First quarter 2019 highlights (compared to 1Q2018)
- Gross written premiums: EUR 2,908.2 million (+2.9%)
- Net earned premiums: EUR 2,303.0 million (+4.5%)
- Claims and insurance benefits: EUR 1,756.6 million (+1.1%)
- Result before taxes: EUR 127.5 million (+8.7%)
- Net result: EUR 83.5 million (+10.5%)
- Combined ratio: 96.8% (+0.6 pp.)
Looking at each region side by side, premium growth drivers were the Baltic States (+EUR 36 million), Central Functions (+EUR 22 million), Bulgaria (+EUR 21 million), Poland (+EUR 17 million) and Remaining CEE (+EUR 15 million). Czech Republic GWP volume decreased due to less property business (-EUR 22 million), while in Romania premiums decreased due to the planned reduction in MTPL insurance line (-EUR 31 million).
The combined ratio stood at 96.8% at Group level, indicating a slight increase of 0.6 percentage points. While most regions where VIG is active recorded underwriting profit, in the first quarter of 2019 there were 4 countries where the combined ratio indicator exceeded the 100% margin, namely: Romania, Turkey, Bosnia & Herzegovina (a +30 pp. change, pushing the indicator to 112.2%) and Moldova.
Profit before taxes amounted to EUR 128 million, a y-o-y increase of 8.7%. Austria, Slovakia and Poland made large contributions to this positive result. Profit after taxes (and non-controlling interests) reached EUR 83.5 million, up by 10.5%.
Group investments (including cash and cash equivalents) amounted to EUR 38.7 billion, showing an increase of 2.8% compared to the first quarter of previous year.
Elisabeth STADLER, CEO of Vienna Insurance Group, commented on the results:
"We can look back on a successful first quarter of 2019, with results that are clearly in line with our expectations. Therefore, we maintain our targets to achieve a premium volume of EUR 9.9 billion and profit (before taxes) of EUR 500 to 520 million in 2019."
More financial information about VIG's first quarter performance can be found here: