Triglav Group and Zavarovalnica Triglav d.d. Annual Report 2015

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2 Chapter link Table of Contents Triglav Group and Zavarovalnica Triglav d.d. Audited annual report for the year ended 31 December 2015 Business Report 7 Adress by the President of the Management Board 18 Report of the Supervisory Board 22 Strategy and Plans of the Triglav Group 27 Corporate Governance Statement 31 The Share and Shareholders of Zavarovalnica Triglav 39 Performance of the Triglav Group and Zavarovalnica Triglav 45 Financial Result of the Triglav Group and Zavarovalnica Triglav 69 Accounting Report Statement of Management's Responsibilities 166 Independent Auditor's Report 167 Financial Statements 168 General Information 174 Notes to the Statement of Financial Position 192 Notes to the Income Statement 222 Other Information 242 Appendix (ISA Scheme) 277 Financial Standing of the Triglav Group and Zavarovalnica Triglav 75 GRI Table of Contents 316 Cash Flow Statement 80 Development and Sales Activities 90 Sustainable Development in the Triglav Group 97 Information on the Triglav Group as at 31 December Sales Network of The Triglav Group 125 Performance Indicators of Zavarovalnica Triglav 127 Risk Management Risk Management System 142 Disclosures and Risk Management 149

3 An international insurance company with 115 years of tradition and the leading insurer in the Adria region.

4 Accompanying the clients everywhere their personal and business life takes them. By providing a comprehensive range of insurance products, assistance and advisory services.

5 Safety and stability. Prudent risk management. Development of client-tailored solutions and services for a better future.

6 The Triglav Group and Zavarovalnica Triglav in % Net profit of the Triglav Group +3% Gross written premium from insurance and co-insurance contracts of the Triglav Group Net profit in EUR million Gross written premium from insurance and co-insurance contracts in EUR million Zavarovalnica Triglav Triglav Group Zavarovalnica Triglav Triglav Group 82.8% Ratio of written premiums charged in the Slovene insurance market. The combined ratio in non-life insurance of the Triglav Group 100% -3.5 p.p. 2 nd most traded share on the Ljubljana Stock Exchange in terms of liquidity and market capitalisation. 90% 96.3% Strategic guideline by 2017 (95%) -2.2 p.p. 92.8% ZVTG share market value closing price 2015 EUR %

7 7 1 The Triglav Group and Zavarovalnica Triglav in 2015 The Triglav Group and Zavarovalnica Triglav d.d. (hereinafter: Zavarovalnica Triglav) maintained a high level of financial stability and recorded growth of several key indicators. The Triglav Group is the leading group in Slovenia and the Adria region and ranked sixth in Central Europe. Strengthened position on the Slovene pension insurance market, continued subsidiary ownership consolidation within the Group and disinvestment of shareholdings in the companies whose business is incompatible with the Group's strategic guidelines Financial highlights of the Triglav Group 1 in EUR million Index 2015/ /2013 Gross written premium from insurance and co-insurance contracts Net premium income Gross claims paid Net claims incurred Gross operating expenses Profit before tax Net profit Net profit attributable to the controlling company Insurance technical provisions as at 31 December 2, , , Equity as at 31 December Equity attributable to the controlling company as at 31 December Return on equity 12.77% 13.40% 11.99% Return on equity attributable to the controlling company 12.93% 13.49% 12.07% Number of employees as at 31 December 5,379 5,406 5, Net earnings per share (in EUR) Financial highlights of Zavarovalnica Triglav 2 in EUR million Index 2015/ /2013 Gross written premium from insurance and co-insurance contracts Net premium income Gross claims paid Net claims incurred Gross operating expenses Profit before tax Net profit Insurance technical provisions as at 31 December 2, , , Equity as at 31 December Number of employees as at 31 December 2,341 2,365 2, Return on equity 10.89% 8.74% 9.59% Book value per share (in EUR) Net earnings per share (in EUR) GRI G4-9 2 GRI G4-9

