Austrian insurer VIG - Vienna Insurance Group informed it has increased its GWP to EUR 10.6 billion (EUR +1.1 billion or +11.4%) after the first nine months of 2023. At the same time, the Group’s solvency ratio remains very high at 303.8%.

“The geopolitical and economic environment remains challenging. Nevertheless, VIG delivers a very positive performance and is once again demonstrating that it is very well positioned both operationally and in terms of capital. We are also firmly on track when it comes to result before taxes and expect the earnings for 2023 to be at the upper end of our forecast range”, said Hartwig Loeger, CEO and Chairman of the VIG Managing Board.

The premium volume in Austria was EUR 3.4 billion (+2.3%) and in the Czech Republic it was EUR 1.7 billion (+9.2%). In both countries, the growth was due largely to property and casualty and health insurance.

Poland posted double-digit premium growth with a premium volume of EUR 1.2 billion (+16%) – this figure stems from very good performance in the motor own damage, other property and casualty and single premium life insurance lines of business.

The Extended CEE segment (Albania, the Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Hungary, Kosovo, Moldova, North Macedonia, Romania, Serbia, Slovakia and Ukraine) achieved a premium volume of EUR 2.99 billion (+11.3%). The drivers here included strong performance in Hungary (+EUR 122.5 million) and the Baltic states (+EUR 62.9 million) and robust growth in the motor own damage segment in Romania (+EUR 53 million).

The Special Markets (Germany, Georgia, Liechtenstein, Turkiye) generated EUR 769 million in premiums (+42.1%), with growth coming largely from Turkiye across the life, motor, and property and casualty business.

The Group’s solvency ratio at the end of the third quarter of 2023 was 303.8% (including transitional measures) and thus increased further compared to 282% in the first half of 2023. This underscores VIG’s consistently strong capital position, which was also recently confirmed with a rating of A+ with stable outlook by the rating agency Standard & Poor’s (S&P). According to S&P, VIG had a robust capital position above the “AAA” level at the end of 2022 and the end of the first half of 2023.

Growth forecasts for the VIG core markets in the CEE region remain above the EU average. The VIG companies are delivering strong performance despite a weaker overall macroeconomic environment and a number of extreme weather events locally. VIG is confident that the Group will achieve profit before taxes at the upper end of the EUR 700–750 million range for 2023 as a whole.