VIG Re, 1Q2020: Net earned premiums climbed 35.7% y-o-y

20 May 2020 — press.release
VIG Re, part of the Austrian Vienna Insurance Group, ended the first three months of 2020 with a net profit of EUR 2.4 million, -42.5% lower y-o-y, impacted, as most reinsurers, by the effects of COVID-19 crisis on the financial markets and a higher volume of claims.


VIG Re 1Q2020 preliminary figures, y-o-y changes


  • Gross written premiums: EUR 163 million (+7.5%)
  • Net earned premiums: EUR 94 million (+35.7%)
  • Investment result: EUR (0.97) million (1Q2019: EUR 4.2 million)
  • Claims and benefits: EUR 66 million (+41.8%)
  • Acquisition expenses: EUR 24 million (+30.6%)
  • Profit before taxes: EUR 3.0 million (-53.2%)
  • Net profit: EUR 2.4 million (-42.5%)


For the mentioned period, the gross written premiums volume reached EUR 162.8 million (+7.5%), the net earned premiums value increasing to EUR 93.9 million (+35.7%).

The investment result dropped significantly to EUR (0.97) million (1Q2019: EUR 4.2 million), the investment income decreasing by 40.1%, while the investment expenses going up 334.5%.

The claims and insurance benefits volume grew as well to EUR 66.1 million (+41.8%). The acquisition expenses increased to EUR 24.3 million (+30.6%), the company's commission expenses remaining relatively stable year-on-year at EUR 32.9 million.

The profit before taxes amounted EUR 3.0 million (-53.2%), the company benefiting from a decrease in tax expense to EUR 0.6 million (-73.0%).


More financial information about VIG Re can be found at www.vig-re.com/publications


Source: vig-re.com

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