8 8 Other economic, social and environmental impact of the Triglav Group's operations 1. Other economic impacts (in million EUR) Index 2015/ /2013 Economic value generated* 1, , , Economic value distributed 1, , , Net claims incurred and other insurance expenses Expenses from financial assets Other expenses Operating costs** Dividend payments Tax expense (income tax expense) Community investments (prevention activities, donations, sponsorships ) Employee wages, allowances and benefits Economic value retained Social impact (Zavarovalnica Triglav) Average training hours per employee Number of insurance policies (products, services) sold online Number of insurance products encouraging preventive actions Personal data protection (number of fines received - target is zero) Fair business practices (share of investigated fraud cases in %) Impact on the environment Electricity consumption in MWh (Zavarovalnica Triglav) 5,092 5,347 5, Carbon footprint: - Zavarovalnica Triglav (tons of CO 2 equivalent) 4,944 5,107 5, Triglav Osiguranje, Sarajevo (tons of CO 2 equivalent) Triglav Osiguranje, Belgrade (tons of CO 2 equivalent) Lovćen Osiguranje, Podgorica (tons of CO 2 equivalent) Triglav Osiguruvanje, Skopje (tons of CO 2 equivalent) Zavarovalnica Triglav (tons of CO 2 equivalent per employee) Waste sorting (share of employees participating in Zavarovalnica Triglav in %) * Economic value generated = net premium earned and other insurance income + income from financial assets + other income. ** Operating costs include payments to suppliers, acquisition expenses etc. Economic value distributed 13% 1% 1% 5% 11% 1% 15% Net claims incurred and other insurance expenses Expenses from financial assets Other expenses Operating costs Dividend payments 3 GRI G4-31, G4-3, G4-5 Tax expense (income tax expense) 53% Community investments (prevention activities, donations, sponsorships) Employee wages, allowances and benefits +8% Number of insurance policies, sold online -5% Electricity consumption For additional information please contact: 3 Zavarovalnica Triglav, d.d., Ljubljana Miklošičeva cesta 19, 1000 Ljubljana Tomaž Žust, Director of Strategic Planning and Controlling Department Phone: (1) Fax: (1) tomaz.zust@triglav.si

9 9 Major business events and achievements in 2015 Solvency II Solvency II The development activities for implementing the Solvency II requirements were completed (for more details on Solvency II see the Section on [DRisk Management]). High Credit Ratings High Credit Ratings In 2015, the Triglav Group remained financially stable, as confirmed by the»a «credit ratings from Standard & Poor s (hereinafter: S&P) and A.M. Best with a positive medium-term outlook [Dsee Section 6.7 Credit rating of the Triglav Group and Zavarovalnica Triglav for more details]. Good Performance Good Performance The Triglav Group and the parent company again operated at a profit and surpassed the budgeted business results. Dividend Payments Dividend Payments Divided payments accounted for 67% of the net profit of the Triglav Group for 2014 [Dsee Section 6.5 Dividend policy for more details]. The Slovene Pension Insurance Market The Slovene Pension Insurance Market With the acquisition of Skupna pokojninska družba, Zavarovalnica Triglav strengthened its presence on the pension insurance market as one of the strategic objectives of the Triglav Group [Dsee Section Changes to the Triglav Group composition in 2015 and 2.7 of the Accounting Report for more details]. Withdrawal from the Czech Market Withdrawal from the Czech Market The sale of the Czech insurance subsidiary Triglav Pojišt'ovna was completed [Dsee Section 2.7 of the Accounting Report for more details]. Consolidation of the Group Inside the Triglav Group: Subsidiary ownership consolidation within the Group continued and asset management was further optimised (the subsidiary Triglav Naložbe was merged to the parent company, while Slovenijales d.d. was merged to another subsidiary). The strategic focus remains on the insurance activities and consequently the sale of shareholdings in the companies whose activity is incompatible with the Group s strategic guidelines (the sale procedure of a land plot on the BTC site in Ljubljana to IKEA was initiated, shareholdings in Avrigo, the Elan Group and Goriške opekarne were sold). New members of the Supervisory Board Change to the Supervisory Board On 8 April 2015, the Works Council of Zavarovalnica Triglav appointed new employee representatives serving as members of the Supervisory Board [Dsee Section Supervisory Board for more details].

