Vienna Insurance Group net profit increases by 2.8 percent, premiums rise to 3.1 billion Euro in first quarter of 2020

Vienna Insurance Group announces that the first quarter of 2020 closed on a positive note, with a somewhat lower profit (before taxes) of 121.9 million Euro (-4.4 percent) and a slightly higher net profit (after taxes and non-controlling interests) of 85.8 million Euro (+2.8 percent), despite initial dampening effects of the COVID-19 pandemic.

Total premium volume reached 3.1 billion Euro in the first three months of 2020. This corresponds to an increase of 7.2 percent compared to the first quarter of 2019. Premium increases were achieved in all lines of business in the first quarter of this year. Single premium in life insurance recorded double-digit growth (+29.8 percent). The Austria and Poland segments recorded the highest absolute premium increases.

“We recorded a very good start into the year, with a significant increase in premiums. This was due to strong performance in the months of January and February 2020 that significantly compensated for the initial effects of the restrictions implemented starting in the middle of March in the battle against COVID-19,” said CEO Elisabeth Stadler. “Premium losses due to a decrease in new business will primarily be noticeable starting in the second quarter of 2020 and are expected to continue for the remainder of the financial year.”

Branch offices in the countries where the VIG Group operates gradually began to re-open starting in the beginning of May. Service locations are once again available to customers with no restrictions, subject to compliance with appropriate safety measures.