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With the state owners, who hold a majority in the insurer, barred by Securities Market Agency from exercising their voting rights, the motion to replace supervisory board was endorsed by shareholders holding around 25% of all shares.

Rajko Stanokvić, Mario Gobbo, Dubravko Štimac, Gregor Kastelic, Matej Runjak and Matija Blažič will replace Jovan Lukovac, Aleš Živokvič, Rok Strašek, Žiga Andoljšek, Mihael Perman and Blaž Šlemic.

The move comes only three weeks after the outgoing supervisory board dismissed Matjaž Rakovec as chairman over a lack of trust and named Andrej Slapar as interim chairman. The new supervisors will now be able to appoint a new chairman.

Meanwhile, the shareholders also approved a motion by the state-owned SOD fund for a dividend payout of EUR 2 per share, which is double that proposed by the management.

Slapar sided with the previous management today in opposing the higher payout, but his arguments were ignored by the shareholders. "The management believes that a dividend of EUR 1 per share is appropriate and in line with Triglav's dividend policy," he said.

The retained profit of Zavarovalnica Triglav amounted to EUR 98.2m at the end of 2012, of which EUR 45.5m will be used to pay dividends.

Meanwhile, Slapar hailed the operations of Slovenia's biggest insurer, which saw profit increase 15% to EUR 50.4m in 2012.

The strong results stem from success in core operations, especially property insurance, Slapar said.