VIG continues its upward trend in the third quarter of 2018
Vienna Insurance Group (VIG) continues its stable upward trend in the first three quarters of 2018, achieving a further improvement in key figures:
- Premiums up by +2.9% to EUR 7.4 billion
- Result (before taxes) increased by +6.4% to EUR 352.3 million
- Combined ratio improved significantly to 96.3% (Q1-3 2017: 97.3%).
“This positive business development makes us highly confident about achieving our targets for 2018. We continue to aim for a premium volume of EUR 9.5 billion and a result before taxes in the range of EUR 450 to 470 million in 2018. Our steady upward trend and broad risk diversification across countries also give us the financial foundation needed to remain fit for the future. This is also demonstrated by the A+ rating with stable outlook that was confirmed by Standard & Poor’s again in the third quarter of 2018 for our solid financial position and high capital strength”, stated Elisabeth Stadler, General Manager of Vienna Insurance Group.
In Poland GPW amounted to EUR 668.7 mln (a year ago it was EUR 675.2 mln). Nevertheless, the Group financial results (before taxes) decreased. At the end of September VIG Poland earned EUR 23.5 mln profits. At the end of Q3 217 it was EUR 31 mln.
As part of “Agenda 2020”, VIG continues to expand assistance services provided by its own service companies. After successfully setting up the most modern motor assistance centre in the Polish market, a separate Global Assistance company was set-up in Poland in August 2018. In future, “Global Assistance” will provide support for all assistance services in the motor, travel, household and health lines of business in each country. VIG is operating its own assistance companies in five countries. Following the success of the “one-stop shop” model in the Czech Republic, Slovakia, Bulgaria, Romania and Poland, VIG plans to expand assistance services to other CEE countries.