital opportunities to support client-centricity and agility.

      The Group is continuing its integration of digital and AI technologies into business operations to improve user experience and work processes. Automated claims notification process implemented at the parent company Zavarovalnica Triglav in prior strategic period via digital channels is being implemented in other Group insurance companies.

      The Group continues to upgrade its products to adapt to client needs. Zavarovalnica Triglav upgraded its dental insurance products including prevention and treatment, as well as expanded its medical centre activities. Select insurance products continue to be transferred to other Group markets, reflecting local requirements.

      The Group has strategically implemented process and cost optimisation measures across its operations, leveraging synergies among Group companies. To this end, Zavarovalnica Triglav has initiated the transfer of its supplemental voluntary pension insurance business related to the accumulation phase, along with the management of the associated guarantee funds, to its specialised subsidiary Triglav, pokojninska družba. The Group continues to improve business processes and explore synergies within Group companies by adapting central technologies and competencies.

      At Zavarovalnica Triglav, the number of users of the digital platform and the number of consents obtained for digital operations is growing. In 2024, a new "risk assessment" functionality was deployed in the i.triglav digital office, which allows clients to check the risks their home is exposed to and encourages them to properly insure themselves against natural disasters. In the first half of 2025, this functionality was upgraded and supplemented with additional landslide risk exposure level. Now, it is possible to check the level of exposure to natural disasters for several different real estate addresses and the functionality is not limited to Triglav's clients, but also extends to interested public users.

      With respect to employee management, Zavarovalnica Triglav successfully retained the Family-Friendly certificate that also supports its talent acquisition and retention agenda. Continuous efforts were also directed towards professional development of young talent and a succession plan for critical talent. Employee awareness and training of new technologies including AI solutions remains a key activity.

      The Group is operating in line with its commitment to sustainable development. See section 7.1 Sustainable business for more information.

2. ‌Operations of the Triglav Group and Zavarovalnica Triglav

   In H1 2025, the Triglav Group generated earnings before tax of EUR 109.6 million (H1 2024: EUR 89.5 million) and net earnings of EUR 91.4 million (H1 2024: EUR 75.4 million). It is worth noting that, in the first half of the previous year, EUR 85.2 million in earnings before tax related to continuing operations, while EUR 4.3 million related to discontinued operations (due to the termination of supplemental health insurance). The Group delivered positive results across all activities and most business segments in H1 2025, with the exception of the Health segment.

   This year's higher other comprehensive income of EUR 6.6 million (H1 2024: EUR 3.8 million) is primarily attributable to the reduced impact of interest rate changes on the valuation of investments. Whereas last year the negative changes in interest rates significantly negatively impacted the valuation of debt instruments by EUR -3.0 million, no such effect occurred this year. The impact of interest rate changes on investments this year was minimal (EUR 139 thousand), contributing to an improved comprehensive result. Additionally, the appropriately matched duration of assets and liabilities further mitigated the impact of interest rates on other comprehensive income. Annualised return on equity was 19.2% (H1 2024: 17.3%), driven by the strong increase in net earnings.

   Total business volume rose by 18% to EUR 1,065.3 million. The main contributor to the increase was strong 18% growth in gross written insurance, coinsurance and reinsurance premiums. Other components of total business volume (income from asset management, other income and fund management fees) also recorded strong growth.

   Total business volume of the Triglav Group by segment (EUR million)

   Total

   1,065.3

   906.1

   Non-Life

   843.9

   705.0

   Life

   133.5

   123.1

   Asset Management

   58.0

   54.2

   Health

   29.9

   23.9

   H1 2025 H1 2024

   
   
   Zavarovalnica Triglav recorded earnings before tax of EUR 79.8 million (H1 2024: EUR 66.5 million) and net earnings of EUR 66.7 million (H1 2024: EUR 56.8 million). Earnings before tax of continuing operations, i.e. excluding supplemental health insurance business, amounted to EUR

