VIG Re posted all-time highs performance for 2022

23 March 2023 —
In 2022, VIG Re's profit before taxes increased by 14.6% y-o-y to EUR 30.7 million, while the GWP was up by 19.7% y-o-y to EUR 792.3 million. Net combined ratio improved by 4.2 ppt to 91.9%, underwriting profit almost doubled to EUR 38.5 million (+ 90.4%), total assets amounted to EUR 1.47 billion (+ 0.4%), while Return on equity was 17.9%.

"The year 2022 will be on record not only as the year with the highest premium income for VIG Re, but also as the year with the highest profit ever, driven by an excellent underwriting result of EUR 38.5 million and a net combined ratio of 91.9%. Gross written premium increased by 19.7% to EUR 792.3 million. Above average growth was driven by Third Party business assumed by the French (+35%) and the German (+17%) branch offices", as the reinsurer mentioned in a statement.

The reinsurer mentioned it will report its full year 2022 results on 30th April 2023.

"The year 2022 will be remembered as the year of raising geopolitical tensions and high inflation, causing a turnaround of central bank policies leading to interest rate hikes, and a slow-down of economic growth. The war in Ukraine had a direct economic impact on VIG Re amounting to a single digit million Euro write offs of its Russian underwriting and a precautionary revaluation of its Russian government bonds. While the war in Ukraine continued to rage throughout the year, we also experienced a continuous high level of natural catastrophe events, most prominently an unprecedented series of severe hailstorms in France," commented Johannes Martin Hartmann, VIG Re's CEO and Chairman of the Board of Directors.

"Despite these challenges, I am very pleased to report that VIG Re continued in its dynamic growth also in 2022 having delivered its best financial results ever. Our excellent underwriting result demonstrates the strength and resilience of our business model, which is founded on long-term partnership approach with our clients, while leveraging our efficient operating model and capital management. To safeguard responsibilities we have towards our clients, we will stay committed to our prudent investment and underwriting policy while the reinsurance market tailwinds provide attractive opportunities for further growth", added Johannes Martin Hartmann.