Premiums written rose by 7.9 percent to around EUR 7.9 billion, the company announced on Wednesday. There were further gains in pre-tax earnings, which grew by 3.9 percent to EUR 481 million in the first six months.
According to the insurer, it achieved an increase in premiums in all lines and segments. In Austria, premiums rose by 6.5 percent. There were significant increases in the extended CEE region (Albania including Kosovo, Baltic States, Bosnia-Herzegovina, Bulgaria, Croatia, Moldova, North Macedonia, Romania, Serbia, Slovakia, Ukraine and Hungary) with an increase of 11.5 percent. The company achieved the strongest increase in premiums in its special markets (Germany, Georgia, Liechtenstein and Turkey), where premiums written rose by 32 percent.
Good development in Austria, Poland and expanded CEE
The insurer attributed the increase in earnings (before taxes) to EUR 481 million to the good development in Austria, Poland and the expanded CEE region. The net combined ratio improved to 93.3 percent in the first six months of 2024 (half-year 2023: 94 percent), which was primarily due to the positive development of the loss ratio. The storm damage recorded in the first half of 2024, at around EUR 123 million gross, was significantly lower than the previous year’s figure (around EUR 256 million). The group’s solvency ratio was 265 percent at the end of the half-year.
Insurance service revenue rose by 10 percent to EUR 5.9 billion. The increase was primarily due to growth in property and casualty insurance. The special markets segment recorded significant increases (+21.5 percent), particularly in Turkey. In Austria there was an increase of 6.5 percent.
“With our results for the first half of 2024, VIG is showing strong growth in all segments and business areas,” said CEO Hartwig Löger. “Based on this excellent development, we are confirming the positive outlook for the 2024 financial year with a strong annual result before taxes at the upper end of the planned range of EUR 825 million to 875 million.”