   62.1 million in H1 2024. The insurance operating result grew by 36% to EUR 67.3 million, primarily due to strong growth in insurance revenue and an improved net reinsurance service result, largely driven by higher income from reinsurers' share of liabilities for incurred claims. The investment result of EUR 16.1 million remained at the previous year's level (index 100). Amid an unfavourable trend in the financial markets, the investment result was negative at EUR -7.7 million in H1 2025 (H1 2024: EUR 86.3 million), while the financial result from insurance

   contracts amounted to EUR 21.2 million (H1 2024: EUR -78.7 million). The Company's other comprehensive income amounted to EUR 3.0 million, compared to EUR -1.0 million last year.

   Certain categories of the Group's operations and the structure of earnings generated in H1 2025 are explained in more detail below.

   The Group's total revenue amounted to EUR 741.7 million, an increase of 15%, with all business segments showing growth. Insurance revenue increased by 16% to EUR 699.1 million, income from asset management grew by 10% to EUR 25.2 million, and other income rose by 13% to EUR

   17.5 million.

   Insurance revenue of the Triglav Group by segment (EUR million)

   Total

   699.1

   604.5

   Non-Life

   624.5

   540.0

   Life

   51.2

   45.5

   Health

   23.4

   18.9

   H1 2025 H1 2024

   
   
   

   In H1 2025, the Group charged EUR 1,022.6 million in consolidated gross written insurance, coinsurance and reinsurance premiums, up by 18% year-on-year. Premium written increased by 5% in the Slovenian market, by 61% in the international market (reinsurance premium: EUR 209.0 million, index 156; FOS transactions: EUR 92.8 million, index 175), and by 8% in other markets of the Adria region. Premium growth was achieved in all insurance markets except Bosnia and Herzegovina (due to ownership consolidation and business optimisation). A total of 51.6% of premium was earned in the Slovenian insurance market (H1 2024: 57.9%) and 18.9% in the remaining Adria region markets (H1 2024: 20.6%), The share of international insurance and reinsurance increased by 8.0 percentage points to 29.5%, with FOS and FOE transactions rising by 3.0 percentage points to 9.1%, and reinsurance premium increasing by 5.0 percentage points to 20.4%.

   Gross written premium of the Triglav Group by market (EUR million)

   527.4

   502.3

   301.8

   187.1

   59.5

   66.7

   49.1

   55.6

   25.6 23.7

   24.3 25.7

   19.9 21.7

   Slovenia

   Serbia

   Croatia

   Bosnia and Herzegovina

   Montenegro North Macedonia International

   insurance and reinsurance

   H1 2024

   H1 2025

   Slovenia

   51.6%

   57.9%

   International insurance and reinsurance

   29.5%

   21.6%

   Serbia

   Croatia

   6.5%

   6.9%

   5.4%

   5.7%

   Montenegro

   Bosnia and Herzegovina North Macedonia

   Composition of the Triglav Group gross written premium by market

   	2.5%
   	2.8%
   	2.3%
   	3.0%
   	2.1%
   	2.3%
   		H1 2025	H1 2024

   Insurance service expenses rose by 22% to EUR 530.8 million. The highest growth, at 42%, was reported in the Health segment, with strong growth also recorded in the Non-Life (index 121) and Life (index 115) segments. More detailed information can be found in the sections on the performance results of individual segments.

   Insurance service expenses of the Triglav Group by segment (EUR million)

   Total

   530.8

   436.4

   Non-Life

   470.2

   387.7

   Life

   35.6

   31.1

   Health

   25.0

   17.6

   H1 2025 H1 2024

   
   
   The Group's combined ratio for the Non-Life and Health segments stood at favourable 88.2%, down by 2.4 percentage points year-on-year. Both the claims ratio and the expense ratio improved. The claims ratio decreased by 1.7 percentage points (61.7%), driven by strong growth in insurance revenue and an improved reinsurance result (lower growth in claims within retention). The expense ratio decreased by 0.7 percentage points to 26.5%, as the growth in insurance revenue significantly outpaced the growth in expenses and net insurance service expenses.

