Earnings Document
Half-yearfinancialreport2022
Letter from the Chairwoman of the Managing Board
Dear Shareholders,
Ladies and Gentlemen!
More than the first half of 2022 is now behind us and the media is dominated by reports about the war in
others and the goal of politics and society must be to provide the best possible support for the most vulnerable and overcome these difficult times together. This requires soli- darity, but also the will to act and assume responsibility.
In times like these, company business models become the focus of attention and are put to the test: Will the business model solve current and future problems? Has it proven itself in similar situations in the past? Does it take social and technological developments into account? Does it contribute to sustainability and climate protection? My wholehearted answer is yes to each of these questions for VIG. Our success is built on a proven, long-term business model that is developed and adapted to satisfy requirements. The results for the 1st half of 2022 confirm my conviction.
The combined ratio, a measure of profitability that combines the claims and cost ratio, was 94.3%. The claims ratio and cost ratio both improved.
The result before taxes of
of the approximately
The solvency ratio of 285% for the 1st half of 2022 shows that the
Companies cannot influence the macroeconomic and geopolitical environment. In accordance with our management responsibilities, we have reviewed the initiatives in the "VIG 25" strategic programme and weighted them accordingly in order to counter identifiable developments at an early stage.
Yours sincerely,
CONTENTS
- Letter from the Chairwoman of the Managing Board
- Interim management report
- Capital markets & investor relations & share
14 Consolidated interim financial statements in accordance with IFRS
42 Additional disclosures in accordance with the Austrian Insurance Supervision Act (VAG)
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3 |
Interim management report
Business development and economic position
ECONOMIC ENVIRONMENT
The eurozone was dominated by high inflation and the effects of the conflict in
Central and EasteEurope also provided surprisingly strong figures in the 1st quarter of 2022. With the exception of
1st half of 2022 at a glance
- Premiums increased by 11.6% to
EUR 6,443.1 million - Profit before taxes rose by 10.3% to
EUR 277.3 million - Combined ratio decreased to 94.3%
BUSINESS DEVELOPMENT AND FINANCIAL
PERFORMANCE INDICATORS
PREMIUM SHARE BY LINES OF BUSINESS IN THE 1ST HALF OF 2022
|
Health 6.4% |
|
|
(6.4%) |
|
|
Life - single premium |
Other property and casualty |
|
7.9% (8.0%) |
34.4% (34.2%) |
|
Motor own damage |
|
|
12.8% (12.7%) |
|
MTPL |
Life - regular premium |
|
15.8% (14.5%) |
22.7% (24.2%) |
|
Values for 1st half of 2021 in parentheses |
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4 |
Half-year financial report 2022 |
ABBREVIATED CONSOLIDATED INCOME STATEMENT
|
1.1.-30.6. |
1.1.-30.6. |
∆ in % |
∆ absolute |
|||||
|
2022 |
2021 |
|||||||
|
in EUR million |
||||||||
|
Premiums written - gross |
6,443.1 |
5,772.9 |
11.6% |
670.2 |
||||
|
Net earned premiums - |
||||||||
|
retention |
5,268.6 |
4,822.6 |
9.2% |
445.9 |
||||
|
Financial result excl. |
||||||||
|
result from shares in at |
||||||||
|
equity consolidated |
||||||||
|
companies |
315.5 |
350.9 |
-10.1% |
-35.5 |
||||
|
Income from investments |
662.7 |
579.5 |
14.4% |
83.2 |
||||
|
Expenses for investments |
||||||||
|
and interest expenses |
-347.3 |
-228.6 |
51.9% |
-118.6 |
||||
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Result from shares in at |
||||||||
|
equity consolidated |
||||||||
|
companies |
8.9 |
2.7 |
228.8% |
6.2 |
||||
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Other income |
89.4 |
80.8 |
10.7% |
8.7 |
||||
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Expenses for claims and |
||||||||
|
insurance benefits - |
||||||||
|
retention |
-3,914.0 |
-3,633.5 |
7.7% |
-280.4 |
||||
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Acquisition and |
||||||||
|
administrative expenses |
-1,353.6 |
-1,237.1 |
9.4% |
-116.5 |
||||
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Other expenses |
-137.4 |
-135.0 |
1.8% |
-2.5 |
||||
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Business operating result |
277.3 |
251.4 |
10.3% |
25.9 |
||||
|
Adjustments1 |
0.0 |
0.0 |
0.0% |
0.0 |
||||
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Result before taxes |
277.3 |
251.4 |
10.3% |
25.9 |
||||
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Taxes |
-69.2 |
-60.7 |
14.1% |
-8.5 |
||||
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Result of the period |
208.1 |
190.7 |
9.1% |
17.4 |
||||
|
Non-controlling interests in |
||||||||
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net result of the period |
5.8 |
4.4 |
32.0% |
1.4 |
||||
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Non-controlling interests |
||||||||
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in net result for the period |
202.3 |
186.3 |
8.6% |
16.0 |
||||
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Earnings per share |
||||||||
|
(annualised) (in EUR)2 |
3.05 |
2.91 |
4.7% |
0.1 |
- The adjustments consist, among other things, of impairments of intangible assets (mainly
impairments from goodwill).
- The calculation of this key figure in the current year includes the interest for hybrid capital. The undiluted result per share equals the diluted result per share (in EUR).
Expenses for claims and insurance benefits less reinsurers' share were
Acquisition and administrative expenses less reinsurance commissions rose 9.4% to
The Group result before taxes rose 10.3% in the 1st half of 2022 to
The Group's combined ratio after reinsurance (not including investment income) improved compared to the same period in the previous year to 94.3% (1st half of 2021: 95.2%) due the positive technical development of the reportable segments
BREAKDOWN OF INVESTMENTS AS OF
|
Other investments 11.1% |
(9.3%) |
|
|
Property |
8.8% |
|
|
(8.0%) |
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Loans 6.0% |
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(5.8%) |
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Shares 4.0% |
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(5.1%) |
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Bonds 67.0% |
Affiliated companies |
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(70.3%) |
3.1% |
(1.5%) |
Values as of
Group investments including cash and cash equivalents were
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5 |
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