Vienna Insurance Group’s robust growth in H1 2024. Gross written premiums increased by 7.9% year-over-year, reaching EUR 7.89 bn in the first half of 2024. Growth was observed across all segments and lines of business.
Notable increases were seen in the Special Markets segment (Germany, Georgia, Liechtenstein, and Türkiye) at 32%, the Extended CEE segment (including Albania, Kosovo, the Baltic States, and others) at 11.5%, and Austria at 6.5%.
- Gross written premiums reached EUR 7.9 bn (+7.9%)
- Insurance service revenue increased to EUR 5.9 bn (+10.0%)
- Profit before taxes grew to EUR 481 mn (+3.9%)
- Net combined ratio improved to 93.3% (-0.7 percentage points)
- Solvency ratio stands strong at 265%
Insurance service revenue rose to EUR 5.92 bn (+10.0%), driven by growth in property and casualty insurance. All segments experienced growth, with notable increases in Special Markets (+21.5%), Extended CEE (+14.5%), Poland (+14%), and Austria (+6.5%). Türkiye led the growth in Special Markets, while Romania, Slovakia, and others drove the Extended CEE segment.
VIG’s strong growth across all segments and lines of business in the first half of 2024 allows us to confirm a positive outlook for the full year. We anticipate profits before taxes to reach the upper end of our projected range of EUR 825 mn to EUR 875 mn
Hartwig Löger, CEO of Vienna Insurance Group
Profit before taxes for the first half of 2024 reached EUR 481 mn, a 3.9% increase primarily driven by Austria, Poland, and Extended CEE. Austria’s profit increase resulted from higher revenues. In Poland, non-life insurance volume and life insurance profitability contributed to the growth.
The Extended CEE region benefited from strong performances in Romania and improved combined ratios in the Baltic states. The annualized operative return on equity improved to 16.2% (up from 15.1% at the end of 2023).
The net combined ratio improved to 93.3%, down from 94% in the first half of 2023, primarily due to a better claims ratio. Weather-related claims grossed around EUR 123 mn, significantly lower than the previous year’s EUR 256 mn. After reinsurance, VIG retained EUR 112 mn.
The contractual service margin, mainly encompassing long-term life and health insurance, stood at EUR 5.63 bn (-2.8%) as of 30 June 2024. New business CSM in life and health insurance reached EUR 216 mn, with a growing new business margin of 9.8%.
VIG’s solvency ratio remains robust at 265% as of the end of H1 2024, reflecting the Group’s solid capital position.
The total capital investment portfolio increased to EUR 43.1 bn as of 30 June 2024, up 1.1% from the end of 2023. This growth is largely due to higher cash and cash equivalents, driven by positive cash flow from operating and investing activities.
VIG has effectively navigated the challenging geopolitical and macroeconomic landscape. The management remains optimistic about the 2024 financial year, anticipating profits before taxes at the upper end of the EUR 825 mn to EUR 875 mn range, supported by strong performance in the first half.
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