Vienna Insurance Group (VIG) released its 9M 2024 results, showcasing continued growth across key metrics despite challenges from natural catastrophe (NatCat) events.
Gross written premiums reached €11.5 bn, reflecting an 8.0% increase, while insurance service revenue grew by 9.3% to €9.0 bn. Profit before taxes also showed solid progress, rising by 8.5% to €666.5 mn.
The company maintained a stable combined ratio of 94.3%, and its solvency ratio stood at 259% by the end of September 2024. VIG highlighted strong contributions from all segments, particularly in Central and Eastern Europe (CEE) and Special Markets, where double-digit growth rates were recorded.
Key Financial Highlights:
- Gross Written Premiums: Increased by 8% to €11.5 billion.
- Insurance Service Revenue: Rose by 9.3% to €9 billion.
- Profit Before Taxes: Grew by 8.5% to €666.5 million.
- Net Combined Ratio: Remained stable at 94.3%.
- Solvency Ratio: Stood at 259% as of 30 September 2024.
Segment Performance:
- Austria: Insurance service revenue increased by €152.7 million, driven by growth in the non-life business.
- Czech Republic: Achieved stable revenue growth, particularly in motor and property insurance sectors.
- Poland: Recorded double-digit revenue growth, mainly in property and health insurance.
- Extended CEE: Insurance service revenue rose by €320 million, with strong performances in Romania, Slovakia, the Baltics, Bulgaria, and Hungary.
- Special Markets: Significant increase of €108.7 million, attributed to growth in Türkiye’s motor and property insurance, as well as health insurance in Georgia.
The September storm Boris, which significantly impacted Austria, the Czech Republic, and Poland, resulted in an estimated gross loss of €600 mn, with a net impact of approximately €70 mn.
Despite the loss from Boris and a volatile economic and geopolitical environment, VIG said it confirms its positive outlook for 2024 and expects profit before taxes at the upper end of its planned €825 million to €875 million range.
The damage caused by storm Boris in September 2024 was managed effectively thanks to VIG’s responsible and conservative corporate and reinsurance policies
Hartwig Löger, VIG Chief Executive Officer
VIG successfully completed several strategic mergers. In Poland, its non-life operations under Compensa and Wiener were integrated into Compensa, while life insurance operations were unified under Vienna Life. In North Macedonia, Winner Non-Life and Makedonija Osiguruvanje merged to operate under the Makedonija Osiguruvanje brand, strengthening VIG’s market position.
Gross written premiums by segments (€ mn)
- Central and Eastern Europe (CEE): The region continues to recover, with GDP growth for EU members in the area forecasted at an average of 2.2% for 2024, rising to 2.9% in 2025. This performance significantly outpaces the stagnant euro area, projected at 0.6% growth in 2024 and 1.4% in 2025.
- Inflation: Most of VIG’s markets have experienced a significant slowdown in inflation, leading to real wage growth and prompting central banks to reduce interest rates.
Despite external economic pressures, the CEE region remained a driver of growth for VIG, benefiting from strong private consumption, rising real wages, and slowing inflation. VIG also marked 30 years since its IPO, celebrating its expansion across CEE markets and its position as a leading regional insurer.
The company reaffirmed its focus on innovation, efficiency, and customer-centric solutions as it continues to expand its presence and capabilities across key markets.
