Vienna Insurance Group reports gross written premiums of 7.9 billion Euro, up 7.9 percent in the first half of 2024

Vienna Insurance Group announces its financial results for the first six months of the year. The first half of 2024 saw the total volume of gross written premiums climb to EUR 7,886.8 million, an increase of 7.9 percent compared to the previous year.

Particularly positive premium growth was reported in the Special Markets segment (Germany, Georgia, Liechtenstein, and Türkiye) with an increase of 32.0 percent, in the Extended CEE segment (Albania incl. Kosovo, the Baltic States, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Moldova, North Macedonia, Romania, Serbia, Slovakia, and Ukraine) with a growth of 11.5 percent, and in Austria with a premium increase of 6.5 percent.

Insurance service revenue increased to EUR 5,919.0 million (+10.0 percent), primarily due to growth in property and casualty insurance. There has been growth in all segments, with significant increases recorded in Special Markets (+21.5 percent), Extended CEE (+14.5 percent), Poland (+14.0 percent), and Austria (+6.5 percent). Türkiye in particular is growing in the segment Special Markets, while Romania, Slovakia, the Baltic States, Bulgaria, and Hungary are growing in the segment Extended CEE.

Profit before taxes rose to EUR 481.0 million in the first half of 2024. This increase of 3.9 percent is mainly attributable to Austria, Poland, and Extended CEE. In Austria, this improvement in profit is primarily the result of increased revenues. In Poland, this growth compared to the same period last year is predominantly due to a significantly higher volume in non-life insurance and increased profitability in life insurance. In Extended CEE, this increase mainly comes down to the very good performance of the Romanian insurance companies and the better combined ratio in the Baltic states.

The annualised operative return on equity improved to 16.2 percent (having been 15.1 percent at the end of 2023).

“With our results for the first half of 2024, VIG is showing strong growth in all segments and lines of business. Thanks to this excellent development, we confirm the positive outlook for the 2024 financial year with strong profit before taxes at the upper end of the planned range of EUR 825 million to EUR 875 million”, explains Hartwig Löger, CEO of Vienna Insurance Group.