VIG reports rises in premium volume, profit and total investments

Written by Adam Cadle

09/03/2022

Vienna Insurance Group’s (VIG) premium volume rose to €11bn in 2021, up by 5.5% from 2020, and profit (before taxes) increased by 47.8% to €511m in the same period.

Total investments (including cash and cash equivalents) were €37.3bn as of 31 December 2021 and rose by around 2% from 2020. The increase was mainly the result of a temporary increase in cash and cash equivalents in preparation for the planned acquisition of Aegon’s Eastern European business.

The preliminary solvency ratio of the group was approximately 250% on 31 December 2021, which VIG said “underscores the excellent capital adequacy” of VIG.

“The further development of the financial year 2022 will remain influenced by undertainty factors especially associated with the war situation in Ukraine and its unforeseeable consequences,” VIG stated.

“Furthermore, the ongoing pandemic, inflation, high commodity prices, supply chain problems and resource scarcity are included among the factors that lead to increased risks and may affect VIG markets accordingly. The consequences of these uncertainty factors and the resulting effects on the business development in 2022 cannot currently be estimated. For 2022, we are aiming for a positive operating performance subject to the aspects mentioned and taking into account the fact that the VIG Group has managed the current challenges in its operating insurance business very well up to this point.”

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