In 2020, the reinsurer part of Austrian Vienna Insurance Group - VIG Re, posted gross written premiums of EUR 579 million, up by 10%. "Premiums growth is driven by continued franchise development in all regions, particularly business underwritten by the branches in Frankfurt a. M., Germany and Paris, France", as the reinsurer mentioned in a statement.

The reinsurer informed its 2020 net combined ratio was 96.9%, including the impact of Covid-19 of EUR 18.4 million gross and a higher than normal frequency of large fire losses reported from the VIG companies.

Investment income was down to EUR 4.3 million, impacted by devaluation of foreign currencies and the realization of losses in Q1 2020.

Profit before taxes was EUR 22.6 million allowing for a RoE after tax of 9.2%.

The Solvency ratio of the Company was 196.7%, well within the defined comfort zone of 170% - 220%.

"The Company demonstrated a great resilience, delivering technical and financial profits even in unprecedent times. This is a great proof of our business model. It is based on a technical underwriting, prudent investment and comprehensive enterprise risk management policy. It allows us to consistently deliver superior results to our clients and shareholders and handle challenges effectively," comments Martin Hartmann, Chairman of the Board of Directors of VIG Re.

The 2020 VIG Re Annual Report is accessible here.

Full version of VIG Re 2020 SFCR Report is accessible here.

VIG Re is a member of the Vienna Insurance Group. The reinsurance company operating today from Prague, Frankfurt a. M. and Paris has been established and started its business in 2008. VIG Re received an "A+" rating with a stable outlook from Standard & Poor's in the same year, and continuously reconfirmed, most recently confirmed on 15 October 2020.