Earnings Document
Profit before taxes up by around 10%
- Premiums up significantly by 13.6% to
EUR 9.5 billion - Profit (before taxes) increased considerably by around 10% to
EUR 413.4 million - Combined ratio improved slightly to 95.1%
In the midst of major geopolitical and economic challenges,
"Of course, like any company, we are feeling the effects of the current situation, with inflation being the main factor here. The situation is leading to increased claims expenses among other things, thereby weighing on the development of the combined ratio. Nevertheless, we are confident that our strategy of broad diversification will enable us to effectively manage the inflation risk overall. A risk assessment has demonstrated that our largest markets in terms of volume are well positioned due to the measures taken and the current pricing policy. We remain confident in the long-term growth potential of the CEE region, especially as the current forecasts for this region are once again clearly above those for the eurozone.
In view of the current situation and provided that there are no unexpected external factors and volatilities by the end of the year, we expect a premium volume of at least
Premium growth across all lines of business and segments
A clear upward trend can be seen in the premium volume. The total premium volume increased markedly by 13.6% over the first nine months of 2022, to
Profit before taxes up by around 10%
At
Combined ratio slightly improved
At 95.1%, the combined ratio is slightly below the previous year's value (95.2%). However, the pressure of increased average losses, partially due to inflation, is evident in comparison with the first half of the year, when the combined ratio was 94.3%.
2
Consolidated Income Statement (IFRS)
(in EUR mn) |
9M 2022 |
9M 2021 |
+/- % |
||
Gross premiums written |
9 |
529.9 |
8 |
390.8 |
13.6 |
Net earned premiums |
8 |
121.0 |
7 |
263.0 |
11.8 |
Financial result excl. result from shares in at equity consolidated companies |
479.2 |
522.8 |
-8.4 |
||
Result from shares in at equity consolidated companies |
13.0 |
7.9 |
64.9 |
||
Other income |
221.1 |
100.1 |
>100 |
||
Expenses for claims and insurance benefits |
-6 |
053.0 |
-5 |
458.7 |
10.9 |
Acquisition and administrative expenses |
-2 |
123.2 |
-1 |
863.9 |
13.9 |
Other expenses |
-244.8 |
-195.1 |
25.5 |
||
Business operating result |
413.4 |
376.1 |
9.9 |
||
Adjustments |
0.0 |
0.0 |
n.a. |
||
Result before taxes |
413.4 |
376.1 |
9.9 |
||
Taxes |
-101.4 |
-94.6 |
7.3 |
||
Result of the period |
311.9 |
281.5 |
10.8 |
||
Non-controlling interests in the result of the period |
-9.5 |
-6.9 |
38.0 |
||
Result of the period after taxes and non-controlling interests |
302.4 |
274.6 |
10.1 |
||
Earnings per share in EUR (annualized) |
3.1 |
2.9 |
7.4 |
||
Combined Ratio (net in %) |
95.1 |
95.2 |
-0.1pp |
Consolidated Balance Sheet (IFRS)
Assets (in EUR mn) |
|
|
+/- % |
Intangible assets |
2 099 |
1 744 |
20.3 |
Right-of-Use Assets |
194 |
173 |
11.7 |
Investments |
31 710 |
34 810 |
-8.9 |
Investments of unit- and index-linked life insurance |
7 154 |
8 525 |
-16.1 |
Reinsurers' share in underwriting provisions |
2 221 |
1 565 |
41.9 |
Receivables |
2 173 |
2 067 |
5.1 |
Tax receivables and advance payments out of income tax |
163 |
135 |
20.6 |
Deferred tax assets |
547 |
311 |
75.5 |
Other assets |
386 |
391 |
-1.2 |
Cash and cash equivalents |
2 401 |
2 456 |
-2.3 |
Total assets |
49 046 |
52 178 |
-6.0 |
Liabilities and shareholders' equity (in EUR mn) |
|
|
+/-% |
Shareholders' equity |
4 280 |
5 598 |
-23.5 |
Subordinated liabilities |
1 746 |
1 461 |
19.5 |
Underwriting provisions |
31 929 |
32 546 |
-1.9 |
Underwriting provisions for unit- and index-linked life insurance |
6 823 |
8 189 |
-16.7 |
Non-underwriting provisions |
828 |
890 |
-7.0 |
Liabilities |
3 092 |
2 900 |
6.6 |
Tax liabilities out of income tax |
152 |
243 |
-37.4 |
Deferred tax liabilities |
65 |
219 |
-70.1 |
Other liabilities |
131 |
131 |
-0.2 |
Total liabilities and shareholders' equity |
49 046 |
52 178 |
-6.0 |
3
Information on reporting
The quarterly figures for net assets, financial position and results of operations for the 1st and 3rd quarters were prepared in accordance with the International Financial Reporting Standards (IFRS). However, reporting for the 1st and 3rd quarters does not constitute interim reporting within the meaning of international accounting standard IAS 34.
Disclaimer
This release contains forward-looking statements that concefuture developments in Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). These statements are based on current assumptions and forecasts made by the management. Changes in general economic developments, future market conditions, capital markets and other circumstances could result in actual events or results differing significantly from these forward- looking statements. VIG assumes no obligation to update these forward-looking statements or modify them based on future events or developments.
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] |
Sarah Salchegger |
Phone: +43 (0)50 390-20071 |
E-Mail:[email protected] |
All news releases are also available at http://www.vig.com/ir.
4
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