Vienna Insurance Group (VIG) H1 2024 earnings summary

Executive summary

• Insurance service revenue rose 10% to EUR 5.9 billion, with profit before taxes up 3.9% to EUR 481 million, mainly from P&C segment growth.

• Net combined ratio improved to 93.3%, reflecting strong underwriting performance and a better claims ratio.

• Earnings per share annualized at EUR 5.38; operating ROE increased to 16.2%.

• S&P affirmed A+ rating with stable outlook, highlighting strong capital buffers and market leadership.

• Management confirmed 2024 pre-tax profit guidance at the upper end of EUR 825–875 million.

Financial highlights

• Solvency ratio including transitional measures at 265%; excluding transitional, 243%.

• Own funds rose to EUR 10.477 billion; SCR at EUR 3.950 billion.

• Net income for the period was EUR 362.6 million, up 2.8% year-over-year.

• Investment result up 5.1% to EUR 1.15 billion, with a 5.3% new investment yield.

• Share price up 15.1% in H1 2024; market cap at EUR 3.9 billion.

Outlook and guidance

• Profit before taxes for 2024 expected at the upper end of EUR 825–875 million, supported by strong H1 results.

• Stable development anticipated in life and health segments, with some caution due to capital market volatility.

• Strategic focus remains on expanding market leadership in CEE and achieving top 3 positions in each market (except Slovenia).