10 10 Financial calendar 2016 March April May August November Thursday, 3 March 2016 Assessment of the performance of Zavarovalnica Triglav d.d. and the Triglav Group in 2015 from Thursday, 18 February 2016 Wednesday, 6 April 2016 Audited Annual Report of Zavarovalnica Triglav d.d. and the Triglav Group for Proposed dividend amount. Statement of compliance with the Corporate Governance Code. Friday, 20 May 2016 Interim Report for the period from 31 January to 31 March 2016 Friday, 19 August 2016 Semi-annual Report of Zavarovalnica Triglav d.d. and the Triglav Group from Friday, 6 May 2016 from Friday, 5 August 2016 Friday, 18 November 2016 Interim Report for the period from 31 January to 30 September 2016 from Friday, 4 November 2016 from Wednesday, 23 March 2016 Friday, 22 April 2016 Notice convening the General Meeting of Shareholders of Zavarovalnica Triglav d.d. which will decide on the distribution of accumulated profit Tuesday, 31 May 2016 Resolutions of the General Meeting of Shareholders of Zavarovalnica Triglav d.d. deciding on the distribution of accumulated profit. Information about the ex-dividend date and date of payment. Planned date of announcement* Silent period** * Announcement dates as planned. The actual dates may differ from the above stated planned dates. ** The silent period denotes a period preceding the announcement of the Group report, during which Zavarovalnica Triglav does not disclose information on current operations to the public. The financial calendar, as well as any amendments to the provisional dates of publication will be published on the Ljubljana Stock Exchange's website via the SEOnet system at ( and on the Company's website at ( Activities, markets and position of the Triglav Group 4 The Triglav Group is the leading insurance/financial group in Slovenia and in the Adria region and one of the leading groups in South-East Europe. The Group operates on seven markets in six countries. The key business pillars: Insurance Asset management Support activities for two key financial pillars 2 Key business pillars 4 GRI G4-4, G4-6, G4-8

11 11 The business model of the Triglav Group Appropriate insurance coverage Employee satisfaction Insurance risk assessment Product and service development Securities Underwriting Mutual funds Prudent investment policy Payment of benefits and indemnification Real properties and other Insurance Activity Asset management Assistance Call centre Vehicle repair Support activities Equal treatment principle Transparency Maximising the value of the Triglav Group Shareholders State and supervisory bodies Media Motivation Safety and health at work HR training and development Promoting innovation Employees Suppliers Clients Stakeholders Local and broader communities Transparency Marketing Competition Modern sales channels Communication Responsible information Social corporate responsibility Prevention Sponsorship Donation Client satisfaction Integration with the social and natural environments Subsidiary governance The Triglav Group Code of Ethics Values Strategy Management Vision Mission Organisation Business Process Management Internal audit Partnership The Governance Policy of Zavarovalnica Triglav Compliance Risk management Internal control system The business model of the Triglav Group is aimed to maximise its value. Actuarial function External impacts Economic Uncertain economic and financial impacts Household purchasing power Company solvency Price competition Situation on capital markets Increased regulatory requirements for insurance companies Legal environment Social Changing consumer behaviour Local communities Technological changes Environmental Climatic conditions Extraordinary loss events

12 12 Insurance The Triglav Group s core business, accounting for the bulk of its operations, is insurance, including non-life, life, health insurance, supplemental voluntary pension insurance and reinsurance. The insurance-oriented part of the Group encompasses: in Slovenia: Zavarovalnica Triglav d.d., Triglav, Zdravstvena zavarovalnica d.d., Pozavarovalnica Triglav Re d.d. and Skupna pokojninska družba d.d., abroad: insurance undertakings in Croatia, Bosnia and Herzegovina, Montenegro, Serbia and Macedonia. Position in the regional insurance market In 2014, on the list of the largest insurance groups in Central Europe, the Triglav Group maintained sixth rank in terms of gross written premium. It remained the market leader in the Adria region which includes Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, and Macedonia. With EUR 4,030.5 million, the Polish PZU continues to remain the largest insurance company in Central Europe in terms of written premium. In total, 16 of the first 50 insurance companies in the region are Polish-owned, followed by 11 Czech-owned insurers. Among the 50 largest insurance companies in Central Europe are 8 insurers from the Adria region. First amongst them ranked 6 th is the Triglav Group, followed by the Slovene Pozavarovalnica Sava Re ranked 13 th, the Croatian Croatia Osiguranje ranked 19 th and the Slovene Adriatic Slovenica ranked 28 th. Largest insurance companies in Central Europe by written premium in 2014 (in million EUR) PZU 4,030.5 Ergo Hestia Češka Pojišt'ovna Warta Kooperativa Pojišt'ovna 1, , , ,152.0 Triglav Group Compensa Allianz Polska Aviva Polska Allianz - Slovenska poist'ovna MetLife Polska Kooperativa Sava RE Grupa Europa Allianz Pojišt'ovna ,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Source: Deloitte, September 2015 Asset management The second pillar of the Group s operations represents asset management, which involves investments in securities, real property and other. Asset management is the activity of Triglav Skladi d.o.o., Triglav, Upravljanje nepremičnin and Pista d.o.o. 1 st rank In the Adria region 6 th rank In Central Europe

