Vienna Insurance Group presenting results in accordance with IFRS 17/9 for first time
- Gross written premiums increased by 10.8% to EUR 7.3 billion
- Result before taxes improved significantly to EUR 463 million
- Insurance Service Revenue increased by 13.7% to EUR 5,380 million
- Strong solvency ratio of 282%
Vienna Insurance Group (VIG) reports strong results for the first half of 2023, presented for the first time in accordance with the IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts accounting standards. “Against a backdrop of continuing challenges such as the ongoing war in Ukraine, high inflation and an uncertain economic outlook, VIG’s performance in the first half of 2023 is extremely positive. Our excellent capital position and our business model with a strong regional focus – which allows rapid, customised action where required – remain fundamental factors behind our continuing success in very challenging times”, explains Hartwig Löger, General Manager and CEO of Vienna Insurance Group.
VIG anticipates a weak macroeconomic environment and volatile capital markets going forward and for 2023 as a whole. “The considerable number of uncertainties limits the ability to predict our business performance for the second half of 2023. Results are likely to be dampened due to the severe weather events this summer and the probability for further extreme weather. We expect a result before taxes for the Group between EUR 700 million and EUR 750 million for 2023 as a whole”, says Hartwig Löger.
All IFRS values reported refer to the IFRS 9 and IFRS 17 accounting standards, which have been applied for the first time. The 2022 figures have been adjusted on the basis of these standards and can no longer be compared to figures previously published for the 2022 financial year.
This press release contains forward-looking statements that concern future developments in Vienna Insurance Group (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. The VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe assumes no obligation to update these forward-looking statements or modify them based on future events or developments.