Premium
Vienna Insurance Group's net profit January through September this year reached 302.4 million euros, up 10.1% compared to the same period last year, according to a press release from the company sent to AGERPRES on Tuesday, told Agerpres.
In the context of major geopolitical and economic challenges, Vienna Insurance Group (VIG) recorded a very good performance in the first three quarters of 2022. All key indicators continued to improve compared to the same period last year.
Given the current situation and provided that no unexpected external fluctuations and disruptive factors intervene until the end of the year, the company estimates a total volume of premiums of at least 12 billion euros in 2022 and a pre-tax profit that will exceed the result of last year, of 511 million euros, informs the same source.
The total value of premiums increased in the first nine months of 2022 by 13.6%, in annual terms, up to 9.530 billion euros. This includes for the first time the result of the recently acquired insurance companies in Hungary and Turkey, which represent 3% of the total premiums, i.e. 291 million euros, the company shows.
All business lines and VIG markets recorded an increase in premiums. Except for the single premium life insurance (+3.1%), all business lines recorded double-digit growth rates (RCA +21%, CASCO +13.6%, property and liability +15.3%, health insurance +11.8%, life insurance with regular premium +10%).
With a value of 413.4 million euros, the profit before taxation was about 10% above the level of the same period last year. The financial result (excluding companies consolidated through the equity method), at 479.2 million euros, decreased by 8.4% compared to last year, mainly due to the measures already taken in the first and second quarters of the year on the exposure fund on Russian government and corporate bonds.
The Group's investments, including cash and cash equivalents, stood at 34.1 billion euros on September 30, 2022. The (annualized) profit per share increased during the mentioned period from 2.86 euros to 3.07 euros (+7.3%).
