6M 2023 VIG News Release
VIG in the first half of 2023: On track to achieve projected results for 2023 thanks to double-digit premium growth and significant increase in result before taxes
- Gross written premiums increased by 10.8% to
EUR 7.3 billion - Result before taxes improved significantly to
EUR 463 million - Insurance Service Revenue increased by 13.7% to
EUR 5,380 million - Strong solvency ratio of 282%
standards. "Against a backdrop of continuing challenges such as the ongoing war in
VIG anticipates a weak macroeconomic environment and volatile capital markets going forward and for
2023 as a whole. "The considerable number of uncertainties limits the ability to predict our business performance for the second half of 2023. Results are likely to be dampened due to the severe weather events this summer and the probability for further extreme weather. We expect a result before taxes for the Group between
All IFRS values reported refer to the IFRS 9 and IFRS 17 accounting standards, which have been applied for the first time. The 2022 figures have been adjusted on the basis of these standards and can no longer be compared to figures previously published for the 2022 financial year.
Increase in gross written premiums in all segments
VIG achieved gross written premiums in the amount of
Result before taxes up significantly to
The result before taxes increased significantly in the first half of 2023, improving by 118.4% to
Under IFRS 17,
Net combined ratio of 94%
The net combined ratio for the first six months of 2023 was 94.0% (first half of 2022: 90.6%). This is primarily due to the consideration of higher claims volatilities in the liability for incurred claims (LIC). With the application of IFRS 17, the net combined ratio calculation method has changed. It is now calculated on the basis of the insurance service expenses from issued business less insurance service expenses from reinsurance held, divided by the insurance service revenue from issued business less insurance service revenue from reinsurance held in property and casualty insurance.
Insurance Service Revenue - issued business
Under IFRS 17, the insurance service revenue includes the consideration that an insurance company receives or expects for the assumption of insurance risks or insurance-related services in a given period. This amounted to
Contractual service margin (CSM)
The Contractual Service Margin (CSM) is the unrealised profit originally priced into the insurance contract, which is reported as a separate component of the technical provisions. As of
Operating retuon equity (Operating RoE)
The operating retuon equity shows the profitability of the insurance group by measuring the business operating result in relation to the capital employed. This ratio is calculated by dividing the Group's business operating result by the average shareholders' equity. Shareholders' equity adjusted for unrealised gains and losses recognised directly in shareholders' equity is used as the basis for the calculation. The Group generated an annualised operating retuon equity of 15.8% on the basis of the half-year result 2023 (end of 2022: 10.9%).
Total capital investment portfolio
The total capital investment portfolio was
Outlook for 2023
Subject to the aforementioned considerations and subject to substantial interest rate or market volatilities as well as in view of the prevailing weather extremes, VIG expects the Group's result before taxes to be in the range of
2
Income Statement
in EUR mn
Insurance service result
Insurance service revenue - issued business
Insurance service expenses - issued business
Insurance service result - reinsurance held
Net investment result
Investment result
Income and expenses from investment property
Insurance finance result
Result from at-equity consolidated companies
Finance result
Other income and expenses
Business operating result
Adjustments
Result before taxes
6M 2023
550.8
5,380.4
-4,807.4
-22.2
233.4
1,098.4
30.0
-910.8
15.7
-52.1
-269.1
463.0
0.1
463.1
6M 2022
521.3
4732.9
-4,099.0
-112.6
-149.1
-1,245.1
23.4
1,063.7
8.9
-42.7
-117.5
212.0
0.0
212.0
+/- %
5.7
13.7
17.3
-80.3
-
-
28.6
-
77.4
22.0
>100
>100
-
>100
Disclaimer
This release contains forward-looking statements that concefuture developments in
Contact:
Investor Relations
1010
Nina Higatzberger-Schwarz |
Phone: +43 (0)50 390-21920 |
E-Mail:[email protected] |
Sylvia Machherndl |
Phone: +43 (0)50 390-21151 |
E-Mail:[email protected] |
Lena Paula Grießer |
Phone: +43 (0)50 390-22126 |
E-Mail:[email protected] |
All news releases are also available at https://group.vig/en/investor-relations/.
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VIG in the first half of 2023: On track to achieve projected results for 2023 thanks to double-digit premium growth and significant increase in result before taxes
6M 2023 VIG Presentation
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