13 13 Triglav Group's insurance markets Subsidiaries of the Triglav Group directly involved in or supporting the Group s core business lines Insurance Asset management Other Slovenia Zavarovalnica Triglav d.d. Triglav Skladi d.o.o. Triglav INT d.d. Pozavarovalnica Triglav Re d.d. Triglav, Upravljanje nepremičnin d.d. Triglav Svetovanje d.o.o. Triglav, Zdravstvena zavarovalnica d.d. Triglav Avtoservis d.o.o. Skupna pokojninska družba d.d. TriglavKo d.o.o. Croatia Triglav Osiguranje d.d., Zagreb TRI-LIFE d.o.o. Bosnia and Triglav Osiguranje d.d., Sarajevo PROF-IN d.o.o. TRI-PRO BH d.o.o. Herzegovina Triglav Osiguranje a.d., Banja Luka Triglav Auto d.o.o. Autocentar BH d.o.o. Unis automobili i dijelovi d.o.o. Serbia Triglav Osiguranje a.d.o., Belgrade Pista d.o.o. Triglav Savetovanje d.o.o. Montenegro Lovćen Osiguranje a.d., Podgorica Lovćen Auto a.d. Lovćen životna osiguranja a.d., Podgorica Macedonia Triglav Osiguruvanje a.d., Skopje

14 14 The Triglav Group as at 31 December 2015: Controlling Company: Zavarovalnica Triglav d.d. Subsidiaries of the Triglav Group: Pozavarovalnica Triglav Re d.d. Triglav, Zdravstvena zavarovalnica d.d. Skupna pokojninska družba d.d. Triglav INT, holdinška družba d.d. Triglav Osiguranje d.d., Zagreb Triglav Osiguranje d.d., Sarajevo Autocentar BH d.o.o. Unis automobili i dijelovi d.o.o. Sarajevostan d.d. Lovćen Osiguranje a.d., Podgorica Lovćen životna osiguranja a.d. Lovćen Auto a.d. Triglav Osiguranje a.d.o., Belgrade Pista d.o.o. Triglav Osiguranje a.d., Banja Luka Triglav Auto d.o.o. Triglav Osiguruvanje a.d., Skopje Triglav Skladi, družba za upravljanje d.o.o. PROF-IN d.o.o. Avrigo, družba za avtobusni promet in turizem Integral Notranjska d.o.o. Alptours d.o.o. Integral Zagorje d.o.o. Integral Stojna Kočevje d.o.o. Salnal d.o.o. Triglav Svetovanje, zavarovalno zastopanje d.o.o. TRI-PRO BH d.o.o. TRI-LIFE d.o.o. Triglav Savetovanje d.o.o. Triglav Avtoservis, družba za storitve in trgovino d.o.o. Triglav, Upravljanje nepremičnin d.d. Golf Arboretum d.o.o. Slovenijales trgovina d.o.o. Slovenijales trgovina nepremičnine d.o.o. Hotel Grad Podvin d.d. Vse bo v redu, Zavod Zavarovalnice Triglav za družbeno odgovorne aktivnosti Associated companies of the Triglav Group: TriglavKo, zavarovalno zastopniška družba d.o.o. Nama trgovsko podjetje d.d. Izletnik Celje d.d. IF Prof Plus Changes to the Triglav Group composition in With the acquisition of a 36.51% equity stake in Skupna pokojninska družba d.d., Zavarovalnica Triglav holds a majority shareholding in the said company. After the acquisition date, i.e. 9 January 2015, Zavarovalnica Triglav also acquired a 5.2% equity stake from non-controlling interest holders. As at the 2015 year-end, Zavarovalnica Triglav held a 71.87% stake of the said company. Gradual acquisition is discussed in greater detail in [DSection 2.7 of the Accounting Report]. Zavarovalnica Triglav provided three tranches of additional capital to Triglav INT d.d. The first capital increase was made by an in-cash contribution of EUR 1,000,000.The second capital increase was financed through a debt to equity swap transaction of EUR 19,733,017 by the parent company and an equity stake in Pista d.o.o., Belgrade as an in-kind contribution, amounting to EUR 3,266,983. The third tranche of capital raise was made by in-cash contribution of EUR 22,900,000. For this capital raise, Triglav INT issued 46,900,000 new shares with a nominal value of EUR 1 each, increasing its share capital by EUR 46.9 million. Zavarovalnica Triglav remains a 100% owner of Triglav INT. In the first quarter of 2015, Zavarovalnica Triglav raised additional capital in Triglav, Upravljanje nepremičnin d.d. by paying EUR 6,195,010 for 95,602 issued shares. As a result of this capital increase, the share capital of the company rose by EUR 398,938, whilst share premium grew by EUR 5,796,072. As at the end of the first quarter 2015, the equity stake of the parent company increased by percentage points and reached 71.27%, whilst the Group's stake went up by 4.77 percentage points to 90.43%. In the second quarter of 2015, Zavarovalnica Triglav also acquired a 9.57% equity stake from non-controlling interest holders of Triglav, Upravljanje nepremičnin, thereby becoming an 80.84% owner of the company. Following this acquisition, the Triglav Group became the 100% owner of the said company. The purchase price equalled EUR 1,835,507. By paying in CZK 22,000,000 or EUR 797,015, Triglav INT increased the share capital of Triglav Pojišt'ovna, Brno. The capital was increased through the issue of 220 shares with a nominal value of CZK 100,000, whereby Triglav INT remained the 100% shareholder. Triglav INT completed the sale of the Czech subsidiary Triglav Pojišt'ovna a.s., Brno on 4 June After meeting the regulatory and other terms and conditions set in the agreement on the sale of shares concluded on 19 December 2014 with the buyer VIGO Finance a.s., Prague, part of the VIGO Investments Group, the sale of the Czech insurance subsidiary was completed. The sale of the company is discussed in greater detail in [DSection 2.7 of the Accounting Report]. In February 2015, Avrigo purchased shares of Izletnik Celje d.d. and thus became a 49.49% owner of the company. Triglav Osiguranje d.d., Sarajevo acquired a 4.82% equity stake in Unis automobili i dijelovi d.o.o., Sarajevo from non-controlling interest holders, thereby becoming the 100% owner of the company. The acquisition price was BAM 117,980. On 30 July 2015, Triglav Naložbe d.d. concluded an agreement to sell and transfer its % stake in ELAN, proizvodnja športnih izdelkov d.o.o. with the buyers Merrill Lynch International and Wiltan Enterprises Limited. 5 GRI G4-13

