Despite Q1 positive GWP and stable results, FY2020 figures of VIG Group expected to be burdened due to COVID-19 pandemic

27 April 2020 —
Austrian VIG Group announced that due to the ongoing Covid-19 crisis it expects FY2020 burdened results. "Against the backdrop of the ongoing Covid-19 crisis and the associated increased insecurities on capital markets and on the operative business development, VIG Group expects dampening effects on its full year results 2020".

According to the statement published on the insurer website, the Covid-19 pandemic did not yet substantially burden the results of the first quarter. More than that, the first three months of 2020 "indicate a positive premium and stable results development compared to the same period in the previous year".

VIG representatives pointed out "the expected impacts of the Covid-19 crisis for the full year cannot be assessed at the moment. In particular, new business is assumed to decline. At the same time, negative impacts from impairments, especially on the financial result in subsequent quarters, cannot be excluded".