The Vienna Insurance Group achieved more income and a higher profit last year. Solid growth in all segments and divisions caused a plus for the offset premiums by ten percent to 15.2 billion euros, as the insurer mentioned on Wednesday announced. According to the provisional figures, the result for tax rose by 14 percent to 881.8 million euros.
In the extensive CEE region (Albania, Kosovo, Baltic states, Bosnia-Herzegovina, Bulgaria, Croatia, Moldova, Northern Macedonia, Romania, Serbia, Slovakia, Ukraine and Hungary), the premiums grew up to 10.5 percent. Of the countries in this segment, Romania (plus 16.3 percent), the Baltic states (plus 10.4 percent), Slovakia (plus 7.4 percent) and Bulgaria (plus 14.8 percent) showed considerable increase.
Growth in all segments
According to sectors, there was a growth in the liability of motor vehicles (plus 11.6 percent), the vehicle insurance (plus 12.2 percent) and other real estate insurance (plus 10.3 percent). The premiums in health insurance increased by 14.2 percent and those in the life insurance policy by 6 percent. In Austria, 26 percent of the charged premiums were generated.
The floods last September caused the VIG damage of 617 million euros gross. Austria, the Czech Republic and Poland were mainly affected. “Due to the regional diversification of our group and our conservative reinsurance strategy, the effects of this greatest damage event in our 200-year history have been able to deal well with terms of results in terms of results,” said Peter Höfinger, deputy general manager of the VIG.
Dividend should increase
For 2024, the company plans to release a dividend of 1.55 euros per share – the dividend proposal corresponds to an increase compared to 2023 (1.40 euros per share). Before 2025, management is optimistic and, despite the difficult market environment, strives for a further increase in the results to 950 million to one billion euros.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
