S&P credit rating agency assigns "A-" long-term credit rating to Triglav Re with a stable medium-term outlook
Ljubljana, 5 July 2013 – Due to the revised criteria for assessing credit ratings of insurance companies, the Standard & Poor's (S&P) credit rating agency (S&P) re-evaluated Triglav Group's credit rating. Following this review, S&P has raised the Triglav Group's credit rating applying to Zavarovalnica Triglav d.d. and Pozavarovalnica Triglav Re d.d. by one notch from "BBB+" to "A-" and issued a stable medium-term outlook.
The credit rating increase is the result of S&P's view that Triglav Group has consolidated its capital and earnings at very strong levels. The S&P's credit rating also reflects Triglav Group's prudent margins on property/casualty technical reserves and improved net retained earnings. The "A-" rating reflects Triglav Group's satisfactory business risk profile, enhanced by its leading position on the Slovene insurance market, and strong financial risk profile. The stable medium-term outlook reflects S&P's view that the Triglav Group will maintain its strong competitive position and very strong capital adequacy and earnings.
In February 2013, when the S&P credit rating agency last decreased the long-term rating of the Triglav Group, by one notch from "A" to "A-", due to the lowered long-term sovereign credit rating on the Republic of Slovenia, S&P announced, that it may increase its rating if the Triglav Group further improves its capital position and maintains solid business results in 2013.
Following the latest upgrading from "BBB+" to "A-" the Triglav Group once again became the highest rated financial institution in Slovenia.