After Q1 2018 obtained premiums grew to EUR 2.83 billion (+3.9 percent). Profit (before taxes) increased to EUR 117.3 million (+7.0 percent). Combined ratio improved to 96.2 percent (Q1 2017: 96.9 percent).
Vienna Insurance Group (VIG) reports further improvement in all key figures for the 1st quarter of 2018 compared to the same period in the previous year. “We have succeeded in our goal of achieving sustainable growth. This is particularly important to us during the current economic upswing in Central and Eastern Europe. Our long-term business strategy is based on leveraging synergies in our markets to systematically strengthen our market position, increase diversification and improve efficiency,” stated Elisabeth Stadler, General Manager of Vienna Insurance Group, who feels justified in the pursued business strategy and results.
“It is particularly noteworthy that our large CEE markets in the Czech Republic, Poland and Romania were the driving engine for growth in premiums and our profit (before taxes) in the first quarter of 2018. These are also the markets where we started the pilot project to optimise our business model as part of the ‘Agenda 2020’ and where initial positive effects on profits and the combined ratio have already been achieved,” explained Elisabeth Stadler.
Total premium volume reached EUR 2.83 billion in the first three months of 2018. This corresponds to an increase of +3.9 percent compared to the 1st quarter of 2017. Without the ongoing decline in the single premium life insurance business, premiums rose by +7.1 percent compared to the previous year. Profit (before taxes) was EUR 117.3 million. This corresponds to an increase of +7.0 percent compared to the 1st quarter of 2017. In addition to the markets in the Czech Republic, Poland and Romania.
