New Dimensions of Safety

Annual Report 2016

Gabrijel Škof, President of the Management Board, on the 2016 Business Year

We Made Big Steps to Provide for Long-Lasting Stability and Future Development

You continued to surpass capital adequacy requirements, issued subordinated bonds, and with a part of the collected funds also purchased KD Skladi. How do you assess the company's operations as a whole?

I can say that we operated safely, with quality, and profitably. We were able to maintain the high financial stability of our operations, which was also reflected in the “BBB-” credit rating of the financial strength of the company, which was again confirmed by the international credit rating agency Fitch Ratings. We underwrote 303.5 million euro gross insurance premiums, including inflows into pension funds, and with a market share of 15.1% ranked third on the Slovenian insurance market. We concluded operations with a net economic result of 11.9 million euro, and we reached a capital profitability of 12.1%.

Gabrijel Škof

Which were the key projects that marked the 2016 business year?

Due to demographic changes, in the last year we focused particularly on the development of various types of personal insurance. In relation to health insurance, we offered a new service – we established the AS Health Centre, which connects and upgrades existing healthcare insurance with assisting services. A second turning point was the establishment of our first medical office in Ljubljana, AS Health [Zdravje AS], which is an important distinctive advantage of our offer and the beginning of the formation of our own medical office network in Slovenia to provide high-quality healthcare services. The range of personal insurance products was completed with the new AS Pension Insurance, which enables low-tax and optimal saving.

Among the main directions, you also count help for your clients.

That’s correct; we put even more focus on the availability of our services and the satisfaction of our clients. We successfully activated a modern, safe, and fast AS Self Care Portal (Moj AS), on which clients can review their insurance policies anywhere and at any time, check their payments, change their method of payment, report claims, and monitor their resolution. We also upgraded the roadside assistance for holders of motor insurance and in collaboration with partner repair mechanics developed an even more helpful form of roadside assistance.

Management board

Circle of safety

All in one place
Our circle combines the modern insurance, services, and advice that you need most. In one place, we provide you with comprehensive insurance protection and the realisation of savings targets. We listen to you because we are here for you.


Important financial and other data of the mother company in 2016
2016 2015
Calculated gross insurance premiums and inflows into pension funds (EUR mio) 303.5 296.6
Calculated gross amounts of claims (EUR mio) 218.7 213.4
Market share 15.1% 15.0%
Economic result before tax (EUR mio) 11.0 16.8
Net economic result (EUR mio) 11.9 14.3
Financial investments and cash (EUR mio, 31. 12.) 644.8 573.7
Gross liabilities from insurance contracts (EUR mio, 31. 12.) 554.5 527.8
Number of employees (31. 12.) 1.140 1.092
Total return on investment 6.0% 2.5%
Return on equity (ROE) 12.1% 13.7%
Combined ratio (DZ) 94.4% 93.3%
Combined ratio (ZZ) 102.2% 101.9%
Book value of equity (EUR mio, 31. 12.) 95.9 100.9
Book value per share (31. 12.) 9.31 9.79
Credit rating BBB- stable
(Fitch Ratings)
BBB- stable
(Fitch Ratings)

Structure of gross premiums written with inflows into pension funds for the period from 2014 to 2016 (in EUR mios)

Structure of the mother company’s premiums per insurance group

Financial data 2016

In 2016, Adriatic Slovenia operated successfully and concluded the year with a positive result. With the established net economic result of 11.9 million euro, the net profitability of the capital in 2016 equalled to 12.1 percent.

Detailed financial statements of the company show that the net business result of 11.9 million euro constitutes positive operation of life insurance (2.8 million euro) and property insurance (10.3 million euro), whereas, in health insurance a loss of 1.2 million euro has been established. The reasons for the decrease from the 2016 net economic result — in comparison to earlier periods — are a reduced investing result (without the effects of insurance with the investment risk, negative technical insurance result of health insurance products, which also continued in 2016, and less severe worsening of the technical insurance result of property insurance.

Income Statement

On 31 December 2016, the balance sheet total of the Insurance Company equalled 733 million euro and was 10.2 percent higher in comparison with the preceding year. The increase stems from the growth of the value of the assets of the insurees who take on the insurance risk and the recognition of the premiums of pension insurance policies in 2016 as an asset arising from financial contracts. At the end of 2016, the majority of assets (63.2%) were constituted by life insurance assets, 35.8% of assets were used in property insurance assets, whereas the rest was used for health insurance assets.

Asset Structure Statement

Client in the centre

of Safety

AS takes full care of clients’ safety, so it provides a comprehensive set of insurance products and additional services for its insurees. We supplement the offer of insurance products with innovative insurance-financial products, modern services, and consulting, which provide the client with customised insurance, and at the same time with quality and modern insurance protection, consulting, and rapid assistance when required and particularly in the resolution of contingencies.

Internal research findings show the high satisfaction of our insurees regarding the conclusion of insurance policies and the resolution of insurance claims.

91 % zadovoljnih zavarovancev

91% of insurees are content with the insurance company.

92 % zavarovancem smo izpolnili pričakovanja

Regarding the conclusion of contingencies, we have met the expectations of 92% of insurees.

