VIG Re, FY2017: Profit before tax up by 5% y-o-y

19 April 2018 — Daniela GHETU
VIG Re reported for 2017, on consolidated basis, GWP of EUR 459.9 million, up by 10.2% y-o-y. Premium growth was driven by the Property & Casualty segment which grew by 13.0% to EUR 422.4 million. Main markets which account for growth were CEE and DACH.

Combined ratio for the period was 94.9%, making up for a positive underwriting result EUR 15.7 million. In 2017, the Company was not materially affected by any large natural catastrophes, although facing a higher frequency of both weather related and man-made losses compared to the previous year.

Investment result for the period was EUR 13.4 million, return on investment was 2.8% (2.4% in 2016). Profit before tax reached EUR 23.4 million, EUR 1.0 million above 2016 level, delivering a return on equity of 13.8%.

Johannes Martin HARTMANN, VIG Re's Chairman of the Board of Directors: "We, the management, are very pleased with the performance of the Company. The Company continues to outperform its peers, due its closeness to clients, its lean and cost efficient operating model while adhering to strict underwriting discipline. The opening of the first branch office of the Company in Frankfurt has been a milestone in the execution of our strategy 2020, and we will strive for further profitable growth."

Other preliminary financial figures can be found on VIG Re website: http://www.vig-re.com/.

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