6M 2023 VIG Presentation
6M 2023 RESULTS PRESENTATION
Roland Goldsteiner, Head of Group Finance & Regulatory Reporting
RESULTS OVERVIEW 6M 2023
Strong performance in challenging environment
Insurance service revenue
-
- 5,380.4mn
- 6M 2022: € 4,732.9mn
Annualised earnings per share
-
- 5.25
- Net profit after taxes and non-controlling interests of € 343.4mn
Profit before taxes
-
- 462.9mn
- 6M 2022: € 212.0mn
Operating Retuon Equity
15.8%
- Annualised based on HY result
- 31/12/2022: 10.9%
Net Combined Ratio (P&C)
94.0%
- 6M 2022: 90.6%
Solvency Ratio
282%
- Own funds: € 11,134mn
- SCR: € 3,947mn
2
|
OVERVIEW |
VIG |
FINANCIALS
OUTLOOK
SEGMENTS
APPENDIX
Please note: rounding differences may occur
3
VIG
GROUP INCOME STATEMENT
6M 2023 (€ mn)
|
6M 2023 |
6M 2022 |
+/- % |
||||
|
Insurance service result |
550.8 |
521.3 |
5.7 |
|||
|
Insurance service revenue - issued business |
5,380.4 |
4,732.9 |
13.7 |
|||
|
Insurance service revenue (PAA) |
4,160.5 |
3,662.0 |
13.6 |
|||
|
Expected claims |
527.2 |
499.6 |
5.5 |
|||
|
Expected directly attributable expenses |
275.6 |
215.5 |
27.9 |
|||
|
Experience adjustment |
-3.4 |
0.1 |
- |
|||
|
Change of risk adjustment |
80.2 |
79.3 |
1.1 |
|||
|
CSM release |
340.2 |
276.4 |
23.1 |
|||
|
Insurance service expenses - issued business |
-4,807.4 |
-4,099.0 |
17.3 |
|||
|
Incurred claims and directly attributable expenses |
-4,811.0 |
-4,039.5 |
19.1 |
|||
|
Other insurance expenses |
3.6 |
-59.5 |
- |
|||
|
Insurance service result - reinsurance held |
-22.2 |
-112.6 |
-80.3 |
|||
|
Insurance service revenue - reinsurance held |
-793.8 |
-690.8 |
14.9 |
|||
|
Insurance service expenses - reinsurance held |
771.6 |
578.2 |
33.5 |
|||
|
Net investment result |
233.4 |
-149.1 |
- |
|||
|
Investment result |
1,098.4 |
-1,245.1 |
- |
|||
|
Income and expenses from investment property |
30.0 |
23.4 |
28.6 |
|||
|
Insurance finance result |
-910.8 |
1,063.7 |
- |
|||
|
Result from at-equity consolidated companies |
15.7 |
8.9 |
77.4 |
|||
|
Finance result |
-52.1 |
-42.7 |
22.0 |
|||
|
Other income and expenses |
-269.1 |
-117.5 |
>100 |
|||
|
Business operating result |
463.0 |
212.0 |
>100 |
|||
|
Adjustments |
-0.1 |
0.0 |
- |
|||
|
Result before taxes |
462.9 |
212.0 |
>100 |
|||
|
Taxes |
-110.1 |
-57.1 |
92.8 |
|||
|
Non-controlling interests |
-9.4 |
-7.5 |
25.8 |
|||
|
Result for the period after taxes |
343.4 |
147.4 |
>100 |
|||
|
and non-controlling interests |
||||||
- Positive development of the insurance service revenue in all segments; the increase results primarily from the dynamic premium development in PAA as well as from the higher CSM release in GMM and VFA
- Net investment result in the comparison period was burdened by measures taken (€ 126.1mn) in relation to Russian investment exposure; through the sale of
Russian bonds in the first half of 2023 a profit of
-
€ 20.3mn was achieved; overall current income growing due to increased interest rate environment
- Result before taxes up by € 251mn; result in the first half of 2022 was significantly influenced by the interest rate development; contribution of the long-term life and health insurance business in 6M 2022 substantially lower
- Tax ratio of 23.8% (6M 2022: 26.9%)
4
|
FINANCIALS |
VIG |
INSURANCE SERVICE REVENUE OF
Insurance service revenue by segments (€ mn)
Extended CEE
Special Markets
|
1,543.4 |
|
|
+6.4% |
|
|
1,642.1 |
|
|
902.8 |
+10.7% |
|
999.7 |
|
|
528.6 |
|
|
+10.8% |
|
|
585.6 |
|
|
1,241.5 |
|
|
+21.8% |
|
|
1,511.7 |
|
|
203.3 |
|
|
+75.1% |
6M 2022 |
|
356.1 |
|
|
6M 2023 |
|
- AT: Insurance service revenue up by € 98.7mn driven by increased gross written premiums in the non-life lines of business
- CZ: Double-digit growth due to positive development in the motor lines of business
- PL: Revenue growth mainly driven by gross written premium increases in casco and other property business
- Extended CEE: Revenue up by € 270.2mn impacted by first- time consolidation of Alfa (former
Aegon ) inHungary and supported by positive developments in casco inRomania andBulgaria as well as solid growth in the non-life lines of business inSlovakia - Special Markets: Substantial increase of € 152.8mn in the insurance service revenue driven by good performance in all lines of business in Türkiye and
Georgia including the first-time consolidation of Viennalife (formerAegon ) in Türkiye
Group Functions € 798.3mn (6M 2022: € 744.4mn) +7.2%; Consolidation € -513.1mn (6M 2022: € -431.1mn) +19.0%
5
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FINANCIALS |
VIG |
Attachments
Disclaimer
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