Vienna Insurance Group reports profit before taxes of 881 million Euro, up 14 percent in 2024

Vienna Insurance Group (VIG) announced its financial results for the last year. In 2024, the premium volume of EUR 15.2 billion exceeded the previous year’s figure by 10 percent, while profit before taxes increased to EUR 881.8 million (+14 percent).

Hartwig Löger, CEO and Chairman of the Managing Board of VIG: “Strong growth and high profitability continue to shape our position as the clear No. 1 in CEE in 2024. We are maintaining our successful course, which is derived from the diversification of our Group, because of both the growth in premiums and the profit result from all segments and lines of business. Based on this performance and our strong capitalisation, the VIG Managing Board is proposing a dividend increase to EUR 1.55 per share”. 

The flooding from storm Boris resulted in EUR 617 million in gross claims for VIG – especially Austria, the Czech Republic and Poland were heavily affected.

Gross written premiums

Premium growth was driven by all reporting segments and lines of business. With double-digit growth rates, gross written premiums in the Extended CEE (+10.5 percent) and Special Markets (+59.4 percent) segments increased significantly year on year. Of the countries in the Extended CEE segment, Romania (+16.3 percent), the Baltic States (+10.4 percent), Slovakia (+7.4 percent) and Bulgaria (+14.8 percent) recorded dynamic premium growth. In the Special Markets segment, Türkiye (+96.7 percent) especially saw strong premium growth. In terms of the lines of business, there were double-digit increases in motor third-party liability insurance (+11.6 percent), motor own damage insurance (+12.2 percent), other property and casualty insurance (+10.3 percent) and health insurance (+14.2 percent). Life insurance premiums have increased by 6 percent.

26 percent of gross written premiums were generated in Austria, 14 percent in the Czech Republic, 10 percent in Poland, 26 percent in Extended CEE and 9 percent in Special Markets.

Profit before taxes: EUR 881.8 million | +14.1 percent

The increase stems primarily from the significant higher profits in Poland, the Extended CEE and Special Markets segments. Net profit after taxes and non-controlling interests rose by 15.4 percent to EUR 645 million.

Austria accounted for the largest share of profits at 38 percent, followed by the Czech Republic at 24 percent, Poland at 7 percent, Extended CEE at 18 percent and Special Markets at 10 percent.