United States

Analyst Research Report Snapshot


Zavarovalnica Triglav 1Q14




Alta Invest


27 May 2014





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Once again strong investment results saved the day. GWP continued its decline as in 1Q14 Group reported a 1.0% decrease. Underwriting results further deteriorated due to increase in claims, but this was well compensated by increase in investment results. As a consequence net income was at EUR 25.4m, up by 11.8% YoY and above our expectations. Hefty dividend yield is on horizon however market price is closing the gap to target price. Therefore we retained target price at EUR 25.1 but lowered recommendation to hold.

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