Total premium volume rose to EUR 7,851 million (+6.7%) in the first three quarters of 2019. All lines of business recorded premium growth. VIG managed to achieve double-digit growth in health insurance (+11.2%) and other property insurance (+10.1%). The largest contributors to this premium increase were the segments Poland (+EUR 165 million), Austria (+EUR 110 million) and Baltic states (+EUR 91 million). The CEE markets contributed slightly more than 9% to the increase in premiums, or around 5% after adjusting for first-time consolidation (Poland, Baltic states, Bosnia-Herzegovina).
The combined ratio of 96.4% was slightly higher (+0.1 pp.) compared to the previous year (9M2018: 96.3%) due to weather effects. The Bulgaria, Baltic states and Remaining CEE segments recorded significant improvements in the combined ratio for the non-life business. The reductions in the combined ratio were mainly due to measures taken for motor insurance in Ukraine and Serbia and for other property insurance in Croatia. Although the combined ratio also improved significantly in Romania (-3.1 pp.) due to activities in motor third party liability, it nevertheless remains above 100%.
The financial result, including the result from at equity consolidated companies, amounted to EUR 627 million for the 1st to 3rd quarter of 2019, a 21.2% reduction compared to the previous year. The year-on-year decrease in the financial result was primarily due to a reduction in realised gains from investments and one-off proceeds from the sale of real estate investments in 2018. Earnings per share (annualised) were EUR 2.36.
Group investments including cash and cash equivalents added up to EUR 35.8 billion by 30 September 2019. This 4.8% decrease compared to 31 December 2018 was due to the consolidation change of the non-profit societies starting with 1 August 2019.
Profit before taxes was EUR 376.2 million. This corresponds to an increase of 6.8% compared to the 1st to 3rd quarter of 2018. Profit was positive in all country segments. The largest increases in profit were achieved in the segments Poland, Austria and Bulgaria.
"Our key figures for the current year 2019 continue to show improvement after nine months and the growth trend we have followed since 2016 is ongoing. We are very confident about achieving our planned 2019 targets for a premium volume of EUR 9.9 billion and profit (before taxes) in the range of EUR 500 to 520 million."
- Gross written premiums: EUR 7,851.2 million (+6.7%), of which:
- GWP Austria: EUR 3,106.2 million (+3.7%)
- GWP Czechia: EUR 1,308.5 million (+2.7%)
- GWP Slovakia: EUR 599.3 million (+1.3%)
- GWP Poland: EUR 834.1 million (+24.7%)
- GWP Romania: EUR 342.1 million (-12.9%)
- GWP Baltics: EUR 370.6 million (+32.7%)
- GWP Hungary: EUR 204.5 million (+7.0%)
- GWP Bulgaria: EUR 172.6 million (+33.2%)
- GWP Turkey: EUR 127.2 million (+13.4%)
- GWP Georgia: EUR 34.5 million (-6.6%)
- GWP Albania & Kosovo: EUR 32.4 million (+9.9%)
- GWP Bosnia & Herzegovina: EUR 26.9 million (+36.6%)
- GWP Croatia: EUR 99.0 million (+5.6%)
- GWP North Macedonia: EUR 22.0 million (+6.1%)
- GWP Moldova: EUR 8.0 million (+11.2%)
- GWP Serbia: EUR 76.4 million (+12.0%)
- GWP Ukraine: EUR 71.6 million (+56.5%)
- GWP Germany: EUR 164.7 million (+4.0%)
- GWP Liechtenstein: EUR 63.6 million (-14.5%)
- Net earned premiums: EUR 6,925.9 million (+6.3%)
- Financial result: EUR 627.0 million (-21.2%)
- Result before taxes: EUR 376.2 million (+6.8%)
- Net profit: EUR 226.5 million (+9.5%)
- Combined Ratio: 96.4% (+0.1 pp.), of which:
- Claims Ratio: 65.6% (+0.3 pp.)
- Cost Ratio: 30.8% (-0.1 pp.)
More financial information about Vienna Insurance Group is available at vig.com/en/investor-relations/events/results-center.html