Slovenian "Triglav Group" to form new company in Serbia - about 3m EUR for life insurance

Slovenian "Triglav Group" plans to separate life insurance from other types of insurance in 2010 and, thus, found a new company whose founding capital will amount to about 3m EUR.

Zoran Popović, the CEO of "Triglav Kopaonik", explained at today's (December 10, 2009) press conference that the new company would be founded in mid-2010 and that the reason for its formation was big potential for development of life insurance business in Serbia, which had not been sufficiently presented before.

Speaking of the results, Zoran Popović said that "Triglav Kopaonik" had the market share of 3.3% and the premium of 1.34 billion RSD in the first nine months of year 2009, that is, 4.5% more than in the same period last year.

The company expects to increase its market share to 3.5% and register the premium of 1.88 billion RSD by the end of the year.

- Our plan is that the premium in 2010 reaches the amount of 1.94 billion RSD, with the growt of 7-8%, and to increase the market share to 4% - said Popović.

He also announced improvement of the portfolio structure, as well as introduction of new products such as road assistance, liability coverage and the assortment of life insurance products and investment insurance.

"Triglav Group" operates in the sectors of insurance, property management and banking. Its primary field of work is insurance business, which brings it 80% of total incomes. "Triglav Group" comprises nine insurance companies in all countries of former Yugoslavia, as well as in Czech Republic and Slovakia.

In August 2009, "Standard&Poors`s" Rating service" gave "Triglav Group" mark A with stable mid-term prognosis.