Vienna Insurance Group’s GWP climbs 7.9% in H1’24

In their financial results for the first half of 2024, Vienna Insurance Group (VIG) has reported that its total volume gross written premiums (GWP) increased by 7.9% to reach €7,886.8 million.

Particularly positive premium growth was reported in the firm’s Special Markets segment (Germany, Georgia, Liechtenstein, and Türkiye) with an increase of 32.0%, in the Extended CEE segment (Albania incl. Kosovo, the Baltic States, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia, and Ukraine) with a growth of 11.5%, as well as in Austria which saw a premium increase of 6.5%.

At the same time, the organisation’s profit before taxes climbed to €481.0 million in the period, representing an increase of 3.9%, which the firm stated was mainly attributable to Austria, Poland, and Extended CEE.

According to the firm, in Austria, this improvement in profit is primarily the result of increased revenues, while in Poland, this growth compared to the same period last year is predominantly due to a significantly higher volume in non-life insurance and increased profitability in life insurance.

Whereas, in Extended CEE, the firm noted that this increase was primarily due to the very good performance of the Romanian insurance companies and the better combined ratio in the Baltic states.

As well as this, the company’s insurance service revenue increased by 10.0% in the period, reaching €5,919.0 million. The firm said that this increase was primarily due to growth seen in property and casualty insurance.

Growth was seen across all segments, with significant increases recorded in Special Markets (+21.5%), Extended CEE (+14.5%), Poland (+14.0%), and Austria (+6.5%).

Meanwhile, VIG’s net combined ratio for H1’24 improved to 93.3%, compared to 94.0% from last year, which the firm attributed primarily towards the positive development seen in the claims ratio.

The Group’s solvency ratio sat at 265% (including transitional measures) for the first half of 2024.

Hartwig Löger, CEO of Vienna Insurance Group, commented: “With our results for the first half of 2024, VIG is showing strong growth in all segments and lines of business. Thanks to this excellent development, we confirm the positive outlook for the 2024 financial year with strong profit before taxes at the upper end of the planned range of EUR 825 million to EUR 875 million.”

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