15 15 In the third quarter of 2015, Triglav Naložbe provided additional capital to Triglav, Upravljanje nepremičnine d.d., amounting to EUR 3,130,782. As a result of this capital increase, the share capital of the company rose by EUR 195,576, whilst share premium grew by EUR 2,935,206. The Triglav Group remained a 100% owner of the company. On 13 May 2015, Zavarovalnica Triglav and Triglav Naložbe d.d. entered into a Merger Agreement. The Supervisory Boards of both companies approved the merger. On 27 August 2015, the merger of Triglav Naložbe d.d. to the parent company was entered into the Companies Register of the Ljubljana District Court and Triglav Naložbe d.d. was stricken off from the Companies Register. On 11 September 2015, the Merger Agreement between Slovenijales d.d. and Triglav, Upravljanje nepremičnin d.d. was concluded. The General Meeting of Shareholders of both companies approved the merger on 23 September On 5 October 2015, the merger of Slovenijales to Triglav, Upravljanje nepremičnin was entered into the Companies Register of the Ljubljana District Court and Slovenijales was stricken off from the Companies Register. On 23 November 2015, Zavarovalnica Triglav signed an agreement with Adventura prevozi d.o.o. to sell its 97.31% stake in Avrigo, družba za avtobusni promet in turizem d.o.o., Nova Gorica. The sale will be completed after obtaining the approval of the Slovenian Competition Protection Agency. In addition to other rights and obligations of the parties, the Sales Agreement stipulates the purchase price of EUR 14.2 million. The transaction is planned to be completed in the first half of In Q4 2015, Triglav INT provided additional capital to Triglav Osiguranje a.d., Belgrade twice. The first capital increase was made through the in-cash contribution of EUR 908,680, whilst the second was financed through the in-kind contribution of EUR 3,200,524 by transferring the equity stake in Pista d.o.o., Belgrade. Following these capital increases, the share capital of Triglav Osiguranje, Belgrade grew by RSD 496,450,500, whilst the Triglav INT's equity stake in this company rose from 99.81% to 99.88%. In Q4 2015, Triglav INT increased the share capital of Triglav Osiguranje d.o.o., Zagreb in the amount of EUR 11,361,094. As a result, the share capital of Triglav Osiguranje, Zagreb rose by HRK 86,639,700, whereas Triglav INT increased its stake in the said company from 99.76% to 99.86%. Lovćen Osiguranje a.d., Podgorica increased its equity stake in the subsidiary Lovćen Auto d.o.o., Podgorica in Q The capital increase was raised by the in-cash contribution of EUR 2.2 million. The share capital of Lovćen Auto was increased by the same amount. In Q4 2015, Zavarovalnica Triglav sold its 46.74% equity stake in Goriške opekarne d.d. In consolidated financial statements, the profit from sale of EUR 39,551 was recognised in the income statement. As at the reporting date, Triglav Savetovanje d.o.o. was established with the initial capital of EUR 150,000. It is owned by Triglav Svetovanje d.o.o. (a 51% stake) and Triglav Osiguranje, Belgrade (a 49% stake). The company is consolidated under the full consolidation method.