   Combined ratio for the Non-Life and Health segments of the Triglav Group

   90.6%

   88.2%

   27.3%

   26.5%

   Expense ratio

   Claims ratio

   63.4%

   61.7%

   H1 2024

   H1 2025

   Combined ratio for the Non-Life and Health segments of the Triglav Group by market

   101.5% 100.9%

   100.5%

   98.6%

   100.6%

   97.6%

   95.3%

   93.4%

   89.6%

   90.0%

   91.9%

   87.0%

   Slovenia

   Croatia

   Serbia

   Bosnia and Herzegovina

   Montenegro North Macedonia

   H1 2024 H1 2025

   The combined ratio for the Non-Life and Health segments decreased across all insurance markets. The largest decrease was recorded in the Macedonian market, primarily due to an improvement in the claims ratio, which was driven by higher insurance revenue, lower claims incurred and a better reinsurance result, while the expense ratio also decreased. In the Croatia insurance market, the combined ratio exceeded 100%, but decreased by 0.6 percentage points compared to the previous year due to an improved claims ratio.

   The Group's CSM of new contracts amounted to EUR 23.3 million in H1 2025, a 7% decrease year-on-year. The majority (83%) was generated in the Life segment, followed by 16% in the Non-Life segment and 1% in the Health segment. The share of the CSM for new contracts in the total contractual service margin was 8.1% (H1 2024: 10.5%), reflecting an increase in the contractual service margin compared to the end of June last year, which rose by 21%. The release of the contractual service margin to profit or loss amounted to EUR 25.2 million in the reporting period, up by 20% year-on-year.

   As at 30 June 2025, the Group's contractual service margin stood at EUR 287.5 million, remaining approximately at the same level as at the 2024 year-end (index 100).

   Earnings before tax of the Triglav Group

   Structure of earnings before tax of the Triglav Group

   H1 2024

Non-Life Life Health

Asset

Management Total Non-Life Life Health

Asset

Management Total

The Group's insurance operating result increased by 38% to EUR 85.8 million, driven by strong performance in the Non-Life and Health segments. The Non-Life segment's insurance operating result (EUR 79.8 million) was predominantly influenced by a 16% rise in insurance revenue, attributed to business volume growth (see section 2.1 Non-Life segment for further details), along with an improved net reinsurance service result. The insurance operating result of the Life segment declined by 4% year-on-year to EUR 9.4 million (see section 2.2 Life segment for more information). In the Health segment, the insurance operating result reached EUR -3.5 million, compared to a positive EUR 75 thousand last year (see section 2.3 Health segment for more information on this and the impact of discontinued operations). Claims incurred rose by 29% to EUR 369.6 million, reflecting significant increases across all insurance segments (for more details, see the sections on the performance results of individual business segments).

The net reinsurance service result, influenced by a favourable volume of CAT claims, amounted to EUR -45.5 million (H1 2024: EUR -78.8 million). Although claims incurred increased, reinsurance income rose to EUR 117.1 million (H1 2024: EUR 44.6 million) due to a higher reinsurers' share in claims. Due to the higher international business volume and the corresponding reinsurance protection, reinsurance service expenses also increased (index 132).

Acquisition and administrative costs including non-attributable items were 8% higher. The increase was recorded in all segments.

Despite uncertain conditions in the financial markets, the net investment result totalled EUR

20.5 million (H1 2024: EUR 20.8 million). The investment result amounted to EUR 884 thousand (H1 2024: EUR 98.4 million), while the financial result from insurance contracts reached EUR 16.8 million (H1 2024: EUR -84.5 million). These results are mainly attributable to the return on unit-linked life insurance assets, which forms part of the total investment result but simultaneously affects the financial result from insurance contracts in the opposite amount. Gains on investments in associates fell 57% lower than the previous year, amounting to EUR 2.7 million. The change in provisions for not achieving the guaranteed yield, which had a positive impact on the result, amounted to EUR 50 thousand in H1 2025 compared to EUR 612 thousand in H1 2024. See section Investments for more information.

