In its preliminary, unaudited results for the full year 2023, VIG Re has reported that gross written premiums grew by 13.7% to €900.7 million, driven by significant growth of the non-life treaty business across all segments.
At the same time, VIG Re revealed that insurance service revenue for 2023 was €819.4 million, and, despite a significant burden from nat cat losses happening in Turkey and Continental Europe in 2023, the net combined ratio improved to 90.8%.
VIG Re’s insurance service result for the year was €41.5 million, of which reinsurance issued business contributed with €136.6 million as reinsurance held accounted for €-95.1 million.
Meanwhile, the firm’s net investment result for 2023 was €10.9 million, while profit before tax increased to €31.6 million and after-tax to €24.4 million, corresponding to a tax rate of 22.7%.
Johannes Martin Hartmann, VIG Re’s CEO and Chairman of the Management Board, commented, “During the year 2023, we were faced again with a high burden from natural catastrophes, starting with the devastating earthquake in Turkey in January and continuing with floods and severe convective storms in Italy, Slovenia, and many other Continental European countries.
“Our prudent underwriting policy, the further diversification of our portfolio and, last but not least, our success in attracting top talents from the industry enabled us to weather these challenges.
“I am proud to report 2023 as another record year for VIG Re, not only with regard to our growth of revenues, but also in respect of underwriting result and profits to our shareholder.”
Tobias Sonndorfer, the Vice-Chairman of VIG Re’s Management Board, added, “VIG Re’s strengthened capital base empowers us to remain a strong partner for our clients and to continue in our growth strategy.
“We will further consolidate our leadership position in Central and Eastern Europe, while expanding our franchise in Continental Europe, and diversify our portfolio in Asia and selected international markets.
“In addition, we will make significant investments in our people and our infrastructure to enforce our reputation as a seamless operator and a trusted advisor.”
VIG RE explained that its full audited results will be available by April 30th, 2024.
