With IFC on board, Slovenia’s Triglav ready to step up expansion in SEE
What market conditions did Triglav Group face in 2011 in the countries part of its footprint in Southeast Europe?
Similarly to most other business entities, in its operations in SEE in 2011 Triglav Group was faced with the overwhelming effects from the European debt crisis. Market confidence stagnated, debates persisted over developments in the banking sector, corporate financing conditions and the labour market situation got tougher and on top of that the crisis in Slovenia’s construction industry deteriorated further. Pressure on GDP in the region mounted, which was also reflected in lower purchasing power and muted consumption.
What were some of the key market trends that shaped the group’s business performance last year and how did they differ from market to market?
In SEE, unemployment rates remain high, household income is low and purchasing power is on the decrease. It is obvious that household, corporate and general government debt should go down and that the strong market players are seeking to increase their footprint.
The slight decline in Triglav’s gross written premiums at group level continued in 2011 and you have forecast it will extend into 2012 as well. When do you anticipate a turnaround and what factors could help you achieve it?
Macroeconomic trends and further development of the financial and economic crisis will play an important role. With its new 2011-2015 Business Strategy, Triglav Group has under-