The Management Board of Zavarovalnica Triglav convenes the 50th General Meeting of Shareholders of the company to be held on 3 June 2025 at 10:00 in Ljubljana. The Management Board and the Supervisory Board of the insurance company will propose the payment of a dividend totalling EUR 63.7 million, which represents around half of last year's consolidated net profit and exceeds last year's by 60%. The proposal takes into account in a balanced way all the objectives of the dividend policy and, among them, the company's development and growth ambitions. The General Meeting will also consider, among other things, the transfer of the savings part of the voluntary supplementary pension insurance business of Zavarovalnica Triglav to Triglav, pokojninska družba. In line with its strategy, the Triglav Group is optimising its business also on the basis of synergy effects between companies.
At the General Meeting, shareholders will be presented with the Annual report of the Triglav Group and Zavarovalnica Triglav for 2024, in which the Group performed well. That, in addition to the increased volume of business, was also affected by certain one-off events. The Group generated very good results in all business segments and significantly exceeded its plans. The Triglav Group thus achieved an earnings before tax of EUR 159.0 million last year (previous year: EUR 21.1 million) while net earnings stood at EUR 131.4 million. At the same time, the Group maintained its financial stability and capital strength and strengthened its leading position on the insurance market in Slovenia and in the Adria region.
Shareholders will also decide on the use of the balance-sheet profit of the insurance company as at 31st December 2024. The Management Board and the Supervisory Board of Zavarovalnica Triglav propose to pay a dividend of EUR 2.80 gross per share, or a total of EUR 63.7 million. This currently represents a dividend yield of 6% on Triglav shares, which is above the level of the expected average dividend yield for shares of European insurance companies this year.
The proposed dividend payment, on the one hand, maintains Zavarovalnica Triglav's capital at a level sufficient to ensure the target capital adequacy in the medium term, subject to the implementation of the capital management policy, in the context of the projected organic growth and other potential growth opportunities, and, on the other hand, adequately addresses the expectations of shareholders.
As every year, the agenda of the Annual General Meeting will also include the discharge of the Management Board and the Supervisory Board for 2024. In addition, the shareholders will decide on the appointment of two members of the Supervisory Board from among the shareholders' representatives, and will also appoint the auditor for the financial years 2025, 2026, 2027 and 2028.
The Management Board of the company will further propose to the General Meeting to give its consent to the spin-off of a part of the assets of the transferor company Zavarovalnica Triglav to the transferee company Triglav, pokojninska družba. In line with the strategic optimisation of the Group's operations, Zavarovalnica Triglav, the parent company of the Triglav Group, is transferring its voluntary supplementary pension insurance activities in the savings phase and the management of the related cover funds to the specialised company Triglav, pokojninska družba. The activities related to the payment of pension annuities will continue to be carried out by the Group's parent company. The Triglav Group is strategically implementing process and cost optimisation measures in its operations, while also exploiting synergies between Group companies. On 24 April 2025, a spin-off and acquisition agreement between Zavarovalnica Triglav and Triglav, pokojninska družba, was submitted to the court registry of the District Court in Ljubljana.
Zavarovalnica Triglav will again this year enable shareholders to exercise their rights by organising the solicitation of proxies, whereby shareholders can exercise their right to vote at the General Meeting through proxies, even without attending the General Meeting in person.
The convocation of the 50th General Meeting of Shareholders of Zavarovalnica Triglav is published on the stock exchange information system of the Ljubljana Stock Exchange, on the website Triglav.eu and on AJPES.