VIG sees GWP increase to €4.3bn in Q1 as it remains on course for growth
Vienna Insurance Group (VIG) has revealed that its gross written premiums increased to €4.3 billion in the opening quarter of 2024, up by 11% compared to 2023’s Q1 figure of €3.9 billion.
Hartwig Löger, CEO and Chairman of the Managing Board of VIG commented, “VIG once again recorded double-digit premium growth in the first three months of 2024.
“The very solid increase in premiums is due to generally good business performance.”
In Austria, VIG’s Q1 gross written premiums rose by 7.8% to €1.51 billion, while in the Czech Republic, there was a slight currency-related decline of 0.6% to €621 million.
In Poland, the gross written premium volume rose by 7.9% to €416 million. Meanwhile, in the Extended CEE segment with the countries Albania incl. Kosovo, the Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Moldova, North Macedonia, Romania, Serbia, Slovakia, Ukraine and Hungary, a gross written premium increase of 10% to €1.14 billion was achieved.
VIG additionally noted that the special markets with Germany, Georgia, Liechtenstein and Türkiye developed “very favourably”, recording an increase in gross written premiums written of 23.9% to €349 million.
The firm’s solvency ratio at the end of the opening quarter of 2024 was 262%. As per VIG, this emphasises its “exceptional” capital strength and resilience.
Hartwig Löger continued, “May 2024 marks the 20th anniversary of the EU’s eastern enlargement. It was one of the most important geopolitical decisions of the European Union and an important step for VIG, as we were able to benefit from the prospering economies.
“We are active in eight of the ten countries of the eastern expansion and are the market leader in six of them. Due to our successful broad diversification in a growth region, we remain optimistic for business development in 2024 and beyond, despite the continuing geopolitical uncertainties.”
With all this in mind, VIG’s management has confirmed its outlook to achieve profit before taxes within a range of €825 million to €875 million for the 2024 financial year.
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