Vienna Insurance Group profit reached 466 million Euro, up 24 percent in 2022

Vienna Insurance Group (VIG) publishes its report for the 2022 financial year. At EUR 12.6 billion, the premium volume in 2022 was 14.1 percent higher than in the previous year. Profit before taxes was EUR 562 million, which was 10 percent higher than in 2021. Profit after taxes was EUR 466 million, constituting a 24 percent improvement on the previous year.

The motto of this year’s Group Annual Report is “More growth” and the results achieved underline the growth strategy pursued by the Group. The motto of the Sustainability Report is “More solidarity” and refers to activities like the Group’s intense social involvement with the people of Ukraine and the colleagues of VIG’s three Ukrainian companies owing to the war. For example, the VIG management established the VIG Family Fund. Thanks to the base allocation, as well as further contributions from VIG companies and directly from employees, a sum of around EUR 7 million has been raised to support the medium- and long-term rebuilding efforts of the families of the VIG companies in Ukraine that have been affected. “Strategic considerations can currently only become meaningful if sustainability is taken into account”, explains Elisabeth Stadler, CEO of Vienna Insurance Group. 
 
She deems insurance companies to be particularly involved in sustainability for two reasons. Firstly, this is due to the noticeable consequences of global warming, which is leading to increased damage from adverse weather events and natural disasters: “For us as an insurance company, this necessitates making our risk expertise available to society. We facilitate adaptation to the consequences of climate change by providing insurance cover and creating incentives for customers to better prepare themselves for these consequences”, says Elisabeth Stadler. Secondly, since they manage large amounts of capital on behalf of their customers, insurance companies are among the most important investors in a national economy. “We support social and green causes by investing in ventures like solar and wind farms, environmentally sustainable and affordable housing projects, or in green mobility”, explains Elisabeth Stadler.