VIG Re, the reinsurance arm of Vienna Insurance Group, has published its Annual Report confirming preliminary financial figures communicated on 20th March 2024.

The company reports significant growth across key metrics, solidifying its leadership position industry in CEE and expanding its franchise in Continental Europe, Asia and selected international markets. For the first time, financial results are reported on the basis of the new IFRS 17/9 accounting standards.

Key financial indicators 2023:

• Gross written premium EUR 900.7 million
• Insurance service revenue EUR 819.4 million
• Insurance service result EUR 41.5 million
• Net combined ratio 90.8%
• Profit before taxes EUR 31.6 million
• Return on equity 10.1%
• Solvency Ratio 220.2%

"VIG Re's strong performance in 2023 is a testimony of the dedication of our team in fostering VIG Re’s reputation as a seamless operator and a trusted advisor to our clients,” said Johannes Martin Hartmann, VIG Re’s CEO and Chairman of the Management Board. "I am especially proud that we are able to attract further key talents from the industry. By strengthening our capital base last year while investing in our tech infrastructure we are laying a solid foundation for the continued growth of our franchise in Continental Europe and beyond."

VIG Re’s outlook for 2024 is an optimistic one, capitalizing on the favourable market conditions for reinsurers, expected to continue in 2024. “We see the current market environment as an opportunity for profitable growth. The Company strives to foster its position as a leading reinsurer in Central and Eastern Europe, further enhance its value proposition in other Continental European and mature Asian markets and prudently diversify its portfolio in selected markets and selected lines of business as set out in the Company’s Strategy 2025,” the company’s Annual Report reads. “The capital increase and subsequently strengthening of our balance sheet in 2023 allows VIG Re to capture the positive market momentum, increase our retention and invest in a future proof digital infrastructure and our workforce in order to be well prepared for a continued sustainable and profitable growth.”

Full details are available in the company's Annual Report and Solvency and Financial Condition Report, now accessible on https://www.vig-re.com/.

About VIG Re

VIG Re is the reinsurance company of Vienna Insurance Group, headquartered in Prague with branch offices in Paris, and in Munich. The Company was established in 2008 and has been assigned an “A+” FSR rating from Standard & Poor’s with a stable outlook since 2009. The Company manages the outward reinsurance programs of VIG Group and has been continuously expanding the Property & Casualty and Life & Health reinsurance business assumed from Third-Party, servicing in 2023 more than 600 insurance companies in about 60 countries.