“In 2024, the Group will continue to deliver on its business strategy in all three key focus areas. The Group will further automate and digitalise customer interactions and develop digital and self-care solutions to improve and optimise the customer experience. It will continue to streamline its underwriting and customer service processes, as well as its internal business processes. In the area of sustainability, the Group will implement its sustainability policy for the strategy period”.
Thus, in 2024, the Group aims to grow by more than 5%, approaching one billion euros in business volume. Most of the increase in gross premiums will come from the non-life business, with premiums growing by at least 6% in the EU market and up to 8% in the non-EU markets. Strong premium growth of at least 10% is also expected in the non-EU life business, while premium levels in the EU market will continue to be affected by the maturing of old policies. Additionally, the Group plans to achieve at least 2% premium growth from new sales in this area.
Although the reinsurance premium volume in 2024 is planned to be 6.6% higher than in 2023, the planned gross premiums to be written in 2024 are only 1% higher due to the increased weighting towards non-proportional business in recent years.
Based on estimated fund inflows and projected returns, the Group is also targeting revenue growth of at least 5% in asset management and pensions.
Subject to claims experience in line with expectations, the Group plans to maintain a combined ratio of less than 95% for both its non-life insurance and reinsurance segments, in accordance with the Group’s strategic targets. Through active management of the investment portfolio, the Group aims to increase the investment return to 2.2% while maintaining the high liquidity, quality and security of its investment portfolio.
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