Vienna Insurance Group posts growing profit in Q1 2018
Vienna Insurance Group (VIG) reports further improvement in all key figures for the 1st quarter of 2018 compared to the same period in the previous year. 2018-05-23 15:22:22
Profit (before taxes) was 117.3 million Euro. This corresponds to an increase of +7.0 per cent compared to the 1st quarter of 2017. In addition to the markets in the Czech Republic, Poland and Romania mentioned above, Hungary and Bulgaria have also recorded significant increases in the result (before taxes).
Total premium volume reached 2.83 billion Euro in the first three months of 2018. This corresponds to an increase of +3.9 per cent compared to the 1st quarter of 2017. Without the ongoing decline in the single premium life insurance business, premiums rose by +7.1 percent compared to the previous year.
The pursuit of a sustainable growth path is also being reflected in a steady improvement in the combined ratio, which improved significantly again by 0.7 percentage points to 96.2 per cent, from 96.9 per cent in 2017.
The financial result was 238.4 million Euro in the first quarter of 2018. This year-on-year decrease by 3.8 per cent was primarily due to seasonal fluctuations in property maintenance costs.
Group investments including cash and cash equivalents were 37.5 billion Euro as of 31 March 2018.
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