Vienna Insurance Group planning to expand
Vienna Insurance Group (VIG) is to use its strong capitalisation to achieve further growth and broaden its presence, according to its group CEO. VIG’s 2018 group annual report notes that the group has a solvency ratio of 239%.
“After beating our forecasts, we’ve raised our targets for 2019 and 2020,” said VIG CEO Elisabeth Stadler. “We will maintain our focus on growth, and we want to capitalise on opportunities and potential in order to broaden our presence. Our aim is not only to take a forward-looking commercial approach; above all, we want to follow a sustainable path.”
For the 2018 financial year, the group reported premium income of €9.7bn, up 3% from €9.4bn in 2017. Profit before tax saw a 10% increase from €443m in 2017 to €485m last year. For the 2018 financial year, the group reported a solvency ratio of 239% (a 19 percentage point gain) and a financial result of €1,037m (up 12%).
The group combined ratio (after reinsurers’ share, not including investment income) improved to 96.0% in 2018, mainly due to improvements in the Austria, Czech Republic and Poland segments (2017: 96.7%).
VIG comprises about 50 insurance companies operating in Austria, Czech Republic, Slovakia, Poland, Romania, Baltic states, Hungary, Bulgaria, Turkey/Georgia, as well as Albania, Bosnia-Herzegovina, Croatia, North Macedonia, Moldova, Serbia and Ukraine.