Earnings before tax of the Triglav Group (EUR million)

109.6

85.8

89.5

62.1

20.8

20.5

6.6

3.3

Insurance operating result

Net investment result

Result from non-insurance

Earnings before tax

H1 2024

H1 2025

Earnings before tax of the Triglav Group by segment (EUR million)

109.6

91.1

89.5

66.8

13.8 14.5

1.4

7.6

7.1

Non-Life

Life

Health-3.1

Asset Management Earnings before tax

H1 2024 H1 2025

Operating expenses of the Triglav Group by nature

Acquisition costs were 17% higher at EUR 62.4 million. The increase in these costs was driven by higher business volume, the expansion of operations into international markets and the dynamics of service billing.

Labour costs accounted for the largest portion of total expenses, at 43.2%. They amounted to EUR 104.8 million, up by 3% year-on-year. Total growth in employee salaries at Group level was 6%, driven by salary adjustments, increases in minimum wages in some countries, a higher headcount in certain companies, and increased payments to agents resulting from premium growth.

Costs of services amounting to EUR 62.1 million grew by 6%. Among them, the bulk was accounted for by other costs of services (EUR 17.4 million), costs of advertising, representation

and sponsorships (EUR 12.3 million) and maintenance costs (EUR 8.5 million). The main contributors to the growth of this cost group were:

• expenses for short-term leases, low-value leases and other leases (index 132), where growth was mainly achieved by the costs of leases in the IT area at the parent company;

• other costs of services (index 109) were mainly affected by higher distribution costs (fees) at Triglav Investments and higher costs of computer services at the parent company;

• the increase in maintenance costs (index 109) at certain subsidiaries.

A significant reduction in costs was achieved in costs of payment transactions and banking services, mainly due to contractual price reductions with the bank at the parent company (index 83), costs of transport and communications services (index 90), and reimbursement of labour-related costs (index 91).

The Group's non-consolidated operating expenses from insurance operations totalled EUR 212.0 million, an increase of 6%, primarily due to higher attributable acquisition costs (driven by higher acquisition costs). Attributable costs of EUR 184.8 million represented 87.2% of expenses from insurance operations, while non-attributable costs made up the remaining 12.8%. Non-consolidated expenses from non-insurance operations increased by 10%, totalling EUR 30.5 million, primarily due to higher labour costs, increased depreciation/amortisation costs and other costs of services (mainly fees at Triglav Investments, which depend on the net asset value of assets under management). Other attributable insurance service expenses (index 110) were impacted by higher expenses for fire fee and other insurance service expenses.

Operating expenses of the Triglav Group

The Triglav Group manages its investment portfolio conservatively to ensure adequate investment yield, safety and liquidity, aiming to achieve a high credit rating for the total portfolio. In accordance with its sustainable development policy, environmental, social and governance (ESG) aspects are being enhanced in investment processes.

Through active investing, the Group maintained an investment portfolio structure comparable to that at the end of 2024, amounting to EUR 3,894.2 million (index 100). The bulk of the investment portfolio, i.e. 52.8%, was accounted for by bonds invested in developed markets, most of which have a high credit rating. Their value, as well as the value of the equity portfolio, was mainly affected by the uncertain situation on the financial markets. Investments in associates and joint ventures declined by 32%, primarily due to a decrease in the value of the investment in the associate KATERA Beteiligungs-Verwaltungsgesellschaft P11 mbH, which disposed of its participating interest in Nama. This participating interest was transferred to the real estate fund Trigal RE Development Fund, thereby increasing the Triglav Group's exposure to the fund. This transfer had the greatest impact on the increase in the value of equity investments (index 119), which was further supported by regular payments into alternative funds and their positive revaluation. The increase in the value of loans granted was driven by a loan to an associate. The structure of financial investments is discussed in greater detail in section 3.4 of the Accounting Report.

