Main figures highlights:
- Gross written premiums (GWP): EUR 457 million (+7.9%, compared to 2017)
- GWP P&C: EUR 415 million (+7.4%)
- GWP Health: EUR 23 million (+10.7%)
- GWP Life: EUR 19 million (+15.4%)
- Expenses for claims and insurance benefits: EUR 143 million (-25.1%)
- Expenses for acquisitions: EUR 64 million (+28.1%)
- Profit before tax: EUR 26 million (+10.8%)
- Combined ratio: 92.5% (-2.3 pp.)
- Total Assets/Total equity and liabilities: EUR 846 million (+2.8%)
Combined ratio for the period reached 92.5%, 2.3 percentage points below 2017 level, making up for a positive underwriting result of EUR 19.1 million, up by 22.4% compared to the previous year. The underwriting performance benefited from a benign loss activity in respect of natural catastrophes and man-made losses, as well as positive reserve developments of prior underwriting years.
In 2018 the Company has strengthened its Own Funds by EUR 35 million of Subordinated Debt. This together with other actions taken in order to improve the capital situation enabled VIG Re to reach Solvency Capital ratio of 185%.
In addition, the Company worked on the implementation of Partial Internal Model (PIM) which is expected to be submitted for approval by the Czech National Bank in 2019. The PIM is expected to further significantly reduce the capital requirement from Non-Life Underwriting Risk.
Johannes Martin HARTMANN, VIG Re's Chairman of the Board of Directors, said:
"The management is very pleased with 2018 Company results. With a premium written of EUR 457 million, a profit before tax of EUR 26 million and an all-time low combined ratio of 92.5% the Company reports the best performance in its history. Our growth potential has been again reinforced by opening a new branch office in Paris, France and by expanding our underwriting territories in Continental Europe. For the years to come, we are confident to further expand our business in the region while adhering to our principles of the long-term partnership, efficient operating model and a technical sound underwriting."
Peter THIRRING, Chairman of the Supervisory Board of VIG Re, added:
"Reinsurance is one of the areas where Vienna Insurance Group aims to expand its business activities within the management programme "Agenda 2020". Congratulations for the best results of VIG Re ever, which reassured a consistent and successful enhancement of the business strategy."
Full 2018 VIR Re reports can be found on VIG Re's website: