Vienna Insurance Group posts profit of 110 million Euro in Q1
Vienna Insurance Group reported a profit before taxes of around 110 million Euro in the first quarter of 2017, according to a press release. 2017-05-23 10:58:47
"All our key performance indicators are showing a clear improvement compared to the first quarter of the previous year and are thus fully in line with our plans," stated Elisabeth Stadler, Chairwoman of the Managing Board of Vienna Insurance Group, summarising the initial positive interim results for the year. "The good economic outlook for both Austria and our Central and Eastern European markets makes us highly confident that we are on course for continued success in 2017."
Total premium volume reached around 2.72 billion Euro in the first three months of 2017, corresponding to an increase of 0.5 per cent compared to the first quarter of 2016.
Single premium life insurance business continued to decline (-22.1 percent). Excluding single premium products, premiums increased by 4.2 per cent year-on-year. Health insurance recorded the largest increase, with premiums rising by 12.5 per cent to 150.7 million Euro. In motor vehicle insurance, the own-damage line of business recorded strong premium growth of 10.7 per cent (284.4 million Euro), while premiums for third party liability insurance declined slightly by 0.6 per cent (368.5 million Euro).
"We continue to follow a restrictive underwriting policy for traditional single premium life products in most markets," said Stadler. "We also place profitability before growth in motor third-party liability insurance, where we face massive price competition in some countries, and have tightened our underwriting policy accordingly. We achieved very satisfactory growth in all other lines of business and continue with our stable performance."
Profit before taxes was around 110 million Euro, corresponding to an increase of 22.4 per cent compared to the first quarter of 2016. The companies in the Czech Republic made the largest contribution to Group profit, namely 38 per cent, followed by Austria (35 per cent) and Slovakia (10 per cent). VIG generated a financial result of 247.7 million Euro in the first quarter of 2017.
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