Triglav, a Slovenia-based insurance-financial company, is all set to foray into the life insurance market of Macedonia in November 2017.

The company has been operating in Macedonia as a non-life insurance provider since 2007, where it enjoys a market share of 18%.

The group sees potential for growth in the Macedonian life insurance market due to lower insurance penetration.

It expects the market conditions to be challenging as life insurance segment is closely linked with the general economic situation in a particular country.

At present, four life insurance companies are operating in tight competitive conditions.

According to Zavarovalnica Triglav, the controlling company of the Triglav Group, the insurer will set up a life insurance company Triglav Osiguruvanje Zivot in Macedonia next month.

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As part of strategy for the 2017–2020 period, the company intends to focus on the group’s two business pillars – insurance and asset management.

With respect to its insurance operations, the group plans to continue to develop its markets and primarily invest in the insurance segments, including life, health and pension insurance, with expected higher growth rates.

Earlier this year, the group has entered into the pension insurance market of Bosnia and Herzegovina.

In the first half of 2017, the group posted EUR547.8m in consolidated gross insurance, co-insurance and reinsurance premium.

It has presence in seven markets and employs more than 5,100 employees.