Vienna Insurance Group (VIG) has disclosed that gross written premiums (GWP) increased by 8% to €11.5 billion for 9M 2024, compared to last year’s €11.4 billion, as insurance service revenue grew more than 9% year-on-year to €9 billion.
The insurer has revealed that the highest premium increases came from the Special Markets segment (Germany, Georgia, Liechtenstein and Türkiye) with 30.3%, while the Extended CEE segment contribution was 11.2%, driven mainly by Romania, the Baltic States, Slovakia, Hungary, and Bulgaria. Increases in the Poland and Austria segments of 6.6% and 6.5%, respectively, are also encouraging, notes the firm.
VIG’s profit before taxes for the first nine months of 2024 rose to €666.5 million, an 8.5% increase on 9M 2023.
Within P&C, VIG has reported that the net combined ratio remained the same as the previous year at 94.3% thanks to a lower cost ratio, which offset a higher loss ratio on the back of adverse weather conditions. The company’s gross losses from storm Boris are estimated to be around €600 million, and the net impact on the group is around €70 million. In Austria, VIG states that the effects of storm Boris were minimised by reinsurance and compensated for by the good operating technical result.
Despite a volatile economic and geopolitical environment, VIG’s management has confirmed a positive outlook for the 2024 financial year and expects profit before taxes at the upper end of the planned range of €825 million to €875 million.
Hartwig Löger, Chief Executive Officer, VIG, commented, “With the figures for the first nine months of 2024, Vienna Insurance Group’s dynamic business development continues.
“The damage caused by storm Boris in September 2024 was managed effectively thanks to VIG’s responsible and conservative corporate and reinsurance policies.
“We confirm our outlook for 2024 and expect profit before taxes at the upper end of the planned range of €825 million to €875 million.”