Investments of the Triglav Group as at 30 June 2025 and 31 December 2024

Investments Index Share

The majority of unit-linked insurance assets is accounted for by assets invested in mutual funds of the policyholders' choice, mainly in funds managed by Triglav Investments. As at 30 June 2025, these assets amounted to EUR 670.8 million (index 99).

As at the reporting date, the Group's financial investments from financial contracts amounted to EUR 745.2 million, up by 1% compared to 31 December 2024. They include individual and group supplemental voluntary pension insurance contracts of the parent company and Triglav, pokojninska družba. Financial contract assets and the types of financial investments from financial contracts are discussed in greater detail in section 3.5 of the Accounting Report.

Sustainable (ESG) fixed-income investments of the Triglav Group

Debt securities Index Share in debt securities

* Bonds with a social impact are an instrument for funding social services.

** Green bonds are an instrument for funding environmental projects, the funds of which are intended for ecologically efficient products, technologies and processes, pollution prevention and control, sustainable management of natural resources, sustainable management of water resources, renewable energy use, energy efficiency and clean transport.

*** Sustainability-linked bonds are financial instruments whose repayment terms (e.g. interest rate) are tied to the achievement of pre-defined sustainability objectives by the issuer, such as reducing emissions or increasing the share of renewable energy sources. They are not used to finance specific green projects, but to incentivise the organisation as a whole to enhance its sustainability performance. If the objectives are not met, the interest rate may increase.

**** Sustainable bonds are an instrument for funding sustainability projects and a combination of green and social impact bonds. Funding is often conditional on achieving sustainability goals.

As at the reporting date, the Company's investments stood at EUR 2,785.7 million, 2% lower than the previous year.

Investments of Zavarovalnica Triglav as at 30 June 2025 and 31 December 2024

Investments Index Share

Due to an unfavourable trend in the financial markets, the Group's investment result amounted to EUR 884 thousand as at 30 June 2025 (H1 2024: EUR 98.4 million). The result excluding unit-linked life insurance assets increased by 16% to EUR 29.2 million. Taking into account the financial result from insurance contracts of EUR 16.8 million (H1 2024: EUR -84.5 million), gains and impairments of investments in associates of EUR 2.7 million (H1 2024: EUR 6.3 million), and the change in provisions for not achieving the guaranteed yield in the amount of EUR 50 thousand (H1 2024: EUR 612 thousand), the impact of the investment result on the Group's earnings was positive in the amount of EUR 20.5 million (H1 2024: EUR 20.8 million).

The return on unit-linked life insurance assets is part of the total investment result, but at the same time it affects the financial result from insurance contracts in the opposite amount. It stood at EUR -28.4 million (H1 2024: EUR 73.3 million). Gains and impairments of investments in associates amounted to EUR 2.7 million (index 43). In year-on-year terms, last year's high earnings were driven by one-off positive effects, mainly the sale of a participating interest in an associate, while this year saw a strong 64% increase in gains on equity-accounted investments. The total return on the Group's financial investments was 2% higher at EUR 31.9 million.

Return on financial investments of the Triglav Group

assets

Return on financial investments Return excluding unit-linked life insurance

Net gains on financial investments at fair value through profit or loss decreased due to the fall in the value of equity investments. The loss of EUR -28.4 million was recorded in the management of unit-linked life insurance assets, while profit from the management of own financial investments at fair value through profit or loss amounted to EUR 1.8 million, down 59% year-on-year. Interest income rose by 21%, primarily due to higher interest rates. Dividend income increased to EUR 1.3 million (index 152), net reversal of impairment amounted to EUR 217 thousand and other income totalled EUR -640 thousand.