16 16 Subsidiaries and associated companies of the Triglav Group as at 31 December 2015 and their corresponding share of voting rights Zavarovalnica Triglav d.d. Triglav, Zdravstvena zavarovalnica d.d., Koper % Pozavarovalnica Triglav Re d.d., Ljubljana % Skupna pokojninska družba d.d., Ljubljana 71.87% TRI-LIFE d.o.o., Zagreb 99.93% Triglav Svetovanje d.o.o., Ljubljana % TRI-PRO BH d.o.o., Sarajevo 89.57% Triglav Savetovanje d.o.o., Belgrade 99.94% Triglav Osiguranje d.d., Sarajevo 78.71% Triglav Osiguranje d.d., Zagreb 99.86% Avtocentar BH d.o.o., Sarajevo 78.71% Sarajevostan d.d., Sarajevo 49.80% Unis automobili i dijelovi d.o.o., Sarajevo 78.71% Triglav INT d.d., Ljubljana % Lovćen Osiguranje a.d., Podgorica 94.95% Triglav Osiguruvanje a.d., Skopje 73.38% Triglav Osiguranje a.d., Banja Luka % Lovćen životna osiguranja a.d., Podgorica 94.95% Lovćen Auto d.o.o., Nikšić 94.95% Triglav Auto d.o.o., Banja Luka % Triglav Osiguranje a.d.o., Belgrade 99.88% Pista d.o.o., Belgrade 99.88% Triglav Avtoservis d.o.o., Ljubljana % Triglav Skladi d.o.o., Ljubljana % PROF-IN d.o.o., Sarajevo 62.54% IF Prof Plus d.d., Sarajevo 22.09% Triglav, Upravljanje nepremičnin d.d., Ljubljana % Golf Arboretum d.o.o., Domžale 80.10% Slovenijales trgovina d.o.o., Ljubljana % Slovenijales trgovina nepremičnine d.o.o., Ljubljana % Avrigo d.d., Nova Gorica % Salnal d.d., Ljubljana % Hotel grad Podvin d.d., Radovljica % Integral Zagorje d.o.o., Zagorje ob Savi % Integral Notranjska d.o.o., Cerknica % Integral Stojna Kočevje d.o.o., Kočevje % Alptours d.o.o., Bovec 97.66% Izletnik Celje d.d., Celje 49.49% Vse bo v redu, Zavod za družbeno odgovornost % TriglavKo d.o.o., Ljubljana 38.47% Nama, trgovsko podjetje d.d., Ljubljana 39.07% Equity owned by Zavarovalnica Triglav d.d. Subsidiary Two or more subsidiaries

17 17 The management of Zavarovalnica Triglav In 2015, there were no changes to the Management Board of Zavarovalnica Triglav. As at the end of 2015, the Management Board of the Company was composed of the following members: Andrej Slapar, President; Benjamin Jošar, Member; Uroš Ivanc, Member; Tadej Čoroli, Member; Marica Makoter, Member and Employee representative. Andrej Slapar, President Benjamin Jošar, Member Uroš Ivanc, Member Tadej Čoroli, Member Marica Makoter, Member and Employee representative