Austrian Vienna Insurance Group has announced the appointment of Christoph Rath as a deputy member of the Managing Board.
Rath, who currently is the Chief Financial Officer of the Czech companies Kooperativa Pojišt’ovna and Ceská Podnikatelská Pojišt’ovna, is to take over his role at VIG’s Board effective September 1, 2024.
Through his career, the executive has held various managerial positions at VIG, including as a member of the Managing Boards in Serbia and Bulgaria.
We are pleased to welcome experienced manager Christoph Rath to our Managing Board team. He will strengthen the country management of VIG Holding, not least thanks to his many years on the management boards of several of our Group companies
Hartwig LÖGER, General Director and Chairman of the Board, VIG
Christoph Rath studied Banking and Finance at the Vienna University of Applied Sciences and Economics at the University of Sydney. Born in Lower Austria, he began his professional career in the world of banking, working for prestigious Austrian and German banks.
He joined the Vienna Insurance Group in 2004 as an Assistant to the Board and was additionally responsible, as Country Manager, for the Serbian and German markets.
He joined the Management Board of the Serbian Group company, Wiener Städtische osiguranje, in 2007, where he was responsible for reinsurance, life insurance, holdings and investments, as well as human resources, logistics and administration.
VIG experienced a financial year 2023, having reported double-digit premium growth, a solid increase in profit and an improved combined ratio.
Vienna Insurance Group reported GWP for the full year 2023 worth EUR 13.8 bn, 10% more y-o-y. Earnings before taxes reached around EUR 773 mn, up by +32% y-o-y, while the insurance service revenue increased by 12%, to EUR 10.9 bn.
The premium increase results from all segments and divisions. The Poland (+12.7%), Extended CEE (+12.5%), Special Markets (+11.3%) and Group Functions (+13.8%) segments recorded double-digit growth rates compared to the previous year.
Of the countries in the Extended CEE segment, the Baltics (+12.2%), Romania (+17.8%) and Hungary (+24.1%) in particular showed dynamic premium development. In the specialty markets segment, Georgia (+19.9%) and Turkey (+18.4% adjusted for inflation) recorded strong premium growth.
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