AS Self
Care Portal

We expanded the offer of modern, smart solutions in client services by analysing their experiences and introducing improvements. We offered them the AS SELF CARE PORTAL, through which clients can review their insurance policies, check payments, change the method of payment, report a contingency, and monitor the course of its resolution themselves on their computer, tablet, or a mobile phone. With the AS SELF CARE PORTAL portal, we offer our insurees a solution that provides all important information in one place. Over 10,000 users had registered on the portal by the end of the year, and the data have on average been viewed by over 150 users a day. A part of the portal is a new pension portal, which enables clients to check the state of their pension account on a daily basis and to calculate their pension, and provides them with improvements to their pension saving.

89 % zavarovancev meni, da so zavarovanja AS kakovostna

89% of insurees believe that AS insurance products are of high quality, modern, and adjusted to their needs.

AS Health Centre

At the AS Health Centre [Center Zdravje AS], we provide our clients via the telephone number 080 81 10 to access quick expert assistance in using the services of the additional Specialists and Medicines insurance plan. Our clients also value free-of-charge support as in the event of a rejected authorisation, we offer them so-called navigation, where we provide them with information on the shortest waiting period in the public healthcare system. We have helped as many as 4,568 callers who have asked us for advice and assistance regarding supplementary health insurance.

The AS Health Centre’s medical office became operational in 2016 and is a completely new client service. It operates within the AS Health [AS Zdravje] subsidiary, which was also established in 2016, and its vision is to provide insurees with top-level healthcare services when they need them.

99 odstotkov zavarovancev je zadovoljnih s Centrom Zdravje AS

As much as 99 percent of our insurees are satisfied with the Heath AS Centre (due to understandable advice, the kindness of advisors, taking into account their wishes, the speed of the granting of consents for authorisation, and assistance with the choice of a specialist).

Client Care

Clients access AS services daily via telephone, email, the AS SELF CARE PORTAL, and in person. At the Client Care Centre [Center za oskrbo strank], we provide them with quick, comprehensive, and quality responses because we want our clients to be satisfied and treated comprehensively. The content of the questions received via all communication channels is diverse and complex as each year clients are requesting a more comprehensive overview of their insurance and the rights deriving from them.

97 % zavarovancev meni, da so zaposleni strokovni in prijazni.

97% of clients consider our employees professional and kind.

AS Foundation and AS Gallery

We support the best and bring art closer to people.
In over twenty years, we have helped numerous young people who stand out. Currently, seven gifted individuals are fulfilling their goals also with our help. We have also flung open the doors of our AS Gallery; so far, we have delighted lovers of photography, painting, and the contemporary arts with ten exhibitions.

Sustainable Development

Traditionally Connected with Sport

We place a special emphasis on the development of insurance for sportspeople of all categories. We have also taken care of sportspeople as the official insurance company of the Olympic teams (the Slovenia Team, since as far back as 1993).

For 16 years we have been working in partnership with the Football Association of Slovenia, and in September 2016 we signed a contract for a new cycle until 2020, when we will accompany the drafted team.. AS also supports the Handball Association of Slovenia and the Handball Team of Slovenia, which won a bronze medal at a world cup in France in January 2017; the collaboration will continue until 2018. We have continued to sponsor the best Slovenian sailor of all time, Vasilij Žbogar (now in the 17th year of our relationship), and the freestyle skier Filip Flisar.

AS Foundation and AS Gallery

Since as far as 1995, the AS Foundation (then Ajda, later KD Foundation) has been financially supporting gifted students, particularly musicians, in their undergraduate and graduate studies abroad.

In 2012, the company acquired a rich collection of artworks, which have been exhibited since 2014 in the AS Gallery, at the company headquarters at Dunajska 63 in Ljubljana. So far we have held already ten different exhibitions in Ljubljana. The public and the media increasingly recognise the gallery as a new and quality cultural venue in Ljubljana.

We Support Cultural, Healthcare, and Humanitarian Projects

In culture and the protection of the natural and the cultural heritage, we are a sponsor of the Portorož Auditorium and the Koper Theatre (since its establishment in 2002). We collaborate closely with the Volčji Potok Arboretum and the Lipica Stud Farm, where we hold special events that contribute to the protection of cultural and natural heritage and the recognisability of place of natural beauty, and which provide visitors with additional content.

In healthcare, in our role as general sponsor, we supported for the 15th consecutive time the selection of the best and most prominent Slovenian physicians, “My Physician”, organised by Viva magazine and supporting training and initiatives for the development and the reputation of the healthcare profession.

Among our humanitarian campaigns, the most prominent was our support for the Donate a Snack project, which has been providing children from socially disadvantaged backgrounds with school meals. At the end of 2016, we donated the funds for New Year business gifts to children and thus provided them with approximately 2,066 snacks; the donation was also supported by our insurees who concluded child and youth insurance plans online.

Our Values

They direct
us and
connect us

In our mutual relations, we stem from our values and reflect these outwards. We are responsible, passionate, trustworthy, winning, and proactively seek the best solutions for you.