Return on financial investments of Zavarovalnica Triglav

insurance assets

Return on financial investments Return excluding unit-linked life

6.6 million, while dividend payments reduced it by EUR 63.6 million. The parent company's

controlling interests increased by 3% to EUR 1,019.0 million, while non-controlling interests rose by 9% to EUR 4.5 million, driven by an increase in other comprehensive income and positive net earnings for the period attributable to non-controlling interests. The share capital of EUR 73.7 million remained unchanged and was divided into 22,735,148 ordinary shares. Zavarovalnica Triglav's total equity increased by 1% and amounted to EUR 747.7 million.

region, with the exception of Bosnia and Herzegovina (index 85), where the decline in premium resulted from ownership consolidation and business optimisation. High premium growth in non-life insurance was recorded in Croatia, driven by strong growth in motor vehicle insurance (due to increased sales and past premium increases), as well as in fire and natural disaster insurance (through the acquisition of new policyholders and the launch of a new product). In Serbia, motor vehicle insurance also saw strong growth, supported by past premium increases and higher sales, alongside strong growth in fire and natural disaster insurance and miscellaneous financial loss insurance. Premium growth was recorded in most non-life insurance groups at Group level, with the exception of credit insurance.

The Group's Non-Life segment's insurance operating result totalled EUR 79.8 million, representing a 53% increase year-on-year. The strong performance was driven by both volume growth and a change in portfolio structure. Although claims incurred increased, reinsurance income also rose (EUR 115.1 million, index 266) due to a higher reinsurers' share in claims, which had a positive impact on the net reinsurance service result (expenses for claims within retention grew at a slower pace than insurance revenue).

Insurance revenue increased by 16%, while acquisition costs, administrative costs and non-attributable costs were 8% higher at EUR 154.7 million. The net reinsurance service result amounted to EUR -44.6 million (H1 2024: EUR -78.7 million), primarily due to higher reinsurance revenue driven by an increase in reinsurers' share in claims. Due to the increased business volume, reinsurance service expenses rose (index 131). Non-life insurance claims incurred, which comprise insurance service expenses for claims, the change in cash flows, the change in experience correction and the effects of allocation to onerous contracts, increased by 27% to EUR

338.3 million at Group level and by 51% to EUR 250.7 million at the parent company. The increase in non-life insurance claims incurred was mainly driven by the reduction of provisions in the first half of 2024, whereas an increase was recorded in the same period this year. Last year's developments in these claims were due to the release of provisions set aside for the 2023 floods, while this year's increase reflects growth in reported claims and an increased portfolio size.

Performance results of the Non-Life segment of Zavarovalnica Triglav

The Group's non-consolidated complementary health insurance premium grew by 17% to EUR

27.1 million in H1 2025 (broken down by insurance market in the table below). Growth was achieved in most markets, except in Croatia and Bosnia and Herzegovina.

Non-consolidated complementary health insurance premium at the Triglav Group

6.3 million. Acquisition and administrative costs including non-attributable items were 6% higher. Insurance revenue increased by 23%, while the net reinsurance service result amounted to EUR -113 thousand, the net investment result to EUR 197 thousand, and the result from non-insurance operations stood at EUR 209 thousand. The segment's combined ratio increased by

15.2 percentage points to 114.8% due to high growth in claims incurred and the resulting deterioration in the claims ratio (71.1%). The expense ratio declined to 43.7% (H1 2024: 50.1%).

The combined ratio for the Company was 120.2%, with an expense ratio of 52.7% and a claims ratio of 67.6%. In the same period last year, the result was influenced by a positive net reinsurance service result of EUR 1.3 million and the release of provisions for supplemental health insurance amounting to EUR 6.3 million. Excluding the impact of supplemental health insurance, the combined ratio would have been 121.9% (with a claims ratio of 68.8% and an expense ratio of 53.1%).

Performance results of the Health segment of Zavarovalnica Triglav

Despite the adverse trends in financial markets, the Asset Management segment achieved strong performance.

Assets under management of the Triglav Group as at 30 June 2025 and 31 December 2024

Assets under management Index

* Zavarovalnica Triglav's unit-linked life insurance contract assets managed by Triglav Investments are excluded from Triglav Investments' assets under management.

** Own funds are eliminated from Trigal's assets under management.