Fundamental goals and characteristics of the Triglav Group Strategy for the 2013–2017 period

Key strategy objectives: The Triglav Group set very ambitious goals for the period up to 2017. Plans include a return on equity above 10% and a stable combined ratio around 95% in the entire period.

Expansion of the Triglav Group: The Triglav Group plans further growth and development in target markets in South-East Europe by winning at least a 10% market share. On the Slovene market, it will focus on profitability and maintaining the largest market share. So as to further expand and develop on the domestic market, special attention will be paid to health and pension insurance products.

Dividend policy: The dividend policy of Zavarovalnica Triglav remains the same and arises from the target capital adequacy and the plans for further growth and development of the Group in its target markets. In line with the policy, the Triglav Group will always have enough available capital to independently ensure its »A« rating.

Strategic guidelines

  • profitable operations and greater value of the Triglav Group;
  • client-focused approach;
  • simplification of business processes and cost efficiency, adequate staffing structures; and
  • achieving adequate growth and profitability rates on key markets and efficient corporate governance of the Triglav Group’s companies.

No imprudent exposure to business and financial risks.

Strategic objectives

For measuring the implementation of strategic objectives, a balanced scorecard with projections until 2017 has been developed and linked to concrete strategy activities.

1. Employees, competences and learning level

  • Focus on client and employee satisfaction
  • Stimulation of creativity
  • Stimulation of learning and internal transfer of knowledge
  • Established intergenerational cooperation
  • Increased mobility and internationalisation of the staff
  • Implemented system of successions; development and retention of the promising staff
  • Renewed organisational culture in accordance with the Group's values
  • Increased share of the variable part of remuneration for successful individuals.

2. Processes and organisation level

  • Implemented data warehouse with a CRM system
  • Simplified (lean) business processes and cost efficiency
  • Developed sales activities via own sales network in subsidiaries
  • Efficient management by objectives at all levels of the Group
  • Innovative and speedy development of products and alternative sales channels
  • Efficient corporate governance system and key internal controls for the Group
  • Compliance with Solvency II requirements.

3. Client level

  • Comprehensive overview of policyholder and an upgraded, modern credit scoring system
  • Developed and efficient client loyalty programmes
  • Growing number of active policyholders
  • A range of integrated insurance/financial services offered through modern sales channels
  • The Triglav Group as the biggest insurance company in the region of South-East Europe measured by its written premium – holding at least a 10% share of an individual insurance market.

4. Finance level

  • Profitability
  • Optimised assets and liabilities structure according to the requirements of Solvency II and the »A« rating from Standard & Poor’s
  • Positive insurance technical result of the Group
  • Efficient claim management system.
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