VIG Re, FY2019: net profit remained stable at EUR 21 million

18 March 2020 — Cosmin CONCEATU
VIG Re, part of Vienna Insurance Group, closed the year 2019 with a net profit of EUR 21 million, staying at almost the same level recorded at the end of 2018. The profit before taxes was EUR 26 million, increasing slightly by EUR 65 thousand y-o-y.


VIG Re FY2019 preliminary figures, y-o-y changes


  • Net earned premiums: EUR 310 million (+37.0%)
    • Premiums written - Gross: EUR 527 million (+15.4%)
    • Premiums written - Ceded: EUR 214 million (-9.0%)
  • Investment Result: EUR 13 million (+17.1%)
  • Claims and insurance benefits: EUR 214 million (+49.5%)
  • Acquisition expenses: EUR 78 million (+23.2%)
  • Other operating expenses: EUR 5 million (+26.4%)
  • Profit before taxes: EUR 26 million (+0.2%)
  • Profit for the period: EUR 21 million (+0.0%)


At the end of December 2019, VIG Re had a gross written premiums volume of EUR 527 million (+15.4% y-o-y), of which EUR 214 million (-9.0%) were ceded, resulting in a net earned premium volume of EUR 310 million (+37.0%) for the period.

The investment result for 2019 was EUR 13.2 million (+17.1%), the investment and interest income staying at EUR 17.3 million, while the related investment expenses stood at EUR 4.0 million.

The claims and insurance benefits paid between January-December 2019 amounted EUR 214 million (+49.5%), their gross amount being EUR 253 million, while the ceded part was EUR 94 million.

During 2019, VIG Re's acquisition expenses were EUR 78 million (+23.2%), of which EUR 113 million represented commission expenses and EUR 37 million represented commission income from retrocessionaries.

The profit before taxes was EUR 26 million at the end of 2019 (+0.2%). The tax expense totaled EUR 5.4 million, resulting in a net profit for the period of EUR 21 million (+0.0%).


Peter Thirring, Chairman of the Supervisory Board of VIG Re:

"I am pleased that VIG Re can look back at a successful financial year 2019. For the first time since its existence, the Company exceeded the GWP above EUR 500 million and further pursued with the consistent and successful enhancement of its business strategy. Two years after VIG Re made the move into Continental Europe, its growth is ahead of expectations and the Company continues to further grow and transform the business. The Supervisory Board is confident that VIG Re will continue to have a significant influence in the reinsurance marketplace in the years to come."



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


Source: vig-re.com
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